VALO: what changed
VALO
Largest movements
- Tangible fixed assets +€17,560
up €17,560 (+38.1%), from €46,126 to €63,686
of which Leasing and similar rights: +€34,115
- Cash -€8,298
down €8,298 (-57.8%), from €14,361 to €6,063
mainly Trade debts (-€26,339) and Investment in fixed assets (net) (-€26,273)
- Deferred charges and accrued income +€1,139
up €1,139 (+255%), from €447 to €1,586
- Trade debts -€26,339
down €26,339 (-76.9%), from €34,255 to €7,916
- Other debts +€12,856
up €12,856 (+175%), from €7,330 to €20,186
- Reserves +€11,000
up €11,000 (+275%), from €4,000 to €15,000
- Current portion of long-term debt +€8,723
up €8,723 (+70.6%), from €12,362 to €21,085
- Debts after one year +€2,552
up €2,552 (+7.7%), from €33,124 to €35,676
- Gross operating margin +€18,773
up €18,773 (+91.9%), from €20,421 to €39,194
- Depreciation -€4,540
down €4,540 (-34.3%), from €13,254 to €8,714
- Financial charges +€3,159
up €3,159 (+44.7%), from €7,065 to €10,225
- Taxes +€1,038
up €1,038, from €0 to €1,038
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €101,823 | €112,334 | +€10,511 | +10.3% |
| Fixed assets | 21/28 | €46,221 | €63,781 | +€17,560 | +38.0% |
| Tangible fixed assets | 22/27 | €46,126 | €63,686 | +€17,560 | +38.1% |
| Plant, machinery and equipment | 23 | €3,148 | €13,984 | +€10,837 | +344% |
| Furniture and vehicles | 24 | €31,871 | €4,479 | -€27,392 | -85.9% |
| Leasing and similar rights | 25 | €11,108 | €45,223 | +€34,115 | +307% |
| Financial fixed assets | 28 | €95 | €95 | = | 0.0% |
| Current assets | 29/58 | €55,602 | €48,553 | -€7,048 | -12.7% |
| Amounts receivable within one year | 40/41 | €40,793 | €40,904 | +€111 | +0.3% |
| Trade receivables | 40 | €40,793 | €40,904 | +€111 | +0.3% |
| Cash at bank and in hand | 54/58 | €14,361 | €6,063 | -€8,298 | -57.8% |
| Deferred charges and accrued income | 490/1 | €447 | €1,586 | +€1,139 | +255% |
| Total equity and liabilities | 10/49 | €101,823 | €112,334 | +€10,511 | +10.3% |
| Equity | 10/15 | €7,873 | €19,473 | +€11,600 | +147% |
| Contributions | 10/11 | €3,600 | €3,600 | = | 0.0% |
| Reserves | 13 | €4,000 | €15,000 | +€11,000 | +275% |
| Distributable reserves | 133 | €4,000 | €15,000 | +€11,000 | +275% |
| Profit (loss) carried forward | 14 | €273 | €873 | +€600 | +219% |
| Amounts payable | 17/49 | €93,949 | €92,860 | -€1,089 | -1.2% |
| Amounts payable after more than one year | 17 | €33,124 | €35,676 | +€2,552 | +7.7% |
| Financial debts | 170/4 | €33,124 | €35,676 | +€2,552 | +7.7% |
| Amounts payable within one year | 42/48 | €60,725 | €57,104 | -€3,621 | -6.0% |
| Current portion of amounts payable after more than one year | 42 | €12,362 | €21,085 | +€8,723 | +70.6% |
| Trade debts | 44 | €34,255 | €7,916 | -€26,339 | -76.9% |
| Suppliers | 440/4 | €34,255 | €7,916 | -€26,339 | -76.9% |
| Taxes, remuneration and social security | 45 | €6,778 | €7,917 | +€1,139 | +16.8% |
| Taxes | 450/3 | €6,778 | €7,917 | +€1,139 | +16.8% |
| Other amounts payable | 47/48 | €7,330 | €20,186 | +€12,856 | +175% |
| Accrued charges and deferred income | 492/3 | €100 | €80 | -€20 | -20.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,254 | €8,714 | -€4,540 | -34.3% |
| Other operating charges | 640/8 | €2,336 | €2,251 | -€84 | -3.6% |
| Non-recurring operating charges | 66A | €7,882 | €5,379 | -€2,503 | -31.8% |
| Gross operating margin | 9900 | €20,421 | €39,194 | +€18,773 | +91.9% |
| Operating profit (loss) | 9901 | -€3,051 | €22,850 | +€25,901 | |
| Financial income | 75/76B | €7 | €13 | +€5 | +75.3% |
| Recurring financial income | 75 | €7 | €13 | +€5 | +75.3% |
| Financial charges | 65/66B | €7,065 | €10,225 | +€3,159 | +44.7% |
| Recurring financial charges | 65 | €7,065 | €10,225 | +€3,159 | +44.7% |
| Profit (loss) for the period before taxes | 9903 | -€10,109 | €12,638 | +€22,747 | |
| Income taxes | 67/77 | €0 | €1,038 | +€1,038 | |
| Profit (loss) for the period | 9904 | -€10,109 | €11,600 | +€21,709 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,109 | €11,600 | +€21,709 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.