VALROW: 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.
VALROW
Largest movements
- Receivables within one year +€5,534
up €5,534 (+150%), from €3,696 to €9,230
of which Other amounts receivable: +€4,553
- Tangible fixed assets +€4,065
up €4,065 (+12.1%), from €33,638 to €37,703
of which Plant, machinery and equipment: +€13,858
- Stocks and contracts +€1,100
new in 2025: €1,100
- Cash -€873
down €873 (-30.1%), from €2,904 to €2,031
mainly Investment in fixed assets (net) (-€14,614) and Debts after one year (-€6,096)
- Other debts +€18,327
up €18,327 (+115%), from €15,950 to €34,277
- Debts after one year -€6,096
down €6,096 (-39.0%), from €15,636 to €9,540
- Profit (loss) carried forward -€3,442
down €3,442 (-75.1%), from -€4,585 to -€8,027
- Trade debts +€925
up €925 (+131%), from €705 to €1,630
- Gross operating margin +€5,176
up €5,176 (+128%), from €4,053 to €9,229
- Depreciation +€422
up €422 (+4.2%), from €10,127 to €10,549
- Financial charges -€234
down €234 (-22.9%), from €1,021 to €787
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 | €41,658 | €51,576 | +€9,918 | +23.8% |
| Fixed assets | 21/28 | €33,638 | €37,703 | +€4,065 | +12.1% |
| Tangible fixed assets | 22/27 | €33,638 | €37,703 | +€4,065 | +12.1% |
| Plant, machinery and equipment | 23 | €1,065 | €14,923 | +€13,858 | +1,301% |
| Furniture and vehicles | 24 | €32,573 | €22,780 | -€9,793 | -30.1% |
| Current assets | 29/58 | €8,020 | €13,873 | +€5,853 | +73.0% |
| Stocks and contracts in progress | 3 | - | €1,100 | +€1,100 | |
| Stocks | 30/36 | - | €1,100 | +€1,100 | |
| Amounts receivable within one year | 40/41 | €3,696 | €9,230 | +€5,534 | +150% |
| Trade receivables | 40 | €2,163 | €3,144 | +€981 | +45.4% |
| Other amounts receivable | 41 | €1,533 | €6,086 | +€4,553 | +297% |
| Cash at bank and in hand | 54/58 | €2,904 | €2,031 | -€873 | -30.1% |
| Deferred charges and accrued income | 490/1 | €1,420 | €1,512 | +€92 | +6.5% |
| Total equity and liabilities | 10/49 | €41,658 | €51,576 | +€9,918 | +23.8% |
| Equity | 10/15 | €3,475 | €33 | -€3,442 | -99.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,585 | -€8,027 | -€3,442 | -75.1% |
| Amounts payable | 17/49 | €38,183 | €51,543 | +€13,360 | +35.0% |
| Amounts payable after more than one year | 17 | €15,636 | €9,540 | -€6,096 | -39.0% |
| Financial debts | 170/4 | €15,636 | €9,540 | -€6,096 | -39.0% |
| Amounts payable within one year | 42/48 | €22,547 | €42,003 | +€19,456 | +86.3% |
| Current portion of amounts payable after more than one year | 42 | €5,892 | €6,096 | +€204 | +3.5% |
| Trade debts | 44 | €705 | €1,630 | +€925 | +131% |
| Suppliers | 440/4 | €705 | €1,630 | +€925 | +131% |
| Other amounts payable | 47/48 | €15,950 | €34,277 | +€18,327 | +115% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,127 | €10,549 | +€422 | +4.2% |
| Other operating charges | 640/8 | €847 | €850 | +€3 | +0.4% |
| Non-recurring operating charges | 66A | €291 | €221 | -€70 | -24.1% |
| Gross operating margin | 9900 | €4,053 | €9,229 | +€5,176 | +128% |
| Operating profit (loss) | 9901 | -€7,212 | -€2,391 | +€4,821 | +66.8% |
| Financial charges | 65/66B | €1,021 | €787 | -€234 | -22.9% |
| Recurring financial charges | 65 | €1,021 | €787 | -€234 | -22.9% |
| Profit (loss) for the period before taxes | 9903 | -€8,233 | -€3,178 | +€5,055 | +61.4% |
| Income taxes | 67/77 | €269 | €264 | -€5 | -1.9% |
| Profit (loss) for the period | 9904 | -€8,502 | -€3,442 | +€5,060 | +59.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,502 | -€3,442 | +€5,060 | +59.5% |
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 17 October 2026 via checked.be.