VALFRA: 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.
VALFRA
Largest movements
- Intangible fixed assets +€65,405
up €65,405 (+172.2%), from €37,984 to €103,389
- Cash +€12,437
up €12,437 (+27.0%), from €46,143 to €58,580
mainly Trade debts (+€75,023) and Depreciation (+€25,165)
- Tangible fixed assets -€3,252
down €3,252 (-2.7%), from €120,201 to €116,949
of which Plant, machinery and equipment: -€5,277
- Trade debts +€75,023
up €75,023 (+838.5%), from €8,947 to €83,970
- Debts after one year -€8,629
down €8,629 (-5.4%), from €159,080 to €150,451
- Profit (loss) carried forward +€7,821
up €7,821 (+50.4%), from €15,528 to €23,349
- Tax, wage and social debts +€4,734
up €4,734 (+34.5%), from €13,708 to €18,441
of which Remuneration and social security: +€8,417
- Gross operating margin +€57,066
up €57,066 (+70.4%), from €81,073 to €138,139
- Staff costs +€46,463
up €46,463 (+106.0%), from €43,841 to €90,304
- Depreciation +€13,141
up €13,141 (+109.3%), from €12,024 to €25,165
- Financial charges +€6,890
up €6,890 (+172.5%), from €3,994 to €10,884
- Taxes -€1,406
down €1,406 (-35.6%), from €3,946 to €2,539
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 | €213,980 | €293,307 | +€79,327 | +37.1% |
| Formation expenses | 20 | €514 | - | -€514 | |
| Fixed assets | 21/28 | €158,184 | €220,338 | +€62,153 | +39.3% |
| Intangible fixed assets | 21 | €37,984 | €103,389 | +€65,405 | +172.2% |
| Tangible fixed assets | 22/27 | €120,201 | €116,949 | -€3,252 | -2.7% |
| Plant, machinery and equipment | 23 | €94,009 | €88,732 | -€5,277 | -5.6% |
| Furniture and vehicles | 24 | €26,191 | €26,273 | +€81 | +0.3% |
| Leasing and similar rights | 25 | - | €1,943 | +€1,943 | |
| Current assets | 29/58 | €55,281 | €72,969 | +€17,688 | +32.0% |
| Stocks and contracts in progress | 3 | €8,337 | €11,143 | +€2,806 | +33.7% |
| Stocks | 30/36 | €8,337 | €11,143 | +€2,806 | +33.7% |
| Amounts receivable within one year | 40/41 | - | €259 | +€259 | |
| Trade receivables | 40 | - | €251 | +€251 | |
| Other amounts receivable | 41 | - | €8 | +€8 | |
| Cash at bank and in hand | 54/58 | €46,143 | €58,580 | +€12,437 | +27.0% |
| Deferred charges and accrued income | 490/1 | €801 | €2,987 | +€2,186 | +272.9% |
| Total equity and liabilities | 10/49 | €213,980 | €293,307 | +€79,327 | +37.1% |
| Equity | 10/15 | €20,528 | €28,349 | +€7,821 | +38.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,528 | €23,349 | +€7,821 | +50.4% |
| Amounts payable | 17/49 | €193,452 | €264,957 | +€71,506 | +37.0% |
| Amounts payable after more than one year | 17 | €159,080 | €150,451 | -€8,629 | -5.4% |
| Financial debts | 170/4 | €159,080 | €150,451 | -€8,629 | -5.4% |
| Amounts payable within one year | 42/48 | €33,072 | €113,207 | +€80,135 | +242.3% |
| Current portion of amounts payable after more than one year | 42 | €8,251 | €8,629 | +€378 | +4.6% |
| Trade debts | 44 | €8,947 | €83,970 | +€75,023 | +838.5% |
| Suppliers | 440/4 | €8,947 | €83,970 | +€75,023 | +838.5% |
| Taxes, remuneration and social security | 45 | €13,708 | €18,441 | +€4,734 | +34.5% |
| Taxes | 450/3 | €8,332 | €4,648 | -€3,683 | -44.2% |
| Remuneration and social security | 454/9 | €5,376 | €13,793 | +€8,417 | +156.6% |
| Other amounts payable | 47/48 | €2,166 | €2,166 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,300 | €1,300 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €43,841 | €90,304 | +€46,463 | +106.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,024 | €25,165 | +€13,141 | +109.3% |
| Other operating charges | 640/8 | €1,787 | €1,450 | -€337 | -18.9% |
| Gross operating margin | 9900 | €81,073 | €138,139 | +€57,066 | +70.4% |
| Operating profit (loss) | 9901 | €23,420 | €21,220 | -€2,200 | -9.4% |
| Financial income | 75/76B | €47 | €24 | -€23 | -48.4% |
| Recurring financial income | 75 | €47 | €24 | -€23 | -48.4% |
| Financial charges | 65/66B | €3,994 | €10,884 | +€6,890 | +172.5% |
| Recurring financial charges | 65 | €3,994 | €10,884 | +€6,890 | +172.5% |
| Profit (loss) for the period before taxes | 9903 | €19,474 | €10,360 | -€9,113 | -46.8% |
| Income taxes | 67/77 | €3,946 | €2,539 | -€1,406 | -35.6% |
| Profit (loss) for the period | 9904 | €15,528 | €7,821 | -€7,707 | -49.6% |
| Profit (loss) for the period to be appropriated | 9905 | €15,528 | €7,821 | -€7,707 | -49.6% |
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 12 October 2026 via checked.be.