VALETA: 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.
VALETA
Largest movements
- Stocks and contracts +€214,388
up €214,388 (+363.4%), from €59,000 to €273,388
- Receivables within one year -€119,818
down €119,818 (-51.4%), from €233,333 to €113,515
of which Other amounts receivable: -€165,436
- Cash +€31,252
up €31,252 (+467.7%), from €6,683 to €37,935
mainly Receivables within one year (+€119,818) and Trade debts (+€96,118)
- Trade debts +€96,118
up €96,118 (+19724.7%), from €487 to €96,606
- Other debts -€77,000
down €77,000 (-46.0%), from €167,500 to €90,500
- Short-term financial debts +€75,000
up €75,000 (+75.0%), from €100,000 to €175,000
- Profit (loss) carried forward +€28,067
up €28,067, from -€20,294 to €7,773
- Debts after one year -€13,022
down €13,022 (-14.5%), from €89,737 to €76,715
- Gross operating margin -€64,618
down €64,618 (-39.6%), from €163,284 to €98,666
- Taxes +€12,857
up €12,857 (+1897.3%), from €678 to €13,534
- Financial charges +€3,957
up €3,957 (+96.3%), from €4,109 to €8,067
- Staff costs +€3,808
new in 2025: €3,808
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 | €408,013 | €530,764 | +€122,750 | +30.1% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €108,998 | €105,926 | -€3,072 | -2.8% |
| Tangible fixed assets | 22/27 | €108,998 | €105,926 | -€3,072 | -2.8% |
| Land and buildings | 22 | €4,013 | €3,378 | -€635 | -15.8% |
| Plant, machinery and equipment | 23 | €19,529 | €23,288 | +€3,759 | +19.2% |
| Furniture and vehicles | 24 | €85,455 | €79,260 | -€6,196 | -7.3% |
| Current assets | 29/58 | €299,016 | €424,838 | +€125,822 | +42.1% |
| Stocks and contracts in progress | 3 | €59,000 | €273,388 | +€214,388 | +363.4% |
| Stocks | 30/36 | €59,000 | €273,388 | +€214,388 | +363.4% |
| Amounts receivable within one year | 40/41 | €233,333 | €113,515 | -€119,818 | -51.4% |
| Trade receivables | 40 | - | €45,618 | +€45,618 | |
| Other amounts receivable | 41 | €233,333 | €67,897 | -€165,436 | -70.9% |
| Cash at bank and in hand | 54/58 | €6,683 | €37,935 | +€31,252 | +467.7% |
| Total equity and liabilities | 10/49 | €408,013 | €530,764 | +€122,750 | +30.1% |
| Equity | 10/15 | €36,395 | €64,462 | +€28,067 | +77.1% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €6,689 | €6,689 | = | 0.0% |
| Non-distributable reserves | 130/1 | €408 | €408 | = | 0.0% |
| Reserves not available under the articles | 1311 | €408 | €408 | = | 0.0% |
| Distributable reserves | 133 | €6,281 | €6,281 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€20,294 | €7,773 | +€28,067 | |
| Amounts payable | 17/49 | €371,619 | €466,302 | +€94,683 | +25.5% |
| Amounts payable after more than one year | 17 | €89,737 | €76,715 | -€13,022 | -14.5% |
| Financial debts | 170/4 | €89,737 | €76,715 | -€13,022 | -14.5% |
| Amounts payable within one year | 42/48 | €281,881 | €389,587 | +€107,705 | +38.2% |
| Current portion of amounts payable after more than one year | 42 | €11,463 | €13,057 | +€1,593 | +13.9% |
| Financial debts | 43 | €100,000 | €175,000 | +€75,000 | +75.0% |
| Other loans | 439 | €100,000 | €175,000 | +€75,000 | +75.0% |
| Trade debts | 44 | €487 | €96,606 | +€96,118 | +19724.7% |
| Suppliers | 440/4 | €487 | €96,606 | +€96,118 | +19724.7% |
| Taxes, remuneration and social security | 45 | €2,431 | €14,424 | +€11,994 | +493.4% |
| Taxes | 450/3 | €2,431 | €14,424 | +€11,994 | +493.4% |
| Other amounts payable | 47/48 | €167,500 | €90,500 | -€77,000 | -46.0% |
| Non-recurring operating income | 76A | €2,420 | - | -€2,420 | |
| Remuneration, social security and pensions | 62 | - | €3,808 | +€3,808 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,452 | €27,240 | -€212 | -0.8% |
| Other operating charges | 640/8 | €2,444 | €3,197 | +€752 | +30.8% |
| Non-recurring operating charges | 66A | €17,268 | €15,382 | -€1,886 | -10.9% |
| Gross operating margin | 9900 | €163,284 | €98,666 | -€64,618 | -39.6% |
| Operating profit (loss) | 9901 | €116,120 | €49,039 | -€67,080 | -57.8% |
| Financial income | 75/76B | €2,000 | €629 | -€1,371 | -68.6% |
| Recurring financial income | 75 | €2,000 | €629 | -€1,371 | -68.6% |
| Financial charges | 65/66B | €4,109 | €8,067 | +€3,957 | +96.3% |
| Recurring financial charges | 65 | €4,109 | €8,067 | +€3,957 | +96.3% |
| Profit (loss) for the period before taxes | 9903 | €114,011 | €41,602 | -€72,409 | -63.5% |
| Income taxes | 67/77 | €678 | €13,534 | +€12,857 | +1897.3% |
| Profit (loss) for the period | 9904 | €113,333 | €28,067 | -€85,266 | -75.2% |
| Profit (loss) for the period to be appropriated | 9905 | €113,333 | €28,067 | -€85,266 | -75.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.