VALOR: 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.
VALOR
Largest movements
- Cash +€33,326
up €33,326 (+284.6%), from €11,710 to €45,036
mainly Trade debts (+€20,454) and Stocks and contracts (+€12,643)
- Stocks and contracts -€12,643
down €12,643 (-11.3%), from €111,944 to €99,301
- Receivables within one year +€4,756
up €4,756 (+12.3%), from €38,548 to €43,304
of which Trade receivables: +€4,824
- Tangible fixed assets -€2,094
down €2,094 (-43.4%), from €4,819 to €2,726
of which Land and buildings: -€1,852
- Trade debts +€20,454
up €20,454 (+127.9%), from €15,998 to €36,453
- Profit (loss) carried forward +€10,475
up €10,475 (+453.3%), from €2,311 to €12,785
- Other debts -€8,101
down €8,101 (-64.6%), from €12,538 to €4,437
- Gross operating margin +€65,487
up €65,487, from -€47,108 to €18,380
- Other operating charges +€1,899
up €1,899 (+58.3%), from €3,260 to €5,159
- Staff costs -€1,135
down €1,135 (-77.3%), from €1,469 to €334
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 | €169,421 | €192,225 | +€22,805 | +13.5% |
| Fixed assets | 21/28 | €6,678 | €4,585 | -€2,094 | -31.3% |
| Tangible fixed assets | 22/27 | €4,819 | €2,726 | -€2,094 | -43.4% |
| Land and buildings | 22 | €4,336 | €2,484 | -€1,852 | -42.7% |
| Furniture and vehicles | 24 | €483 | €241 | -€241 | -50.0% |
| Financial fixed assets | 28 | €1,859 | €1,859 | = | 0.0% |
| Current assets | 29/58 | €162,742 | €187,641 | +€24,898 | +15.3% |
| Stocks and contracts in progress | 3 | €111,944 | €99,301 | -€12,643 | -11.3% |
| Stocks | 30/36 | €111,944 | €99,301 | -€12,643 | -11.3% |
| Amounts receivable within one year | 40/41 | €38,548 | €43,304 | +€4,756 | +12.3% |
| Trade receivables | 40 | €38,480 | €43,304 | +€4,824 | +12.5% |
| Other amounts receivable | 41 | €68 | - | -€68 | |
| Cash at bank and in hand | 54/58 | €11,710 | €45,036 | +€33,326 | +284.6% |
| Deferred charges and accrued income | 490/1 | €541 | - | -€541 | |
| Total equity and liabilities | 10/49 | €169,421 | €192,225 | +€22,805 | +13.5% |
| Equity | 10/15 | €140,779 | €151,253 | +€10,475 | +7.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €119,876 | €119,876 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €118,017 | €118,017 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,311 | €12,785 | +€10,475 | +453.3% |
| Amounts payable | 17/49 | €28,642 | €40,972 | +€12,330 | +43.0% |
| Amounts payable within one year | 42/48 | €28,642 | €40,972 | +€12,330 | +43.0% |
| Trade debts | 44 | €15,998 | €36,453 | +€20,454 | +127.9% |
| Suppliers | 440/4 | €15,998 | €36,453 | +€20,454 | +127.9% |
| Taxes, remuneration and social security | 45 | €105 | €83 | -€23 | -21.4% |
| Taxes | 450/3 | €105 | €83 | -€23 | -21.4% |
| Other amounts payable | 47/48 | €12,538 | €4,437 | -€8,101 | -64.6% |
| Remuneration, social security and pensions | 62 | €1,469 | €334 | -€1,135 | -77.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,094 | €2,094 | = | 0.0% |
| Other operating charges | 640/8 | €3,260 | €5,159 | +€1,899 | +58.3% |
| Gross operating margin | 9900 | -€47,108 | €18,380 | +€65,487 | |
| Operating profit (loss) | 9901 | -€53,930 | €10,793 | +€64,723 | |
| Financial income | 75/76B | €247 | €41 | -€206 | -83.3% |
| Recurring financial income | 75 | €247 | €41 | -€206 | -83.3% |
| Financial charges | 65/66B | €389 | €360 | -€29 | -7.4% |
| Recurring financial charges | 65 | €389 | €360 | -€29 | -7.4% |
| Profit (loss) for the period before taxes | 9903 | -€54,072 | €10,475 | +€64,547 | |
| Profit (loss) for the period | 9904 | -€54,072 | €10,475 | +€64,547 | |
| Profit (loss) for the period to be appropriated | 9905 | -€54,072 | €10,475 | +€64,547 |
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 29 September 2026 via checked.be.