Valex Management: 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.
Valex Management
Largest movements
- Cash +€128,631
up €128,631 (+104.4%), from €123,162 to €251,793
mainly Net result for the year (+€91,194) and Tax, wage and social debts (+€38,035)
- Tangible fixed assets +€2,810
new in 2025: €2,810
- Profit (loss) carried forward +€91,194
up €91,194 (+101.5%), from €89,831 to €181,024
- Tax, wage and social debts +€38,035
up €38,035 (+122.3%), from €31,092 to €69,127
- Trade debts +€2,796
up €2,796 (+694.5%), from €403 to €3,198
- Gross operating margin +€49,100
up €49,100 (+65.8%), from €74,578 to €123,678
- Taxes +€11,730
up €11,730 (+72.9%), from €16,092 to €27,822
- Financial charges +€3,236
up €3,236 (+439.2%), from €737 to €3,973
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 | €124,015 | €256,039 | +€132,024 | +106.5% |
| Fixed assets | 21/28 | - | €2,810 | +€2,810 | |
| Tangible fixed assets | 22/27 | - | €2,810 | +€2,810 | |
| Furniture and vehicles | 24 | - | €2,810 | +€2,810 | |
| Current assets | 29/58 | €124,015 | €253,230 | +€129,214 | +104.2% |
| Amounts receivable within one year | 40/41 | €11 | €11 | = | 0.0% |
| Other amounts receivable | 41 | €11 | €11 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €123,162 | €251,793 | +€128,631 | +104.4% |
| Deferred charges and accrued income | 490/1 | €842 | €1,425 | +€584 | +69.3% |
| Total equity and liabilities | 10/49 | €124,015 | €256,039 | +€132,024 | +106.5% |
| Equity | 10/15 | €92,331 | €183,524 | +€91,194 | +98.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €89,831 | €181,024 | +€91,194 | +101.5% |
| Amounts payable | 17/49 | €31,684 | €72,515 | +€40,830 | +128.9% |
| Amounts payable within one year | 42/48 | €31,684 | €72,515 | +€40,830 | +128.9% |
| Trade debts | 44 | €403 | €3,198 | +€2,796 | +694.5% |
| Suppliers | 440/4 | €403 | €3,198 | +€2,796 | +694.5% |
| Taxes, remuneration and social security | 45 | €31,092 | €69,127 | +€38,035 | +122.3% |
| Taxes | 450/3 | €31,092 | €69,127 | +€38,035 | +122.3% |
| Other amounts payable | 47/48 | €190 | €190 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €690 | +€690 | |
| Other operating charges | 640/8 | €485 | €0 | -€485 | -100.0% |
| Gross operating margin | 9900 | €74,578 | €123,678 | +€49,100 | +65.8% |
| Operating profit (loss) | 9901 | €74,093 | €122,988 | +€48,895 | +66.0% |
| Financial charges | 65/66B | €737 | €3,973 | +€3,236 | +439.2% |
| Recurring financial charges | 65 | €737 | €3,973 | +€3,236 | +439.2% |
| Profit (loss) for the period before taxes | 9903 | €73,356 | €119,015 | +€45,659 | +62.2% |
| Income taxes | 67/77 | €16,092 | €27,822 | +€11,730 | +72.9% |
| Profit (loss) for the period | 9904 | €57,264 | €91,194 | +€33,929 | +59.3% |
| Profit (loss) for the period to be appropriated | 9905 | €57,264 | €91,194 | +€33,929 | +59.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.