Valgo: 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.
Valgo
Largest movements
- Financial fixed assets -€3.5m
no longer reported in 2025 (was €3.5m)
- Receivables after one year +€2.3m
new in 2025: €2.3m
- Cash +€2.1m
up €2.1m (+1414.8%), from €146,081 to €2.2m
mainly Net result for the year (+€6.9m) and Investment in fixed assets (net) (+€3.5m)
- Profit (loss) carried forward +€889,467
up €889,467 (+30.6%), from €2.9m to €3.8m
- Debts after one year -€79,861
no longer reported in 2025 (was €79,861)
- Current portion of long-term debt +€64,799
up €64,799 (+424.3%), from €15,271 to €80,070
- Financial income +€4.7m
up €4.7m (+211.4%), from €2.2m to €6.9m
of which Non-recurring financial income: +€6.8m
- Financial charges -€89,554
down €89,554 (-98.5%), from €90,956 to €1,402
- Gross operating margin -€70,946
down €70,946, from €68,879 to -€2,067
- Taxes +€12,187
new in 2025: €12,187
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 | €3,664,754 | €4,565,715 | +€900,962 | +24.6% |
| Formation expenses | 20 | €588 | - | -€588 | |
| Fixed assets | 21/28 | €3,512,500 | - | -€3.5m | |
| Financial fixed assets | 28 | €3,512,500 | - | -€3.5m | |
| Current assets | 29/58 | €151,665 | €4,565,715 | +€4.4m | +2910.4% |
| Amounts receivable after more than one year | 29 | - | €2,312,500 | +€2.3m | |
| Other amounts receivable | 291 | - | €2,312,500 | +€2.3m | |
| Amounts receivable within one year | 40/41 | €5,584 | €5,469 | -€115 | -2.1% |
| Other amounts receivable | 41 | €5,584 | €5,469 | -€115 | -2.1% |
| Cash at bank and in hand | 54/58 | €146,081 | €2,212,774 | +€2.1m | +1414.8% |
| Deferred charges and accrued income | 490/1 | - | €34,973 | +€34,973 | |
| Total equity and liabilities | 10/49 | €3,664,754 | €4,565,715 | +€900,962 | +24.6% |
| Equity | 10/15 | €3,569,239 | €4,458,706 | +€889,467 | +24.9% |
| Contributions | 10/11 | €600,000 | €600,000 | = | 0.0% |
| Capital | 10 | €600,000 | €600,000 | = | 0.0% |
| Issued capital | 100 | €600,000 | €600,000 | = | 0.0% |
| Reserves | 13 | €60,000 | €60,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €60,000 | €60,000 | = | 0.0% |
| Legal reserve | 130 | €60,000 | €60,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,909,239 | €3,798,706 | +€889,467 | +30.6% |
| Amounts payable | 17/49 | €95,515 | €107,009 | +€11,495 | +12.0% |
| Amounts payable after more than one year | 17 | €79,861 | - | -€79,861 | |
| Financial debts | 170/4 | €79,861 | - | -€79,861 | |
| Amounts payable within one year | 42/48 | €15,271 | €107,009 | +€91,738 | +600.7% |
| Current portion of amounts payable after more than one year | 42 | €15,271 | €80,070 | +€64,799 | +424.3% |
| Trade debts | 44 | - | €21,887 | +€21,887 | |
| Suppliers | 440/4 | - | €21,887 | +€21,887 | |
| Taxes, remuneration and social security | 45 | - | €5,052 | +€5,052 | |
| Taxes | 450/3 | - | €5,052 | +€5,052 | |
| Accrued charges and deferred income | 492/3 | €383 | - | -€383 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €817 | €588 | -€228 | -27.9% |
| Other operating charges | 640/8 | €487 | €1,098 | +€611 | +125.4% |
| Gross operating margin | 9900 | €68,879 | -€2,067 | -€70,946 | |
| Operating profit (loss) | 9901 | €67,575 | -€3,754 | -€71,329 | |
| Financial income | 75/76B | €2,218,230 | €6,906,810 | +€4.7m | +211.4% |
| Recurring financial income | 75 | €2,218,230 | €59,054 | -€2.2m | -97.3% |
| Non-recurring financial income | 76B | - | €6,847,756 | +€6.8m | |
| Financial charges | 65/66B | €90,956 | €1,402 | -€89,554 | -98.5% |
| Recurring financial charges | 65 | €90,956 | €1,402 | -€89,554 | -98.5% |
| Profit (loss) for the period before taxes | 9903 | €2,194,850 | €6,901,654 | +€4.7m | +214.4% |
| Income taxes | 67/77 | - | €12,187 | +€12,187 | |
| Profit (loss) for the period | 9904 | €2,194,850 | €6,889,467 | +€4.7m | +213.9% |
| Profit (loss) for the period to be appropriated | 9905 | €2,194,850 | €6,889,467 | +€4.7m | +213.9% |
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.