VALIENTE: 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.
VALIENTE
Largest movements
- Cash -€76,609
down €76,609 (-73.6%), from €104,068 to €27,459
mainly Current investments (-€50,018) and Receivables within one year (-€23,350)
- Current investments +€50,018
up €50,018 (+574.8%), from €8,702 to €58,720
- Receivables within one year +€23,350
up €23,350 (+49.7%), from €46,948 to €70,298
of which Trade receivables: +€29,234
- Deferred charges and accrued income -€14,110
down €14,110 (-48.9%), from €28,845 to €14,735
- Reserves -€27,508
down €27,508 (-15.2%), from €181,413 to €153,905
of which Distributable reserves: -€26,708
- Accrued charges and deferred income +€6,684
new in 2025: €6,684
- Gross operating margin -€15,016
down €15,016 (-22.8%), from €65,962 to €50,946
- Taxes -€2,478
down €2,478 (-86.9%), from €2,852 to €374
- Staff costs +€1,654
up €1,654 (+2.9%), from €57,806 to €59,460
- Financial income -€907
down €907 (-64.5%), from €1,407 to €500
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 | €214,537 | €195,681 | -€18,856 | -8.8% |
| Fixed assets | 21/28 | €25,974 | €24,469 | -€1,505 | -5.8% |
| Tangible fixed assets | 22/27 | €5,974 | €4,469 | -€1,505 | -25.2% |
| Land and buildings | 22 | €1,075 | €126 | -€949 | -88.3% |
| Plant, machinery and equipment | 23 | €4,247 | €4,126 | -€121 | -2.8% |
| Furniture and vehicles | 24 | €652 | €217 | -€435 | -66.7% |
| Financial fixed assets | 28 | €20,000 | €20,000 | = | 0.0% |
| Current assets | 29/58 | €188,563 | €171,212 | -€17,351 | -9.2% |
| Amounts receivable within one year | 40/41 | €46,948 | €70,298 | +€23,350 | +49.7% |
| Trade receivables | 40 | €14,692 | €43,926 | +€29,234 | +199.0% |
| Other amounts receivable | 41 | €32,256 | €26,372 | -€5,884 | -18.2% |
| Current investments | 50/53 | €8,702 | €58,720 | +€50,018 | +574.8% |
| Cash at bank and in hand | 54/58 | €104,068 | €27,459 | -€76,609 | -73.6% |
| Deferred charges and accrued income | 490/1 | €28,845 | €14,735 | -€14,110 | -48.9% |
| Total equity and liabilities | 10/49 | €214,537 | €195,681 | -€18,856 | -8.8% |
| Equity | 10/15 | €187,613 | €160,105 | -€27,508 | -14.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €181,413 | €153,905 | -€27,508 | -15.2% |
| Tax-exempt reserves | 132 | €800 | - | -€800 | |
| Distributable reserves | 133 | €180,613 | €153,905 | -€26,708 | -14.8% |
| Amounts payable | 17/49 | €26,924 | €35,576 | +€8,652 | +32.1% |
| Amounts payable within one year | 42/48 | €26,924 | €28,892 | +€1,968 | +7.3% |
| Current portion of amounts payable after more than one year | 42 | €4,375 | €4,375 | = | 0.0% |
| Trade debts | 44 | €5,443 | €6,735 | +€1,292 | +23.7% |
| Suppliers | 440/4 | €5,443 | €6,735 | +€1,292 | +23.7% |
| Taxes, remuneration and social security | 45 | €13,913 | €13,958 | +€45 | +0.3% |
| Taxes | 450/3 | €1,755 | €1,489 | -€266 | -15.2% |
| Remuneration and social security | 454/9 | €12,158 | €12,469 | +€311 | +2.6% |
| Other amounts payable | 47/48 | €3,193 | €3,824 | +€631 | +19.8% |
| Accrued charges and deferred income | 492/3 | - | €6,684 | +€6,684 | |
| Remuneration, social security and pensions | 62 | €57,806 | €59,460 | +€1,654 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,841 | €3,281 | +€440 | +15.5% |
| Other operating charges | 640/8 | €452 | €332 | -€120 | -26.5% |
| Non-recurring operating charges | 66A | €1,199 | - | -€1,199 | |
| Gross operating margin | 9900 | €65,962 | €50,946 | -€15,016 | -22.8% |
| Operating profit (loss) | 9901 | €3,664 | -€12,127 | -€15,791 | |
| Financial income | 75/76B | €1,407 | €500 | -€907 | -64.5% |
| Recurring financial income | 75 | €1,407 | €500 | -€907 | -64.5% |
| Financial charges | 65/66B | €821 | €1,221 | +€400 | +48.7% |
| Recurring financial charges | 65 | €821 | €1,221 | +€400 | +48.7% |
| Profit (loss) for the period before taxes | 9903 | €4,250 | -€12,848 | -€17,098 | |
| Income taxes | 67/77 | €2,852 | €374 | -€2,478 | -86.9% |
| Profit (loss) for the period | 9904 | €1,398 | -€13,222 | -€14,620 | |
| Transfer from tax-exempt reserves | 789 | - | €800 | +€800 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,398 | -€12,422 | -€13,820 |
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 7 October 2026 via checked.be.