VALPA: 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.
VALPA
Largest movements
- Tangible fixed assets -€6,897
down €6,897 (-25.4%), from €27,197 to €20,301
of which Furniture and vehicles: -€5,135
- Deferred charges and accrued income -€887
down €887 (-96.7%), from €916 to €30
- Cash -€536
down €536 (-100.0%), from €536 to €0
mainly Other debts (-€16,810)
- Other debts -€16,810
down €16,810 (-16.5%), from €102,023 to €85,214
- Profit (loss) carried forward +€6,456
up €6,456 (+6.6%), from -€97,462 to -€91,006
- Short-term financial debts +€923
new in 2025: €923
- Trade debts +€703
up €703 (+20.0%), from €3,507 to €4,210
- Gross operating margin +€14,537
up €14,537 (+1288.6%), from €1,128 to €15,665
- Other operating charges -€951
down €951 (-37.1%), from €2,566 to €1,615
- Depreciation +€920
up €920 (+15.4%), from €5,976 to €6,897
- Financial charges +€196
up €196 (+38.8%), from €506 to €703
- Taxes -€174
down €174 (-100.0%), from €174 to €0
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 | €28,848 | €20,331 | -€8,518 | -29.5% |
| Fixed assets | 21/28 | €27,197 | €20,301 | -€6,897 | -25.4% |
| Tangible fixed assets | 22/27 | €27,197 | €20,301 | -€6,897 | -25.4% |
| Furniture and vehicles | 24 | €11,936 | €6,801 | -€5,135 | -43.0% |
| Other tangible fixed assets | 26 | €15,261 | €13,500 | -€1,761 | -11.5% |
| Current assets | 29/58 | €1,651 | €30 | -€1,621 | -98.2% |
| Amounts receivable within one year | 40/41 | €199 | €0 | -€199 | -100.0% |
| Trade receivables | 40 | €46 | €0 | -€46 | -100.0% |
| Other amounts receivable | 41 | €153 | €0 | -€153 | -100.0% |
| Cash at bank and in hand | 54/58 | €536 | €0 | -€536 | -100.0% |
| Deferred charges and accrued income | 490/1 | €916 | €30 | -€887 | -96.7% |
| Total equity and liabilities | 10/49 | €28,848 | €20,331 | -€8,518 | -29.5% |
| Equity | 10/15 | -€78,912 | -€72,456 | +€6,456 | +8.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€97,462 | -€91,006 | +€6,456 | +6.6% |
| Amounts payable | 17/49 | €107,760 | €92,787 | -€14,973 | -13.9% |
| Amounts payable within one year | 42/48 | €107,760 | €92,787 | -€14,973 | -13.9% |
| Financial debts | 43 | - | €923 | +€923 | |
| Credit institutions | 430/8 | - | €923 | +€923 | |
| Trade debts | 44 | €3,507 | €4,210 | +€703 | +20.0% |
| Suppliers | 440/4 | €3,507 | €4,210 | +€703 | +20.0% |
| Taxes, remuneration and social security | 45 | €2,229 | €2,440 | +€211 | +9.5% |
| Taxes | 450/3 | €2,229 | €2,440 | +€211 | +9.5% |
| Other amounts payable | 47/48 | €102,023 | €85,214 | -€16,810 | -16.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,976 | €6,897 | +€920 | +15.4% |
| Other operating charges | 640/8 | €2,566 | €1,615 | -€951 | -37.1% |
| Gross operating margin | 9900 | €1,128 | €15,665 | +€14,537 | +1288.6% |
| Operating profit (loss) | 9901 | -€7,414 | €7,153 | +€14,568 | |
| Financial income | 75/76B | €3 | €5 | +€2 | +91.3% |
| Recurring financial income | 75 | €3 | €5 | +€2 | +91.3% |
| Financial charges | 65/66B | €506 | €703 | +€196 | +38.8% |
| Recurring financial charges | 65 | €506 | €703 | +€196 | +38.8% |
| Profit (loss) for the period before taxes | 9903 | -€7,918 | €6,456 | +€14,374 | |
| Income taxes | 67/77 | €174 | €0 | -€174 | -100.0% |
| Profit (loss) for the period | 9904 | -€8,093 | €6,456 | +€14,548 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,093 | €6,456 | +€14,548 |
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.