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 +€51,117
up €51,117 (+51.7%), from €98,916 to €150,032
of which Other tangible fixed assets: +€41,107
- Receivables within one year -€32,067
down €32,067 (-52.9%), from €60,586 to €28,519
of which Other amounts receivable: -€17,430
- Stocks and contracts -€9,746
down €9,746 (-60.2%), from €16,198 to €6,451
- Debts after one year +€30,131
up €30,131, from €0 to €30,131
- Other debts -€26,520
down €26,520 (-46.2%), from €57,380 to €30,860
- Trade debts -€14,358
down €14,358 (-30.3%), from €47,370 to €33,012
- Reserves +€13,344
up €13,344 (+61.0%), from €21,882 to €35,225
of which Distributable reserves: +€13,344
- Current portion of long-term debt +€4,875
up €4,875 (+189%), from €2,579 to €7,454
- Gross operating margin -€26,380
down €26,380 (-8.2%), from €320,447 to €294,067
- Staff costs +€24,423
up €24,423 (+11.6%), from €211,133 to €235,555
- Taxes -€11,295
down €11,295 (-74.0%), from €15,270 to €3,975
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 | €193,460 | €200,986 | +€7,527 | +3.9% |
| Fixed assets | 21/28 | €99,248 | €150,197 | +€50,949 | +51.3% |
| Intangible fixed assets | 21 | €167 | €0 | -€167 | -100% |
| Tangible fixed assets | 22/27 | €98,916 | €150,032 | +€51,117 | +51.7% |
| Plant, machinery and equipment | 23 | €35,853 | €54,160 | +€18,307 | +51.1% |
| Furniture and vehicles | 24 | €17,768 | €9,470 | -€8,297 | -46.7% |
| Other tangible fixed assets | 26 | €45,295 | €86,402 | +€41,107 | +90.8% |
| Financial fixed assets | 28 | €165 | €165 | = | 0.0% |
| Current assets | 29/58 | €94,212 | €50,789 | -€43,423 | -46.1% |
| Stocks and contracts in progress | 3 | €16,198 | €6,451 | -€9,746 | -60.2% |
| Stocks | 30/36 | €16,198 | €6,451 | -€9,746 | -60.2% |
| Amounts receivable within one year | 40/41 | €60,586 | €28,519 | -€32,067 | -52.9% |
| Trade receivables | 40 | €41,282 | €26,646 | -€14,637 | -35.5% |
| Other amounts receivable | 41 | €19,304 | €1,874 | -€17,430 | -90.3% |
| Cash at bank and in hand | 54/58 | €15,829 | €15,473 | -€356 | -2.2% |
| Deferred charges and accrued income | 490/1 | €1,599 | €346 | -€1,254 | -78.4% |
| Total equity and liabilities | 10/49 | €193,460 | €200,986 | +€7,527 | +3.9% |
| Equity | 10/15 | €31,882 | €45,225 | +€13,344 | +41.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €21,882 | €35,225 | +€13,344 | +61.0% |
| Non-distributable reserves | 130/1 | €1,000 | €1,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,000 | €1,000 | = | 0.0% |
| Distributable reserves | 133 | €20,882 | €34,225 | +€13,344 | +63.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €161,578 | €155,761 | -€5,817 | -3.6% |
| Amounts payable after more than one year | 17 | €0 | €30,131 | +€30,131 | |
| Financial debts | 170/4 | €0 | €30,131 | +€30,131 | |
| Amounts payable within one year | 42/48 | €161,566 | €125,630 | -€35,937 | -22.2% |
| Current portion of amounts payable after more than one year | 42 | €2,579 | €7,454 | +€4,875 | +189% |
| Trade debts | 44 | €47,370 | €33,012 | -€14,358 | -30.3% |
| Suppliers | 440/4 | €47,370 | €33,012 | -€14,358 | -30.3% |
| Advances received on contracts in progress | 46 | €284 | €0 | -€284 | -100% |
| Taxes, remuneration and social security | 45 | €53,953 | €54,304 | +€350 | +0.6% |
| Taxes | 450/3 | €36,077 | €35,917 | -€160 | -0.4% |
| Remuneration and social security | 454/9 | €17,876 | €18,387 | +€511 | +2.9% |
| Other amounts payable | 47/48 | €57,380 | €30,860 | -€26,520 | -46.2% |
| Accrued charges and deferred income | 492/3 | €12 | €0 | -€12 | -100% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Remuneration, social security and pensions | 62 | €211,133 | €235,555 | +€24,423 | +11.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,776 | €36,314 | +€2,538 | +7.5% |
| Other operating charges | 640/8 | €1,003 | €1,926 | +€923 | +92.0% |
| Non-recurring operating charges | 66A | €483 | - | -€483 | |
| Gross operating margin | 9900 | €320,447 | €294,067 | -€26,380 | -8.2% |
| Operating profit (loss) | 9901 | €74,052 | €20,271 | -€53,781 | -72.6% |
| Financial income | 75/76B | €915 | €6 | -€909 | -99.3% |
| Recurring financial income | 75 | €915 | €6 | -€909 | -99.3% |
| Financial charges | 65/66B | €2,318 | €2,959 | +€641 | +27.7% |
| Recurring financial charges | 65 | €2,318 | €2,959 | +€641 | +27.7% |
| Profit (loss) for the period before taxes | 9903 | €72,650 | €17,319 | -€55,331 | -76.2% |
| Income taxes | 67/77 | €15,270 | €3,975 | -€11,295 | -74.0% |
| Profit (loss) for the period | 9904 | €57,380 | €13,344 | -€44,036 | -76.7% |
| Profit (loss) for the period to be appropriated | 9905 | €57,380 | €13,344 | -€44,036 | -76.7% |
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 29 October 2026 via checked.be.