VALOR CONSULTING: 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 CONSULTING
Largest movements
- Receivables within one year +€84,161
up €84,161 (+18.0%), from €466,668 to €550,830
of which Other amounts receivable: +€51,838
- Tangible fixed assets -€48,823
down €48,823 (-9.7%), from €504,818 to €455,994
of which Land and buildings: -€27,990
- Cash +€37,063
up €37,063 (+19.5%), from €189,611 to €226,673
mainly Net result for the year (+€75,171) and Depreciation (+€54,588)
- Reserves +€75,171
up €75,171 (+17.1%), from €439,040 to €514,211
of which Distributable reserves: +€77,992
- Debts after one year -€29,795
down €29,795 (-9.7%), from €306,137 to €276,342
- Tax, wage and social debts +€17,689
up €17,689 (+38.3%), from €46,127 to €63,816
- Gross operating margin -€75,012
down €75,012 (-29.9%), from €250,559 to €175,547
- Other operating charges -€13,997
down €13,997 (-79.5%), from €17,602 to €3,606
- Depreciation +€7,777
up €7,777 (+16.6%), from €46,811 to €54,588
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,168,156 | €1,240,980 | +€72,824 | +6.2% |
| Fixed assets | 21/28 | €504,818 | €455,994 | -€48,823 | -9.7% |
| Tangible fixed assets | 22/27 | €504,818 | €455,994 | -€48,823 | -9.7% |
| Land and buildings | 22 | €419,958 | €391,967 | -€27,990 | -6.7% |
| Plant, machinery and equipment | 23 | €5,032 | €4,596 | -€436 | -8.7% |
| Furniture and vehicles | 24 | €79,828 | €59,431 | -€20,397 | -25.6% |
| Current assets | 29/58 | €663,338 | €784,986 | +€121,647 | +18.3% |
| Amounts receivable within one year | 40/41 | €466,668 | €550,830 | +€84,161 | +18.0% |
| Trade receivables | 40 | €42,700 | €75,024 | +€32,323 | +75.7% |
| Other amounts receivable | 41 | €423,968 | €475,806 | +€51,838 | +12.2% |
| Cash at bank and in hand | 54/58 | €189,611 | €226,673 | +€37,063 | +19.5% |
| Deferred charges and accrued income | 490/1 | €7,060 | €7,483 | +€423 | +6.0% |
| Total equity and liabilities | 10/49 | €1,168,156 | €1,240,980 | +€72,824 | +6.2% |
| Equity | 10/15 | €713,328 | €788,499 | +€75,171 | +10.5% |
| Contributions | 10/11 | €6,245 | €6,245 | = | 0.0% |
| Reserves | 13 | €439,040 | €514,211 | +€75,171 | +17.1% |
| Tax-exempt reserves | 132 | €138,543 | €135,723 | -€2,821 | -2.0% |
| Distributable reserves | 133 | €300,497 | €378,488 | +€77,992 | +26.0% |
| Profit (loss) carried forward | 14 | €268,043 | €268,043 | = | 0.0% |
| Provisions and deferred taxes | 16 | €20,000 | €20,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €20,000 | €20,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €20,000 | €20,000 | = | 0.0% |
| Amounts payable | 17/49 | €434,828 | €432,481 | -€2,347 | -0.5% |
| Amounts payable after more than one year | 17 | €306,137 | €276,342 | -€29,795 | -9.7% |
| Financial debts | 170/4 | €306,137 | €276,342 | -€29,795 | -9.7% |
| Amounts payable within one year | 42/48 | €128,691 | €156,139 | +€27,447 | +21.3% |
| Current portion of amounts payable after more than one year | 42 | €30,231 | €29,795 | -€436 | -1.4% |
| Trade debts | 44 | €14,663 | €24,857 | +€10,195 | +69.5% |
| Suppliers | 440/4 | €14,663 | €24,857 | +€10,195 | +69.5% |
| Taxes, remuneration and social security | 45 | €46,127 | €63,816 | +€17,689 | +38.3% |
| Taxes | 450/3 | €46,127 | €63,816 | +€17,689 | +38.3% |
| Other amounts payable | 47/48 | €37,671 | €37,671 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,811 | €54,588 | +€7,777 | +16.6% |
| Other operating charges | 640/8 | €17,602 | €3,606 | -€13,997 | -79.5% |
| Gross operating margin | 9900 | €250,559 | €175,547 | -€75,012 | -29.9% |
| Operating profit (loss) | 9901 | €186,146 | €117,353 | -€68,793 | -37.0% |
| Financial income | 75/76B | €7,566 | €8,583 | +€1,017 | +13.4% |
| Recurring financial income | 75 | €7,566 | €8,583 | +€1,017 | +13.4% |
| Financial charges | 65/66B | €11,218 | €11,681 | +€463 | +4.1% |
| Recurring financial charges | 65 | €11,218 | €11,681 | +€463 | +4.1% |
| Profit (loss) for the period before taxes | 9903 | €182,494 | €114,254 | -€68,239 | -37.4% |
| Income taxes | 67/77 | €36,778 | €39,083 | +€2,306 | +6.3% |
| Profit (loss) for the period | 9904 | €145,716 | €75,171 | -€70,545 | -48.4% |
| Transfer from tax-exempt reserves | 789 | €2,261 | €2,821 | +€560 | +24.8% |
| Transfer to tax-exempt reserves | 689 | €69,964 | - | -€69,964 | |
| Profit (loss) for the period to be appropriated | 9905 | €78,013 | €77,992 | -€21 | 0.0% |
Source: filed annual accounts (NBB), financial years ended 28 February 2025 and 28 February 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.