VALOR SERVICES: 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 SERVICES
NACE 46.442, Wholesale trade
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€875,451
2024 · €484,265+€391,186
Equity
€3.6m
2024 · €2.7m+€875,451
Cash
€577,412
2024 · €527,055+€50,357
Balance sheet total
€6.4m
2024 · €5.8m+€597,995
Largest movements
Assets
- Receivables within one year +€480,011
up €480,011 (+11.4%), from €4.2m to €4.7m
of which Trade receivables: +€269,242
- Tangible fixed assets +€118,362
up €118,362 (+20.7%), from €571,183 to €689,545
of which Furniture and vehicles: +€82,811
- Intangible fixed assets -€90,504
down €90,504 (-22.7%), from €399,155 to €308,651
Equity and liabilities
- Reserves +€875,451
up €875,451 (+40.6%), from €2.2m to €3.0m
- Short-term financial debts -€345,602
down €345,602 (-28.1%), from €1.2m to €886,390
- Accrued charges and deferred income +€112,227
up €112,227 (+360.8%), from €31,107 to €143,334
Income statement
- Gross operating margin +€470,663
up €470,663 (+7.8%), from €6.0m to €6.5m
- Taxes +€113,723
up €113,723 (+53.0%), from €214,573 to €328,296
- Financial charges -€70,327
down €70,327 (-48.8%), from €144,088 to €73,761
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
€484,265
Gross operating margin
+€470,663
Staff costs
+€42,753
Depreciation
-€51,277
Write-downs
-€11,900
Other operating charges
-€2,306
Other operating items
-€15,000
Financial income
+€1,650
Financial charges
+€70,327
Taxes
-€113,723
Result 2025
€875,451
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
+€741,251
Investment
-€393,027
Financing
-€297,868
Cash 2024
€527,055
From operations (derived)
+€741,251
Net result for the year
+€875,451
Depreciation
+€356,158
Stocks and contracts
-€33,467
Receivables within one year
-€480,011
Deferred charges and accrued income
+€2,708
Trade debts
-€41,200
Tax, wage and social debts
-€50,615
Accrued charges and deferred income
+€112,227
Investment (derived)
-€393,027
Investment in fixed assets (net)
-€393,027
Financing
-€297,868
Debts after one year
-€4,446
Current portion of long-term debt
+€52,181
Short-term financial debts
-€345,602
Cash 2025
€577,412
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,844,665 | €6,442,660 | +€597,995 | +10.2% |
| Fixed assets | 21/28 | €986,405 | €1,023,274 | +€36,869 | +3.7% |
| Intangible fixed assets | 21 | €399,155 | €308,651 | -€90,504 | -22.7% |
| Tangible fixed assets | 22/27 | €571,183 | €689,545 | +€118,362 | +20.7% |
| Plant, machinery and equipment | 23 | €51,577 | €80,641 | +€29,064 | +56.4% |
| Furniture and vehicles | 24 | €495,307 | €578,119 | +€82,811 | +16.7% |
| Other tangible fixed assets | 26 | €24,299 | €30,786 | +€6,487 | +26.7% |
| Financial fixed assets | 28 | €16,067 | €25,077 | +€9,010 | +56.1% |
| Current assets | 29/58 | €4,858,260 | €5,419,387 | +€561,126 | +11.5% |
| Stocks and contracts in progress | 3 | €79,581 | €113,049 | +€33,467 | +42.1% |
| Stocks | 30/36 | €79,581 | €113,049 | +€33,467 | +42.1% |
| Amounts receivable within one year | 40/41 | €4,199,253 | €4,679,263 | +€480,011 | +11.4% |
| Trade receivables | 40 | €1,606,619 | €1,875,861 | +€269,242 | +16.8% |
| Other amounts receivable | 41 | €2,592,634 | €2,803,402 | +€210,768 | +8.1% |
| Cash at bank and in hand | 54/58 | €527,055 | €577,412 | +€50,357 | +9.6% |
| Deferred charges and accrued income | 490/1 | €52,371 | €49,663 | -€2,708 | -5.2% |
| Total equity and liabilities | 10/49 | €5,844,665 | €6,442,660 | +€597,995 | +10.2% |
| Equity | 10/15 | €2,746,598 | €3,622,049 | +€875,451 | +31.9% |
| Contributions | 10/11 | €592,000 | €592,000 | = | 0.0% |
| Reserves | 13 | €2,154,598 | €3,030,049 | +€875,451 | +40.6% |
| Distributable reserves | 133 | €2,154,598 | €3,030,049 | +€875,451 | +40.6% |
| Amounts payable | 17/49 | €3,098,068 | €2,820,612 | -€277,456 | -9.0% |
| Amounts payable after more than one year | 17 | €318,246 | €313,800 | -€4,446 | -1.4% |
| Financial debts | 170/4 | €318,246 | €313,800 | -€4,446 | -1.4% |
| Amounts payable within one year | 42/48 | €2,748,714 | €2,363,477 | -€385,237 | -14.0% |
| Current portion of amounts payable after more than one year | 42 | €144,033 | €196,214 | +€52,181 | +36.2% |
| Financial debts | 43 | €1,231,992 | €886,390 | -€345,602 | -28.1% |
| Credit institutions | 430/8 | €1,231,992 | €886,390 | -€345,602 | -28.1% |
| Trade debts | 44 | €560,835 | €519,635 | -€41,200 | -7.3% |
| Suppliers | 440/4 | €560,835 | €519,635 | -€41,200 | -7.3% |
| Taxes, remuneration and social security | 45 | €811,854 | €761,239 | -€50,615 | -6.2% |
| Taxes | 450/3 | €189,922 | €218,784 | +€28,861 | +15.2% |
| Remuneration and social security | 454/9 | €621,932 | €542,455 | -€79,477 | -12.8% |
| Accrued charges and deferred income | 492/3 | €31,107 | €143,334 | +€112,227 | +360.8% |
| Remuneration, social security and pensions | 62 | €4,873,284 | €4,830,531 | -€42,753 | -0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €304,881 | €356,158 | +€51,277 | +16.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €14,583 | €26,483 | +€11,900 | +81.6% |
| Other operating charges | 640/8 | €11,626 | €13,933 | +€2,306 | +19.8% |
| Non-recurring operating charges | 66A | - | €15,000 | +€15,000 | |
| Gross operating margin | 9900 | €5,996,485 | €6,467,148 | +€470,663 | +7.8% |
| Operating profit (loss) | 9901 | €792,110 | €1,225,043 | +€432,932 | +54.7% |
| Financial income | 75/76B | €50,816 | €52,465 | +€1,650 | +3.2% |
| Recurring financial income | 75 | €50,816 | €52,465 | +€1,650 | +3.2% |
| Financial charges | 65/66B | €144,088 | €73,761 | -€70,327 | -48.8% |
| Recurring financial charges | 65 | €144,088 | €73,761 | -€70,327 | -48.8% |
| Profit (loss) for the period before taxes | 9903 | €698,838 | €1,203,747 | +€504,909 | +72.2% |
| Income taxes | 67/77 | €214,573 | €328,296 | +€113,723 | +53.0% |
| Profit (loss) for the period | 9904 | €484,265 | €875,451 | +€391,186 | +80.8% |
| Profit (loss) for the period to be appropriated | 9905 | €484,265 | €875,451 | +€391,186 | +80.8% |
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 1 October 2026 via checked.be.