VALOR: 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.
VALOR
Largest movements
- Receivables after one year +€80,000
up €80,000 (+47.1%), from €170,000 to €250,000
- Cash -€46,020
down €46,020 (-70.5%), from €65,233 to €19,213
mainly Receivables after one year (-€80,000) and Contributions, distributions and other (-€16,000)
- Tangible fixed assets -€22,322
down €22,322 (-85.3%), from €26,177 to €3,855
of which Furniture and vehicles: -€26,177
- Receivables within one year +€6,974
up €6,974 (+10.3%), from €67,398 to €74,372
of which Other amounts receivable: +€5,060
- Reserves +€22,000
up €22,000 (+9.7%), from €226,984 to €248,984
- Other debts +€16,000
new in 2025: €16,000
- Tax, wage and social debts -€13,001
down €13,001 (-43.6%), from €29,820 to €16,819
- Debts after one year -€8,166
down €8,166 (-85.6%), from €9,536 to €1,370
- Gross operating margin -€63,061
down €63,061 (-52.6%), from €119,777 to €56,716
- Taxes -€16,129
down €16,129 (-46.2%), from €34,877 to €18,748
- Depreciation -€10,745
down €10,745 (-92.4%), from €11,635 to €890
- Financial charges -€2,339
down €2,339 (-91.6%), from €2,554 to €215
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 | €328,908 | €347,540 | +€18,632 | +5.7% |
| Fixed assets | 21/28 | €26,277 | €3,955 | -€22,322 | -84.9% |
| Tangible fixed assets | 22/27 | €26,177 | €3,855 | -€22,322 | -85.3% |
| Plant, machinery and equipment | 23 | - | €3,855 | +€3,855 | |
| Furniture and vehicles | 24 | €26,177 | - | -€26,177 | |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €302,631 | €343,585 | +€40,954 | +13.5% |
| Amounts receivable after more than one year | 29 | €170,000 | €250,000 | +€80,000 | +47.1% |
| Other amounts receivable | 291 | €170,000 | €250,000 | +€80,000 | +47.1% |
| Amounts receivable within one year | 40/41 | €67,398 | €74,372 | +€6,974 | +10.3% |
| Trade receivables | 40 | €145 | €2,059 | +€1,914 | +1,320% |
| Other amounts receivable | 41 | €67,253 | €72,313 | +€5,060 | +7.5% |
| Cash at bank and in hand | 54/58 | €65,233 | €19,213 | -€46,020 | -70.5% |
| Total equity and liabilities | 10/49 | €328,908 | €347,540 | +€18,632 | +5.7% |
| Equity | 10/15 | €266,044 | €288,612 | +€22,568 | +8.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €226,984 | €248,984 | +€22,000 | +9.7% |
| Distributable reserves | 133 | €226,984 | €248,984 | +€22,000 | +9.7% |
| Profit (loss) carried forward | 14 | €19,060 | €19,628 | +€568 | +3.0% |
| Amounts payable | 17/49 | €62,864 | €58,928 | -€3,936 | -6.3% |
| Amounts payable after more than one year | 17 | €9,536 | €1,370 | -€8,166 | -85.6% |
| Financial debts | 170/4 | €9,536 | €1,370 | -€8,166 | -85.6% |
| Amounts payable within one year | 42/48 | €39,428 | €41,908 | +€2,480 | +6.3% |
| Current portion of amounts payable after more than one year | 42 | €8,075 | €8,166 | +€91 | +1.1% |
| Trade debts | 44 | €1,533 | €923 | -€610 | -39.8% |
| Suppliers | 440/4 | €1,533 | €923 | -€610 | -39.8% |
| Taxes, remuneration and social security | 45 | €29,820 | €16,819 | -€13,001 | -43.6% |
| Taxes | 450/3 | €29,820 | €16,819 | -€13,001 | -43.6% |
| Other amounts payable | 47/48 | - | €16,000 | +€16,000 | |
| Accrued charges and deferred income | 492/3 | €13,900 | €15,650 | +€1,750 | +12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,635 | €890 | -€10,745 | -92.4% |
| Other operating charges | 640/8 | €1,133 | €972 | -€161 | -14.2% |
| Gross operating margin | 9900 | €119,777 | €56,716 | -€63,061 | -52.6% |
| Operating profit (loss) | 9901 | €107,009 | €54,854 | -€52,155 | -48.7% |
| Financial income | 75/76B | €1,942 | €2,677 | +€735 | +37.8% |
| Recurring financial income | 75 | €1,942 | €2,677 | +€735 | +37.8% |
| Financial charges | 65/66B | €2,554 | €215 | -€2,339 | -91.6% |
| Recurring financial charges | 65 | €2,554 | €215 | -€2,339 | -91.6% |
| Profit (loss) for the period before taxes | 9903 | €106,397 | €57,316 | -€49,081 | -46.1% |
| Income taxes | 67/77 | €34,877 | €18,748 | -€16,129 | -46.2% |
| Profit (loss) for the period | 9904 | €71,520 | €38,568 | -€32,952 | -46.1% |
| Profit (loss) for the period to be appropriated | 9905 | €71,520 | €38,568 | -€32,952 | -46.1% |
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 15 October 2026 via checked.be.