VALPIEHEMA: 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.
VALPIEHEMA
Largest movements
- Financial fixed assets -€316,023
down €316,023 (-8.2%), from €3.8m to €3.5m
- Cash -€110,424
down €110,424 (-46.4%), from €237,940 to €127,516
mainly Debts after one year (-€300,000) and Net result for the year (-€159,623)
- Debts after one year -€300,000
down €300,000 (-10.7%), from €2.8m to €2.5m
of which Financial debts: -€300,000
- Profit (loss) carried forward -€159,623
down €159,623 (-12.4%), from €1.3m to €1.1m
- Financial charges +€530,471
up €530,471 (+16,900%), from €3,139 to €533,609
of which Non-recurring financial charges: +€530,350
- Financial income +€243,662
up €243,662 (+195%), from €124,821 to €368,483
of which Non-recurring financial income: +€214,337
- Gross operating margin -€29,183
down €29,183 (-74.0%), from €39,423 to €10,240
- Taxes -€7,828
down €7,828 (-83.8%), from €9,342 to €1,515
- Other operating charges -€584
down €584 (-44.2%), from €1,321 to €738
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 | €4,298,632 | €3,835,001 | -€463,630 | -10.8% |
| Fixed assets | 21/28 | €3,932,720 | €3,614,213 | -€318,507 | -8.1% |
| Tangible fixed assets | 22/27 | €90,059 | €87,576 | -€2,484 | -2.8% |
| Land and buildings | 22 | €86,849 | €84,365 | -€2,484 | -2.9% |
| Furniture and vehicles | 24 | €3,113 | €3,113 | = | 0.0% |
| Other tangible fixed assets | 26 | €97 | €97 | = | 0.0% |
| Financial fixed assets | 28 | €3,842,661 | €3,526,637 | -€316,023 | -8.2% |
| Current assets | 29/58 | €365,912 | €220,788 | -€145,123 | -39.7% |
| Amounts receivable after more than one year | 29 | €89,919 | €89,919 | = | 0.0% |
| Other amounts receivable | 291 | €89,919 | €89,919 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €37,931 | €3,128 | -€34,804 | -91.8% |
| Trade receivables | 40 | €37,410 | €81 | -€37,329 | -99.8% |
| Other amounts receivable | 41 | €521 | €3,046 | +€2,525 | +484% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €237,940 | €127,516 | -€110,424 | -46.4% |
| Deferred charges and accrued income | 490/1 | €121 | €225 | +€104 | +85.6% |
| Total equity and liabilities | 10/49 | €4,298,632 | €3,835,001 | -€463,630 | -10.8% |
| Equity | 10/15 | €1,440,664 | €1,281,041 | -€159,623 | -11.1% |
| Contributions | 10/11 | €123,257 | €123,257 | = | 0.0% |
| Reserves | 13 | €31,551 | €31,551 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,727 | €1,727 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,727 | €1,727 | = | 0.0% |
| Tax-exempt reserves | 132 | €29,824 | €29,824 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,285,855 | €1,126,233 | -€159,623 | -12.4% |
| Amounts payable | 17/49 | €2,857,968 | €2,553,960 | -€304,008 | -10.6% |
| Amounts payable after more than one year | 17 | €2,797,328 | €2,497,328 | -€300,000 | -10.7% |
| Financial debts | 170/4 | €2,689,865 | €2,389,865 | -€300,000 | -11.2% |
| Other amounts payable | 178/9 | €107,463 | €107,463 | = | 0.0% |
| Amounts payable within one year | 42/48 | €60,640 | €56,633 | -€4,008 | -6.6% |
| Trade debts | 44 | €3,631 | €4,217 | +€587 | +16.2% |
| Suppliers | 440/4 | €3,631 | €4,217 | +€587 | +16.2% |
| Taxes, remuneration and social security | 45 | €7,730 | €578 | -€7,152 | -92.5% |
| Taxes | 450/3 | €7,730 | €578 | -€7,152 | -92.5% |
| Other amounts payable | 47/48 | €49,280 | €51,838 | +€2,558 | +5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,484 | €2,484 | = | 0.0% |
| Other operating charges | 640/8 | €1,321 | €738 | -€584 | -44.2% |
| Gross operating margin | 9900 | €39,423 | €10,240 | -€29,183 | -74.0% |
| Operating profit (loss) | 9901 | €35,618 | €7,019 | -€28,599 | -80.3% |
| Financial income | 75/76B | €124,821 | €368,483 | +€243,662 | +195% |
| Recurring financial income | 75 | €124,821 | €154,146 | +€29,325 | +23.5% |
| Non-recurring financial income | 76B | - | €214,337 | +€214,337 | |
| Financial charges | 65/66B | €3,139 | €533,609 | +€530,471 | +16,900% |
| Recurring financial charges | 65 | €3,139 | €3,260 | +€121 | +3.9% |
| Non-recurring financial charges | 66B | - | €530,350 | +€530,350 | |
| Profit (loss) for the period before taxes | 9903 | €157,300 | -€158,108 | -€315,408 | |
| Income taxes | 67/77 | €9,342 | €1,515 | -€7,828 | -83.8% |
| Profit (loss) for the period | 9904 | €147,957 | -€159,623 | -€307,580 | |
| Profit (loss) for the period to be appropriated | 9905 | €147,957 | -€159,623 | -€307,580 |
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 23 October 2026 via checked.be.