VALOREM: 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.
VALOREM
Largest movements
- Intangible fixed assets -€19,226
down €19,226 (-43.1%), from €44,596 to €25,370
- Receivables within one year +€16,840
up €16,840 (+175.9%), from €9,576 to €26,416
of which Other amounts receivable: +€18,100
- Cash -€1,533
down €1,533 (-80.9%), from €1,895 to €362
mainly Receivables within one year (-€16,840) and Debts after one year (-€10,417)
- Tangible fixed assets -€684
down €684 (-60.1%), from €1,138 to €454
- Profit (loss) carried forward +€14,845
up €14,845, from -€12,049 to €2,796
- Debts after one year -€10,417
down €10,417 (-48.9%), from €21,289 to €10,872
- Other debts -€8,265
down €8,265 (-86.6%), from €9,541 to €1,275
- Current portion of long-term debt -€7,392
down €7,392 (-39.6%), from €18,658 to €11,266
- Trade debts +€6,871
up €6,871 (+79.1%), from €8,689 to €15,561
- Gross operating margin -€14,462
down €14,462 (-28.0%), from €51,626 to €37,164
- Other operating charges +€2,010
up €2,010 (+219.6%), from €915 to €2,926
- Write-downs -€2,000
new in 2025: -€2,000
- Financial charges -€537
down €537 (-28.1%), from €1,910 to €1,373
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €58,128 | €54,060 | -€4,069 | -7.0% |
| Fixed assets | 21/28 | €45,734 | €25,823 | -€19,910 | -43.5% |
| Intangible fixed assets | 21 | €44,596 | €25,370 | -€19,226 | -43.1% |
| Tangible fixed assets | 22/27 | €1,138 | €454 | -€684 | -60.1% |
| Furniture and vehicles | 24 | €1,138 | €454 | -€684 | -60.1% |
| Current assets | 29/58 | €12,395 | €28,236 | +€15,841 | +127.8% |
| Amounts receivable within one year | 40/41 | €9,576 | €26,416 | +€16,840 | +175.9% |
| Trade receivables | 40 | €1,785 | €525 | -€1,260 | -70.6% |
| Other amounts receivable | 41 | €7,791 | €25,891 | +€18,100 | +232.3% |
| Cash at bank and in hand | 54/58 | €1,895 | €362 | -€1,533 | -80.9% |
| Deferred charges and accrued income | 490/1 | €924 | €1,458 | +€534 | +57.9% |
| Total equity and liabilities | 10/49 | €58,128 | €54,060 | -€4,069 | -7.0% |
| Equity | 10/15 | -€49 | €14,796 | +€14,845 | |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€12,049 | €2,796 | +€14,845 | |
| Amounts payable | 17/49 | €58,177 | €39,263 | -€18,914 | -32.5% |
| Amounts payable after more than one year | 17 | €21,289 | €10,872 | -€10,417 | -48.9% |
| Financial debts | 170/4 | €21,289 | €10,872 | -€10,417 | -48.9% |
| Amounts payable within one year | 42/48 | €36,888 | €28,392 | -€8,496 | -23.0% |
| Current portion of amounts payable after more than one year | 42 | €18,658 | €11,266 | -€7,392 | -39.6% |
| Trade debts | 44 | €8,689 | €15,561 | +€6,871 | +79.1% |
| Suppliers | 440/4 | €8,689 | €15,561 | +€6,871 | +79.1% |
| Taxes, remuneration and social security | 45 | - | €290 | +€290 | |
| Taxes | 450/3 | - | €290 | +€290 | |
| Other amounts payable | 47/48 | €9,541 | €1,275 | -€8,265 | -86.6% |
| Remuneration, social security and pensions | 62 | €214 | - | -€214 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,366 | €19,910 | -€456 | -2.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€2,000 | -€2,000 | |
| Other operating charges | 640/8 | €915 | €2,926 | +€2,010 | +219.6% |
| Gross operating margin | 9900 | €51,626 | €37,164 | -€14,462 | -28.0% |
| Operating profit (loss) | 9901 | €30,130 | €16,328 | -€13,802 | -45.8% |
| Financial income | 75/76B | - | €180 | +€180 | |
| Recurring financial income | 75 | - | €180 | +€180 | |
| Financial charges | 65/66B | €1,910 | €1,373 | -€537 | -28.1% |
| Recurring financial charges | 65 | €1,910 | €1,373 | -€537 | -28.1% |
| Profit (loss) for the period before taxes | 9903 | €28,220 | €15,135 | -€13,084 | -46.4% |
| Income taxes | 67/77 | - | €290 | +€290 | |
| Profit (loss) for the period | 9904 | €28,220 | €14,845 | -€13,374 | -47.4% |
| Profit (loss) for the period to be appropriated | 9905 | €28,220 | €14,845 | -€13,374 | -47.4% |
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 10 October 2026 via checked.be.