VALETUDO: 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.
VALETUDO
Largest movements
- Receivables within one year -€36,535
down €36,535 (-93.4%), from €39,116 to €2,581
of which Trade receivables: -€37,500
- Tangible fixed assets -€29,997
down €29,997 (-33.3%), from €89,996 to €60,000
of which Leasing and similar rights: -€29,835
- Cash -€3,915
down €3,915 (-69.8%), from €5,608 to €1,692
mainly Trade debts (-€35,963) and Net result for the year (-€28,672)
- Trade debts -€35,963
down €35,963 (-38.8%), from €92,752 to €56,789
- Profit (loss) carried forward -€28,672
down €28,672 (-54.1%), from -€53,003 to -€81,676
- Debts after one year -€22,260
down €22,260 (-69.9%), from €31,827 to €9,567
- Other debts +€15,121
up €15,121 (+98.7%), from €15,312 to €30,433
- Advances received +€7,500
new in 2025: €7,500
- Gross operating margin -€7,515
down €7,515 (-53.2%), from €14,126 to €6,611
- Taxes -€6,072
down €6,072 (-99.1%), from €6,126 to €54
- Depreciation -€2,221
down €2,221 (-6.0%), from €36,844 to €34,623
- Other operating charges -€169
down €169 (-30.0%), from €563 to €394
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 | €143,468 | €72,968 | -€70,500 | -49.1% |
| Fixed assets | 21/28 | €93,820 | €63,823 | -€29,997 | -32.0% |
| Tangible fixed assets | 22/27 | €89,996 | €60,000 | -€29,997 | -33.3% |
| Land and buildings | 22 | €9,430 | €9,934 | +€503 | +5.3% |
| Plant, machinery and equipment | 23 | €5,393 | €4,335 | -€1,058 | -19.6% |
| Furniture and vehicles | 24 | €763 | €1,156 | +€393 | +51.5% |
| Leasing and similar rights | 25 | €74,410 | €44,575 | -€29,835 | -40.1% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Financial fixed assets | 28 | €3,824 | €3,824 | = | 0.0% |
| Current assets | 29/58 | €49,648 | €9,144 | -€40,503 | -81.6% |
| Amounts receivable within one year | 40/41 | €39,116 | €2,581 | -€36,535 | -93.4% |
| Trade receivables | 40 | €37,500 | - | -€37,500 | |
| Other amounts receivable | 41 | €1,616 | €2,581 | +€965 | +59.7% |
| Cash at bank and in hand | 54/58 | €5,608 | €1,692 | -€3,915 | -69.8% |
| Deferred charges and accrued income | 490/1 | €4,924 | €4,871 | -€53 | -1.1% |
| Total equity and liabilities | 10/49 | €143,468 | €72,968 | -€70,500 | -49.1% |
| Equity | 10/15 | -€34,359 | -€63,031 | -€28,672 | -83.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €44 | €44 | = | 0.0% |
| Distributable reserves | 133 | €44 | €44 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€53,003 | -€81,676 | -€28,672 | -54.1% |
| Amounts payable | 17/49 | €177,827 | €135,999 | -€41,828 | -23.5% |
| Amounts payable after more than one year | 17 | €31,827 | €9,567 | -€22,260 | -69.9% |
| Financial debts | 170/4 | €31,827 | €9,567 | -€22,260 | -69.9% |
| Amounts payable within one year | 42/48 | €145,999 | €126,432 | -€19,568 | -13.4% |
| Current portion of amounts payable after more than one year | 42 | €30,753 | €31,710 | +€956 | +3.1% |
| Trade debts | 44 | €92,752 | €56,789 | -€35,963 | -38.8% |
| Suppliers | 440/4 | €92,752 | €56,789 | -€35,963 | -38.8% |
| Advances received on contracts in progress | 46 | - | €7,500 | +€7,500 | |
| Taxes, remuneration and social security | 45 | €7,182 | - | -€7,182 | |
| Taxes | 450/3 | €7,182 | - | -€7,182 | |
| Other amounts payable | 47/48 | €15,312 | €30,433 | +€15,121 | +98.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,844 | €34,623 | -€2,221 | -6.0% |
| Other operating charges | 640/8 | €563 | €394 | -€169 | -30.0% |
| Gross operating margin | 9900 | €14,126 | €6,611 | -€7,515 | -53.2% |
| Operating profit (loss) | 9901 | -€23,281 | -€28,406 | -€5,125 | -22.0% |
| Financial income | 75/76B | - | €5 | +€5 | |
| Recurring financial income | 75 | - | €5 | +€5 | |
| Financial charges | 65/66B | €218 | €218 | -€0 | -0.2% |
| Recurring financial charges | 65 | €218 | €218 | -€0 | -0.2% |
| Profit (loss) for the period before taxes | 9903 | -€23,499 | -€28,618 | -€5,119 | -21.8% |
| Income taxes | 67/77 | €6,126 | €54 | -€6,072 | -99.1% |
| Profit (loss) for the period | 9904 | -€29,625 | -€28,672 | +€953 | +3.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€29,625 | -€28,672 | +€953 | +3.2% |
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 13 October 2026 via checked.be.