VALENTIN: 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.
VALENTIN
Largest movements
- Tangible fixed assets -€7,500
down €7,500 (-4.1%), from €182,568 to €175,068
- Profit (loss) carried forward -€3,058
down €3,058 (-15.2%), from €20,095 to €17,037
- Reserves -€2,492
down €2,492 (-4.3%), from €57,914 to €55,422
of which Tax-exempt reserves: -€2,492
- Gross operating margin -€4,689
down €4,689 (-68.0%), from €6,897 to €2,207
- Financial charges -€1,968
down €1,968 (-95.6%), from €2,059 to €91
- Other operating charges -€86
down €86 (-5.6%), from €1,536 to €1,449
From the 2025 result to the 2026 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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €182,568 | €175,068 | -€7,500 | -4.1% |
| Fixed assets | 21/28 | €182,568 | €175,068 | -€7,500 | -4.1% |
| Tangible fixed assets | 22/27 | €182,568 | €175,068 | -€7,500 | -4.1% |
| Land and buildings | 22 | €182,568 | €175,068 | -€7,500 | -4.1% |
| Total equity and liabilities | 10/49 | €182,568 | €175,068 | -€7,500 | -4.1% |
| Equity | 10/15 | €140,509 | €134,958 | -€5,550 | -4.0% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €57,914 | €55,422 | -€2,492 | -4.3% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Tax-exempt reserves | 132 | €51,664 | €49,172 | -€2,492 | -4.8% |
| Profit (loss) carried forward | 14 | €20,095 | €17,037 | -€3,058 | -15.2% |
| Provisions and deferred taxes | 16 | €26,603 | €25,320 | -€1,283 | -4.8% |
| Deferred taxes | 168 | €26,603 | €25,320 | -€1,283 | -4.8% |
| Amounts payable | 17/49 | €15,456 | €14,790 | -€667 | -4.3% |
| Amounts payable within one year | 42/48 | €15,456 | €14,790 | -€667 | -4.3% |
| Financial debts | 43 | €12,380 | €12,471 | +€91 | +0.7% |
| Credit institutions | 430/8 | €12,380 | €12,471 | +€91 | +0.7% |
| Trade debts | 44 | €1,399 | €1,003 | -€396 | -28.3% |
| Suppliers | 440/4 | €1,399 | €1,003 | -€396 | -28.3% |
| Other amounts payable | 47/48 | €1,677 | €1,315 | -€362 | -21.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,493 | €7,500 | +€8 | +0.1% |
| Other operating charges | 640/8 | €1,536 | €1,449 | -€86 | -5.6% |
| Gross operating margin | 9900 | €6,897 | €2,207 | -€4,689 | -68.0% |
| Operating profit (loss) | 9901 | -€2,132 | -€6,742 | -€4,610 | -216.3% |
| Financial charges | 65/66B | €2,059 | €91 | -€1,968 | -95.6% |
| Recurring financial charges | 65 | €2,059 | €91 | -€1,968 | -95.6% |
| Profit (loss) for the period before taxes | 9903 | -€4,191 | -€6,833 | -€2,642 | -63.0% |
| Transfer from deferred taxes | 780 | €1,283 | €1,283 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€2,908 | -€5,550 | -€2,642 | -90.9% |
| Transfer from tax-exempt reserves | 789 | €2,492 | €2,492 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€416 | -€3,058 | -€2,642 | -635.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.