VALR: 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.
VALR
Largest movements
- Current investments +€30,000
up €30,000 (+100.0%), from €30,000 to €60,000
- Cash +€21,450
up €21,450 (+54.7%), from €39,243 to €60,693
mainly Net result for the year (+€30,663) and Receivables within one year (+€14,333)
- Receivables within one year -€14,333
down €14,333 (-86.4%), from €16,591 to €2,258
of which Trade receivables: -€14,117
- Tangible fixed assets -€4,110
down €4,110 (-25.8%), from €15,910 to €11,800
of which Furniture and vehicles: -€2,932
- Profit (loss) carried forward +€30,663
up €30,663 (+35.4%), from €86,579 to €117,242
- Tax, wage and social debts +€5,636
up €5,636 (+102.4%), from €5,505 to €11,141
of which Taxes: +€3,298
- Trade debts -€1,854
down €1,854 (-48.3%), from €3,837 to €1,983
- Other debts -€1,792
down €1,792 (-20.8%), from €8,632 to €6,840
- Gross operating margin -€4,482
down €4,482 (-7.7%), from €58,329 to €53,847
- Taxes +€3,007
up €3,007 (+28.6%), from €10,523 to €13,530
- Other operating charges -€2,571
down €2,571 (-47.0%), from €5,468 to €2,898
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 | €106,053 | €138,705 | +€32,652 | +30.8% |
| Fixed assets | 21/28 | €15,910 | €11,800 | -€4,110 | -25.8% |
| Tangible fixed assets | 22/27 | €15,910 | €11,800 | -€4,110 | -25.8% |
| Plant, machinery and equipment | 23 | €3,657 | €3,238 | -€419 | -11.5% |
| Furniture and vehicles | 24 | €11,009 | €8,077 | -€2,932 | -26.6% |
| Other tangible fixed assets | 26 | €1,244 | €485 | -€759 | -61.0% |
| Current assets | 29/58 | €90,143 | €126,906 | +€36,763 | +40.8% |
| Amounts receivable within one year | 40/41 | €16,591 | €2,258 | -€14,333 | -86.4% |
| Trade receivables | 40 | €14,117 | - | -€14,117 | |
| Other amounts receivable | 41 | €2,474 | €2,258 | -€216 | -8.7% |
| Current investments | 50/53 | €30,000 | €60,000 | +€30,000 | +100.0% |
| Cash at bank and in hand | 54/58 | €39,243 | €60,693 | +€21,450 | +54.7% |
| Deferred charges and accrued income | 490/1 | €4,310 | €3,955 | -€355 | -8.2% |
| Total equity and liabilities | 10/49 | €106,053 | €138,705 | +€32,652 | +30.8% |
| Equity | 10/15 | €88,079 | €118,742 | +€30,663 | +34.8% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €86,579 | €117,242 | +€30,663 | +35.4% |
| Amounts payable | 17/49 | €17,974 | €19,964 | +€1,990 | +11.1% |
| Amounts payable within one year | 42/48 | €17,974 | €19,964 | +€1,990 | +11.1% |
| Trade debts | 44 | €3,837 | €1,983 | -€1,854 | -48.3% |
| Suppliers | 440/4 | €3,837 | €1,983 | -€1,854 | -48.3% |
| Taxes, remuneration and social security | 45 | €5,505 | €11,141 | +€5,636 | +102.4% |
| Taxes | 450/3 | €2,065 | €5,363 | +€3,298 | +159.7% |
| Remuneration and social security | 454/9 | €3,440 | €5,778 | +€2,338 | +68.0% |
| Other amounts payable | 47/48 | €8,632 | €6,840 | -€1,792 | -20.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,835 | €4,110 | +€275 | +7.2% |
| Other operating charges | 640/8 | €5,468 | €2,898 | -€2,571 | -47.0% |
| Gross operating margin | 9900 | €58,329 | €53,847 | -€4,482 | -7.7% |
| Operating profit (loss) | 9901 | €49,025 | €46,839 | -€2,187 | -4.5% |
| Financial charges | 65/66B | €3,187 | €2,646 | -€541 | -17.0% |
| Recurring financial charges | 65 | €3,187 | €2,646 | -€541 | -17.0% |
| Profit (loss) for the period before taxes | 9903 | €45,838 | €44,192 | -€1,646 | -3.6% |
| Income taxes | 67/77 | €10,523 | €13,530 | +€3,007 | +28.6% |
| Profit (loss) for the period | 9904 | €35,315 | €30,663 | -€4,653 | -13.2% |
| Profit (loss) for the period to be appropriated | 9905 | €35,315 | €30,663 | -€4,653 | -13.2% |
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 11 October 2026 via checked.be.