VALGABA: 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.
VALGABA
Largest movements
- Receivables within one year +€16,352
up €16,352 (+63.5%), from €25,756 to €42,108
of which Other amounts receivable: +€10,140
- Cash +€1,807
up €1,807 (+23.8%), from €7,605 to €9,411
mainly Net result for the year (+€9,987) and Short-term financial debts (+€7,500)
- Profit (loss) carried forward +€11,847
up €11,847 (+81.4%), from -€14,553 to -€2,706
- Short-term financial debts +€7,500
new in 2025: €7,500
- Tax, wage and social debts +€6,109
up €6,109 (+66.8%), from €9,149 to €15,258
of which Taxes: +€6,071
- Debts after one year -€4,533
down €4,533 (-100.0%), from €4,533 to €0
- Trade debts +€3,432
up €3,432 (+191.1%), from €1,796 to €5,228
- Gross operating margin +€18,103
up €18,103 (+191.4%), from €9,459 to €27,561
- Taxes +€3,450
up €3,450 (+419.9%), from €822 to €4,271
- Other operating charges +€901
up €901 (+67.2%), from €1,340 to €2,241
- Staff costs -€458
down €458 (-100.0%), from €458 to €0
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 | €73,974 | €93,500 | +€19,526 | +26.4% |
| Fixed assets | 21/28 | €39,780 | €40,465 | +€685 | +1.7% |
| Tangible fixed assets | 22/27 | €39,780 | €40,465 | +€685 | +1.7% |
| Plant, machinery and equipment | 23 | €1,392 | €1,831 | +€438 | +31.5% |
| Furniture and vehicles | 24 | €1,920 | €805 | -€1,114 | -58.1% |
| Other tangible fixed assets | 26 | €36,468 | €37,829 | +€1,361 | +3.7% |
| Current assets | 29/58 | €34,194 | €53,034 | +€18,841 | +55.1% |
| Amounts receivable within one year | 40/41 | €25,756 | €42,108 | +€16,352 | +63.5% |
| Trade receivables | 40 | €24,930 | €31,142 | +€6,212 | +24.9% |
| Other amounts receivable | 41 | €826 | €10,965 | +€10,140 | +1228.2% |
| Cash at bank and in hand | 54/58 | €7,605 | €9,411 | +€1,807 | +23.8% |
| Deferred charges and accrued income | 490/1 | €834 | €1,515 | +€682 | +81.8% |
| Total equity and liabilities | 10/49 | €73,974 | €93,500 | +€19,526 | +26.4% |
| Equity | 10/15 | €50,995 | €60,982 | +€9,987 | +19.6% |
| Contributions | 10/11 | €991 | €991 | = | 0.0% |
| Reserves | 13 | €64,557 | €62,697 | -€1,860 | -2.9% |
| Distributable reserves | 133 | €64,557 | €62,697 | -€1,860 | -2.9% |
| Profit (loss) carried forward | 14 | -€14,553 | -€2,706 | +€11,847 | +81.4% |
| Amounts payable | 17/49 | €22,979 | €32,518 | +€9,539 | +41.5% |
| Amounts payable after more than one year | 17 | €4,533 | €0 | -€4,533 | -100.0% |
| Financial debts | 170/4 | €4,533 | €0 | -€4,533 | -100.0% |
| Amounts payable within one year | 42/48 | €18,447 | €32,518 | +€14,071 | +76.3% |
| Current portion of amounts payable after more than one year | 42 | €7,502 | €4,533 | -€2,969 | -39.6% |
| Financial debts | 43 | - | €7,500 | +€7,500 | |
| Credit institutions | 430/8 | - | €7,500 | +€7,500 | |
| Trade debts | 44 | €1,796 | €5,228 | +€3,432 | +191.1% |
| Suppliers | 440/4 | €1,796 | €5,228 | +€3,432 | +191.1% |
| Taxes, remuneration and social security | 45 | €9,149 | €15,258 | +€6,109 | +66.8% |
| Taxes | 450/3 | €5,861 | €11,932 | +€6,071 | +103.6% |
| Remuneration and social security | 454/9 | €3,288 | €3,326 | +€38 | +1.2% |
| Remuneration, social security and pensions | 62 | €458 | €0 | -€458 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,058 | €6,163 | +€105 | +1.7% |
| Other operating charges | 640/8 | €1,340 | €2,241 | +€901 | +67.2% |
| Non-recurring operating charges | 66A | - | €1,659 | +€1,659 | |
| Gross operating margin | 9900 | €9,459 | €27,561 | +€18,103 | +191.4% |
| Operating profit (loss) | 9901 | €1,603 | €17,498 | +€15,895 | +991.8% |
| Financial income | 75/76B | - | €151 | +€151 | |
| Recurring financial income | 75 | - | €151 | +€151 | |
| Financial charges | 65/66B | €3,517 | €3,391 | -€127 | -3.6% |
| Recurring financial charges | 65 | €3,517 | €3,391 | -€127 | -3.6% |
| Profit (loss) for the period before taxes | 9903 | -€1,914 | €14,258 | +€16,173 | |
| Income taxes | 67/77 | €822 | €4,271 | +€3,450 | +419.9% |
| Profit (loss) for the period | 9904 | -€2,736 | €9,987 | +€12,723 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,736 | €9,987 | +€12,723 |
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 9 October 2026 via checked.be.