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.
What changed
Valor.
NACE 68.121, Development of residential building projects
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€654,343
2024 · €8,527-€662,870
Equity
-€560,831
2024 · €99,762-€660,593
Cash
€3,749
2024 · €5,841-€2,092
Balance sheet total
€2.9m
2024 · €4.4m-€1.4m
Largest movements
Assets
- Stocks and contracts -€1.2m
down €1.2m (-46.3%), from €2.6m to €1.4m
- Receivables within one year -€161,003
down €161,003 (-11.1%), from €1.4m to €1.3m
of which Trade receivables: -€701,489
Equity and liabilities
- Accrued charges and deferred income -€528,298
down €528,298 (-99.5%), from €530,743 to €2,445
- Profit (loss) carried forward -€477,322
down €477,322 (-121.3%), from -€393,666 to -€870,988
- Debts after one year -€431,565
down €431,565 (-13.5%), from €3.2m to €2.8m
- Trade debts +€360,758
up €360,758 (+207.5%), from €173,871 to €534,629
- Short-term financial debts -€224,486
down €224,486 (-71.1%), from €315,530 to €91,044
Income statement
- Gross operating margin -€911,551
down €911,551, from €450,317 to -€461,235
- Write-downs +€516,540
new in 2025: €516,540
- Financial income +€466,090
up €466,090 (+38975.0%), from €1,196 to €467,286
of which Non-recurring financial income: +€460,246
- Financial charges -€243,671
down €243,671 (-86.8%), from €280,660 to €36,989
of which Financial charges: -€244,671
- Depreciation -€30,415
down €30,415 (-41.8%), from €72,702 to €42,287
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.
Result 2024
€8,527
Gross operating margin
-€911,551
Staff costs
+€22,823
Depreciation
+€30,415
Write-downs
-€516,540
Other operating charges
+€2,308
Financial income
+€466,090
Financial charges
+€243,671
Taxes
-€87
Result 2025
-€654,343
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.
From operations
+€579,565
Investment
+€1,000
Financing
-€582,657
Cash 2024
€5,841
From operations (derived)
+€579,565
Net result for the year
-€654,343
Depreciation
+€42,287
Stocks and contracts
+€1.2m
Receivables within one year
+€161,003
Deferred charges and accrued income
-€340
Trade debts
+€360,758
Tax, wage and social debts
-€9,974
Accrued charges and deferred income
-€528,298
Investment (derived)
+€1,000
Investment in fixed assets (net)
+€1,000
Financing
-€582,657
Debts after one year
-€431,565
Current portion of long-term debt
+€79,644
Short-term financial debts
-€224,486
Contributions, distributions and other
-€6,250
Cash 2025
€3,749
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,361,454 | €2,946,940 | -€1.4m | -32.4% |
| Fixed assets | 21/28 | €291,092 | €247,805 | -€43,287 | -14.9% |
| Intangible fixed assets | 21 | €3,165 | €2,262 | -€903 | -28.5% |
| Tangible fixed assets | 22/27 | €282,675 | €241,291 | -€41,384 | -14.6% |
| Plant, machinery and equipment | 23 | €274,787 | €237,185 | -€37,602 | -13.7% |
| Furniture and vehicles | 24 | €6,302 | €3,471 | -€2,832 | -44.9% |
| Leasing and similar rights | 25 | €1,586 | €636 | -€950 | -59.9% |
| Financial fixed assets | 28 | €5,251 | €4,251 | -€1,000 | -19.0% |
| Current assets | 29/58 | €4,070,363 | €2,699,135 | -€1.4m | -33.7% |
| Stocks and contracts in progress | 3 | €2,611,756 | €1,403,284 | -€1.2m | -46.3% |
| Stocks | 30/36 | €2,611,756 | €1,403,284 | -€1.2m | -46.3% |
| Amounts receivable within one year | 40/41 | €1,449,645 | €1,288,642 | -€161,003 | -11.1% |
| Trade receivables | 40 | €761,804 | €60,315 | -€701,489 | -92.1% |
| Other amounts receivable | 41 | €687,841 | €1,228,327 | +€540,486 | +78.6% |
| Cash at bank and in hand | 54/58 | €5,841 | €3,749 | -€2,092 | -35.8% |
| Deferred charges and accrued income | 490/1 | €3,120 | €3,460 | +€340 | +10.9% |
| Total equity and liabilities | 10/49 | €4,361,454 | €2,946,940 | -€1.4m | -32.4% |
| Equity | 10/15 | €99,762 | -€560,831 | -€660,593 | |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Capital | 10 | €300,000 | €300,000 | = | 0.0% |
| Issued capital | 100 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €187,179 | €10,157 | -€177,022 | -94.6% |
| Non-distributable reserves | 130/1 | €9,317 | €9,317 | = | 0.0% |
| Legal reserve | 130 | €9,317 | €9,317 | = | 0.0% |
| Tax-exempt reserves | 132 | €840 | €840 | = | 0.0% |
| Distributable reserves | 133 | €177,022 | €0 | -€177,022 | -100.0% |
| Profit (loss) carried forward | 14 | -€393,666 | -€870,988 | -€477,322 | -121.3% |
| Investment grants | 15 | €6,250 | €0 | -€6,250 | -100.0% |
| Amounts payable | 17/49 | €4,261,692 | €3,507,771 | -€753,921 | -17.7% |
| Amounts payable after more than one year | 17 | €3,207,116 | €2,775,552 | -€431,565 | -13.5% |
| Financial debts | 170/4 | €3,207,116 | €2,775,552 | -€431,565 | -13.5% |
| Amounts payable within one year | 42/48 | €523,833 | €729,774 | +€205,942 | +39.3% |
| Current portion of amounts payable after more than one year | 42 | €19,224 | €98,868 | +€79,644 | +414.3% |
| Financial debts | 43 | €315,530 | €91,044 | -€224,486 | -71.1% |
| Credit institutions | 430/8 | €315,530 | €91,044 | -€224,486 | -71.1% |
| Trade debts | 44 | €173,871 | €534,629 | +€360,758 | +207.5% |
| Suppliers | 440/4 | €173,871 | €534,629 | +€360,758 | +207.5% |
| Taxes, remuneration and social security | 45 | €15,207 | €5,233 | -€9,974 | -65.6% |
| Taxes | 450/3 | - | €4,511 | +€4,511 | |
| Remuneration and social security | 454/9 | €15,207 | €722 | -€14,485 | -95.3% |
| Accrued charges and deferred income | 492/3 | €530,743 | €2,445 | -€528,298 | -99.5% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €77,969 | €55,145 | -€22,823 | -29.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,702 | €42,287 | -€30,415 | -41.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €516,540 | +€516,540 | |
| Other operating charges | 640/8 | €11,655 | €9,347 | -€2,308 | -19.8% |
| Gross operating margin | 9900 | €450,317 | -€461,235 | -€911,551 | |
| Operating profit (loss) | 9901 | €287,991 | -€1,084,553 | -€1.4m | |
| Financial income | 75/76B | €1,196 | €467,286 | +€466,090 | +38975.0% |
| Recurring financial income | 75 | €1,196 | €7,040 | +€5,844 | +488.7% |
| Non-recurring financial income | 76B | - | €460,246 | +€460,246 | |
| Financial charges | 65/66B | €280,660 | €36,989 | -€243,671 | -86.8% |
| Recurring financial charges | 65 | €280,660 | €35,989 | -€244,671 | -87.2% |
| Non-recurring financial charges | 66B | - | €1,000 | +€1,000 | |
| Profit (loss) for the period before taxes | 9903 | €8,527 | -€654,256 | -€662,783 | |
| Income taxes | 67/77 | - | €87 | +€87 | |
| Profit (loss) for the period | 9904 | €8,527 | -€654,343 | -€662,870 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,527 | -€654,343 | -€662,870 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.