VALHANSEN: 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.
VALHANSEN
Largest movements
- Receivables after one year -€65,000
down €65,000 (-61.9%), from €105,000 to €40,000
- Receivables within one year +€50,341
up €50,341 (+3356.1%), from €1,500 to €51,841
- Tangible fixed assets -€11,411
no longer reported in 2025 (was €11,411)
- Debts after one year -€15,583
down €15,583 (-52.4%), from €29,716 to €14,133
- Other debts -€15,461
down €15,461 (-95.7%), from €16,161 to €700
- Reserves +€3,697
up €3,697 (+33.0%), from €11,205 to €14,901
- Profit (loss) carried forward +€2,678
no longer reported in 2025 (was -€2,678)
- Gross operating margin +€6,992
up €6,992 (+85.0%), from €8,225 to €15,217
- Taxes -€1,490
new in 2025: -€1,490
- Other operating charges -€1,014
no longer reported in 2025 (was €1,014)
- Financial income -€693
down €693 (-19.0%), from €3,640 to €2,947
- Financial charges -€199
down €199 (-9.6%), from €2,067 to €1,868
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 | €119,842 | €94,638 | -€25,204 | -21.0% |
| Fixed assets | 21/28 | €11,411 | - | -€11,411 | |
| Tangible fixed assets | 22/27 | €11,411 | - | -€11,411 | |
| Land and buildings | 22 | €11,411 | - | -€11,411 | |
| Current assets | 29/58 | €108,432 | €94,638 | -€13,793 | -12.7% |
| Amounts receivable after more than one year | 29 | €105,000 | €40,000 | -€65,000 | -61.9% |
| Other amounts receivable | 291 | €105,000 | €40,000 | -€65,000 | -61.9% |
| Amounts receivable within one year | 40/41 | €1,500 | €51,841 | +€50,341 | +3356.1% |
| Other amounts receivable | 41 | €1,500 | €51,841 | +€50,341 | +3356.1% |
| Cash at bank and in hand | 54/58 | €1,663 | €1,824 | +€161 | +9.7% |
| Deferred charges and accrued income | 490/1 | €269 | €974 | +€705 | +261.9% |
| Total equity and liabilities | 10/49 | €119,842 | €94,638 | -€25,204 | -21.0% |
| Equity | 10/15 | €20,927 | €27,301 | +€6,375 | +30.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €11,205 | €14,901 | +€3,697 | +33.0% |
| Distributable reserves | 133 | €11,205 | €14,901 | +€3,697 | +33.0% |
| Profit (loss) carried forward | 14 | -€2,678 | - | +€2,678 | |
| Provisions and deferred taxes | 16 | €30,344 | €30,344 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €30,344 | €30,344 | = | 0.0% |
| Pensions and similar obligations | 160 | €30,344 | €30,344 | = | 0.0% |
| Amounts payable | 17/49 | €68,572 | €36,993 | -€31,579 | -46.1% |
| Amounts payable after more than one year | 17 | €29,716 | €14,133 | -€15,583 | -52.4% |
| Financial debts | 170/4 | €29,716 | €14,133 | -€15,583 | -52.4% |
| Amounts payable within one year | 42/48 | €37,560 | €21,412 | -€16,148 | -43.0% |
| Current portion of amounts payable after more than one year | 42 | €16,292 | €15,583 | -€709 | -4.4% |
| Trade debts | 44 | €1,925 | €3,036 | +€1,111 | +57.7% |
| Suppliers | 440/4 | €1,925 | €3,036 | +€1,111 | +57.7% |
| Taxes, remuneration and social security | 45 | €3,182 | €2,092 | -€1,090 | -34.2% |
| Taxes | 450/3 | €3,182 | €2,092 | -€1,090 | -34.2% |
| Other amounts payable | 47/48 | €16,161 | €700 | -€15,461 | -95.7% |
| Accrued charges and deferred income | 492/3 | €1,296 | €1,448 | +€152 | +11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,462 | €11,411 | -€52 | -0.4% |
| Other operating charges | 640/8 | €1,014 | - | -€1,014 | |
| Gross operating margin | 9900 | €8,225 | €15,217 | +€6,992 | +85.0% |
| Operating profit (loss) | 9901 | -€4,252 | €3,806 | +€8,058 | |
| Financial income | 75/76B | €3,640 | €2,947 | -€693 | -19.0% |
| Recurring financial income | 75 | €3,640 | €2,947 | -€693 | -19.0% |
| Financial charges | 65/66B | €2,067 | €1,868 | -€199 | -9.6% |
| Recurring financial charges | 65 | €2,067 | €1,868 | -€199 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | -€2,678 | €4,885 | +€7,563 | |
| Income taxes | 67/77 | - | -€1,490 | -€1,490 | |
| Profit (loss) for the period | 9904 | -€2,678 | €6,375 | +€9,053 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,678 | €6,375 | +€9,053 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.