VALPICO: 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.
VALPICO
Largest movements
- Receivables within one year -€29,924
down €29,924 (-96.1%), from €31,153 to €1,229
of which Other amounts receivable: -€26,924
- Stocks and contracts +€5,654
new in 2025: €5,654
- Cash -€2,351
down €2,351 (-18.3%), from €12,847 to €10,496
mainly Net result for the year (-€16,053) and Tax, wage and social debts (-€6,005)
- Profit (loss) carried forward -€16,053
down €16,053 (-38.1%), from -€42,154 to -€58,207
- Tax, wage and social debts -€6,005
down €6,005 (-23.9%), from €25,112 to €19,107
of which Remuneration and social security: -€5,034
- Trade debts -€5,050
down €5,050 (-58.6%), from €8,622 to €3,572
- Other debts +€487
new in 2025: €487
- Staff costs +€16,148
up €16,148 (+60.6%), from €26,644 to €42,792
- Gross operating margin +€14,073
up €14,073 (+102.7%), from €13,706 to €27,778
- Other operating charges +€480
up €480 (+94.0%), from €511 to €992
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 | €44,038 | €17,417 | -€26,621 | -60.5% |
| Fixed assets | 21/28 | €38 | €38 | = | 0.0% |
| Tangible fixed assets | 22/27 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Financial fixed assets | 28 | €38 | €38 | = | 0.0% |
| Current assets | 29/58 | €43,999 | €17,379 | -€26,621 | -60.5% |
| Stocks and contracts in progress | 3 | - | €5,654 | +€5,654 | |
| Stocks | 30/36 | - | €5,654 | +€5,654 | |
| Amounts receivable within one year | 40/41 | €31,153 | €1,229 | -€29,924 | -96.1% |
| Trade receivables | 40 | €3,000 | €0 | -€3,000 | -100.0% |
| Other amounts receivable | 41 | €28,153 | €1,229 | -€26,924 | -95.6% |
| Cash at bank and in hand | 54/58 | €12,847 | €10,496 | -€2,351 | -18.3% |
| Total equity and liabilities | 10/49 | €44,038 | €17,417 | -€26,621 | -60.5% |
| Equity | 10/15 | €10,304 | -€5,749 | -€16,053 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €46,258 | €46,258 | = | 0.0% |
| Distributable reserves | 133 | €46,258 | €46,258 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€42,154 | -€58,207 | -€16,053 | -38.1% |
| Amounts payable | 17/49 | €33,734 | €23,166 | -€10,568 | -31.3% |
| Amounts payable within one year | 42/48 | €33,734 | €23,166 | -€10,568 | -31.3% |
| Trade debts | 44 | €8,622 | €3,572 | -€5,050 | -58.6% |
| Suppliers | 440/4 | €8,622 | €3,572 | -€5,050 | -58.6% |
| Taxes, remuneration and social security | 45 | €25,112 | €19,107 | -€6,005 | -23.9% |
| Taxes | 450/3 | €1,587 | €616 | -€971 | -61.2% |
| Remuneration and social security | 454/9 | €23,525 | €18,491 | -€5,034 | -21.4% |
| Other amounts payable | 47/48 | - | €487 | +€487 | |
| Remuneration, social security and pensions | 62 | €26,644 | €42,792 | +€16,148 | +60.6% |
| Other operating charges | 640/8 | €511 | €992 | +€480 | +94.0% |
| Gross operating margin | 9900 | €13,706 | €27,778 | +€14,073 | +102.7% |
| Operating profit (loss) | 9901 | -€13,449 | -€16,005 | -€2,556 | -19.0% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €47 | €51 | +€5 | +9.7% |
| Recurring financial charges | 65 | €47 | €51 | +€5 | +9.7% |
| Profit (loss) for the period before taxes | 9903 | -€13,496 | -€16,053 | -€2,557 | -18.9% |
| Profit (loss) for the period | 9904 | -€13,496 | -€16,053 | -€2,557 | -18.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,496 | -€16,053 | -€2,557 | -18.9% |
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.