VALNOTT: 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.
VALNOTT
Largest movements
- Cash +€95,660
up €95,660 (+354%), from €27,050 to €122,710
mainly Debts after one year (+€67,037) and Net result for the year (+€36,764)
- Tangible fixed assets +€13,112
up €13,112 (+14.6%), from €89,997 to €103,109
of which Land and buildings: +€26,274
- Receivables within one year +€2,849
up €2,849 (+14.7%), from €19,364 to €22,213
of which Trade receivables: +€2,571
- Debts after one year +€67,037
up €67,037 (+449%), from €14,946 to €81,983
- Reserves +€36,764
up €36,764 (+58.8%), from €62,502 to €99,266
- Other debts -€23,807
down €23,807 (-100.0%), from €23,818 to €11
- Current portion of long-term debt +€19,544
up €19,544 (+165%), from €11,868 to €31,412
- Tax, wage and social debts +€7,709
up €7,709 (+62.4%), from €12,353 to €20,062
- Gross operating margin +€1,975
up €1,975 (+2.8%), from €71,023 to €72,998
- Depreciation +€1,104
up €1,104 (+7.0%), from €15,840 to €16,944
- Financial charges -€890
down €890 (-22.6%), from €3,931 to €3,041
- Other operating charges +€873
up €873 (+44.7%), from €1,953 to €2,825
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 | €138,611 | €250,803 | +€112,191 | +80.9% |
| Fixed assets | 21/28 | €89,997 | €103,509 | +€13,512 | +15.0% |
| Tangible fixed assets | 22/27 | €89,997 | €103,109 | +€13,112 | +14.6% |
| Land and buildings | 22 | €48,194 | €74,468 | +€26,274 | +54.5% |
| Furniture and vehicles | 24 | €41,803 | €28,641 | -€13,162 | -31.5% |
| Financial fixed assets | 28 | - | €400 | +€400 | |
| Current assets | 29/58 | €48,614 | €147,294 | +€98,679 | +203% |
| Amounts receivable within one year | 40/41 | €19,364 | €22,213 | +€2,849 | +14.7% |
| Trade receivables | 40 | €17,394 | €19,965 | +€2,571 | +14.8% |
| Other amounts receivable | 41 | €1,970 | €2,248 | +€278 | +14.1% |
| Cash at bank and in hand | 54/58 | €27,050 | €122,710 | +€95,660 | +354% |
| Deferred charges and accrued income | 490/1 | €2,201 | €2,371 | +€170 | +7.7% |
| Total equity and liabilities | 10/49 | €138,611 | €250,803 | +€112,191 | +80.9% |
| Equity | 10/15 | €68,702 | €105,466 | +€36,764 | +53.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €62,502 | €99,266 | +€36,764 | +58.8% |
| Distributable reserves | 133 | €62,502 | €99,266 | +€36,764 | +58.8% |
| Amounts payable | 17/49 | €69,909 | €145,336 | +€75,427 | +108% |
| Amounts payable after more than one year | 17 | €14,946 | €81,983 | +€67,037 | +449% |
| Financial debts | 170/4 | €14,946 | €81,983 | +€67,037 | +449% |
| Amounts payable within one year | 42/48 | €49,548 | €58,526 | +€8,978 | +18.1% |
| Current portion of amounts payable after more than one year | 42 | €11,868 | €31,412 | +€19,544 | +165% |
| Trade debts | 44 | €1,509 | €7,041 | +€5,532 | +367% |
| Suppliers | 440/4 | €1,509 | €7,041 | +€5,532 | +367% |
| Taxes, remuneration and social security | 45 | €12,353 | €20,062 | +€7,709 | +62.4% |
| Taxes | 450/3 | €12,353 | €20,062 | +€7,709 | +62.4% |
| Other amounts payable | 47/48 | €23,818 | €11 | -€23,807 | -100.0% |
| Accrued charges and deferred income | 492/3 | €5,415 | €4,827 | -€588 | -10.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,840 | €16,944 | +€1,104 | +7.0% |
| Other operating charges | 640/8 | €1,953 | €2,825 | +€873 | +44.7% |
| Gross operating margin | 9900 | €71,023 | €72,998 | +€1,975 | +2.8% |
| Operating profit (loss) | 9901 | €53,231 | €53,229 | -€2 | 0.0% |
| Financial income | 75/76B | €0 | €5 | +€5 | |
| Recurring financial income | 75 | €0 | €5 | +€5 | |
| Financial charges | 65/66B | €3,931 | €3,041 | -€890 | -22.6% |
| Recurring financial charges | 65 | €3,931 | €3,041 | -€890 | -22.6% |
| Profit (loss) for the period before taxes | 9903 | €49,300 | €50,192 | +€893 | +1.8% |
| Income taxes | 67/77 | €13,600 | €13,429 | -€172 | -1.3% |
| Profit (loss) for the period | 9904 | €35,700 | €36,764 | +€1,064 | +3.0% |
| Profit (loss) for the period to be appropriated | 9905 | €35,700 | €36,764 | +€1,064 | +3.0% |
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 20 October 2026 via checked.be.