VALIMAN: 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.
VALIMAN
Largest movements
- Tangible fixed assets -€10,629
down €10,629 (-6.5%), from €164,336 to €153,707
- Profit (loss) carried forward -€13,157
down €13,157 (-7.4%), from -€177,440 to -€190,598
- Other debts +€4,650
up €4,650 (+7.2%), from €64,578 to €69,228
- Trade debts -€2,710
no longer reported in 2025 (was €2,710)
- Depreciation -€4,257
down €4,257 (-28.6%), from €14,886 to €10,629
- Gross operating margin +€2,935
up €2,935 (+483.0%), from €608 to €3,542
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 | €167,875 | €156,658 | -€11,216 | -6.7% |
| Fixed assets | 21/28 | €164,380 | €153,751 | -€10,629 | -6.5% |
| Tangible fixed assets | 22/27 | €164,336 | €153,707 | -€10,629 | -6.5% |
| Land and buildings | 22 | €164,336 | €153,707 | -€10,629 | -6.5% |
| Financial fixed assets | 28 | €44 | €44 | = | 0.0% |
| Current assets | 29/58 | €3,495 | €2,907 | -€588 | -16.8% |
| Cash at bank and in hand | 54/58 | €2,975 | €2,364 | -€611 | -20.5% |
| Deferred charges and accrued income | 490/1 | €519 | €543 | +€23 | +4.5% |
| Total equity and liabilities | 10/49 | €167,875 | €156,658 | -€11,216 | -6.7% |
| Equity | 10/15 | €100,587 | €87,430 | -€13,157 | -13.1% |
| Contributions | 10/11 | €272,683 | €272,683 | = | 0.0% |
| Capital | 10 | €272,683 | €272,683 | = | 0.0% |
| Issued capital | 100 | €272,683 | €272,683 | = | 0.0% |
| Reserves | 13 | €5,345 | €5,345 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,345 | €5,345 | = | 0.0% |
| Legal reserve | 130 | €5,345 | €5,345 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€177,440 | -€190,598 | -€13,157 | -7.4% |
| Amounts payable | 17/49 | €67,288 | €69,228 | +€1,941 | +2.9% |
| Amounts payable within one year | 42/48 | €67,288 | €69,228 | +€1,941 | +2.9% |
| Trade debts | 44 | €2,710 | - | -€2,710 | |
| Suppliers | 440/4 | €2,710 | - | -€2,710 | |
| Other amounts payable | 47/48 | €64,578 | €69,228 | +€4,650 | +7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,886 | €10,629 | -€4,257 | -28.6% |
| Other operating charges | 640/8 | €6,000 | €6,027 | +€27 | +0.4% |
| Gross operating margin | 9900 | €608 | €3,542 | +€2,935 | +483.0% |
| Operating profit (loss) | 9901 | -€20,278 | -€13,113 | +€7,165 | +35.3% |
| Financial income | 75/76B | €1 | €1 | +€1 | +140.0% |
| Recurring financial income | 75 | €1 | €1 | +€1 | +140.0% |
| Financial charges | 65/66B | €45 | €45 | = | 0.0% |
| Recurring financial charges | 65 | €45 | €45 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | -€20,323 | -€13,157 | +€7,166 | +35.3% |
| Income taxes | 67/77 | - | €0 | +€0 | |
| Profit (loss) for the period | 9904 | -€20,323 | -€13,157 | +€7,166 | +35.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,323 | -€13,157 | +€7,166 | +35.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.