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 +€177,791
up €177,791 (+149.5%), from €118,889 to €296,680
of which Land and buildings: +€114,661
- Receivables within one year -€111,149
no longer reported in 2025 (was €111,149)
- Deferred charges and accrued income -€24,826
down €24,826 (-99.3%), from €25,001 to €175
- Stocks and contracts -€6,000
no longer reported in 2025 (was €6,000)
- Other debts +€72,096
up €72,096 (+27.7%), from €260,723 to €332,819
- Debts after one year +€67,635
new in 2025: €67,635
- Accrued charges and deferred income -€28,524
no longer reported in 2025 (was €28,524)
- Profit (loss) carried forward -€27,333
down €27,333 (-23.6%), from -€115,920 to -€143,253
- Current portion of long-term debt -€26,334
down €26,334 (-44.5%), from €59,196 to €32,862
- Staff costs -€18,386
down €18,386 (-72.8%), from €25,240 to €6,854
- Gross operating margin -€6,829
down €6,829 (-15.4%), from €44,434 to €37,605
- Depreciation +€4,975
up €4,975 (+11.0%), from €45,201 to €50,176
- Financial charges +€1,578
up €1,578 (+60.2%), from €2,623 to €4,201
- Other operating charges -€634
down €634 (-33.0%), from €1,921 to €1,287
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 | €261,398 | €300,042 | +€38,644 | +14.8% |
| Fixed assets | 21/28 | €119,159 | €296,950 | +€177,791 | +149.2% |
| Tangible fixed assets | 22/27 | €118,889 | €296,680 | +€177,791 | +149.5% |
| Land and buildings | 22 | - | €114,661 | +€114,661 | |
| Plant, machinery and equipment | 23 | €28,922 | €17,936 | -€10,986 | -38.0% |
| Furniture and vehicles | 24 | €89,967 | €164,083 | +€74,116 | +82.4% |
| Financial fixed assets | 28 | €270 | €270 | = | 0.0% |
| Current assets | 29/58 | €142,239 | €3,092 | -€139,147 | -97.8% |
| Stocks and contracts in progress | 3 | €6,000 | - | -€6,000 | |
| Stocks | 30/36 | €6,000 | - | -€6,000 | |
| Amounts receivable within one year | 40/41 | €111,149 | - | -€111,149 | |
| Other amounts receivable | 41 | €111,149 | - | -€111,149 | |
| Cash at bank and in hand | 54/58 | €89 | €2,917 | +€2,828 | +3177.5% |
| Deferred charges and accrued income | 490/1 | €25,001 | €175 | -€24,826 | -99.3% |
| Total equity and liabilities | 10/49 | €261,398 | €300,042 | +€38,644 | +14.8% |
| Equity | 10/15 | -€109,720 | -€137,053 | -€27,333 | -24.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€115,920 | -€143,253 | -€27,333 | -23.6% |
| Amounts payable | 17/49 | €371,118 | €437,095 | +€65,977 | +17.8% |
| Amounts payable after more than one year | 17 | - | €67,635 | +€67,635 | |
| Financial debts | 170/4 | - | €67,635 | +€67,635 | |
| Amounts payable within one year | 42/48 | €342,594 | €369,460 | +€26,866 | +7.8% |
| Current portion of amounts payable after more than one year | 42 | €59,196 | €32,862 | -€26,334 | -44.5% |
| Trade debts | 44 | €22,675 | €3,179 | -€19,496 | -86.0% |
| Suppliers | 440/4 | €22,675 | €3,179 | -€19,496 | -86.0% |
| Taxes, remuneration and social security | 45 | - | €600 | +€600 | |
| Taxes | 450/3 | - | €600 | +€600 | |
| Other amounts payable | 47/48 | €260,723 | €332,819 | +€72,096 | +27.7% |
| Accrued charges and deferred income | 492/3 | €28,524 | - | -€28,524 | |
| Non-recurring operating income | 76A | - | €1,169 | +€1,169 | |
| Remuneration, social security and pensions | 62 | €25,240 | €6,854 | -€18,386 | -72.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,201 | €50,176 | +€4,975 | +11.0% |
| Other operating charges | 640/8 | €1,921 | €1,287 | -€634 | -33.0% |
| Non-recurring operating charges | 66A | - | €2,479 | +€2,479 | |
| Gross operating margin | 9900 | €44,434 | €37,605 | -€6,829 | -15.4% |
| Operating profit (loss) | 9901 | -€27,928 | -€23,191 | +€4,737 | +17.0% |
| Financial income | 75/76B | €314 | €59 | -€255 | -81.2% |
| Recurring financial income | 75 | €164 | €59 | -€105 | -64.0% |
| Non-recurring financial income | 76B | €150 | - | -€150 | |
| Financial charges | 65/66B | €2,623 | €4,201 | +€1,578 | +60.2% |
| Recurring financial charges | 65 | €2,623 | €4,201 | +€1,578 | +60.2% |
| Profit (loss) for the period before taxes | 9903 | -€30,237 | -€27,333 | +€2,904 | +9.6% |
| Profit (loss) for the period | 9904 | -€30,237 | -€27,333 | +€2,904 | +9.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€30,237 | -€27,333 | +€2,904 | +9.6% |
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 7 October 2026 via checked.be.