VALHELM: 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.
VALHELM
Largest movements
- Current investments -€295,000
down €295,000 (-90.8%), from €325,000 to €30,000
- Cash +€128,432
up €128,432 (+62.6%), from €205,060 to €333,492
mainly Current investments (+€295,000) and Depreciation (+€25,559)
- Tangible fixed assets +€93,407
up €93,407 (+20.5%), from €455,107 to €548,514
of which Land and buildings: +€94,483
- Profit (loss) carried forward -€34,673
down €34,673, from €0 to -€34,673
- Debts after one year -€18,605
down €18,605 (-12.1%), from €153,577 to €134,972
- Other debts -€12,381
down €12,381 (-8.7%), from €141,541 to €129,160
- Reserves -€10,565
down €10,565 (-1.6%), from €656,736 to €646,171
of which Tax-exempt reserves: -€10,565
- Trade debts +€10,265
up €10,265, from €0 to €10,265
- Gross operating margin -€409,348
down €409,348, from €391,888 to -€17,459
- Taxes -€87,323
down €87,323 (-97.1%), from €89,909 to €2,586
- Financial income +€8,482
up €8,482 (+296%), from €2,868 to €11,350
- Depreciation +€4,624
up €4,624 (+22.1%), from €20,935 to €25,559
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.
Derived cash bridge
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 | €989,326 | €913,811 | -€75,516 | -7.6% |
| Fixed assets | 21/28 | €455,437 | €548,844 | +€93,407 | +20.5% |
| Tangible fixed assets | 22/27 | €455,107 | €548,514 | +€93,407 | +20.5% |
| Land and buildings | 22 | €454,031 | €548,514 | +€94,483 | +20.8% |
| Furniture and vehicles | 24 | €1,076 | €0 | -€1,076 | -100% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €330 | €330 | = | 0.0% |
| Current assets | 29/58 | €533,889 | €364,967 | -€168,922 | -31.6% |
| Amounts receivable within one year | 40/41 | €3,357 | €978 | -€2,379 | -70.9% |
| Other amounts receivable | 41 | €3,357 | €978 | -€2,379 | -70.9% |
| Current investments | 50/53 | €325,000 | €30,000 | -€295,000 | -90.8% |
| Cash at bank and in hand | 54/58 | €205,060 | €333,492 | +€128,432 | +62.6% |
| Deferred charges and accrued income | 490/1 | €472 | €497 | +€25 | +5.3% |
| Total equity and liabilities | 10/49 | €989,326 | €913,811 | -€75,516 | -7.6% |
| Equity | 10/15 | €666,047 | €620,809 | -€45,238 | -6.8% |
| Contributions | 10/11 | €9,311 | €9,311 | = | 0.0% |
| Reserves | 13 | €656,736 | €646,171 | -€10,565 | -1.6% |
| Tax-exempt reserves | 132 | €311,540 | €300,975 | -€10,565 | -3.4% |
| Distributable reserves | 133 | €345,196 | €345,196 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€34,673 | -€34,673 | |
| Amounts payable | 17/49 | €323,279 | €293,002 | -€30,277 | -9.4% |
| Amounts payable after more than one year | 17 | €153,577 | €134,972 | -€18,605 | -12.1% |
| Financial debts | 170/4 | €153,577 | €134,972 | -€18,605 | -12.1% |
| Amounts payable within one year | 42/48 | €169,702 | €158,030 | -€11,672 | -6.9% |
| Current portion of amounts payable after more than one year | 42 | €17,939 | €18,605 | +€666 | +3.7% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €0 | €10,265 | +€10,265 | |
| Suppliers | 440/4 | €0 | €10,265 | +€10,265 | |
| Taxes, remuneration and social security | 45 | €10,222 | €0 | -€10,222 | -100% |
| Taxes | 450/3 | €10,222 | €0 | -€10,222 | -100% |
| Other amounts payable | 47/48 | €141,541 | €129,160 | -€12,381 | -8.7% |
| Non-recurring operating income | 76A | €422,985 | €0 | -€422,985 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,935 | €25,559 | +€4,624 | +22.1% |
| Other operating charges | 640/8 | €4,161 | €4,824 | +€663 | +15.9% |
| Gross operating margin | 9900 | €391,888 | -€17,459 | -€409,348 | |
| Operating profit (loss) | 9901 | €366,791 | -€47,843 | -€414,634 | |
| Financial income | 75/76B | €2,868 | €11,350 | +€8,482 | +296% |
| Recurring financial income | 75 | €2,868 | €11,350 | +€8,482 | +296% |
| Financial charges | 65/66B | €7,057 | €6,159 | -€898 | -12.7% |
| Recurring financial charges | 65 | €7,057 | €6,159 | -€898 | -12.7% |
| Profit (loss) for the period before taxes | 9903 | €362,602 | -€42,652 | -€405,254 | |
| Transfer from deferred taxes | 780 | €0 | - | = | |
| Income taxes | 67/77 | €89,909 | €2,586 | -€87,323 | -97.1% |
| Profit (loss) for the period | 9904 | €272,693 | -€45,238 | -€317,931 | |
| Transfer from tax-exempt reserves | 789 | €0 | €10,565 | +€10,565 | |
| Transfer to tax-exempt reserves | 689 | €134,720 | €0 | -€134,720 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €137,973 | -€34,673 | -€172,646 |
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 18 October 2026 via checked.be.