VALPSY: 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.
VALPSY
Largest movements
- Receivables within one year +€41,533
up €41,533 (+420.7%), from €9,872 to €51,405
of which Other amounts receivable: +€37,644
- Cash +€7,158
up €7,158 (+18.0%), from €39,681 to €46,839
mainly Net result for the year (+€57,444) and Depreciation (+€16,097)
- Tangible fixed assets -€4,248
down €4,248 (-2.6%), from €160,892 to €156,644
of which Land and buildings: -€4,402
- Reserves +€57,444
up €57,444 (+45.8%), from €125,559 to €183,003
- Other debts -€10,355
no longer reported in 2025 (was €10,355)
- Trade debts -€5,280
down €5,280 (-36.2%), from €14,573 to €9,293
- Tax, wage and social debts +€2,722
up €2,722, from €0 to €2,722
- Financial charges +€37,883
up €37,883 (+1379.4%), from €2,746 to €40,629
- Gross operating margin +€20,188
up €20,188 (+17.2%), from €117,603 to €137,791
- Depreciation +€7,093
up €7,093 (+78.8%), from €9,005 to €16,097
- Taxes -€4,741
down €4,741 (-17.2%), from €27,547 to €22,806
- Other operating charges -€1,997
down €1,997 (-71.0%), from €2,810 to €814
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 | €210,555 | €255,085 | +€44,530 | +21.1% |
| Fixed assets | 21/28 | €160,892 | €156,644 | -€4,248 | -2.6% |
| Tangible fixed assets | 22/27 | €160,892 | €156,644 | -€4,248 | -2.6% |
| Land and buildings | 22 | €155,780 | €151,378 | -€4,402 | -2.8% |
| Furniture and vehicles | 24 | €5,113 | €5,266 | +€153 | +3.0% |
| Current assets | 29/58 | €49,663 | €98,442 | +€48,779 | +98.2% |
| Amounts receivable within one year | 40/41 | €9,872 | €51,405 | +€41,533 | +420.7% |
| Trade receivables | 40 | €9,872 | €13,761 | +€3,889 | +39.4% |
| Other amounts receivable | 41 | - | €37,644 | +€37,644 | |
| Cash at bank and in hand | 54/58 | €39,681 | €46,839 | +€7,158 | +18.0% |
| Deferred charges and accrued income | 490/1 | €110 | €197 | +€87 | +78.7% |
| Total equity and liabilities | 10/49 | €210,555 | €255,085 | +€44,530 | +21.1% |
| Equity | 10/15 | €185,627 | €243,071 | +€57,444 | +30.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €125,559 | €183,003 | +€57,444 | +45.8% |
| Distributable reserves | 133 | €125,559 | €183,003 | +€57,444 | +45.8% |
| Profit (loss) carried forward | 14 | €55,068 | €55,068 | = | 0.0% |
| Amounts payable | 17/49 | €24,929 | €12,015 | -€12,914 | -51.8% |
| Amounts payable within one year | 42/48 | €24,929 | €12,015 | -€12,914 | -51.8% |
| Trade debts | 44 | €14,573 | €9,293 | -€5,280 | -36.2% |
| Suppliers | 440/4 | €14,573 | €9,293 | -€5,280 | -36.2% |
| Taxes, remuneration and social security | 45 | €0 | €2,722 | +€2,722 | |
| Taxes | 450/3 | €0 | €2,722 | +€2,722 | |
| Other amounts payable | 47/48 | €10,355 | - | -€10,355 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,005 | €16,097 | +€7,093 | +78.8% |
| Other operating charges | 640/8 | €2,810 | €814 | -€1,997 | -71.0% |
| Gross operating margin | 9900 | €117,603 | €137,791 | +€20,188 | +17.2% |
| Operating profit (loss) | 9901 | €105,788 | €120,880 | +€15,092 | +14.3% |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Financial charges | 65/66B | €2,746 | €40,629 | +€37,883 | +1379.4% |
| Recurring financial charges | 65 | €2,746 | €40,629 | +€37,883 | +1379.4% |
| Profit (loss) for the period before taxes | 9903 | €103,044 | €80,250 | -€22,794 | -22.1% |
| Income taxes | 67/77 | €27,547 | €22,806 | -€4,741 | -17.2% |
| Profit (loss) for the period | 9904 | €75,497 | €57,444 | -€18,053 | -23.9% |
| Profit (loss) for the period to be appropriated | 9905 | €75,497 | €57,444 | -€18,053 | -23.9% |
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 29 September 2026 via checked.be.