Valorum Management: 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.
Valorum Management
Largest movements
- Current investments +€247,000
up €247,000 (+61.3%), from €403,000 to €650,000
- Cash -€220,784
down €220,784 (-76.1%), from €290,146 to €69,362
mainly Current investments (-€247,000) and Investment in fixed assets (net) (-€29,124)
- Tangible fixed assets +€19,943
up €19,943 (+148.0%), from €13,479 to €33,423
- Reserves +€45,666
up €45,666 (+7.3%), from €622,618 to €668,284
- Financial income -€183,409
down €183,409 (-93.5%), from €196,078 to €12,669
of which Non-recurring financial income: -€176,110
- Taxes -€22,286
down €22,286 (-53.9%), from €41,313 to €19,027
- Gross operating margin -€15,222
down €15,222 (-18.7%), from €81,356 to €66,134
- Depreciation +€2,415
up €2,415 (+38.9%), from €6,215 to €8,631
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 | €719,508 | €763,958 | +€44,449 | +6.2% |
| Fixed assets | 21/28 | €21,041 | €41,534 | +€20,493 | +97.4% |
| Tangible fixed assets | 22/27 | €13,479 | €33,423 | +€19,943 | +148.0% |
| Furniture and vehicles | 24 | €13,479 | €33,423 | +€19,943 | +148.0% |
| Financial fixed assets | 28 | €7,562 | €8,112 | +€550 | +7.3% |
| Current assets | 29/58 | €698,467 | €722,423 | +€23,956 | +3.4% |
| Amounts receivable within one year | 40/41 | €2,972 | €1,345 | -€1,627 | -54.7% |
| Other amounts receivable | 41 | €2,972 | €1,345 | -€1,627 | -54.7% |
| Current investments | 50/53 | €403,000 | €650,000 | +€247,000 | +61.3% |
| Cash at bank and in hand | 54/58 | €290,146 | €69,362 | -€220,784 | -76.1% |
| Deferred charges and accrued income | 490/1 | €2,350 | €1,716 | -€634 | -27.0% |
| Total equity and liabilities | 10/49 | €719,508 | €763,958 | +€44,449 | +6.2% |
| Equity | 10/15 | €641,218 | €686,884 | +€45,666 | +7.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €622,618 | €668,284 | +€45,666 | +7.3% |
| Distributable reserves | 133 | €622,618 | €668,284 | +€45,666 | +7.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €78,291 | €77,074 | -€1,217 | -1.6% |
| Amounts payable within one year | 42/48 | €75,274 | €74,326 | -€947 | -1.3% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €6,510 | €4,032 | -€2,478 | -38.1% |
| Credit institutions | 430/8 | €6,510 | €4,032 | -€2,478 | -38.1% |
| Trade debts | 44 | €1,964 | €1,212 | -€751 | -38.3% |
| Suppliers | 440/4 | €1,964 | €1,212 | -€751 | -38.3% |
| Taxes, remuneration and social security | 45 | €28,391 | €26,968 | -€1,422 | -5.0% |
| Taxes | 450/3 | €28,391 | €26,968 | -€1,422 | -5.0% |
| Other amounts payable | 47/48 | €38,409 | €42,113 | +€3,704 | +9.6% |
| Accrued charges and deferred income | 492/3 | €3,017 | €2,748 | -€269 | -8.9% |
| Remuneration, social security and pensions | 62 | €390 | €0 | -€390 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,215 | €8,631 | +€2,415 | +38.9% |
| Other operating charges | 640/8 | €1,940 | €2,185 | +€245 | +12.6% |
| Gross operating margin | 9900 | €81,356 | €66,134 | -€15,222 | -18.7% |
| Operating profit (loss) | 9901 | €72,810 | €55,318 | -€17,492 | -24.0% |
| Financial income | 75/76B | €196,078 | €12,669 | -€183,409 | -93.5% |
| Recurring financial income | 75 | €16,784 | €9,485 | -€7,299 | -43.5% |
| Non-recurring financial income | 76B | €179,294 | €3,184 | -€176,110 | -98.2% |
| Financial charges | 65/66B | €3,557 | €3,293 | -€264 | -7.4% |
| Recurring financial charges | 65 | €3,557 | €3,293 | -€264 | -7.4% |
| Profit (loss) for the period before taxes | 9903 | €265,332 | €64,693 | -€200,638 | -75.6% |
| Income taxes | 67/77 | €41,313 | €19,027 | -€22,286 | -53.9% |
| Profit (loss) for the period | 9904 | €224,018 | €45,666 | -€178,352 | -79.6% |
| Profit (loss) for the period to be appropriated | 9905 | €224,018 | €45,666 | -€178,352 | -79.6% |
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 9 October 2026 via checked.be.