VALORES: 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.
What changed
VALORES
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€487,507
2024 · €779,811-€292,304
Equity
€5.7m
2024 · €5.2m+€487,507
Cash
€43,417
2024 · €107,610-€64,194
Balance sheet total
€8.6m
2024 · €8.8m-€273,821
Largest movements
Assets
- Receivables within one year -€204,898
down €204,898 (-29.3%), from €698,587 to €493,689
of which Trade receivables: -€162,049
Equity and liabilities
- Current portion of long-term debt -€870,000
down €870,000 (-100.0%), from €870,000 to €0
- Reserves +€487,507
up €487,507 (+17.6%), from €2.8m to €3.3m
of which Distributable reserves: +€487,507
- Other debts +€462,843
up €462,843 (+19.6%), from €2.4m to €2.8m
- Trade debts -€343,884
down €343,884 (-99.8%), from €344,673 to €789
Income statement
- Turnover -€388,492
down €388,492 (-32.2%), from €1.2m to €818,438
- Staff costs -€64,830
down €64,830 (-48.9%), from €132,479 to €67,648
- Financial charges -€33,800
down €33,800 (-34.1%), from €99,109 to €65,310
- Other operating income -€13,748
down €13,748 (-87.5%), from €15,706 to €1,957
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.
Result 2024
€779,811
Turnover
-€388,492
Other operating income
-€13,748
Services and other goods
+€8,506
Staff costs
+€64,830
Depreciation
+€2,640
Other operating charges
+€130
Financial income
-€2
Financial charges
+€33,800
Taxes
+€32
Result 2025
€487,507
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.
From operations
+€805,806
Investment
€0
Financing
-€870,000
Cash 2024
€107,610
From operations (derived)
+€805,806
Net result for the year
+€487,507
Depreciation
+€4,729
Receivables within one year
+€204,898
Trade debts
-€343,884
Tax, wage and social debts
-€7,466
Other debts
+€462,843
Accrued charges and deferred income
-€2,822
Financing
-€870,000
Current portion of long-term debt
-€870,000
Cash 2025
€43,417
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,829,566 | €8,555,745 | -€273,821 | -3.1% |
| Fixed assets | 21/28 | €8,023,368 | €8,018,639 | -€4,729 | -0.1% |
| Intangible fixed assets | 21 | €4,729 | €0 | -€4,729 | -100.0% |
| Financial fixed assets | 28 | €8,018,639 | €8,018,639 | = | 0.0% |
| Affiliated companies | 280/1 | €8,018,276 | €8,018,276 | = | 0.0% |
| Participating interests | 280 | €8,018,276 | €8,018,276 | = | 0.0% |
| Other financial fixed assets | 284/8 | €363 | €363 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €806,198 | €537,106 | -€269,092 | -33.4% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €698,587 | €493,689 | -€204,898 | -29.3% |
| Trade receivables | 40 | €653,206 | €491,157 | -€162,049 | -24.8% |
| Other amounts receivable | 41 | €45,381 | €2,532 | -€42,849 | -94.4% |
| Cash at bank and in hand | 54/58 | €107,610 | €43,417 | -€64,194 | -59.7% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €8,829,566 | €8,555,745 | -€273,821 | -3.1% |
| Equity | 10/15 | €5,205,083 | €5,692,590 | +€487,507 | +9.4% |
| Contributions | 10/11 | €2,432,136 | €2,432,136 | = | 0.0% |
| Capital | 10 | €2,432,136 | €2,432,136 | = | 0.0% |
| Issued capital | 100 | €2,432,136 | €2,432,136 | = | 0.0% |
| Reserves | 13 | €2,772,947 | €3,260,454 | +€487,507 | +17.6% |
| Non-distributable reserves | 130/1 | €243,214 | €243,214 | = | 0.0% |
| Legal reserve | 130 | €243,214 | €243,214 | = | 0.0% |
| Tax-exempt reserves | 132 | €17,728 | €17,728 | = | 0.0% |
| Distributable reserves | 133 | €2,512,005 | €2,999,512 | +€487,507 | +19.4% |
| Amounts payable | 17/49 | €3,624,483 | €2,863,154 | -€761,328 | -21.0% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Other loans | 174 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €3,621,661 | €2,863,154 | -€758,507 | -20.9% |
| Current portion of amounts payable after more than one year | 42 | €870,000 | €0 | -€870,000 | -100.0% |
| Trade debts | 44 | €344,673 | €789 | -€343,884 | -99.8% |
| Suppliers | 440/4 | €344,673 | €789 | -€343,884 | -99.8% |
| Taxes, remuneration and social security | 45 | €48,282 | €40,816 | -€7,466 | -15.5% |
| Taxes | 450/3 | €42,269 | €29,638 | -€12,631 | -29.9% |
| Remuneration and social security | 454/9 | €6,013 | €11,178 | +€5,165 | +85.9% |
| Other amounts payable | 47/48 | €2,358,706 | €2,821,549 | +€462,843 | +19.6% |
| Accrued charges and deferred income | 492/3 | €2,822 | €0 | -€2,822 | -100.0% |
| Operating income | 70/76A | €1,222,636 | €820,396 | -€402,240 | -32.9% |
| Turnover | 70 | €1,206,930 | €818,438 | -€388,492 | -32.2% |
| Other operating income | 74 | €15,706 | €1,957 | -€13,748 | -87.5% |
| Operating charges | 60/66A | €343,610 | €267,504 | -€76,106 | -22.1% |
| Services and other goods | 61 | €202,506 | €194,000 | -€8,506 | -4.2% |
| Remuneration, social security and pensions | 62 | €132,479 | €67,648 | -€64,830 | -48.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,369 | €4,729 | -€2,640 | -35.8% |
| Other operating charges | 640/8 | €1,257 | €1,126 | -€130 | -10.4% |
| Operating profit (loss) | 9901 | €879,026 | €552,892 | -€326,134 | -37.1% |
| Financial income | 75/76B | €2 | €0 | -€2 | -99.5% |
| Recurring financial income | 75 | €2 | €0 | -€2 | -99.5% |
| Income from current assets | 751 | €0 | - | = | |
| Other financial income | 752/9 | €2 | €0 | -€2 | -99.5% |
| Financial charges | 65/66B | €99,109 | €65,310 | -€33,800 | -34.1% |
| Recurring financial charges | 65 | €99,109 | €65,310 | -€33,800 | -34.1% |
| Debt charges | 650 | €94,932 | €64,817 | -€30,116 | -31.7% |
| Other financial charges | 652/9 | €4,177 | €493 | -€3,684 | -88.2% |
| Profit (loss) for the period before taxes | 9903 | €779,918 | €487,582 | -€292,336 | -37.5% |
| Income taxes | 67/77 | €107 | €75 | -€32 | -30.1% |
| Taxes | 670/3 | €107 | €75 | -€32 | -30.1% |
| Profit (loss) for the period | 9904 | €779,811 | €487,507 | -€292,304 | -37.5% |
| Profit (loss) for the period to be appropriated | 9905 | €779,811 | €487,507 | -€292,304 | -37.5% |
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 5 October 2026 via checked.be.