VALENTINO: what changed
Two financial 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.
VALENTINO
Largest movements
- Tangible fixed assets +€65,140
up €65,140 (+15.8%), from €413,449 to €478,589
of which Plant, machinery and equipment: +€35,560
- Receivables within one year +€29,833
up €29,833 (+20.7%), from €143,957 to €173,790
of which Other amounts receivable: +€28,186
- Cash -€24,575
down €24,575 (-41.8%), from €58,776 to €34,201
mainly Investment in fixed assets (net) (-€138,029) and Receivables within one year (-€29,833)
- Profit (loss) carried forward +€24,411
up €24,411 (+19.0%), from €128,363 to €152,774
- Trade debts +€16,451
up €16,451 (+39.5%), from €41,688 to €58,139
- Tax, wage and social debts +€15,338
up €15,338 (+25.3%), from €60,537 to €75,875
of which Remuneration and social security: +€12,829
- Current portion of long-term debt +€9,527
up €9,527 (+18.8%), from €50,742 to €60,269
- Gross operating margin +€82,623
up €82,623 (+16.6%), from €497,203 to €579,826
- Staff costs +€62,481
up €62,481 (+16.7%), from €373,275 to €435,756
- Depreciation +€20,434
up €20,434 (+39.0%), from €52,455 to €72,889
- Financial income -€5,898
down €5,898 (-43.6%), from €13,528 to €7,629
of which Non-recurring financial income: -€6,947
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.
Derived cash bridge
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 | €627,232 | €697,921 | +€70,689 | +11.3% |
| Fixed assets | 21/28 | €413,449 | €478,589 | +€65,140 | +15.8% |
| Tangible fixed assets | 22/27 | €413,449 | €478,589 | +€65,140 | +15.8% |
| Land and buildings | 22 | €297,663 | €284,136 | -€13,527 | -4.5% |
| Plant, machinery and equipment | 23 | €48,994 | €84,554 | +€35,560 | +72.6% |
| Furniture and vehicles | 24 | €28,068 | €42,578 | +€14,510 | +51.7% |
| Leasing and similar rights | 25 | €37,771 | €42,565 | +€4,794 | +12.7% |
| Other tangible fixed assets | 26 | €954 | €24,756 | +€23,802 | +2,495% |
| Current assets | 29/58 | €213,783 | €219,332 | +€5,549 | +2.6% |
| Stocks and contracts in progress | 3 | €1,050 | €1,050 | = | 0.0% |
| Stocks | 30/36 | €1,050 | €1,050 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €143,957 | €173,790 | +€29,833 | +20.7% |
| Trade receivables | 40 | €12,880 | €14,527 | +€1,647 | +12.8% |
| Other amounts receivable | 41 | €131,077 | €159,263 | +€28,186 | +21.5% |
| Current investments | 50/53 | €10,000 | €10,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €58,776 | €34,201 | -€24,575 | -41.8% |
| Deferred charges and accrued income | 490/1 | - | €291 | +€291 | |
| Total equity and liabilities | 10/49 | €627,232 | €697,921 | +€70,689 | +11.3% |
| Equity | 10/15 | €148,814 | €173,225 | +€24,411 | +16.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €128,363 | €152,774 | +€24,411 | +19.0% |
| Amounts payable | 17/49 | €478,418 | €524,696 | +€46,278 | +9.7% |
| Amounts payable after more than one year | 17 | €325,451 | €329,412 | +€3,961 | +1.2% |
| Financial debts | 170/4 | €325,451 | €329,412 | +€3,961 | +1.2% |
| Amounts payable within one year | 42/48 | €152,967 | €194,283 | +€41,316 | +27.0% |
| Current portion of amounts payable after more than one year | 42 | €50,742 | €60,269 | +€9,527 | +18.8% |
| Trade debts | 44 | €41,688 | €58,139 | +€16,451 | +39.5% |
| Suppliers | 440/4 | €41,688 | €58,139 | +€16,451 | +39.5% |
| Taxes, remuneration and social security | 45 | €60,537 | €75,875 | +€15,338 | +25.3% |
| Taxes | 450/3 | €30,405 | €32,915 | +€2,510 | +8.3% |
| Remuneration and social security | 454/9 | €30,132 | €42,961 | +€12,829 | +42.6% |
| Accrued charges and deferred income | 492/3 | - | €1,000 | +€1,000 | |
| Remuneration, social security and pensions | 62 | €373,275 | €435,756 | +€62,481 | +16.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,455 | €72,889 | +€20,434 | +39.0% |
| Other operating charges | 640/8 | €11,694 | €12,920 | +€1,226 | +10.5% |
| Gross operating margin | 9900 | €497,203 | €579,826 | +€82,623 | +16.6% |
| Operating profit (loss) | 9901 | €59,779 | €58,262 | -€1,517 | -2.5% |
| Financial income | 75/76B | €13,528 | €7,629 | -€5,898 | -43.6% |
| Recurring financial income | 75 | €6,580 | €7,629 | +€1,049 | +15.9% |
| Non-recurring financial income | 76B | €6,947 | - | -€6,947 | |
| Financial charges | 65/66B | €21,646 | €23,663 | +€2,016 | +9.3% |
| Recurring financial charges | 65 | €21,646 | €23,663 | +€2,016 | +9.3% |
| Profit (loss) for the period before taxes | 9903 | €51,660 | €42,228 | -€9,432 | -18.3% |
| Income taxes | 67/77 | €15,099 | €17,817 | +€2,719 | +18.0% |
| Profit (loss) for the period | 9904 | €36,562 | €24,411 | -€12,151 | -33.2% |
| Profit (loss) for the period to be appropriated | 9905 | €36,562 | €24,411 | -€12,151 | -33.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.