ValoriFeX: what changed
Two financial 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.
ValoriFeX
Largest movements
- Cash +€10,636
up €10,636 (+8.9%), from €118,931 to €129,567
mainly Net result for the year (+€23,514) and Depreciation (+€10,338)
- Tangible fixed assets -€8,984
down €8,984 (-80.6%), from €11,148 to €2,164
- Receivables within one year -€6,961
down €6,961 (-44.0%), from €15,818 to €8,856
of which Trade receivables: -€14,371
- Profit (loss) carried forward +€23,514
up €23,514 (+23.1%), from €101,688 to €125,203
- Tax, wage and social debts -€16,627
down €16,627 (-55.6%), from €29,889 to €13,261
- Other debts -€10,843
no longer reported in 2025 (was €10,843)
- Trade debts -€1,563
down €1,563 (-89.6%), from €1,745 to €182
- Gross operating margin -€102,032
down €102,032 (-70.5%), from €144,816 to €42,785
- Taxes -€21,667
down €21,667 (-72.5%), from €29,889 to €8,222
- Other operating charges -€1,962
down €1,962 (-71.6%), from €2,739 to €777
- Depreciation +€1,485
up €1,485 (+16.8%), from €8,853 to €10,338
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.
Derived cash bridge
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 | €146,666 | €141,146 | -€5,520 | -3.8% |
| Fixed assets | 21/28 | €11,148 | €2,164 | -€8,984 | -80.6% |
| Tangible fixed assets | 22/27 | €11,148 | €2,164 | -€8,984 | -80.6% |
| Furniture and vehicles | 24 | €11,148 | €2,164 | -€8,984 | -80.6% |
| Current assets | 29/58 | €135,517 | €138,982 | +€3,464 | +2.6% |
| Amounts receivable within one year | 40/41 | €15,818 | €8,856 | -€6,961 | -44.0% |
| Trade receivables | 40 | €15,818 | €1,447 | -€14,371 | -90.9% |
| Other amounts receivable | 41 | - | €7,410 | +€7,410 | |
| Cash at bank and in hand | 54/58 | €118,931 | €129,567 | +€10,636 | +8.9% |
| Deferred charges and accrued income | 490/1 | €769 | €559 | -€210 | -27.3% |
| Total equity and liabilities | 10/49 | €146,666 | €141,146 | -€5,520 | -3.8% |
| Equity | 10/15 | €104,188 | €127,703 | +€23,514 | +22.6% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €101,688 | €125,203 | +€23,514 | +23.1% |
| Amounts payable | 17/49 | €42,477 | €13,443 | -€29,034 | -68.4% |
| Amounts payable within one year | 42/48 | €42,477 | €13,443 | -€29,034 | -68.4% |
| Trade debts | 44 | €1,745 | €182 | -€1,563 | -89.6% |
| Suppliers | 440/4 | €1,745 | €182 | -€1,563 | -89.6% |
| Taxes, remuneration and social security | 45 | €29,889 | €13,261 | -€16,627 | -55.6% |
| Taxes | 450/3 | €29,889 | €13,261 | -€16,627 | -55.6% |
| Other amounts payable | 47/48 | €10,843 | - | -€10,843 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,853 | €10,338 | +€1,485 | +16.8% |
| Other operating charges | 640/8 | €2,739 | €777 | -€1,962 | -71.6% |
| Gross operating margin | 9900 | €144,816 | €42,785 | -€102,032 | -70.5% |
| Operating profit (loss) | 9901 | €133,224 | €31,669 | -€101,555 | -76.2% |
| Financial income | 75/76B | €1 | €171 | +€169 | +12,093% |
| Recurring financial income | 75 | €1 | €171 | +€169 | +12,093% |
| Financial charges | 65/66B | €25 | €103 | +€78 | +310% |
| Recurring financial charges | 65 | €25 | €103 | +€78 | +310% |
| Profit (loss) for the period before taxes | 9903 | €133,200 | €31,736 | -€101,464 | -76.2% |
| Income taxes | 67/77 | €29,889 | €8,222 | -€21,667 | -72.5% |
| Profit (loss) for the period | 9904 | €103,312 | €23,514 | -€79,797 | -77.2% |
| Profit (loss) for the period to be appropriated | 9905 | €103,312 | €23,514 | -€79,797 | -77.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.