VALOA: what changed
Two fiscal 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.
VALOA
Largest movements
- Receivables within one year +€24,247
up €24,247 (+98.6%), from €24,602 to €48,848
of which Trade receivables: +€27,921
- Tangible fixed assets -€17,752
down €17,752 (-7.8%), from €228,985 to €211,233
of which Furniture and vehicles: -€15,863
- Cash +€9,828
up €9,828 (+5.0%), from €196,138 to €205,966
mainly Net result for the year (+€32,890) and Depreciation (+€26,266)
- Deferred charges and accrued income -€5,399
down €5,399 (-92.8%), from €5,817 to €418
- Reserves +€32,000
up €32,000 (+19.9%), from €160,855 to €192,855
- Debts after one year -€23,099
down €23,099 (-92.3%), from €25,036 to €1,937
- Tax, wage and social debts +€11,305
up €11,305 (+67.2%), from €16,827 to €28,131
of which Taxes: +€11,305
- Trade debts -€5,330
down €5,330 (-52.7%), from €10,116 to €4,785
- Current portion of long-term debt -€4,841
down €4,841 (-17.3%), from €27,940 to €23,099
- Gross operating margin -€51,093
down €51,093 (-40.3%), from €126,638 to €75,545
- Taxes -€14,977
down €14,977 (-53.6%), from €27,927 to €12,950
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.
Cash bridge derived
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 | €455,542 | €466,465 | +€10,924 | +2.4% |
| Fixed assets | 21/28 | €228,985 | €211,233 | -€17,752 | -7.8% |
| Tangible fixed assets | 22/27 | €228,985 | €211,233 | -€17,752 | -7.8% |
| Land and buildings | 22 | €210,950 | €209,061 | -€1,889 | -0.9% |
| Furniture and vehicles | 24 | €18,035 | €2,172 | -€15,863 | -88.0% |
| Current assets | 29/58 | €226,556 | €255,232 | +€28,676 | +12.7% |
| Amounts receivable within one year | 40/41 | €24,602 | €48,848 | +€24,247 | +98.6% |
| Trade receivables | 40 | €20,927 | €48,848 | +€27,921 | +133.4% |
| Other amounts receivable | 41 | €3,675 | - | -€3,675 | |
| Cash at bank and in hand | 54/58 | €196,138 | €205,966 | +€9,828 | +5.0% |
| Deferred charges and accrued income | 490/1 | €5,817 | €418 | -€5,399 | -92.8% |
| Total equity and liabilities | 10/49 | €455,542 | €466,465 | +€10,924 | +2.4% |
| Equity | 10/15 | €375,352 | €408,241 | +€32,890 | +8.8% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Outside capital | 11 | €18,550 | €18,550 | = | 0.0% |
| Other | 1109/19 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €160,855 | €192,855 | +€32,000 | +19.9% |
| Distributable reserves | 133 | €160,855 | €192,855 | +€32,000 | +19.9% |
| Profit (loss) carried forward | 14 | €195,947 | €196,836 | +€890 | +0.5% |
| Amounts payable | 17/49 | €80,190 | €58,224 | -€21,966 | -27.4% |
| Amounts payable after more than one year | 17 | €25,036 | €1,937 | -€23,099 | -92.3% |
| Financial debts | 170/4 | €25,036 | €1,937 | -€23,099 | -92.3% |
| Amounts payable within one year | 42/48 | €55,154 | €56,287 | +€1,134 | +2.1% |
| Current portion of amounts payable after more than one year | 42 | €27,940 | €23,099 | -€4,841 | -17.3% |
| Trade debts | 44 | €10,116 | €4,785 | -€5,330 | -52.7% |
| Suppliers | 440/4 | €10,116 | €4,785 | -€5,330 | -52.7% |
| Taxes, remuneration and social security | 45 | €16,827 | €28,131 | +€11,305 | +67.2% |
| Taxes | 450/3 | €14,927 | €26,231 | +€11,305 | +75.7% |
| Remuneration and social security | 454/9 | €1,900 | €1,900 | = | 0.0% |
| Other amounts payable | 47/48 | €271 | €271 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,938 | €26,266 | +€328 | +1.3% |
| Other operating charges | 640/8 | €2,490 | €2,709 | +€219 | +8.8% |
| Gross operating margin | 9900 | €126,638 | €75,545 | -€51,093 | -40.3% |
| Operating profit (loss) | 9901 | €98,210 | €46,570 | -€51,639 | -52.6% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €1,089 | €731 | -€358 | -32.9% |
| Recurring financial charges | 65 | €1,089 | €731 | -€358 | -32.9% |
| Profit (loss) for the period before taxes | 9903 | €97,121 | €45,839 | -€51,282 | -52.8% |
| Income taxes | 67/77 | €27,927 | €12,950 | -€14,977 | -53.6% |
| Profit (loss) for the period | 9904 | €69,195 | €32,890 | -€36,305 | -52.5% |
| Profit (loss) for the period to be appropriated | 9905 | €69,195 | €32,890 | -€36,305 | -52.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.