VALETTE: 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.
VALETTE
Largest movements
- Receivables after one year +€180,997
up €180,997 (+35.9%), from €503,988 to €684,985
- Cash -€23,057
down €23,057 (-20.7%), from €111,524 to €88,467
mainly Contributions, distributions and other (-€200,000) and Receivables after one year (-€180,997)
- Receivables within one year -€15,408
down €15,408 (-8.1%), from €189,444 to €174,037
of which Other amounts receivable: -€17,540
- Reserves +€337,197
up €337,197 (+18,129%), from €1,860 to €339,057
of which Distributable reserves: +€337,197
- Profit (loss) carried forward -€200,000
down €200,000 (-35.4%), from €564,848 to €364,848
- Tax, wage and social debts +€31,153
up €31,153 (+64.9%), from €47,999 to €79,153
of which Taxes: +€29,053
- Other debts -€13,000
down €13,000 (-7.1%), from €183,000 to €170,000
- Debts after one year -€12,485
down €12,485 (-38.7%), from €32,260 to €19,774
- Taxes +€37,069
up €37,069 (+31.2%), from €118,797 to €155,867
- Financial income +€13,725
up €13,725 (+46.3%), from €29,669 to €43,394
- Depreciation +€4,687
up €4,687 (+48.6%), from €9,641 to €14,328
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 | €878,205 | €1,020,931 | +€142,725 | +16.3% |
| Fixed assets | 21/28 | €60,083 | €56,205 | -€3,878 | -6.5% |
| Tangible fixed assets | 22/27 | €57,583 | €53,705 | -€3,878 | -6.7% |
| Furniture and vehicles | 24 | €57,583 | €53,705 | -€3,878 | -6.7% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €818,122 | €964,726 | +€146,603 | +17.9% |
| Amounts receivable after more than one year | 29 | €503,988 | €684,985 | +€180,997 | +35.9% |
| Other amounts receivable | 291 | €503,988 | €684,985 | +€180,997 | +35.9% |
| Amounts receivable within one year | 40/41 | €189,444 | €174,037 | -€15,408 | -8.1% |
| Trade receivables | 40 | €3,051 | €5,184 | +€2,132 | +69.9% |
| Other amounts receivable | 41 | €186,393 | €168,853 | -€17,540 | -9.4% |
| Cash at bank and in hand | 54/58 | €111,524 | €88,467 | -€23,057 | -20.7% |
| Deferred charges and accrued income | 490/1 | €13,166 | €17,237 | +€4,072 | +30.9% |
| Total equity and liabilities | 10/49 | €878,205 | €1,020,931 | +€142,725 | +16.3% |
| Equity | 10/15 | €585,308 | €722,505 | +€137,197 | +23.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €339,057 | +€337,197 | +18,129% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | - | €337,197 | +€337,197 | |
| Profit (loss) carried forward | 14 | €564,848 | €364,848 | -€200,000 | -35.4% |
| Amounts payable | 17/49 | €292,897 | €298,425 | +€5,528 | +1.9% |
| Amounts payable after more than one year | 17 | €32,260 | €19,774 | -€12,485 | -38.7% |
| Financial debts | 170/4 | €32,260 | €19,774 | -€12,485 | -38.7% |
| Amounts payable within one year | 42/48 | €255,434 | €269,513 | +€14,079 | +5.5% |
| Current portion of amounts payable after more than one year | 42 | €11,955 | €12,485 | +€531 | +4.4% |
| Trade debts | 44 | €12,480 | €7,875 | -€4,605 | -36.9% |
| Suppliers | 440/4 | €12,480 | €7,875 | -€4,605 | -36.9% |
| Taxes, remuneration and social security | 45 | €47,999 | €79,153 | +€31,153 | +64.9% |
| Taxes | 450/3 | €47,999 | €77,053 | +€29,053 | +60.5% |
| Remuneration and social security | 454/9 | - | €2,100 | +€2,100 | |
| Other amounts payable | 47/48 | €183,000 | €170,000 | -€13,000 | -7.1% |
| Accrued charges and deferred income | 492/3 | €5,204 | €9,138 | +€3,934 | +75.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,641 | €14,328 | +€4,687 | +48.6% |
| Other operating charges | 640/8 | €592 | €665 | +€73 | +12.4% |
| Gross operating margin | 9900 | €465,448 | €466,558 | +€1,111 | +0.2% |
| Operating profit (loss) | 9901 | €455,215 | €451,565 | -€3,649 | -0.8% |
| Financial income | 75/76B | €29,669 | €43,394 | +€13,725 | +46.3% |
| Recurring financial income | 75 | €29,669 | €43,394 | +€13,725 | +46.3% |
| Financial charges | 65/66B | €1,421 | €1,895 | +€474 | +33.3% |
| Recurring financial charges | 65 | €1,421 | €1,895 | +€474 | +33.3% |
| Profit (loss) for the period before taxes | 9903 | €483,462 | €493,064 | +€9,602 | +2.0% |
| Income taxes | 67/77 | €118,797 | €155,867 | +€37,069 | +31.2% |
| Profit (loss) for the period | 9904 | €364,665 | €337,197 | -€27,467 | -7.5% |
| Profit (loss) for the period to be appropriated | 9905 | €364,665 | €337,197 | -€27,467 | -7.5% |
Source: filed annual accounts (NBB), financial years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.