VALOREM LAW: 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.
VALOREM LAW
Largest movements
- Receivables within one year -€151,409
no longer reported in 2025 (was €151,409)
- Cash +€70,041
up €70,041 (+236.8%), from €29,575 to €99,616
mainly Receivables within one year (+€151,409) and Depreciation (+€68,425)
- Tangible fixed assets -€68,425
down €68,425 (-3.3%), from €2.1m to €2.0m
of which Land and buildings: -€59,150
- Debts after one year -€111,122
down €111,122 (-7.2%), from €1.5m to €1.4m
- Profit (loss) carried forward -€103,763
down €103,763, from €92,757 to -€11,005
- Other debts +€57,569
up €57,569 (+47.8%), from €120,394 to €177,962
- Gross operating margin +€73,163
up €73,163 (+86.7%), from -€84,412 to -€11,249
- Depreciation -€4,773
down €4,773 (-6.5%), from €73,198 to €68,425
- Financial charges -€1,841
down €1,841 (-7.9%), from €23,337 to €21,496
- Other operating charges -€1,429
down €1,429 (-37.2%), from €3,840 to €2,411
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 | €2,257,018 | €2,107,224 | -€149,793 | -6.6% |
| Fixed assets | 21/28 | €2,076,033 | €2,007,608 | -€68,425 | -3.3% |
| Tangible fixed assets | 22/27 | €2,076,033 | €2,007,608 | -€68,425 | -3.3% |
| Land and buildings | 22 | €2,024,393 | €1,965,244 | -€59,150 | -2.9% |
| Plant, machinery and equipment | 23 | €8,067 | €5,944 | -€2,123 | -26.3% |
| Furniture and vehicles | 24 | €43,572 | €36,421 | -€7,152 | -16.4% |
| Current assets | 29/58 | €180,985 | €99,616 | -€81,368 | -45.0% |
| Amounts receivable within one year | 40/41 | €151,409 | - | -€151,409 | |
| Other amounts receivable | 41 | €151,409 | - | -€151,409 | |
| Cash at bank and in hand | 54/58 | €29,575 | €99,616 | +€70,041 | +236.8% |
| Total equity and liabilities | 10/49 | €2,257,018 | €2,107,224 | -€149,793 | -6.6% |
| Equity | 10/15 | €489,017 | €385,255 | -€103,763 | -21.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €377,660 | €377,660 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €375,800 | €375,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | €92,757 | -€11,005 | -€103,763 | |
| Amounts payable | 17/49 | €1,768,000 | €1,721,970 | -€46,030 | -2.6% |
| Amounts payable after more than one year | 17 | €1,533,503 | €1,422,381 | -€111,122 | -7.2% |
| Financial debts | 170/4 | €1,533,503 | €1,422,381 | -€111,122 | -7.2% |
| Amounts payable within one year | 42/48 | €230,497 | €295,589 | +€65,092 | +28.2% |
| Current portion of amounts payable after more than one year | 42 | €109,379 | €111,122 | +€1,743 | +1.6% |
| Taxes, remuneration and social security | 45 | €725 | €6,505 | +€5,780 | +797.7% |
| Taxes | 450/3 | €725 | €6,505 | +€5,780 | +797.7% |
| Other amounts payable | 47/48 | €120,394 | €177,962 | +€57,569 | +47.8% |
| Accrued charges and deferred income | 492/3 | €4,000 | €4,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,198 | €68,425 | -€4,773 | -6.5% |
| Other operating charges | 640/8 | €3,840 | €2,411 | -€1,429 | -37.2% |
| Gross operating margin | 9900 | -€84,412 | -€11,249 | +€73,163 | +86.7% |
| Operating profit (loss) | 9901 | -€161,450 | -€82,085 | +€79,365 | +49.2% |
| Financial income | 75/76B | €47 | - | -€47 | |
| Recurring financial income | 75 | €47 | - | -€47 | |
| Financial charges | 65/66B | €23,337 | €21,496 | -€1,841 | -7.9% |
| Recurring financial charges | 65 | €23,337 | €21,496 | -€1,841 | -7.9% |
| Profit (loss) for the period before taxes | 9903 | -€184,740 | -€103,582 | +€81,158 | +43.9% |
| Income taxes | 67/77 | €14 | €181 | +€168 | +1231.8% |
| Profit (loss) for the period | 9904 | -€184,754 | -€103,763 | +€80,991 | +43.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€184,754 | -€103,763 | +€80,991 | +43.8% |
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 4 October 2026 via checked.be.