Valorem Plus: 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 Plus
Largest movements
- Stocks and contracts +€167,988
up €167,988 (+28.6%), from €588,373 to €756,361
- Cash -€75,342
down €75,342 (-64.2%), from €117,351 to €42,009
mainly Stocks and contracts (-€167,988) and Net result for the year (-€7,173)
- Short-term financial debts +€95,000
up €95,000 (+26.2%), from €362,520 to €457,520
- Gross operating margin -€23,577
down €23,577, from €17,905 to -€5,672
- Taxes -€3,940
down €3,940 (-100.0%), from €3,940 to €0
- Other operating charges -€467
down €467 (-28.3%), from €1,651 to €1,184
- Financial charges -€434
down €434 (-57.8%), from €751 to €317
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 | €712,772 | €799,928 | +€87,156 | +12.2% |
| Fixed assets | 21/28 | €250 | €250 | = | 0.0% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €712,522 | €799,678 | +€87,156 | +12.2% |
| Stocks and contracts in progress | 3 | €588,373 | €756,361 | +€167,988 | +28.6% |
| Stocks | 30/36 | €588,373 | €756,361 | +€167,988 | +28.6% |
| Amounts receivable within one year | 40/41 | €6,310 | €810 | -€5,500 | -87.2% |
| Other amounts receivable | 41 | €6,310 | €810 | -€5,500 | -87.2% |
| Cash at bank and in hand | 54/58 | €117,351 | €42,009 | -€75,342 | -64.2% |
| Deferred charges and accrued income | 490/1 | €487 | €497 | +€10 | +2.1% |
| Total equity and liabilities | 10/49 | €712,772 | €799,928 | +€87,156 | +12.2% |
| Equity | 10/15 | €346,675 | €339,502 | -€7,173 | -2.1% |
| Contributions | 10/11 | €260,000 | €260,000 | = | 0.0% |
| Reserves | 13 | €86,675 | €79,502 | -€7,173 | -8.3% |
| Distributable reserves | 133 | €86,675 | €79,502 | -€7,173 | -8.3% |
| Amounts payable | 17/49 | €366,096 | €460,426 | +€94,329 | +25.8% |
| Amounts payable within one year | 42/48 | €362,520 | €457,958 | +€95,438 | +26.3% |
| Financial debts | 43 | €362,520 | €457,520 | +€95,000 | +26.2% |
| Credit institutions | 430/8 | €362,520 | €457,520 | +€95,000 | +26.2% |
| Trade debts | 44 | €0 | €438 | +€438 | |
| Suppliers | 440/4 | €0 | €438 | +€438 | |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €3,576 | €2,468 | -€1,109 | -31.0% |
| Other operating charges | 640/8 | €1,651 | €1,184 | -€467 | -28.3% |
| Gross operating margin | 9900 | €17,905 | -€5,672 | -€23,577 | |
| Operating profit (loss) | 9901 | €16,255 | -€6,856 | -€23,110 | |
| Financial charges | 65/66B | €751 | €317 | -€434 | -57.8% |
| Recurring financial charges | 65 | €751 | €317 | -€434 | -57.8% |
| Profit (loss) for the period before taxes | 9903 | €15,504 | -€7,173 | -€22,676 | |
| Income taxes | 67/77 | €3,940 | €0 | -€3,940 | -100.0% |
| Profit (loss) for the period | 9904 | €11,564 | -€7,173 | -€18,737 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,564 | -€7,173 | -€18,737 |
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 30 September 2026 via checked.be.