Valhalla: 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.
Valhalla
Largest movements
- Cash +€51,786
up €51,786 (+87.3%), from €59,330 to €111,116
mainly Net result for the year (+€55,439) and Tax, wage and social debts (+€16,288)
- Receivables within one year +€19,597
up €19,597 (+19.0%), from €103,035 to €122,633
of which Other amounts receivable: +€11,095
- Reserves +€55,439
up €55,439 (+48.6%), from €114,026 to €169,465
- Tax, wage and social debts +€16,288
up €16,288 (+39.9%), from €40,849 to €57,137
of which Taxes: +€16,213
- Gross operating margin -€77,890
down €77,890 (-52.1%), from €149,461 to €71,571
- Taxes -€16,784
down €16,784 (-51.2%), from €32,799 to €16,015
- Financial charges -€1,836
down €1,836 (-94.1%), from €1,951 to €115
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 | €164,316 | €235,344 | +€71,029 | +43.2% |
| Fixed assets | 21/28 | €806 | €1,367 | +€561 | +69.6% |
| Tangible fixed assets | 22/27 | €806 | €1,367 | +€561 | +69.6% |
| Land and buildings | 22 | €806 | €414 | -€392 | -48.7% |
| Plant, machinery and equipment | 23 | - | €953 | +€953 | |
| Current assets | 29/58 | €163,510 | €233,978 | +€70,468 | +43.1% |
| Amounts receivable within one year | 40/41 | €103,035 | €122,633 | +€19,597 | +19.0% |
| Trade receivables | 40 | €89,120 | €97,623 | +€8,502 | +9.5% |
| Other amounts receivable | 41 | €13,915 | €25,010 | +€11,095 | +79.7% |
| Cash at bank and in hand | 54/58 | €59,330 | €111,116 | +€51,786 | +87.3% |
| Deferred charges and accrued income | 490/1 | €1,144 | €229 | -€915 | -80.0% |
| Total equity and liabilities | 10/49 | €164,316 | €235,344 | +€71,029 | +43.2% |
| Equity | 10/15 | €119,026 | €174,465 | +€55,439 | +46.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €114,026 | €169,465 | +€55,439 | +48.6% |
| Distributable reserves | 133 | €114,026 | €169,465 | +€55,439 | +48.6% |
| Amounts payable | 17/49 | €45,290 | €60,880 | +€15,590 | +34.4% |
| Amounts payable within one year | 42/48 | €43,682 | €60,880 | +€17,198 | +39.4% |
| Trade debts | 44 | €2,833 | €3,742 | +€910 | +32.1% |
| Suppliers | 440/4 | €2,833 | €3,742 | +€910 | +32.1% |
| Taxes, remuneration and social security | 45 | €40,849 | €57,137 | +€16,288 | +39.9% |
| Taxes | 450/3 | €39,524 | €55,737 | +€16,213 | +41.0% |
| Remuneration and social security | 454/9 | €1,325 | €1,400 | +€75 | +5.7% |
| Accrued charges and deferred income | 492/3 | €1,608 | €0 | -€1,608 | -100.0% |
| Remuneration, social security and pensions | 62 | €116 | €0 | -€116 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €371 | €580 | +€209 | +56.3% |
| Other operating charges | 640/8 | €639 | €478 | -€161 | -25.2% |
| Gross operating margin | 9900 | €149,461 | €71,571 | -€77,890 | -52.1% |
| Operating profit (loss) | 9901 | €148,335 | €70,513 | -€77,822 | -52.5% |
| Financial income | 75/76B | €440 | €1,056 | +€616 | +139.9% |
| Recurring financial income | 75 | €440 | €1,056 | +€616 | +139.9% |
| Financial charges | 65/66B | €1,951 | €115 | -€1,836 | -94.1% |
| Recurring financial charges | 65 | €1,951 | €115 | -€1,836 | -94.1% |
| Profit (loss) for the period before taxes | 9903 | €146,824 | €71,454 | -€75,370 | -51.3% |
| Income taxes | 67/77 | €32,799 | €16,015 | -€16,784 | -51.2% |
| Profit (loss) for the period | 9904 | €114,026 | €55,439 | -€58,587 | -51.4% |
| Profit (loss) for the period to be appropriated | 9905 | €114,026 | €55,439 | -€58,587 | -51.4% |
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 30 September 2026 via checked.be.