VALIBAS: 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.
VALIBAS
Largest movements
- Cash -€40,631
down €40,631 (-42.9%), from €94,672 to €54,041
mainly Contributions, distributions and other (-€30,000) and Receivables after one year (-€20,000)
- Receivables after one year +€20,000
new in 2025: €20,000
- Tangible fixed assets +€8,202
up €8,202 (+89.1%), from €9,210 to €17,412
of which Other tangible fixed assets: +€13,947
- Tax, wage and social debts -€11,217
down €11,217 (-61.1%), from €18,361 to €7,144
of which Taxes: -€7,026
- Reserves +€9,966
up €9,966 (+12.2%), from €81,711 to €91,678
- Trade debts -€8,797
down €8,797 (-85.5%), from €10,293 to €1,497
- Current portion of long-term debt -€1,997
down €1,997 (-57.8%), from €3,454 to €1,457
- Debts after one year -€1,457
no longer reported in 2025 (was €1,457)
- Gross operating margin -€110,777
down €110,777 (-64.6%), from €171,386 to €60,609
- Staff costs -€75,918
down €75,918 (-99.8%), from €76,075 to €157
- Taxes -€7,674
down €7,674 (-34.0%), from €22,551 to €14,877
- Financial charges -€3,069
down €3,069 (-64.1%), from €4,787 to €1,717
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 | €120,439 | €107,040 | -€13,399 | -11.1% |
| Fixed assets | 21/28 | €9,210 | €17,412 | +€8,202 | +89.1% |
| Tangible fixed assets | 22/27 | €9,210 | €17,412 | +€8,202 | +89.1% |
| Plant, machinery and equipment | 23 | €2,896 | €1,101 | -€1,795 | -62.0% |
| Furniture and vehicles | 24 | €3,321 | €2,364 | -€957 | -28.8% |
| Other tangible fixed assets | 26 | - | €13,947 | +€13,947 | |
| Assets under construction and advance payments | 27 | €2,993 | - | -€2,993 | |
| Current assets | 29/58 | €111,230 | €89,628 | -€21,601 | -19.4% |
| Amounts receivable after more than one year | 29 | - | €20,000 | +€20,000 | |
| Other amounts receivable | 291 | - | €20,000 | +€20,000 | |
| Stocks and contracts in progress | 3 | €4,042 | €3,891 | -€151 | -3.7% |
| Stocks | 30/36 | €4,042 | €3,891 | -€151 | -3.7% |
| Amounts receivable within one year | 40/41 | €11,862 | €11,696 | -€167 | -1.4% |
| Trade receivables | 40 | €11,862 | €6,546 | -€5,317 | -44.8% |
| Other amounts receivable | 41 | - | €5,150 | +€5,150 | |
| Cash at bank and in hand | 54/58 | €94,672 | €54,041 | -€40,631 | -42.9% |
| Deferred charges and accrued income | 490/1 | €653 | - | -€653 | |
| Total equity and liabilities | 10/49 | €120,439 | €107,040 | -€13,399 | -11.1% |
| Equity | 10/15 | €86,711 | €96,678 | +€9,966 | +11.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €81,711 | €91,678 | +€9,966 | +12.2% |
| Distributable reserves | 133 | €81,711 | €91,678 | +€9,966 | +12.2% |
| Amounts payable | 17/49 | €33,728 | €10,362 | -€23,366 | -69.3% |
| Amounts payable after more than one year | 17 | €1,457 | - | -€1,457 | |
| Financial debts | 170/4 | €1,457 | - | -€1,457 | |
| Amounts payable within one year | 42/48 | €32,271 | €10,362 | -€21,909 | -67.9% |
| Current portion of amounts payable after more than one year | 42 | €3,454 | €1,457 | -€1,997 | -57.8% |
| Trade debts | 44 | €10,293 | €1,497 | -€8,797 | -85.5% |
| Suppliers | 440/4 | €10,293 | €1,497 | -€8,797 | -85.5% |
| Taxes, remuneration and social security | 45 | €18,361 | €7,144 | -€11,217 | -61.1% |
| Taxes | 450/3 | €14,170 | €7,144 | -€7,026 | -49.6% |
| Remuneration and social security | 454/9 | €4,191 | - | -€4,191 | |
| Other amounts payable | 47/48 | €162 | €265 | +€102 | +63.1% |
| Remuneration, social security and pensions | 62 | €76,075 | €157 | -€75,918 | -99.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,759 | €4,142 | +€1,382 | +50.1% |
| Other operating charges | 640/8 | €1,713 | €475 | -€1,238 | -72.3% |
| Gross operating margin | 9900 | €171,386 | €60,609 | -€110,777 | -64.6% |
| Operating profit (loss) | 9901 | €90,839 | €55,836 | -€35,003 | -38.5% |
| Financial income | 75/76B | €125 | €725 | +€599 | +477.4% |
| Recurring financial income | 75 | €125 | €725 | +€599 | +477.4% |
| Financial charges | 65/66B | €4,787 | €1,717 | -€3,069 | -64.1% |
| Recurring financial charges | 65 | €4,787 | €1,717 | -€3,069 | -64.1% |
| Profit (loss) for the period before taxes | 9903 | €86,178 | €54,843 | -€31,335 | -36.4% |
| Income taxes | 67/77 | €22,551 | €14,877 | -€7,674 | -34.0% |
| Profit (loss) for the period | 9904 | €63,627 | €39,966 | -€23,661 | -37.2% |
| Profit (loss) for the period to be appropriated | 9905 | €63,627 | €39,966 | -€23,661 | -37.2% |
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 11 October 2026 via checked.be.