VALERN: 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.
VALERN
Largest movements
- Cash +€480,252
up €480,252 (+414.5%), from €115,871 to €596,123
mainly Net result for the year (+€536,380) and Current investments (+€383,807)
- Current investments -€383,807
down €383,807 (-14.1%), from €2.7m to €2.3m
- Stocks and contracts -€178,703
down €178,703 (-5.8%), from €3.1m to €2.9m
- Receivables within one year -€119,026
down €119,026 (-10.9%), from €1.1m to €977,627
of which Other amounts receivable: -€119,830
- Profit (loss) carried forward -€463,620
down €463,620 (-5.9%), from €7.9m to €7.4m
- Other debts +€300,800
up €300,800 (+43.0%), from €700,000 to €1.0m
- Financial income -€143,622
down €143,622 (-23.2%), from €618,641 to €475,019
- Gross operating margin +€135,121
up €135,121 (+49.0%), from €275,511 to €410,633
- Taxes +€36,819
up €36,819, from -€864 to €35,955
- Staff costs +€30,396
up €30,396 (+33.4%), from €91,058 to €121,454
- Financial charges -€28,787
down €28,787 (-16.8%), from €171,309 to €142,522
of which Financial charges: -€34,706
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 | €10,124,513 | €9,939,985 | -€184,528 | -1.8% |
| Fixed assets | 21/28 | €3,095,944 | €3,095,643 | -€301 | 0.0% |
| Tangible fixed assets | 22/27 | €1,101 | - | -€1,101 | |
| Furniture and vehicles | 24 | €1,101 | - | -€1,101 | |
| Financial fixed assets | 28 | €3,094,843 | €3,095,643 | +€800 | 0.0% |
| Current assets | 29/58 | €7,028,569 | €6,844,342 | -€184,227 | -2.6% |
| Stocks and contracts in progress | 3 | €3,060,256 | €2,881,553 | -€178,703 | -5.8% |
| Stocks | 30/36 | €3,060,256 | €2,881,553 | -€178,703 | -5.8% |
| Amounts receivable within one year | 40/41 | €1,096,653 | €977,627 | -€119,026 | -10.9% |
| Trade receivables | 40 | €19,886 | €20,691 | +€805 | +4.0% |
| Other amounts receivable | 41 | €1,076,766 | €956,936 | -€119,830 | -11.1% |
| Current investments | 50/53 | €2,718,013 | €2,334,206 | -€383,807 | -14.1% |
| Cash at bank and in hand | 54/58 | €115,871 | €596,123 | +€480,252 | +414.5% |
| Deferred charges and accrued income | 490/1 | €37,776 | €54,832 | +€17,056 | +45.2% |
| Total equity and liabilities | 10/49 | €10,124,513 | €9,939,985 | -€184,528 | -1.8% |
| Equity | 10/15 | €8,974,397 | €8,510,777 | -€463,620 | -5.2% |
| Contributions | 10/11 | €991,574 | €991,574 | = | 0.0% |
| Capital | 10 | €991,574 | €991,574 | = | 0.0% |
| Issued capital | 100 | €991,574 | €991,574 | = | 0.0% |
| Reserves | 13 | €99,157 | €99,157 | = | 0.0% |
| Non-distributable reserves | 130/1 | €99,157 | €99,157 | = | 0.0% |
| Legal reserve | 130 | €99,157 | €99,157 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,883,665 | €7,420,045 | -€463,620 | -5.9% |
| Provisions and deferred taxes | 16 | €418,672 | €396,230 | -€22,442 | -5.4% |
| Provisions for liabilities and charges | 160/5 | €418,672 | €396,230 | -€22,442 | -5.4% |
| Other liabilities and charges | 164/5 | €418,672 | €396,230 | -€22,442 | -5.4% |
| Amounts payable | 17/49 | €731,444 | €1,032,978 | +€301,534 | +41.2% |
| Amounts payable within one year | 42/48 | €729,711 | €1,032,171 | +€302,460 | +41.4% |
| Trade debts | 44 | €747 | €697 | -€50 | -6.7% |
| Suppliers | 440/4 | €747 | €697 | -€50 | -6.7% |
| Taxes, remuneration and social security | 45 | €28,964 | €30,674 | +€1,710 | +5.9% |
| Taxes | 450/3 | €14,579 | €13,772 | -€807 | -5.5% |
| Remuneration and social security | 454/9 | €14,385 | €16,902 | +€2,517 | +17.5% |
| Other amounts payable | 47/48 | €700,000 | €1,000,800 | +€300,800 | +43.0% |
| Accrued charges and deferred income | 492/3 | €1,733 | €808 | -€926 | -53.4% |
| Remuneration, social security and pensions | 62 | €91,058 | €121,454 | +€30,396 | +33.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,336 | €1,101 | -€5,235 | -82.6% |
| Other operating charges | 640/8 | €50,114 | €48,241 | -€1,874 | -3.7% |
| Gross operating margin | 9900 | €275,511 | €410,633 | +€135,121 | +49.0% |
| Operating profit (loss) | 9901 | €128,003 | €239,837 | +€111,834 | +87.4% |
| Financial income | 75/76B | €618,641 | €475,019 | -€143,622 | -23.2% |
| Recurring financial income | 75 | €618,641 | €475,019 | -€143,622 | -23.2% |
| Financial charges | 65/66B | €171,309 | €142,522 | -€28,787 | -16.8% |
| Recurring financial charges | 65 | €40,554 | €5,848 | -€34,706 | -85.6% |
| Non-recurring financial charges | 66B | €130,755 | €136,674 | +€5,919 | +4.5% |
| Profit (loss) for the period before taxes | 9903 | €575,335 | €572,334 | -€3,000 | -0.5% |
| Income taxes | 67/77 | -€864 | €35,955 | +€36,819 | |
| Profit (loss) for the period | 9904 | €576,199 | €536,380 | -€39,820 | -6.9% |
| Profit (loss) for the period to be appropriated | 9905 | €576,199 | €536,380 | -€39,820 | -6.9% |
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 9 October 2026 via checked.be.