VALIPAR: 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.
VALIPAR
Largest movements
- Current investments +€627,298
up €627,298 (+7.0%), from €9.0m to €9.6m
- Cash -€624,377
down €624,377 (-60.3%), from €1.0m to €411,455
mainly Current investments (-€627,298) and Contributions, distributions and other (-€536,980)
- Financial fixed assets -€354,500
down €354,500 (-100.0%), from €354,500 to €0
- Reserves -€459,692
down €459,692 (-4.5%), from €10.1m to €9.7m
of which Distributable reserves: -€459,692
- Other debts +€169,748
up €169,748 (+63.6%), from €266,841 to €436,589
- Financial income -€315,640
down €315,640 (-53.4%), from €591,077 to €275,437
of which Financial income: -€373,824
- Financial charges +€75,096
up €75,096 (+976.2%), from €7,693 to €82,789
- Gross operating margin +€74,700
up €74,700 (+73.5%), from -€101,688 to -€26,988
- Taxes -€36,288
down €36,288 (-45.2%), from €80,274 to €43,986
- Depreciation -€5,033
down €5,033 (-10.9%), from €46,368 to €41,336
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 | €10,524,103 | €10,307,855 | -€216,248 | -2.1% |
| Fixed assets | 21/28 | €454,673 | €130,872 | -€323,802 | -71.2% |
| Tangible fixed assets | 22/27 | €100,173 | €130,872 | +€30,698 | +30.6% |
| Furniture and vehicles | 24 | €100,173 | €130,872 | +€30,698 | +30.6% |
| Financial fixed assets | 28 | €354,500 | €0 | -€354,500 | -100.0% |
| Current assets | 29/58 | €10,069,430 | €10,176,983 | +€107,554 | +1.1% |
| Amounts receivable within one year | 40/41 | €33,598 | €138,189 | +€104,591 | +311.3% |
| Other amounts receivable | 41 | €33,598 | €138,189 | +€104,591 | +311.3% |
| Current investments | 50/53 | €9,000,000 | €9,627,298 | +€627,298 | +7.0% |
| Cash at bank and in hand | 54/58 | €1,035,832 | €411,455 | -€624,377 | -60.3% |
| Deferred charges and accrued income | 490/1 | - | €42 | +€42 | |
| Total equity and liabilities | 10/49 | €10,524,103 | €10,307,855 | -€216,248 | -2.1% |
| Equity | 10/15 | €10,235,545 | €9,775,854 | -€459,692 | -4.5% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €10,135,545 | €9,675,854 | -€459,692 | -4.5% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €10,125,545 | €9,665,854 | -€459,692 | -4.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €288,558 | €532,002 | +€243,444 | +84.4% |
| Amounts payable after more than one year | 17 | €0 | €64,358 | +€64,358 | |
| Financial debts | 170/4 | €0 | €64,358 | +€64,358 | |
| Amounts payable within one year | 42/48 | €288,558 | €467,644 | +€179,086 | +62.1% |
| Current portion of amounts payable after more than one year | 42 | €15,090 | €17,517 | +€2,427 | +16.1% |
| Trade debts | 44 | €1,896 | €13,538 | +€11,642 | +614.0% |
| Suppliers | 440/4 | €1,896 | €13,538 | +€11,642 | +614.0% |
| Taxes, remuneration and social security | 45 | €4,731 | €0 | -€4,731 | -100.0% |
| Taxes | 450/3 | €4,731 | €0 | -€4,731 | -100.0% |
| Other amounts payable | 47/48 | €266,841 | €436,589 | +€169,748 | +63.6% |
| Non-recurring operating income | 76A | - | €21,070 | +€21,070 | |
| Remuneration, social security and pensions | 62 | €185 | €0 | -€185 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,368 | €41,336 | -€5,033 | -10.9% |
| Other operating charges | 640/8 | €2,714 | €3,050 | +€337 | +12.4% |
| Gross operating margin | 9900 | -€101,688 | -€26,988 | +€74,700 | +73.5% |
| Operating profit (loss) | 9901 | -€150,956 | -€71,374 | +€79,581 | +52.7% |
| Financial income | 75/76B | €591,077 | €275,437 | -€315,640 | -53.4% |
| Recurring financial income | 75 | €591,077 | €217,253 | -€373,824 | -63.2% |
| Non-recurring financial income | 76B | - | €58,185 | +€58,185 | |
| Financial charges | 65/66B | €7,693 | €82,789 | +€75,096 | +976.2% |
| Recurring financial charges | 65 | €7,693 | €82,789 | +€75,096 | +976.2% |
| Profit (loss) for the period before taxes | 9903 | €432,429 | €121,275 | -€311,154 | -72.0% |
| Income taxes | 67/77 | €80,274 | €43,986 | -€36,288 | -45.2% |
| Profit (loss) for the period | 9904 | €352,154 | €77,288 | -€274,866 | -78.1% |
| Profit (loss) for the period to be appropriated | 9905 | €352,154 | €77,288 | -€274,866 | -78.1% |
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 1 October 2026 via checked.be.