VALRES: 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.
VALRES
Largest movements
- Current investments -€42,455
down €42,455 (-25.6%), from €165,994 to €123,539
- Receivables within one year -€25,237
down €25,237 (-57.6%), from €43,823 to €18,586
of which Trade receivables: -€26,173
- Tangible fixed assets -€11,535
down €11,535 (-13.2%), from €87,464 to €75,929
of which Furniture and vehicles: -€8,249
- Profit (loss) carried forward -€38,286
down €38,286, from €0 to -€38,286
- Reserves -€36,886
down €36,886 (-13.6%), from €270,917 to €234,031
of which Distributable reserves: -€36,886
- Debts after one year -€5,943
down €5,943 (-51.7%), from €11,490 to €5,548
- Tax, wage and social debts -€3,405
down €3,405 (-87.9%), from €3,874 to €469
of which Taxes: -€3,405
- Other debts +€3,166
new in 2025: €3,166
- Gross operating margin -€107,864
down €107,864, from €84,046 to -€23,818
- Taxes -€26,337
down €26,337 (-97.7%), from €26,948 to €611
- Other operating charges -€4,751
down €4,751 (-81.8%), from €5,808 to €1,057
- Financial income -€1,248
down €1,248 (-33.3%), from €3,754 to €2,505
- Depreciation +€946
up €946 (+7.2%), from €13,123 to €14,069
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 | €312,303 | €230,994 | -€81,309 | -26.0% |
| Fixed assets | 21/28 | €87,494 | €75,959 | -€11,535 | -13.2% |
| Tangible fixed assets | 22/27 | €87,464 | €75,929 | -€11,535 | -13.2% |
| Furniture and vehicles | 24 | €47,065 | €38,816 | -€8,249 | -17.5% |
| Other tangible fixed assets | 26 | €40,399 | €37,113 | -€3,286 | -8.1% |
| Financial fixed assets | 28 | €30 | €30 | = | 0.0% |
| Current assets | 29/58 | €224,809 | €155,035 | -€69,774 | -31.0% |
| Amounts receivable within one year | 40/41 | €43,823 | €18,586 | -€25,237 | -57.6% |
| Trade receivables | 40 | €34,619 | €8,445 | -€26,173 | -75.6% |
| Other amounts receivable | 41 | €9,205 | €10,141 | +€936 | +10.2% |
| Current investments | 50/53 | €165,994 | €123,539 | -€42,455 | -25.6% |
| Cash at bank and in hand | 54/58 | €10,568 | €8,438 | -€2,130 | -20.2% |
| Deferred charges and accrued income | 490/1 | €4,424 | €4,472 | +€47 | +1.1% |
| Total equity and liabilities | 10/49 | €312,303 | €230,994 | -€81,309 | -26.0% |
| Equity | 10/15 | €289,817 | €214,645 | -€75,172 | -25.9% |
| Contributions | 10/11 | €18,900 | €18,900 | = | 0.0% |
| Reserves | 13 | €270,917 | €234,031 | -€36,886 | -13.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €270,917 | €234,031 | -€36,886 | -13.6% |
| Profit (loss) carried forward | 14 | €0 | -€38,286 | -€38,286 | |
| Amounts payable | 17/49 | €22,486 | €16,348 | -€6,138 | -27.3% |
| Amounts payable after more than one year | 17 | €11,490 | €5,548 | -€5,943 | -51.7% |
| Financial debts | 170/4 | €11,490 | €5,548 | -€5,943 | -51.7% |
| Amounts payable within one year | 42/48 | €10,884 | €10,681 | -€203 | -1.9% |
| Current portion of amounts payable after more than one year | 42 | €5,830 | €5,943 | +€113 | +1.9% |
| Financial debts | 43 | €205 | €45 | -€160 | -78.1% |
| Credit institutions | 430/8 | €205 | €45 | -€160 | -78.1% |
| Trade debts | 44 | €975 | €1,058 | +€84 | +8.6% |
| Suppliers | 440/4 | €975 | €1,058 | +€84 | +8.6% |
| Taxes, remuneration and social security | 45 | €3,874 | €469 | -€3,405 | -87.9% |
| Taxes | 450/3 | €3,874 | €469 | -€3,405 | -87.9% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | - | €3,166 | +€3,166 | |
| Accrued charges and deferred income | 492/3 | €112 | €119 | +€8 | +6.8% |
| Non-recurring operating income | 76A | €5,382 | €1,335 | -€4,047 | -75.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,123 | €14,069 | +€946 | +7.2% |
| Other operating charges | 640/8 | €5,808 | €1,057 | -€4,751 | -81.8% |
| Non-recurring operating charges | 66A | - | €453 | +€453 | |
| Gross operating margin | 9900 | €84,046 | -€23,818 | -€107,864 | |
| Operating profit (loss) | 9901 | €65,115 | -€39,396 | -€104,511 | |
| Financial income | 75/76B | €3,754 | €2,505 | -€1,248 | -33.3% |
| Recurring financial income | 75 | €3,754 | €2,505 | -€1,248 | -33.3% |
| Financial charges | 65/66B | €887 | €784 | -€103 | -11.6% |
| Recurring financial charges | 65 | €887 | €784 | -€103 | -11.6% |
| Profit (loss) for the period before taxes | 9903 | €67,981 | -€37,675 | -€105,656 | |
| Income taxes | 67/77 | €26,948 | €611 | -€26,337 | -97.7% |
| Profit (loss) for the period | 9904 | €41,033 | -€38,286 | -€79,319 | |
| Profit (loss) for the period to be appropriated | 9905 | €41,033 | -€38,286 | -€79,319 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.