VALMARES: 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.
VALMARES
Largest movements
- Receivables within one year -€90,438
down €90,438 (-53.1%), from €170,261 to €79,823
- Intangible fixed assets -€28,957
down €28,957 (-60.0%), from €48,235 to €19,278
- Tangible fixed assets -€20,419
down €20,419 (-19.3%), from €106,036 to €85,617
of which Plant, machinery and equipment: -€15,436
- Stocks and contracts -€10,136
down €10,136 (-11.2%), from €90,798 to €80,662
- Trade debts -€109,971
down €109,971 (-27.2%), from €403,726 to €293,756
- Other debts -€48,743
down €48,743 (-56.7%), from €86,036 to €37,294
- Profit (loss) carried forward +€14,799
up €14,799 (+5.2%), from -€283,446 to -€268,647
- Tax, wage and social debts -€5,611
down €5,611 (-3.2%), from €177,955 to €172,344
of which Taxes: -€31,777
- Staff costs +€212,892
up €212,892 (+52.8%), from €403,548 to €616,440
- Gross operating margin +€63,498
up €63,498 (+9.8%), from €648,546 to €712,044
- Taxes -€37,308
down €37,308 (-84.2%), from €44,289 to €6,981
- Depreciation -€12,548
down €12,548 (-16.1%), from €78,124 to €65,576
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 | €452,472 | €302,947 | -€149,525 | -33.0% |
| Fixed assets | 21/28 | €158,271 | €108,895 | -€49,376 | -31.2% |
| Intangible fixed assets | 21 | €48,235 | €19,278 | -€28,957 | -60.0% |
| Tangible fixed assets | 22/27 | €106,036 | €85,617 | -€20,419 | -19.3% |
| Plant, machinery and equipment | 23 | €63,548 | €48,112 | -€15,436 | -24.3% |
| Furniture and vehicles | 24 | €5,107 | €2,672 | -€2,436 | -47.7% |
| Other tangible fixed assets | 26 | €37,381 | €34,834 | -€2,547 | -6.8% |
| Financial fixed assets | 28 | €4,000 | €4,000 | = | 0.0% |
| Current assets | 29/58 | €294,200 | €194,051 | -€100,149 | -34.0% |
| Stocks and contracts in progress | 3 | €90,798 | €80,662 | -€10,136 | -11.2% |
| Stocks | 30/36 | €90,798 | €80,662 | -€10,136 | -11.2% |
| Amounts receivable within one year | 40/41 | €170,261 | €79,823 | -€90,438 | -53.1% |
| Trade receivables | 40 | €170,261 | €79,823 | -€90,438 | -53.1% |
| Cash at bank and in hand | 54/58 | €33,142 | €33,566 | +€425 | +1.3% |
| Total equity and liabilities | 10/49 | €452,472 | €302,947 | -€149,525 | -33.0% |
| Equity | 10/15 | -€215,246 | -€200,447 | +€14,799 | +6.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€283,446 | -€268,647 | +€14,799 | +5.2% |
| Amounts payable | 17/49 | €667,718 | €503,394 | -€164,324 | -24.6% |
| Amounts payable within one year | 42/48 | €667,718 | €503,394 | -€164,324 | -24.6% |
| Trade debts | 44 | €403,726 | €293,756 | -€109,971 | -27.2% |
| Suppliers | 440/4 | €403,726 | €293,756 | -€109,971 | -27.2% |
| Taxes, remuneration and social security | 45 | €177,955 | €172,344 | -€5,611 | -3.2% |
| Taxes | 450/3 | €103,168 | €71,391 | -€31,777 | -30.8% |
| Remuneration and social security | 454/9 | €74,787 | €100,953 | +€26,166 | +35.0% |
| Other amounts payable | 47/48 | €86,036 | €37,294 | -€48,743 | -56.7% |
| Remuneration, social security and pensions | 62 | €403,548 | €616,440 | +€212,892 | +52.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,124 | €65,576 | -€12,548 | -16.1% |
| Other operating charges | 640/8 | €4,749 | €4,126 | -€623 | -13.1% |
| Gross operating margin | 9900 | €648,546 | €712,044 | +€63,498 | +9.8% |
| Operating profit (loss) | 9901 | €162,125 | €25,902 | -€136,223 | -84.0% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €9,507 | €4,121 | -€5,385 | -56.6% |
| Recurring financial charges | 65 | €9,507 | €4,087 | -€5,419 | -57.0% |
| Non-recurring financial charges | 66B | - | €34 | +€34 | |
| Profit (loss) for the period before taxes | 9903 | €152,618 | €21,780 | -€130,838 | -85.7% |
| Income taxes | 67/77 | €44,289 | €6,981 | -€37,308 | -84.2% |
| Profit (loss) for the period | 9904 | €108,329 | €14,799 | -€93,530 | -86.3% |
| Profit (loss) for the period to be appropriated | 9905 | €108,329 | €14,799 | -€93,530 | -86.3% |
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 14 October 2026 via checked.be.