VALSA: 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.
VALSA
Largest movements
- Cash -€77,799
down €77,799 (-80.1%), from €97,129 to €19,330
mainly Current investments (-€72,738) and Investment in fixed assets (net) (-€43,961)
- Current investments +€72,738
new in 2025: €72,738
- Tangible fixed assets +€38,287
up €38,287 (+269.6%), from €14,201 to €52,488
of which Land and buildings: +€35,935
- Receivables within one year -€12,050
down €12,050 (-8.8%), from €137,191 to €125,141
of which Trade receivables: -€19,015
- Stocks and contracts +€11,898
new in 2025: €11,898
- Trade debts +€19,977
up €19,977 (+81.9%), from €24,392 to €44,369
- Debts after one year +€16,727
new in 2025: €16,727
- Profit (loss) carried forward -€8,851
down €8,851 (-29.3%), from -€30,221 to -€39,072
- Current portion of long-term debt +€4,789
new in 2025: €4,789
- Short-term financial debts +€3,512
new in 2025: €3,512
- Gross operating margin -€23,020
down €23,020 (-8.1%), from €284,526 to €261,506
- Write-downs -€15,711
down €15,711 (-100.0%), from €15,711 to €0
- Staff costs +€15,642
up €15,642 (+6.3%), from €246,829 to €262,471
- Taxes -€6,961
down €6,961 (-94.5%), from €7,364 to €403
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 | €288,807 | €321,093 | +€32,286 | +11.2% |
| Fixed assets | 21/28 | €14,201 | €52,488 | +€38,287 | +269.6% |
| Tangible fixed assets | 22/27 | €14,201 | €52,488 | +€38,287 | +269.6% |
| Land and buildings | 22 | €834 | €36,769 | +€35,935 | +4309.5% |
| Plant, machinery and equipment | 23 | €5,266 | €7,242 | +€1,976 | +37.5% |
| Furniture and vehicles | 24 | €8,101 | €8,477 | +€376 | +4.6% |
| Current assets | 29/58 | €274,606 | €268,605 | -€6,001 | -2.2% |
| Amounts receivable after more than one year | 29 | €31,421 | €31,421 | = | 0.0% |
| Trade receivables | 290 | €31,421 | €0 | -€31,421 | -100.0% |
| Other amounts receivable | 291 | - | €31,421 | +€31,421 | |
| Stocks and contracts in progress | 3 | - | €11,898 | +€11,898 | |
| Stocks | 30/36 | - | €11,898 | +€11,898 | |
| Amounts receivable within one year | 40/41 | €137,191 | €125,141 | -€12,050 | -8.8% |
| Trade receivables | 40 | €20,834 | €1,819 | -€19,015 | -91.3% |
| Other amounts receivable | 41 | €116,357 | €123,321 | +€6,964 | +6.0% |
| Current investments | 50/53 | - | €72,738 | +€72,738 | |
| Cash at bank and in hand | 54/58 | €97,129 | €19,330 | -€77,799 | -80.1% |
| Deferred charges and accrued income | 490/1 | €8,865 | €8,077 | -€788 | -8.9% |
| Total equity and liabilities | 10/49 | €288,807 | €321,093 | +€32,286 | +11.2% |
| Equity | 10/15 | €214,570 | €205,719 | -€8,851 | -4.1% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €183,291 | €183,291 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €177,141 | €177,141 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€30,221 | -€39,072 | -€8,851 | -29.3% |
| Amounts payable | 17/49 | €74,237 | €115,375 | +€41,137 | +55.4% |
| Amounts payable after more than one year | 17 | - | €16,727 | +€16,727 | |
| Financial debts | 170/4 | - | €16,727 | +€16,727 | |
| Amounts payable within one year | 42/48 | €74,148 | €98,647 | +€24,499 | +33.0% |
| Current portion of amounts payable after more than one year | 42 | - | €4,789 | +€4,789 | |
| Financial debts | 43 | - | €3,512 | +€3,512 | |
| Credit institutions | 430/8 | - | €3,512 | +€3,512 | |
| Trade debts | 44 | €24,392 | €44,369 | +€19,977 | +81.9% |
| Suppliers | 440/4 | €24,392 | €44,369 | +€19,977 | +81.9% |
| Advances received on contracts in progress | 46 | €12,899 | €11,618 | -€1,282 | -9.9% |
| Taxes, remuneration and social security | 45 | €36,856 | €34,360 | -€2,496 | -6.8% |
| Taxes | 450/3 | €10,162 | €11,120 | +€959 | +9.4% |
| Remuneration and social security | 454/9 | €26,695 | €23,240 | -€3,455 | -12.9% |
| Accrued charges and deferred income | 492/3 | €89 | €0 | -€89 | -100.0% |
| Remuneration, social security and pensions | 62 | €246,829 | €262,471 | +€15,642 | +6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,879 | €5,674 | -€1,206 | -17.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €15,711 | €0 | -€15,711 | -100.0% |
| Other operating charges | 640/8 | €2,306 | €2,010 | -€296 | -12.8% |
| Non-recurring operating charges | 66A | - | €2,592 | +€2,592 | |
| Gross operating margin | 9900 | €284,526 | €261,506 | -€23,020 | -8.1% |
| Operating profit (loss) | 9901 | €12,800 | -€11,241 | -€24,042 | |
| Financial income | 75/76B | €7,146 | €6,921 | -€225 | -3.1% |
| Recurring financial income | 75 | €7,146 | €6,921 | -€225 | -3.1% |
| Financial charges | 65/66B | €6,502 | €4,129 | -€2,373 | -36.5% |
| Recurring financial charges | 65 | €6,502 | €4,129 | -€2,373 | -36.5% |
| Profit (loss) for the period before taxes | 9903 | €13,445 | -€8,448 | -€21,893 | |
| Income taxes | 67/77 | €7,364 | €403 | -€6,961 | -94.5% |
| Profit (loss) for the period | 9904 | €6,081 | -€8,851 | -€14,932 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,081 | -€8,851 | -€14,932 |
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.