VALOREH: 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.
VALOREH
Largest movements
- Receivables within one year -€10,304
down €10,304 (-65.0%), from €15,857 to €5,553
of which Trade receivables: -€10,917
- Stocks and contracts +€4,247
up €4,247, from €0 to €4,247
of which Stocks: +€2,547
- Cash -€3,678
down €3,678 (-100%), from €3,678 to €0
mainly Investment in fixed assets (net) (-€8,884) and Accrued charges and deferred income (-€4,282)
- Tangible fixed assets -€2,091
down €2,091 (-5.7%), from €36,509 to €34,418
of which Plant, machinery and equipment: -€1,228
- Deferred charges and accrued income +€1,110
up €1,110, from €0 to €1,110
- Accrued charges and deferred income -€4,282
down €4,282 (-100%), from €4,282 to €0
- Tax, wage and social debts -€2,614
down €2,614 (-85.7%), from €3,051 to €437
- Profit (loss) carried forward -€2,254
down €2,254 (-15.8%), from €14,277 to €12,023
- Trade debts -€1,803
down €1,803 (-58.2%), from €3,097 to €1,294
- Depreciation -€1,458
down €1,458 (-11.7%), from €12,434 to €10,976
- Financial income -€504
down €504 (-99.5%), from €507 to €3
- Gross operating margin +€231
up €231 (+2.1%), from €10,981 to €11,212
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 | €56,044 | €45,328 | -€10,716 | -19.1% |
| Fixed assets | 21/28 | €36,509 | €34,418 | -€2,091 | -5.7% |
| Tangible fixed assets | 22/27 | €36,509 | €34,418 | -€2,091 | -5.7% |
| Plant, machinery and equipment | 23 | €13,137 | €11,909 | -€1,228 | -9.3% |
| Furniture and vehicles | 24 | €23,372 | €22,509 | -€863 | -3.7% |
| Current assets | 29/58 | €19,535 | €10,910 | -€8,625 | -44.1% |
| Stocks and contracts in progress | 3 | €0 | €4,247 | +€4,247 | |
| Stocks | 30/36 | €0 | €2,547 | +€2,547 | |
| Contracts in progress | 37 | - | €1,700 | +€1,700 | |
| Amounts receivable within one year | 40/41 | €15,857 | €5,553 | -€10,304 | -65.0% |
| Trade receivables | 40 | €14,799 | €3,882 | -€10,917 | -73.8% |
| Other amounts receivable | 41 | €1,058 | €1,671 | +€614 | +58.0% |
| Cash at bank and in hand | 54/58 | €3,678 | €0 | -€3,678 | -100% |
| Deferred charges and accrued income | 490/1 | €0 | €1,110 | +€1,110 | |
| Total equity and liabilities | 10/49 | €56,044 | €45,328 | -€10,716 | -19.1% |
| Equity | 10/15 | €20,577 | €18,323 | -€2,254 | -11.0% |
| Contributions | 10/11 | €6,300 | €6,300 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,277 | €12,023 | -€2,254 | -15.8% |
| Amounts payable | 17/49 | €35,467 | €27,005 | -€8,462 | -23.9% |
| Amounts payable within one year | 42/48 | €31,185 | €27,005 | -€4,180 | -13.4% |
| Financial debts | 43 | - | €142 | +€142 | |
| Credit institutions | 430/8 | - | €142 | +€142 | |
| Trade debts | 44 | €3,097 | €1,294 | -€1,803 | -58.2% |
| Suppliers | 440/4 | €3,097 | €1,294 | -€1,803 | -58.2% |
| Taxes, remuneration and social security | 45 | €3,051 | €437 | -€2,614 | -85.7% |
| Taxes | 450/3 | €3,051 | €437 | -€2,614 | -85.7% |
| Other amounts payable | 47/48 | €25,036 | €25,131 | +€95 | +0.4% |
| Accrued charges and deferred income | 492/3 | €4,282 | €0 | -€4,282 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,434 | €10,976 | -€1,458 | -11.7% |
| Other operating charges | 640/8 | €2,018 | €1,951 | -€67 | -3.3% |
| Non-recurring operating charges | 66A | €290 | €0 | -€290 | -100% |
| Gross operating margin | 9900 | €10,981 | €11,212 | +€231 | +2.1% |
| Operating profit (loss) | 9901 | -€3,760 | -€1,715 | +€2,045 | +54.4% |
| Financial income | 75/76B | €507 | €3 | -€504 | -99.5% |
| Recurring financial income | 75 | €507 | €3 | -€504 | -99.5% |
| Financial charges | 65/66B | €544 | €542 | -€3 | -0.5% |
| Recurring financial charges | 65 | €544 | €542 | -€3 | -0.5% |
| Profit (loss) for the period before taxes | 9903 | -€3,798 | -€2,254 | +€1,544 | +40.7% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€3,798 | -€2,254 | +€1,544 | +40.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,798 | -€2,254 | +€1,544 | +40.7% |
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 14 October 2026 via checked.be.