VALEX ASSURANCES: 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.
VALEX ASSURANCES
Largest movements
- Intangible fixed assets -€71,643
down €71,643 (-31.8%), from €225,211 to €153,568
- Cash -€39,375
down €39,375 (-33.2%), from €118,730 to €79,355
mainly Short-term financial debts (-€124,000) and Debts after one year (-€59,260)
- Receivables within one year +€35,641
up €35,641 (+21.6%), from €165,099 to €200,740
of which Other amounts receivable: +€19,535
- Short-term financial debts -€124,000
no longer reported in 2025 (was €124,000)
- Reserves +€89,091
up €89,091 (+332%), from €26,805 to €115,896
- Debts after one year -€59,260
down €59,260 (-29.5%), from €200,952 to €141,691
- Tax, wage and social debts +€27,154
up €27,154 (+47.2%), from €57,504 to €84,658
of which Taxes: +€47,388
- Taxes +€63,415
up €63,415 (+290%), from €21,896 to €85,311
- Staff costs -€44,757
down €44,757 (-28.2%), from €158,494 to €113,737
- Gross operating margin +€36,201
up €36,201 (+10.3%), from €350,190 to €386,392
- Other operating charges -€34,314
down €34,314 (-91.2%), from €37,609 to €3,295
- Depreciation -€20,100
down €20,100 (-20.0%), from €100,262 to €80,162
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 | €544,867 | €473,926 | -€70,940 | -13.0% |
| Fixed assets | 21/28 | €255,961 | €186,217 | -€69,744 | -27.2% |
| Intangible fixed assets | 21 | €225,211 | €153,568 | -€71,643 | -31.8% |
| Tangible fixed assets | 22/27 | €26,901 | €28,550 | +€1,649 | +6.1% |
| Plant, machinery and equipment | 23 | €1,463 | €1,470 | +€8 | +0.5% |
| Furniture and vehicles | 24 | €12,788 | €14,430 | +€1,642 | +12.8% |
| Other tangible fixed assets | 26 | €12,650 | €12,650 | = | 0.0% |
| Financial fixed assets | 28 | €3,850 | €4,100 | +€250 | +6.5% |
| Current assets | 29/58 | €288,905 | €287,709 | -€1,197 | -0.4% |
| Amounts receivable within one year | 40/41 | €165,099 | €200,740 | +€35,641 | +21.6% |
| Trade receivables | 40 | €31,433 | €47,539 | +€16,106 | +51.2% |
| Other amounts receivable | 41 | €133,666 | €153,201 | +€19,535 | +14.6% |
| Cash at bank and in hand | 54/58 | €118,730 | €79,355 | -€39,375 | -33.2% |
| Deferred charges and accrued income | 490/1 | €5,076 | €7,614 | +€2,538 | +50.0% |
| Total equity and liabilities | 10/49 | €544,867 | €473,926 | -€70,940 | -13.0% |
| Equity | 10/15 | €65,435 | €154,668 | +€89,234 | +136% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Contributions outside capital | 11 | €18,550 | €18,550 | = | 0.0% |
| Other | 1109/19 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €26,805 | €115,896 | +€89,091 | +332% |
| Distributable reserves | 133 | €26,805 | €115,896 | +€89,091 | +332% |
| Profit (loss) carried forward | 14 | €20,080 | €20,222 | +€143 | +0.7% |
| Amounts payable | 17/49 | €479,432 | €319,258 | -€160,174 | -33.4% |
| Amounts payable after more than one year | 17 | €200,952 | €141,691 | -€59,260 | -29.5% |
| Financial debts | 170/4 | €200,952 | €141,691 | -€59,260 | -29.5% |
| Amounts payable within one year | 42/48 | €278,480 | €177,566 | -€100,914 | -36.2% |
| Current portion of amounts payable after more than one year | 42 | €59,993 | €59,260 | -€733 | -1.2% |
| Financial debts | 43 | €124,000 | - | -€124,000 | |
| Credit institutions | 430/8 | €124,000 | - | -€124,000 | |
| Trade debts | 44 | €11,423 | €8,088 | -€3,334 | -29.2% |
| Suppliers | 440/4 | €11,423 | €8,088 | -€3,334 | -29.2% |
| Taxes, remuneration and social security | 45 | €57,504 | €84,658 | +€27,154 | +47.2% |
| Taxes | 450/3 | €37,270 | €84,658 | +€47,388 | +127% |
| Remuneration and social security | 454/9 | €20,234 | - | -€20,234 | |
| Other amounts payable | 47/48 | €25,560 | €25,560 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €158,494 | €113,737 | -€44,757 | -28.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,262 | €80,162 | -€20,100 | -20.0% |
| Other operating charges | 640/8 | €37,609 | €3,295 | -€34,314 | -91.2% |
| Non-recurring operating charges | 66A | €1 | €1,030 | +€1,029 | +205,848% |
| Gross operating margin | 9900 | €350,190 | €386,392 | +€36,201 | +10.3% |
| Operating profit (loss) | 9901 | €53,825 | €188,169 | +€134,343 | +250% |
| Financial income | 75/76B | €6,677 | - | -€6,677 | |
| Recurring financial income | 75 | €6,677 | - | -€6,677 | |
| Financial charges | 65/66B | €18,705 | €13,624 | -€5,081 | -27.2% |
| Recurring financial charges | 65 | €18,705 | €13,624 | -€5,081 | -27.2% |
| Profit (loss) for the period before taxes | 9903 | €41,797 | €174,544 | +€132,747 | +318% |
| Income taxes | 67/77 | €21,896 | €85,311 | +€63,415 | +290% |
| Profit (loss) for the period | 9904 | €19,901 | €89,234 | +€69,332 | +348% |
| Profit (loss) for the period to be appropriated | 9905 | €19,901 | €89,234 | +€69,332 | +348% |
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 1 November 2026 via checked.be.