VALEM STUDIO: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
VALEM STUDIO
Largest movements
- Cash +€63,235
up €63,235 (+110.7%), from €57,144 to €120,379
mainly Net result for the year (+€35,122) and Tax, wage and social debts (+€16,024)
- Receivables within one year -€8,597
down €8,597 (-71.9%), from €11,951 to €3,355
of which Other amounts receivable: -€5,901
- Tangible fixed assets -€5,125
down €5,125 (-21.3%), from €24,078 to €18,953
- Profit (loss) carried forward +€34,263
up €34,263 (+68.8%), from €49,768 to €84,031
- Tax, wage and social debts +€16,024
up €16,024 (+108.8%), from €14,727 to €30,750
of which Taxes: +€10,153
- Debts after one year -€5,296
down €5,296 (-32.9%), from €16,112 to €10,816
- Other debts +€5,095
up €5,095 (+305.6%), from €1,667 to €6,761
- Staff costs +€33,261
up €33,261 (+57.9%), from €57,484 to €90,745
- Gross operating margin +€14,677
up €14,677 (+11.0%), from €133,807 to €148,484
- Taxes -€5,206
down €5,206 (-28.5%), from €18,279 to €13,073
- Depreciation +€1,621
up €1,621 (+28.7%), from €5,651 to €7,272
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €97,757 | €147,365 | +€49,608 | +50.7% |
| Fixed assets | 21/28 | €27,023 | €21,898 | -€5,125 | -19.0% |
| Tangible fixed assets | 22/27 | €24,078 | €18,953 | -€5,125 | -21.3% |
| Furniture and vehicles | 24 | €24,078 | €18,953 | -€5,125 | -21.3% |
| Financial fixed assets | 28 | €2,945 | €2,945 | = | 0.0% |
| Current assets | 29/58 | €70,734 | €125,466 | +€54,733 | +77.4% |
| Amounts receivable within one year | 40/41 | €11,951 | €3,355 | -€8,597 | -71.9% |
| Trade receivables | 40 | €5,605 | €2,910 | -€2,695 | -48.1% |
| Other amounts receivable | 41 | €6,346 | €445 | -€5,901 | -93.0% |
| Cash at bank and in hand | 54/58 | €57,144 | €120,379 | +€63,235 | +110.7% |
| Deferred charges and accrued income | 490/1 | €1,638 | €1,732 | +€94 | +5.7% |
| Total equity and liabilities | 10/49 | €97,757 | €147,365 | +€49,608 | +50.7% |
| Equity | 10/15 | €57,730 | €91,993 | +€34,263 | +59.4% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €5,462 | €5,462 | = | 0.0% |
| Distributable reserves | 133 | €5,462 | €5,462 | = | 0.0% |
| Profit (loss) carried forward | 14 | €49,768 | €84,031 | +€34,263 | +68.8% |
| Amounts payable | 17/49 | €40,027 | €55,372 | +€15,345 | +38.3% |
| Amounts payable after more than one year | 17 | €16,112 | €10,816 | -€5,296 | -32.9% |
| Financial debts | 170/4 | €16,112 | €10,816 | -€5,296 | -32.9% |
| Amounts payable within one year | 42/48 | €23,915 | €44,555 | +€20,640 | +86.3% |
| Current portion of amounts payable after more than one year | 42 | €5,071 | €5,296 | +€225 | +4.4% |
| Trade debts | 44 | €2,451 | €1,748 | -€703 | -28.7% |
| Suppliers | 440/4 | €2,451 | €1,748 | -€703 | -28.7% |
| Taxes, remuneration and social security | 45 | €14,727 | €30,750 | +€16,024 | +108.8% |
| Taxes | 450/3 | €1,824 | €11,977 | +€10,153 | +556.7% |
| Remuneration and social security | 454/9 | €12,903 | €18,774 | +€5,871 | +45.5% |
| Other amounts payable | 47/48 | €1,667 | €6,761 | +€5,095 | +305.6% |
| Remuneration, social security and pensions | 62 | €57,484 | €90,745 | +€33,261 | +57.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,651 | €7,272 | +€1,621 | +28.7% |
| Other operating charges | 640/8 | €722 | €826 | +€104 | +14.5% |
| Gross operating margin | 9900 | €133,807 | €148,484 | +€14,677 | +11.0% |
| Operating profit (loss) | 9901 | €69,951 | €49,642 | -€20,309 | -29.0% |
| Financial income | 75/76B | - | €31 | +€31 | |
| Recurring financial income | 75 | - | €31 | +€31 | |
| Financial charges | 65/66B | €1,104 | €1,477 | +€373 | +33.7% |
| Recurring financial charges | 65 | €1,104 | €1,477 | +€373 | +33.7% |
| Profit (loss) for the period before taxes | 9903 | €68,847 | €48,196 | -€20,651 | -30.0% |
| Income taxes | 67/77 | €18,279 | €13,073 | -€5,206 | -28.5% |
| Profit (loss) for the period | 9904 | €50,568 | €35,122 | -€15,445 | -30.5% |
| Profit (loss) for the period to be appropriated | 9905 | €50,568 | €35,122 | -€15,445 | -30.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.