VALORENS: 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.
VALORENS
Largest movements
- Tangible fixed assets -€14,024
down €14,024 (-1.7%), from €818,154 to €804,130
of which Furniture and vehicles: -€8,741
- Profit (loss) carried forward +€25,052
up €25,052 (+18.1%), from -€138,672 to -€113,620
- Other debts -€24,777
down €24,777 (-5.4%), from €455,056 to €430,278
- Reserves -€8,905
down €8,905 (-2.6%), from €342,518 to €333,613
of which Tax-exempt reserves: -€8,905
- Gross operating margin -€41,677
down €41,677 (-48.4%), from €86,183 to €44,505
- Depreciation -€28,386
down €28,386 (-54.1%), from €52,427 to €24,041
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 | €826,199 | €804,649 | -€21,550 | -2.6% |
| Fixed assets | 21/28 | €818,154 | €804,130 | -€14,024 | -1.7% |
| Tangible fixed assets | 22/27 | €818,154 | €804,130 | -€14,024 | -1.7% |
| Land and buildings | 22 | €763,646 | €758,363 | -€5,283 | -0.7% |
| Furniture and vehicles | 24 | €54,508 | €45,767 | -€8,741 | -16.0% |
| Current assets | 29/58 | €8,045 | €518 | -€7,527 | -93.6% |
| Amounts receivable within one year | 40/41 | €112 | - | -€112 | |
| Other amounts receivable | 41 | €112 | - | -€112 | |
| Cash at bank and in hand | 54/58 | €7,933 | €518 | -€7,415 | -93.5% |
| Total equity and liabilities | 10/49 | €826,199 | €804,649 | -€21,550 | -2.6% |
| Equity | 10/15 | €253,846 | €269,993 | +€16,147 | +6.4% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €342,518 | €333,613 | -€8,905 | -2.6% |
| Non-distributable reserves | 130/1 | €3,029 | €3,029 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,029 | €3,029 | = | 0.0% |
| Tax-exempt reserves | 132 | €294,772 | €285,867 | -€8,905 | -3.0% |
| Distributable reserves | 133 | €44,717 | €44,717 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€138,672 | -€113,620 | +€25,052 | +18.1% |
| Provisions and deferred taxes | 16 | €98,257 | €95,289 | -€2,968 | -3.0% |
| Deferred taxes | 168 | €98,257 | €95,289 | -€2,968 | -3.0% |
| Amounts payable | 17/49 | €474,096 | €439,367 | -€34,729 | -7.3% |
| Amounts payable after more than one year | 17 | €2,545 | - | -€2,545 | |
| Financial debts | 170/4 | €2,545 | - | -€2,545 | |
| Amounts payable within one year | 42/48 | €470,555 | €438,297 | -€32,258 | -6.9% |
| Current portion of amounts payable after more than one year | 42 | €10,134 | €2,545 | -€7,588 | -74.9% |
| Trade debts | 44 | €5,366 | €5,473 | +€107 | +2.0% |
| Suppliers | 440/4 | €5,366 | €5,473 | +€107 | +2.0% |
| Other amounts payable | 47/48 | €455,056 | €430,278 | -€24,777 | -5.4% |
| Accrued charges and deferred income | 492/3 | €995 | €1,070 | +€75 | +7.5% |
| Non-recurring operating income | 76A | €74,786 | - | -€74,786 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,427 | €24,041 | -€28,386 | -54.1% |
| Other operating charges | 640/8 | €6,094 | €6,852 | +€757 | +12.4% |
| Gross operating margin | 9900 | €86,183 | €44,505 | -€41,677 | -48.4% |
| Operating profit (loss) | 9901 | €27,662 | €13,613 | -€14,048 | -50.8% |
| Financial income | 75/76B | €39 | €5 | -€35 | -87.8% |
| Recurring financial income | 75 | €39 | €5 | -€35 | -87.8% |
| Financial charges | 65/66B | €350 | €377 | +€27 | +7.6% |
| Recurring financial charges | 65 | €350 | €377 | +€27 | +7.6% |
| Profit (loss) for the period before taxes | 9903 | €27,351 | €13,241 | -€14,110 | -51.6% |
| Transfer from deferred taxes | 780 | €2,968 | €2,968 | = | 0.0% |
| Income taxes | 67/77 | €12 | €63 | +€51 | +428.6% |
| Profit (loss) for the period | 9904 | €30,307 | €16,147 | -€14,161 | -46.7% |
| Transfer from tax-exempt reserves | 789 | €8,905 | €8,905 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €39,212 | €25,052 | -€14,161 | -36.1% |
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 2 October 2026 via checked.be.