VALFINANCE: 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.
VALFINANCE
Largest movements
- Cash -€6,628
down €6,628 (-66.0%), from €10,038 to €3,409
mainly Other debts (-€7,736) and Contributions, distributions and other (-€3,282)
- Receivables after one year -€5,868
down €5,868 (-17.8%), from €32,986 to €27,118
- Other debts -€7,736
down €7,736 (-30.8%), from €25,103 to €17,367
- Tax, wage and social debts -€2,368
down €2,368 (-20.0%), from €11,835 to €9,467
- Reserves -€2,354
down €2,354 (-2.2%), from €106,717 to €104,364
of which Distributable reserves: -€2,354
- Gross operating margin -€21,783
down €21,783 (-88.9%), from €24,513 to €2,730
- Taxes -€7,371
down €7,371 (-84.8%), from €8,695 to €1,324
- Depreciation -€546
down €546 (-95.3%), from €573 to €27
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 | €162,255 | €150,065 | -€12,190 | -7.5% |
| Fixed assets | 21/28 | €62,878 | €62,852 | -€27 | 0.0% |
| Tangible fixed assets | 22/27 | €27 | - | -€27 | |
| Furniture and vehicles | 24 | €27 | - | -€27 | |
| Financial fixed assets | 28 | €62,852 | €62,852 | = | 0.0% |
| Current assets | 29/58 | €99,377 | €87,213 | -€12,163 | -12.2% |
| Amounts receivable after more than one year | 29 | €32,986 | €27,118 | -€5,868 | -17.8% |
| Other amounts receivable | 291 | €32,986 | €27,118 | -€5,868 | -17.8% |
| Amounts receivable within one year | 40/41 | €6,034 | €5,868 | -€167 | -2.8% |
| Other amounts receivable | 41 | €6,034 | €5,868 | -€167 | -2.8% |
| Current investments | 50/53 | €50,319 | €50,319 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €10,038 | €3,409 | -€6,628 | -66.0% |
| Deferred charges and accrued income | 490/1 | - | €499 | +€499 | |
| Total equity and liabilities | 10/49 | €162,255 | €150,065 | -€12,190 | -7.5% |
| Equity | 10/15 | €125,317 | €122,964 | -€2,354 | -1.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €106,717 | €104,364 | -€2,354 | -2.2% |
| Non-distributable reserves | 130/1 | €15,719 | €15,719 | = | 0.0% |
| Reserves not available under the articles | 1311 | €15,719 | €15,719 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €72,248 | €69,895 | -€2,354 | -3.3% |
| Amounts payable | 17/49 | €36,938 | €27,101 | -€9,837 | -26.6% |
| Amounts payable within one year | 42/48 | €36,938 | €27,101 | -€9,837 | -26.6% |
| Trade debts | 44 | - | €267 | +€267 | |
| Suppliers | 440/4 | - | €267 | +€267 | |
| Taxes, remuneration and social security | 45 | €11,835 | €9,467 | -€2,368 | -20.0% |
| Taxes | 450/3 | €11,835 | €9,467 | -€2,368 | -20.0% |
| Other amounts payable | 47/48 | €25,103 | €17,367 | -€7,736 | -30.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €573 | €27 | -€546 | -95.3% |
| Other operating charges | 640/8 | €949 | €1,168 | +€220 | +23.1% |
| Gross operating margin | 9900 | €24,513 | €2,730 | -€21,783 | -88.9% |
| Operating profit (loss) | 9901 | €22,991 | €1,535 | -€21,456 | -93.3% |
| Financial income | 75/76B | €1,003 | €868 | -€135 | -13.5% |
| Recurring financial income | 75 | €1,003 | €868 | -€135 | -13.5% |
| Financial charges | 65/66B | €229 | €150 | -€79 | -34.6% |
| Recurring financial charges | 65 | €229 | €150 | -€79 | -34.6% |
| Profit (loss) for the period before taxes | 9903 | €23,765 | €2,253 | -€21,512 | -90.5% |
| Income taxes | 67/77 | €8,695 | €1,324 | -€7,371 | -84.8% |
| Profit (loss) for the period | 9904 | €15,070 | €928 | -€14,142 | -93.8% |
| Profit (loss) for the period to be appropriated | 9905 | €15,070 | €928 | -€14,142 | -93.8% |
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 7 October 2026 via checked.be.