@VALOREM MANAGEMENT: 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 MANAGEMENT
Largest movements
- Cash +€9,902
up €9,902 (+21.1%), from €46,949 to €56,851
- Tangible fixed assets -€7,194
down €7,194 (-14.8%), from €48,632 to €41,438
of which Land and buildings: -€6,519
- Profit (loss) carried forward +€7,888
up €7,888 (+13.3%), from -€59,309 to -€51,421
- Tax, wage and social debts -€3,084
no longer reported in 2025 (was €3,084)
- Trade debts -€2,095
down €2,095 (-38.6%), from €5,426 to €3,331
- Gross operating margin -€554
down €554 (-5.2%), from €10,653 to €10,099
- Other operating charges +€200
up €200 (+14.3%), from €1,400 to €1,599
- Depreciation +€120
up €120 (+3.3%), from €3,698 to €3,818
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €95,581 | €98,289 | +€2,708 | +2.8% |
| Fixed assets | 21/28 | €48,632 | €41,438 | -€7,194 | -14.8% |
| Tangible fixed assets | 22/27 | €48,632 | €41,438 | -€7,194 | -14.8% |
| Land and buildings | 22 | €46,676 | €40,157 | -€6,519 | -14.0% |
| Furniture and vehicles | 24 | €1,956 | €1,281 | -€675 | -34.5% |
| Current assets | 29/58 | €46,949 | €56,851 | +€9,902 | +21.1% |
| Cash at bank and in hand | 54/58 | €46,949 | €56,851 | +€9,902 | +21.1% |
| Total equity and liabilities | 10/49 | €95,581 | €98,289 | +€2,708 | +2.8% |
| Equity | 10/15 | €3,691 | €11,579 | +€7,888 | +213.7% |
| Contributions | 10/11 | €63,000 | €63,000 | = | 0.0% |
| Capital | 10 | €63,000 | €63,000 | = | 0.0% |
| Issued capital | 100 | €63,000 | €63,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€59,309 | -€51,421 | +€7,888 | +13.3% |
| Amounts payable | 17/49 | €91,889 | €86,710 | -€5,180 | -5.6% |
| Amounts payable within one year | 42/48 | €91,889 | €86,710 | -€5,180 | -5.6% |
| Trade debts | 44 | €5,426 | €3,331 | -€2,095 | -38.6% |
| Suppliers | 440/4 | €5,426 | €3,331 | -€2,095 | -38.6% |
| Taxes, remuneration and social security | 45 | €3,084 | - | -€3,084 | |
| Taxes | 450/3 | €3,084 | - | -€3,084 | |
| Other amounts payable | 47/48 | €83,379 | €83,379 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,698 | €3,818 | +€120 | +3.3% |
| Other operating charges | 640/8 | €1,400 | €1,599 | +€200 | +14.3% |
| Gross operating margin | 9900 | €10,653 | €10,099 | -€554 | -5.2% |
| Operating profit (loss) | 9901 | €5,556 | €4,682 | -€874 | -15.7% |
| Financial charges | 65/66B | €61 | €61 | = | 0.0% |
| Recurring financial charges | 65 | €61 | €61 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €5,495 | €4,621 | -€874 | -15.9% |
| Profit (loss) for the period | 9904 | €5,495 | €4,621 | -€874 | -15.9% |
| Profit (loss) for the period to be appropriated | 9905 | €5,495 | €4,621 | -€874 | -15.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2023 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.