Valoran: 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.
Valoran
Largest movements
- Cash -€16,134
down €16,134 (-55.6%), from €28,995 to €12,861
mainly Contributions, distributions and other (-€56,064) and Other debts (-€21,222)
- Tangible fixed assets -€12,705
down €12,705 (-21.5%), from €59,042 to €46,337
of which Furniture and vehicles: -€12,278
- Receivables within one year +€2,141
up €2,141 (+10.7%), from €20,048 to €22,189
of which Trade receivables: +€1,870
- Other debts -€21,222
down €21,222 (-40.0%), from €52,992 to €31,770
- Debts after one year -€10,445
down €10,445 (-24.8%), from €42,101 to €31,656
- Tax, wage and social debts +€4,538
up €4,538 (+156%), from €2,901 to €7,439
of which Taxes: +€4,430
- Gross operating margin +€13,689
up €13,689 (+19.3%), from €71,030 to €84,719
- Depreciation +€8,995
up €8,995 (+242%), from €3,710 to €12,705
- Other operating charges -€1,521
down €1,521 (-91.4%), from €1,664 to €143
- Taxes +€1,070
up €1,070 (+7.8%), from €13,714 to €14,783
- Financial charges +€982
up €982 (+134%), from €734 to €1,717
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 | €110,572 | €84,091 | -€26,481 | -23.9% |
| Fixed assets | 21/28 | €59,372 | €46,667 | -€12,705 | -21.4% |
| Tangible fixed assets | 22/27 | €59,042 | €46,337 | -€12,705 | -21.5% |
| Plant, machinery and equipment | 23 | €705 | €278 | -€427 | -60.6% |
| Furniture and vehicles | 24 | €58,338 | €46,059 | -€12,278 | -21.0% |
| Financial fixed assets | 28 | €330 | €330 | = | 0.0% |
| Current assets | 29/58 | €51,199 | €37,424 | -€13,775 | -26.9% |
| Amounts receivable within one year | 40/41 | €20,048 | €22,189 | +€2,141 | +10.7% |
| Trade receivables | 40 | €12,529 | €14,399 | +€1,870 | +14.9% |
| Other amounts receivable | 41 | €7,520 | €7,790 | +€271 | +3.6% |
| Cash at bank and in hand | 54/58 | €28,995 | €12,861 | -€16,134 | -55.6% |
| Deferred charges and accrued income | 490/1 | €2,156 | €2,374 | +€218 | +10.1% |
| Total equity and liabilities | 10/49 | €110,572 | €84,091 | -€26,481 | -23.9% |
| Equity | 10/15 | €1,985 | €1,734 | -€252 | -12.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €985 | €734 | -€252 | -25.6% |
| Amounts payable | 17/49 | €108,586 | €82,358 | -€26,229 | -24.2% |
| Amounts payable after more than one year | 17 | €42,101 | €31,656 | -€10,445 | -24.8% |
| Financial debts | 170/4 | €42,101 | €31,656 | -€10,445 | -24.8% |
| Amounts payable within one year | 42/48 | €66,306 | €50,679 | -€15,627 | -23.6% |
| Current portion of amounts payable after more than one year | 42 | €10,087 | €10,445 | +€359 | +3.6% |
| Trade debts | 44 | €326 | €1,025 | +€699 | +214% |
| Suppliers | 440/4 | €326 | €1,025 | +€699 | +214% |
| Taxes, remuneration and social security | 45 | €2,901 | €7,439 | +€4,538 | +156% |
| Taxes | 450/3 | €2,901 | €7,331 | +€4,430 | +153% |
| Remuneration and social security | 454/9 | - | €108 | +€108 | |
| Other amounts payable | 47/48 | €52,992 | €31,770 | -€21,222 | -40.0% |
| Accrued charges and deferred income | 492/3 | €179 | €22 | -€157 | -87.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,710 | €12,705 | +€8,995 | +242% |
| Other operating charges | 640/8 | €1,664 | €143 | -€1,521 | -91.4% |
| Gross operating margin | 9900 | €71,030 | €84,719 | +€13,689 | +19.3% |
| Operating profit (loss) | 9901 | €65,656 | €71,871 | +€6,214 | +9.5% |
| Financial income | 75/76B | €515 | €441 | -€73 | -14.3% |
| Recurring financial income | 75 | €515 | €441 | -€73 | -14.3% |
| Financial charges | 65/66B | €734 | €1,717 | +€982 | +134% |
| Recurring financial charges | 65 | €734 | €1,717 | +€982 | +134% |
| Profit (loss) for the period before taxes | 9903 | €65,437 | €70,595 | +€5,159 | +7.9% |
| Income taxes | 67/77 | €13,714 | €14,783 | +€1,070 | +7.8% |
| Profit (loss) for the period | 9904 | €51,723 | €55,812 | +€4,089 | +7.9% |
| Profit (loss) for the period to be appropriated | 9905 | €51,723 | €55,812 | +€4,089 | +7.9% |
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 27 October 2026 via checked.be.