VALFRESE: 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.
VALFRESE
Largest movements
- Receivables within one year -€39,401
down €39,401 (-81.7%), from €48,240 to €8,839
of which Trade receivables: -€37,248
- Tangible fixed assets -€4,018
down €4,018 (-38.6%), from €10,396 to €6,378
of which Furniture and vehicles: -€3,319
- Trade debts -€19,669
down €19,669 (-94.0%), from €20,921 to €1,252
- Other debts -€17,382
no longer reported in 2024 (was €17,382)
- Tax, wage and social debts -€4,000
down €4,000 (-76.9%), from €5,200 to €1,200
of which Remuneration and social security: -€5,200
- Accrued charges and deferred income -€3,689
no longer reported in 2024 (was €3,689)
- Profit (loss) carried forward +€1,888
up €1,888 (+194%), from €973 to €2,861
- Gross operating margin +€6,075
up €6,075 (+92.3%), from €6,583 to €12,658
- Taxes +€5,167
up €5,167, from -€2,000 to €3,167
- Depreciation -€1,419
down €1,419 (-26.1%), from €5,437 to €4,018
- Other operating charges +€847
up €847 (+31.8%), from €2,662 to €3,508
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €78,983 | €36,062 | -€42,921 | -54.3% |
| Fixed assets | 21/28 | €10,396 | €6,378 | -€4,018 | -38.6% |
| Tangible fixed assets | 22/27 | €10,396 | €6,378 | -€4,018 | -38.6% |
| Plant, machinery and equipment | 23 | €5,731 | €5,032 | -€699 | -12.2% |
| Furniture and vehicles | 24 | €4,665 | €1,346 | -€3,319 | -71.1% |
| Current assets | 29/58 | €68,587 | €29,684 | -€38,903 | -56.7% |
| Stocks and contracts in progress | 3 | €20,000 | €20,000 | = | 0.0% |
| Stocks | 30/36 | €20,000 | €20,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €48,240 | €8,839 | -€39,401 | -81.7% |
| Trade receivables | 40 | €41,963 | €4,715 | -€37,248 | -88.8% |
| Other amounts receivable | 41 | €6,277 | €4,124 | -€2,153 | -34.3% |
| Cash at bank and in hand | 54/58 | €347 | €845 | +€498 | +144% |
| Total equity and liabilities | 10/49 | €78,983 | €36,062 | -€42,921 | -54.3% |
| Equity | 10/15 | €20,973 | €22,861 | +€1,888 | +9.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €973 | €2,861 | +€1,888 | +194% |
| Amounts payable | 17/49 | €58,010 | €13,201 | -€44,809 | -77.2% |
| Amounts payable within one year | 42/48 | €54,321 | €13,201 | -€41,120 | -75.7% |
| Financial debts | 43 | €10,819 | €10,750 | -€69 | -0.6% |
| Other loans | 439 | €10,819 | €10,750 | -€69 | -0.6% |
| Trade debts | 44 | €20,921 | €1,252 | -€19,669 | -94.0% |
| Suppliers | 440/4 | €20,921 | €1,252 | -€19,669 | -94.0% |
| Taxes, remuneration and social security | 45 | €5,200 | €1,200 | -€4,000 | -76.9% |
| Taxes | 450/3 | €0 | €1,200 | +€1,200 | |
| Remuneration and social security | 454/9 | €5,200 | €0 | -€5,200 | -100% |
| Other amounts payable | 47/48 | €17,382 | - | -€17,382 | |
| Accrued charges and deferred income | 492/3 | €3,689 | - | -€3,689 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,437 | €4,018 | -€1,419 | -26.1% |
| Other operating charges | 640/8 | €2,662 | €3,508 | +€847 | +31.8% |
| Gross operating margin | 9900 | €6,583 | €12,658 | +€6,075 | +92.3% |
| Operating profit (loss) | 9901 | -€1,515 | €5,132 | +€6,647 | |
| Financial charges | 65/66B | €85 | €77 | -€7 | -8.7% |
| Recurring financial charges | 65 | €85 | €77 | -€7 | -8.7% |
| Profit (loss) for the period before taxes | 9903 | -€1,600 | €5,055 | +€6,655 | |
| Income taxes | 67/77 | -€2,000 | €3,167 | +€5,167 | |
| Profit (loss) for the period | 9904 | €400 | €1,888 | +€1,488 | +372% |
| Profit (loss) for the period to be appropriated | 9905 | €400 | €1,888 | +€1,488 | +372% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.