VALLORY: 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.
VALLORY
Largest movements
- Cash +€575,258
up €575,258 (+82.6%), from €696,570 to €1.3m
mainly Net result for the year (+€732,869) and Depreciation (+€116,797)
- Tangible fixed assets -€103,733
down €103,733 (-12.1%), from €860,771 to €757,038
of which Other tangible fixed assets: -€102,606
- Stocks and contracts +€42,042
up €42,042 (+9.1%), from €463,348 to €505,390
- Intangible fixed assets +€39,254
up €39,254 (+1,835%), from €2,139 to €41,393
- Profit (loss) carried forward +€732,869
up €732,869 (+74.3%), from €985,988 to €1.7m
- Other debts -€212,500
down €212,500 (-100%), from €212,500 to €0
- Debts after one year -€61,044
down €61,044 (-27.9%), from €218,746 to €157,702
- Trade debts +€53,046
up €53,046 (+22.3%), from €237,908 to €290,953
- Tax, wage and social debts +€27,335
up €27,335 (+14.2%), from €192,472 to €219,807
of which Taxes: +€35,287
- Gross operating margin +€398,035
up €398,035 (+33.3%), from €1.2m to €1.6m
- Taxes +€99,266
up €99,266 (+66.2%), from €150,019 to €249,285
- Staff costs +€57,962
up €57,962 (+12.8%), from €452,792 to €510,754
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,040,658 | €2,590,804 | +€550,146 | +27.0% |
| Fixed assets | 21/28 | €862,910 | €798,431 | -€64,479 | -7.5% |
| Intangible fixed assets | 21 | €2,139 | €41,393 | +€39,254 | +1,835% |
| Tangible fixed assets | 22/27 | €860,771 | €757,038 | -€103,733 | -12.1% |
| Plant, machinery and equipment | 23 | €38,582 | €37,857 | -€724 | -1.9% |
| Furniture and vehicles | 24 | €1,234 | €832 | -€402 | -32.6% |
| Other tangible fixed assets | 26 | €820,955 | €718,349 | -€102,606 | -12.5% |
| Current assets | 29/58 | €1,177,748 | €1,792,373 | +€614,625 | +52.2% |
| Stocks and contracts in progress | 3 | €463,348 | €505,390 | +€42,042 | +9.1% |
| Stocks | 30/36 | €463,348 | €505,390 | +€42,042 | +9.1% |
| Amounts receivable within one year | 40/41 | €2,113 | €6,387 | +€4,274 | +202% |
| Trade receivables | 40 | €2,113 | €4,722 | +€2,609 | +123% |
| Other amounts receivable | 41 | - | €1,665 | +€1,665 | |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €696,570 | €1,271,828 | +€575,258 | +82.6% |
| Deferred charges and accrued income | 490/1 | €15,718 | €8,769 | -€6,949 | -44.2% |
| Total equity and liabilities | 10/49 | €2,040,658 | €2,590,804 | +€550,146 | +27.0% |
| Equity | 10/15 | €1,117,988 | €1,850,856 | +€732,869 | +65.6% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Reserves | 13 | €12,000 | €12,000 | = | 0.0% |
| Distributable reserves | 133 | €12,000 | €12,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €985,988 | €1,718,856 | +€732,869 | +74.3% |
| Amounts payable | 17/49 | €922,670 | €739,947 | -€182,723 | -19.8% |
| Amounts payable after more than one year | 17 | €218,746 | €157,702 | -€61,044 | -27.9% |
| Financial debts | 170/4 | €218,746 | €157,702 | -€61,044 | -27.9% |
| Amounts payable within one year | 42/48 | €703,924 | €582,246 | -€121,679 | -17.3% |
| Current portion of amounts payable after more than one year | 42 | €61,044 | €61,044 | = | 0.0% |
| Trade debts | 44 | €237,908 | €290,953 | +€53,046 | +22.3% |
| Suppliers | 440/4 | €237,908 | €290,953 | +€53,046 | +22.3% |
| Advances received on contracts in progress | 46 | - | €10,441 | +€10,441 | |
| Taxes, remuneration and social security | 45 | €192,472 | €219,807 | +€27,335 | +14.2% |
| Taxes | 450/3 | €144,375 | €179,662 | +€35,287 | +24.4% |
| Remuneration and social security | 454/9 | €48,097 | €40,145 | -€7,952 | -16.5% |
| Other amounts payable | 47/48 | €212,500 | €0 | -€212,500 | -100% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €452,792 | €510,754 | +€57,962 | +12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €118,947 | €116,797 | -€2,150 | -1.8% |
| Other operating charges | 640/8 | €15,699 | €13,068 | -€2,630 | -16.8% |
| Gross operating margin | 9900 | €1,195,765 | €1,593,800 | +€398,035 | +33.3% |
| Operating profit (loss) | 9901 | €608,327 | €953,181 | +€344,854 | +56.7% |
| Financial income | 75/76B | €54,783 | €49,534 | -€5,249 | -9.6% |
| Recurring financial income | 75 | €54,783 | €49,534 | -€5,249 | -9.6% |
| Financial charges | 65/66B | €18,164 | €20,561 | +€2,398 | +13.2% |
| Recurring financial charges | 65 | €18,164 | €20,561 | +€2,398 | +13.2% |
| Profit (loss) for the period before taxes | 9903 | €644,947 | €982,154 | +€337,207 | +52.3% |
| Income taxes | 67/77 | €150,019 | €249,285 | +€99,266 | +66.2% |
| Profit (loss) for the period | 9904 | €494,928 | €732,869 | +€237,941 | +48.1% |
| Profit (loss) for the period to be appropriated | 9905 | €494,928 | €732,869 | +€237,941 | +48.1% |
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 22 October 2026 via checked.be.