Valpeo Holding: what changed
You see two financial years side by side: what moved most in the balance sheet and the result, why the result rose or fell and where the money went.
What changed
Valpeo Holding
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€239,304
2024 · €1.6m-€1.4m
Equity
€3.7m
2024 · €3.5m+€239,304
Cash
€61,708
2024 · €55,266+€6,441
Balance sheet total
€8.6m
2024 · €8.5m+€113,910
Largest movements
Assets
- Current investments +€106,226
up €106,226 (+32.8%), from €323,657 to €429,882
Equity and liabilities
- Debts after one year -€500,863
down €500,863 (-12.7%), from €4.0m to €3.5m
- Other debts +€328,144
up €328,144 (+169%), from €193,658 to €521,802
- Profit (loss) carried forward +€133,079
up €133,079 (+209%), from €63,709 to €196,788
- Reserves +€106,226
up €106,226 (+29.0%), from €366,278 to €472,504
Income statement
- Financial income -€1.3m
down €1.3m (-83.0%), from €1.6m to €275,001
- Financial charges -€22,003
down €22,003 (-14.3%), from €153,660 to €131,657
- Gross operating margin +€3,917
up €3,917 (+1.4%), from €270,557 to €274,475
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€1.6m
Gross operating margin
+€3,917
Staff costs
-€1,572
Depreciation
+€652
Other operating charges
-€875
Other operating items
-€32,273
Financial income
-€1.3m
Financial charges
+€22,003
Taxes
-€432
Result 2025
€239,304
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€612,219
Investment
-€108,792
Financing
-€496,986
Cash 2024
€55,266
From operations (derived)
+€612,219
Net result for the year
+€239,304
Depreciation
+€605
Smaller working-capital items
+€718
Trade debts
+€34,445
Tax, wage and social debts
+€5,837
Other debts
+€328,144
Accrued charges and deferred income
+€3,166
Investment (derived)
-€108,792
Investment in fixed assets (net)
-€2,566
Current investments
-€106,226
Financing
-€496,986
Debts after one year
-€500,863
Current portion of long-term debt
+€3,877
Cash 2025
€61,708
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,450,923 | €8,564,833 | +€113,910 | +1.3% |
| Fixed assets | 21/28 | €7,970,756 | €7,972,717 | +€1,961 | 0.0% |
| Tangible fixed assets | 22/27 | €1,256 | €3,217 | +€1,961 | +156% |
| Furniture and vehicles | 24 | €1,256 | €3,217 | +€1,961 | +156% |
| Financial fixed assets | 28 | €7,969,500 | €7,969,500 | = | 0.0% |
| Current assets | 29/58 | €480,167 | €592,116 | +€111,949 | +23.3% |
| Amounts receivable within one year | 40/41 | €95,127 | €94,415 | -€712 | -0.7% |
| Trade receivables | 40 | €53,603 | €94,415 | +€40,812 | +76.1% |
| Other amounts receivable | 41 | €41,524 | €0 | -€41,524 | -100% |
| Current investments | 50/53 | €323,657 | €429,882 | +€106,226 | +32.8% |
| Cash at bank and in hand | 54/58 | €55,266 | €61,708 | +€6,441 | +11.7% |
| Deferred charges and accrued income | 490/1 | €6,117 | €6,111 | -€5 | -0.1% |
| Total equity and liabilities | 10/49 | €8,450,923 | €8,564,833 | +€113,910 | +1.3% |
| Equity | 10/15 | €3,504,703 | €3,744,007 | +€239,304 | +6.8% |
| Contributions | 10/11 | €3,074,715 | €3,074,715 | = | 0.0% |
| Capital | 10 | €3,074,715 | €3,074,715 | = | 0.0% |
| Issued capital | 100 | €3,074,715 | €3,074,715 | = | 0.0% |
| Reserves | 13 | €366,278 | €472,504 | +€106,226 | +29.0% |
| Non-distributable reserves | 130/1 | €366,278 | €472,504 | +€106,226 | +29.0% |
| Legal reserve | 130 | €42,622 | €42,622 | = | 0.0% |
| Own shares acquired | 1312 | €323,657 | €429,882 | +€106,226 | +32.8% |
| Profit (loss) carried forward | 14 | €63,709 | €196,788 | +€133,079 | +209% |
| Amounts payable | 17/49 | €4,946,220 | €4,820,826 | -€125,394 | -2.5% |
| Amounts payable after more than one year | 17 | €3,953,261 | €3,452,398 | -€500,863 | -12.7% |
| Financial debts | 170/4 | €3,953,261 | €3,452,398 | -€500,863 | -12.7% |
| Amounts payable within one year | 42/48 | €939,627 | €1,311,930 | +€372,303 | +39.6% |
| Current portion of amounts payable after more than one year | 42 | €711,096 | €714,973 | +€3,877 | +0.5% |
| Trade debts | 44 | €17,911 | €52,356 | +€34,445 | +192% |
| Suppliers | 440/4 | €17,911 | €52,356 | +€34,445 | +192% |
| Taxes, remuneration and social security | 45 | €16,962 | €22,799 | +€5,837 | +34.4% |
| Taxes | 450/3 | €4,146 | €12,555 | +€8,409 | +203% |
| Remuneration and social security | 454/9 | €12,816 | €10,244 | -€2,572 | -20.1% |
| Other amounts payable | 47/48 | €193,658 | €521,802 | +€328,144 | +169% |
| Accrued charges and deferred income | 492/3 | €53,332 | €56,498 | +€3,166 | +5.9% |
| Remuneration, social security and pensions | 62 | €141,877 | €143,449 | +€1,572 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,258 | €605 | -€652 | -51.9% |
| Other operating charges | 640/8 | €996 | €1,871 | +€875 | +87.8% |
| Non-recurring operating charges | 66A | - | €32,273 | +€32,273 | |
| Gross operating margin | 9900 | €270,557 | €274,475 | +€3,917 | +1.4% |
| Operating profit (loss) | 9901 | €126,426 | €96,277 | -€30,150 | -23.8% |
| Financial income | 75/76B | €1,621,014 | €275,001 | -€1.3m | -83.0% |
| Recurring financial income | 75 | €1,621,014 | €275,001 | -€1.3m | -83.0% |
| Financial charges | 65/66B | €153,660 | €131,657 | -€22,003 | -14.3% |
| Recurring financial charges | 65 | €153,660 | €131,657 | -€22,003 | -14.3% |
| Profit (loss) for the period before taxes | 9903 | €1,593,780 | €239,621 | -€1.4m | -85.0% |
| Income taxes | 67/77 | -€115 | €316 | +€432 | |
| Profit (loss) for the period | 9904 | €1,593,895 | €239,304 | -€1.4m | -85.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,593,895 | €239,304 | -€1.4m | -85.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.