VALNETH: 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.
VALNETH
Largest movements
- Stocks and contracts -€332,156
no longer reported in 2026 (was €332,156)
- Cash +€45,011
up €45,011 (+1931.5%), from €2,330 to €47,342
mainly Stocks and contracts (+€332,156) and Net result for the year (+€45,802)
- Receivables within one year +€17,743
up €17,743 (+18278.3%), from €97 to €17,840
of which Trade receivables: +€15,538
- Tangible fixed assets +€3,438
new in 2026: €3,438
- Short-term financial debts -€224,000
no longer reported in 2026 (was €224,000)
- Other debts -€55,604
down €55,604 (-62.4%), from €89,049 to €33,444
- Profit (loss) carried forward +€16,242
no longer reported in 2026 (was -€16,242)
- Tax, wage and social debts +€11,615
new in 2026: €11,615
of which Taxes: +€11,511
- Trade debts -€9,053
down €9,053 (-35.0%), from €25,867 to €16,814
- Gross operating margin +€41,938
up €41,938 (+180.0%), from €23,299 to €65,236
- Taxes +€11,061
new in 2026: €11,061
- Financial charges +€6,989
up €6,989 (+460.6%), from €1,517 to €8,507
- Financial income +€1,906
new in 2026: €1,906
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €335,546 | €71,874 | -€263,672 | -78.6% |
| Fixed assets | 21/28 | €360 | €3,798 | +€3,438 | +955.1% |
| Tangible fixed assets | 22/27 | - | €3,438 | +€3,438 | |
| Furniture and vehicles | 24 | - | €3,438 | +€3,438 | |
| Financial fixed assets | 28 | €360 | €360 | = | 0.0% |
| Current assets | 29/58 | €335,186 | €68,076 | -€267,110 | -79.7% |
| Stocks and contracts in progress | 3 | €332,156 | - | -€332,156 | |
| Stocks | 30/36 | €332,156 | - | -€332,156 | |
| Amounts receivable within one year | 40/41 | €97 | €17,840 | +€17,743 | +18278.3% |
| Trade receivables | 40 | - | €15,538 | +€15,538 | |
| Other amounts receivable | 41 | €97 | €2,301 | +€2,204 | +2270.8% |
| Cash at bank and in hand | 54/58 | €2,330 | €47,342 | +€45,011 | +1931.5% |
| Deferred charges and accrued income | 490/1 | €602 | €2,894 | +€2,292 | +380.9% |
| Total equity and liabilities | 10/49 | €335,546 | €71,874 | -€263,672 | -78.6% |
| Equity | 10/15 | -€6,242 | €10,000 | +€16,242 | |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€16,242 | - | +€16,242 | |
| Amounts payable | 17/49 | €341,788 | €61,874 | -€279,914 | -81.9% |
| Amounts payable within one year | 42/48 | €338,916 | €61,874 | -€277,042 | -81.7% |
| Financial debts | 43 | €224,000 | - | -€224,000 | |
| Credit institutions | 430/8 | €224,000 | - | -€224,000 | |
| Trade debts | 44 | €25,867 | €16,814 | -€9,053 | -35.0% |
| Suppliers | 440/4 | €25,867 | €16,814 | -€9,053 | -35.0% |
| Taxes, remuneration and social security | 45 | - | €11,615 | +€11,615 | |
| Taxes | 450/3 | - | €11,511 | +€11,511 | |
| Remuneration and social security | 454/9 | - | €104 | +€104 | |
| Other amounts payable | 47/48 | €89,049 | €33,444 | -€55,604 | -62.4% |
| Accrued charges and deferred income | 492/3 | €2,872 | - | -€2,872 | |
| Non-recurring operating income | 76A | - | €162,844 | +€162,844 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €312 | +€312 | |
| Other operating charges | 640/8 | €1,828 | €1,461 | -€367 | -20.1% |
| Gross operating margin | 9900 | €23,299 | €65,236 | +€41,938 | +180.0% |
| Operating profit (loss) | 9901 | €21,471 | €63,464 | +€41,993 | +195.6% |
| Financial income | 75/76B | - | €1,906 | +€1,906 | |
| Recurring financial income | 75 | - | €1,906 | +€1,906 | |
| Financial charges | 65/66B | €1,517 | €8,507 | +€6,989 | +460.6% |
| Recurring financial charges | 65 | €1,517 | €8,507 | +€6,989 | +460.6% |
| Profit (loss) for the period before taxes | 9903 | €19,953 | €56,863 | +€36,910 | +185.0% |
| Income taxes | 67/77 | - | €11,061 | +€11,061 | |
| Profit (loss) for the period | 9904 | €19,953 | €45,802 | +€25,849 | +129.5% |
| Profit (loss) for the period to be appropriated | 9905 | €19,953 | €45,802 | +€25,849 | +129.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.