VALIANCE: 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.
VALIANCE
Largest movements
- Current investments +€85,867
up €85,867 (+39.2%), from €219,057 to €304,923
- Cash -€32,362
down €32,362 (-36.0%), from €89,957 to €57,596
mainly Contributions, distributions and other (-€130,724) and Current investments (-€85,867)
- Tangible fixed assets +€32,130
up €32,130 (+81.1%), from €39,637 to €71,768
of which Furniture and vehicles: +€37,195
- Other debts +€99,224
up €99,224 (+312.6%), from €31,743 to €130,967
- Tax, wage and social debts -€16,509
down €16,509 (-41.2%), from €40,106 to €23,597
- Trade debts +€15,629
up €15,629 (+1214.9%), from €1,287 to €16,916
- Reserves -€15,553
down €15,553 (-5.1%), from €307,123 to €291,570
- Gross operating margin -€1,912
down €1,912 (-1.1%), from €177,451 to €175,540
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 | €380,359 | €463,150 | +€82,791 | +21.8% |
| Fixed assets | 21/28 | €39,837 | €71,968 | +€32,130 | +80.7% |
| Tangible fixed assets | 22/27 | €39,637 | €71,768 | +€32,130 | +81.1% |
| Furniture and vehicles | 24 | €13,267 | €50,462 | +€37,195 | +280.4% |
| Other tangible fixed assets | 26 | €26,370 | €21,306 | -€5,065 | -19.2% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €340,521 | €391,182 | +€50,661 | +14.9% |
| Amounts receivable within one year | 40/41 | €31,507 | €28,663 | -€2,844 | -9.0% |
| Trade receivables | 40 | €31,507 | €26,543 | -€4,964 | -15.8% |
| Other amounts receivable | 41 | - | €2,120 | +€2,120 | |
| Current investments | 50/53 | €219,057 | €304,923 | +€85,867 | +39.2% |
| Cash at bank and in hand | 54/58 | €89,957 | €57,596 | -€32,362 | -36.0% |
| Total equity and liabilities | 10/49 | €380,359 | €463,150 | +€82,791 | +21.8% |
| Equity | 10/15 | €307,223 | €291,670 | -€15,553 | -5.1% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €307,123 | €291,570 | -€15,553 | -5.1% |
| Distributable reserves | 133 | €307,123 | €291,570 | -€15,553 | -5.1% |
| Amounts payable | 17/49 | €73,136 | €171,480 | +€98,344 | +134.5% |
| Amounts payable within one year | 42/48 | €73,136 | €171,480 | +€98,344 | +134.5% |
| Trade debts | 44 | €1,287 | €16,916 | +€15,629 | +1214.9% |
| Suppliers | 440/4 | €1,287 | €16,916 | +€15,629 | +1214.9% |
| Taxes, remuneration and social security | 45 | €40,106 | €23,597 | -€16,509 | -41.2% |
| Taxes | 450/3 | €40,106 | €23,597 | -€16,509 | -41.2% |
| Other amounts payable | 47/48 | €31,743 | €130,967 | +€99,224 | +312.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,091 | €9,220 | +€129 | +1.4% |
| Other operating charges | 640/8 | €618 | €1,412 | +€794 | +128.4% |
| Gross operating margin | 9900 | €177,451 | €175,540 | -€1,912 | -1.1% |
| Operating profit (loss) | 9901 | €167,742 | €164,907 | -€2,835 | -1.7% |
| Financial charges | 65/66B | €96 | €136 | +€40 | +41.9% |
| Recurring financial charges | 65 | €96 | €136 | +€40 | +41.9% |
| Profit (loss) for the period before taxes | 9903 | €167,646 | €164,772 | -€2,875 | -1.7% |
| Income taxes | 67/77 | €50,280 | €49,601 | -€679 | -1.4% |
| Profit (loss) for the period | 9904 | €117,367 | €115,171 | -€2,196 | -1.9% |
| Profit (loss) for the period to be appropriated | 9905 | €117,367 | €115,171 | -€2,196 | -1.9% |
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 4 October 2026 via checked.be.