Valisana: 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.
What changed
Valisana
NACE 86.103, Human health activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.2m
2024 · €1.2m+€67,404
Equity
€35.9m
2024 · €31.1m+€4.8m
Cash
€8.5m
2024 · €1.0m+€7.5m
Balance sheet total
€85.2m
2024 · €77.3m+€7.9m
Largest movements
Assets
- Cash +€7.5m
up €7.5m (+720%), from €1.0m to €8.5m
mainly Contributions, distributions and other (+€3.6m) and Depreciation (+€3.2m)
- Receivables within one year +€2.2m
up €2.2m (+13.0%), from €17.2m to €19.4m
of which Trade receivables: +€2.3m
- Tangible fixed assets -€1.9m
down €1.9m (-3.5%), from €53.4m to €51.5m
of which Land and buildings: -€1.7m
Equity and liabilities
- Investment grants +€3.6m
up €3.6m (+21.5%), from €16.6m to €20.1m
- Debts within one year +€2.4m
up €2.4m (+12.1%), from €19.6m to €22.0m
of which Trade debts: +€2.4m
- Provisions +€1.5m
up €1.5m (+83.5%), from €1.8m to €3.3m
- Reserves +€1.2m
up €1.2m (+16.2%), from €7.6m to €8.9m
- Debts after one year -€1.2m
down €1.2m (-4.8%), from €24.0m to €22.9m
of which Financial debts: -€1.2m
Income statement
- Turnover +€2.7m
up €2.7m (+5.6%), from €48.1m to €50.8m
- Staff costs +€1.5m
up €1.5m (+4.4%), from €33.5m to €35.0m
- Depreciation +€1.0m
up €1.0m (+49.3%), from €2.1m to €3.2m
- Other operating income +€954,731
up €954,731 (+18.3%), from €5.2m to €6.2m
- Services and other goods +€793,533
up €793,533 (+5.4%), from €14.7m to €15.5m
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.
Result 2024
€1.2m
Turnover
+€2.7m
Other operating income
+€954,731
Goods and materials
-€122,657
Services and other goods
-€793,533
Staff costs
-€1.5m
Depreciation
-€1.0m
Write-downs
-€70,994
Other operating charges
+€82,780
Other operating items
-€608,046
Financial income
+€490,355
Financial charges
-€40,150
Result 2025
€1.2m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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.
From operations
+€6.2m
Investment
-€1.1m
Financing
+€2.4m
Cash 2024
€1.0m
From operations (derived)
+€6.2m
Net result for the year
+€1.2m
Depreciation
+€3.2m
Stocks and contracts
+€24,272
Receivables within one year
-€2.2m
Deferred charges and accrued income
-€300,152
Provisions
+€1.5m
Debts within one year
+€2.4m
Accrued charges and deferred income
+€400,447
Investment (derived)
-€1.1m
Investment in fixed assets (net)
-€1.1m
Financing
+€2.4m
Debts after one year
-€1.2m
Contributions, distributions and other
+€3.6m
Cash 2025
€8.5m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €77,285,876 | €85,217,958 | +€7.9m | +10.3% |
| Formation expenses | 20 | €265,247 | €238,722 | -€26,525 | -10.0% |
| Fixed assets | 21/28 | €58,407,739 | €56,348,067 | -€2.1m | -3.5% |
| Intangible fixed assets | 21 | €508,289 | €334,846 | -€173,444 | -34.1% |
| Tangible fixed assets | 22/27 | €53,379,122 | €51,492,894 | -€1.9m | -3.5% |
| Land and buildings | 22 | €50,153,537 | €48,483,326 | -€1.7m | -3.3% |
| Plant, machinery and equipment | 23 | €540,991 | €426,762 | -€114,229 | -21.1% |
| Furniture and vehicles | 24 | €2,334,951 | €2,227,622 | -€107,329 | -4.6% |
| Leasing and similar rights | 25 | €0 | €0 | = | |
| Other tangible fixed assets | 26 | €207,312 | €171,744 | -€35,568 | -17.2% |
| Assets under construction and advance payments | 27 | €142,331 | €183,440 | +€41,109 | +28.9% |
| Financial fixed assets | 28 | €4,520,327 | €4,520,327 | = | 0.0% |
| Affiliated companies | 280/1 | €4,520,327 | €4,520,327 | = | 0.0% |
| Participating interests | 280 | €4,520,327 | €4,520,327 | = | 0.0% |
| Current assets | 29/58 | €18,612,890 | €28,631,169 | +€10.0m | +53.8% |
| Amounts receivable after more than one year | 29 | €20,000 | €20,000 | = | 0.0% |
| Other amounts receivable | 291 | €20,000 | €20,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €248,819 | €224,547 | -€24,272 | -9.8% |
| Stocks | 30/36 | €248,819 | €224,547 | -€24,272 | -9.8% |
| Raw materials and consumables | 30/31 | €248,819 | €224,547 | -€24,272 | -9.8% |
| Amounts receivable within one year | 40/41 | €17,175,142 | €19,410,335 | +€2.2m | +13.0% |
| Trade receivables | 40 | €16,801,682 | €19,099,362 | +€2.3m | +13.7% |
| Other amounts receivable | 41 | €373,460 | €310,973 | -€62,486 | -16.7% |
| Cash at bank and in hand | 54/58 | €1,042,485 | €8,549,689 | +€7.5m | +720% |
| Deferred charges and accrued income | 490/1 | €126,445 | €426,597 | +€300,152 | +237% |
| Total equity and liabilities | 10/49 | €77,285,876 | €85,217,958 | +€7.9m | +10.3% |
| Equity | 10/15 | €31,104,929 | €35,895,146 | +€4.8m | +15.4% |
| Contributions | 10/11 | €1,047,581 | €1,047,581 | = | 0.0% |
| Capital | 10 | €1,047,581 | €1,047,581 | = | 0.0% |
| Revaluation surpluses | 12 | €4,461,551 | €4,461,551 | = | 0.0% |
| Reserves | 13 | €7,638,690 | €8,875,225 | +€1.2m | +16.2% |
| Profit (loss) carried forward | 14 | €1,402,029 | €1,402,029 | = | 0.0% |
| Investment grants | 15 | €16,555,077 | €20,108,759 | +€3.6m | +21.5% |
| Provisions and deferred taxes | 16 | €1,825,000 | €3,349,490 | +€1.5m | +83.5% |
| Provisions for liabilities and charges | 160/5 | €1,825,000 | €3,349,490 | +€1.5m | +83.5% |
| Other liabilities and charges | 164/5 | €1,825,000 | €3,349,490 | +€1.5m | +83.5% |
| Amounts payable | 17/49 | €44,355,947 | €45,973,322 | +€1.6m | +3.6% |
| Amounts payable after more than one year | 17 | €24,010,428 | €22,856,601 | -€1.2m | -4.8% |
| Financial debts | 170/4 | €23,862,736 | €22,708,908 | -€1.2m | -4.8% |
| Leasing and similar obligations | 172 | €39 | €38 | -€1 | -2.6% |
| Credit institutions | 173 | €23,862,697 | €22,708,870 | -€1.2m | -4.8% |
| Other amounts payable | 178/9 | €147,692 | €147,692 | = | 0.0% |
| Amounts payable within one year | 42/48 | €19,646,052 | €22,016,806 | +€2.4m | +12.1% |
| Current portion of amounts payable after more than one year | 42 | €1,209,977 | €1,195,362 | -€14,615 | -1.2% |
| Trade debts | 44 | €12,064,670 | €14,461,729 | +€2.4m | +19.9% |
| Suppliers | 440/4 | €12,064,670 | €14,461,729 | +€2.4m | +19.9% |
| Advances received on contracts in progress | 46 | €118,430 | €116,578 | -€1,852 | -1.6% |
| Taxes, remuneration and social security | 45 | €5,756,411 | €5,385,615 | -€370,796 | -6.4% |
| Taxes | 450/3 | €868,206 | €875,850 | +€7,644 | +0.9% |
| Remuneration and social security | 454/9 | €4,888,205 | €4,509,765 | -€378,440 | -7.7% |
| Accrued charges and deferred income | 492/3 | €699,468 | €1,099,915 | +€400,447 | +57.3% |
| Operating income | 70/76A | €56,123,332 | €59,522,537 | +€3.4m | +6.1% |
| Turnover | 70 | €48,098,153 | €50,794,377 | +€2.7m | +5.6% |
| Own construction capitalised | 72 | €108,347 | €125,543 | +€17,196 | +15.9% |
| Other operating income | 74 | €5,222,406 | €6,177,137 | +€954,731 | +18.3% |
| Non-recurring operating income | 76A | €2,694,427 | €2,425,480 | -€268,946 | -10.0% |
| Operating charges | 60/66A | €54,614,385 | €58,396,390 | +€3.8m | +6.9% |
| Goods for resale, raw materials and consumables | 60 | €2,559,573 | €2,682,229 | +€122,657 | +4.8% |
| Purchases | 600/8 | €2,535,519 | €2,657,958 | +€122,439 | +4.8% |
| Change in stocks: decrease (increase) | 609 | €24,053 | €24,272 | +€218 | +0.9% |
| Services and other goods | 61 | €14,679,222 | €15,472,756 | +€793,533 | +5.4% |
| Remuneration, social security and pensions | 62 | €33,504,354 | €34,975,686 | +€1.5m | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,130,931 | €3,180,905 | +€1.0m | +49.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€26,641 | €44,353 | +€70,994 | |
| Other operating charges | 640/8 | €229,103 | €146,322 | -€82,780 | -36.1% |
| Non-recurring operating charges | 66A | €1,765,239 | €369,648 | -€1.4m | -79.1% |
| Operating profit (loss) | 9901 | €1,508,948 | €1,126,147 | -€382,801 | -25.4% |
| Financial income | 75/76B | €505,061 | €995,416 | +€490,355 | +97.1% |
| Recurring financial income | 75 | €505,061 | €995,416 | +€490,355 | +97.1% |
| Income from current assets | 751 | €75,203 | €46,753 | -€28,450 | -37.8% |
| Other financial income | 752/9 | €429,858 | €948,663 | +€518,804 | +121% |
| Financial charges | 65/66B | €844,878 | €885,027 | +€40,150 | +4.8% |
| Recurring financial charges | 65 | €844,878 | €808,313 | -€36,565 | -4.3% |
| Debt charges | 650 | €821,545 | €782,270 | -€39,275 | -4.8% |
| Other financial charges | 652/9 | €23,332 | €26,043 | +€2,711 | +11.6% |
| Non-recurring financial charges | 66B | - | €76,714 | +€76,714 | |
| Profit (loss) for the period before taxes | 9903 | €1,169,131 | €1,236,535 | +€67,404 | +5.8% |
| Profit (loss) for the period | 9904 | €1,169,131 | €1,236,535 | +€67,404 | +5.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,169,131 | €1,236,535 | +€67,404 | +5.8% |
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 1 November 2026 via checked.be.