VALSAL: 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.
What changed
VALSAL
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€23,181
2024 · €704,940-€728,121
Equity
€456,130
2024 · €479,311-€23,181
Cash
€14,887
2024 · €6,499+€8,388
Balance sheet total
€2.3m
2024 · €2.0m+€261,733
Largest movements
Assets
- Tangible fixed assets +€286,124
up €286,124 (+14.7%), from €1.9m to €2.2m
- Receivables within one year -€42,843
down €42,843 (-97.6%), from €43,908 to €1,065
Equity and liabilities
- Other debts +€330,086
up €330,086 (+25.0%), from €1.3m to €1.7m
- Tax, wage and social debts -€27,200
no longer reported in 2025 (was €27,200)
of which Taxes: -€21,322
- Profit (loss) carried forward -€23,181
down €23,181 (-11.6%), from €200,212 to €177,031
Income statement
- Gross operating margin -€745,859
down €745,859 (-92.3%), from €808,110 to €62,251
- Taxes -€13,762
no longer reported in 2025 (was €13,762)
- Staff costs -€8,417
down €8,417 (-27.8%), from €30,327 to €21,910
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.
Result 2024
€704,940
Gross operating margin
-€745,859
Staff costs
+€8,417
Depreciation
-€5,846
Other operating charges
-€265
Financial charges
+€1,669
Taxes
+€13,762
Result 2025
-€23,181
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.
From operations
+€340,579
Investment
-€315,532
Financing
-€16,659
Cash 2024
€6,499
From operations (derived)
+€340,579
Net result for the year
-€23,181
Depreciation
+€29,408
Stocks and contracts
-€13,000
Receivables within one year
+€42,843
Deferred charges and accrued income
+€2,936
Smaller working-capital items
-€186
Tax, wage and social debts
-€27,200
Other debts
+€330,086
Accrued charges and deferred income
-€1,127
Investment (derived)
-€315,532
Investment in fixed assets (net)
-€315,532
Financing
-€16,659
Debts after one year
-€17,233
Current portion of long-term debt
+€574
Cash 2025
€14,887
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,017,600 | €2,279,333 | +€261,733 | +13.0% |
| Fixed assets | 21/28 | €1,949,010 | €2,235,133 | +€286,124 | +14.7% |
| Tangible fixed assets | 22/27 | €1,949,010 | €2,235,133 | +€286,124 | +14.7% |
| Land and buildings | 22 | €1,949,010 | €2,235,133 | +€286,124 | +14.7% |
| Current assets | 29/58 | €68,590 | €44,199 | -€24,391 | -35.6% |
| Stocks and contracts in progress | 3 | €13,000 | €26,000 | +€13,000 | +100.0% |
| Stocks | 30/36 | €13,000 | €26,000 | +€13,000 | +100.0% |
| Amounts receivable within one year | 40/41 | €43,908 | €1,065 | -€42,843 | -97.6% |
| Trade receivables | 40 | €43,908 | €1,065 | -€42,843 | -97.6% |
| Cash at bank and in hand | 54/58 | €6,499 | €14,887 | +€8,388 | +129.1% |
| Deferred charges and accrued income | 490/1 | €5,183 | €2,248 | -€2,936 | -56.6% |
| Total equity and liabilities | 10/49 | €2,017,600 | €2,279,333 | +€261,733 | +13.0% |
| Equity | 10/15 | €479,311 | €456,130 | -€23,181 | -4.8% |
| Contributions | 10/11 | €279,099 | €279,099 | = | 0.0% |
| Profit (loss) carried forward | 14 | €200,212 | €177,031 | -€23,181 | -11.6% |
| Provisions and deferred taxes | 16 | €3,296 | €3,102 | -€194 | -5.9% |
| Deferred taxes | 168 | €3,296 | €3,102 | -€194 | -5.9% |
| Amounts payable | 17/49 | €1,534,993 | €1,820,101 | +€285,108 | +18.6% |
| Amounts payable after more than one year | 17 | €148,537 | €131,304 | -€17,233 | -11.6% |
| Financial debts | 170/4 | €139,937 | €120,704 | -€19,233 | -13.7% |
| Other amounts payable | 178/9 | €8,600 | €10,600 | +€2,000 | +23.3% |
| Amounts payable within one year | 42/48 | €1,369,517 | €1,672,984 | +€303,467 | +22.2% |
| Current portion of amounts payable after more than one year | 42 | €18,659 | €19,233 | +€574 | +3.1% |
| Trade debts | 44 | €1,063 | €1,071 | +€8 | +0.7% |
| Suppliers | 440/4 | €1,063 | €1,071 | +€8 | +0.7% |
| Taxes, remuneration and social security | 45 | €27,200 | - | -€27,200 | |
| Taxes | 450/3 | €21,322 | - | -€21,322 | |
| Remuneration and social security | 454/9 | €5,879 | - | -€5,879 | |
| Other amounts payable | 47/48 | €1,322,594 | €1,652,681 | +€330,086 | +25.0% |
| Accrued charges and deferred income | 492/3 | €16,939 | €15,812 | -€1,127 | -6.7% |
| Non-recurring operating income | 76A | €731,827 | - | -€731,827 | |
| Remuneration, social security and pensions | 62 | €30,327 | €21,910 | -€8,417 | -27.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,562 | €29,408 | +€5,846 | +24.8% |
| Other operating charges | 640/8 | €13,001 | €13,265 | +€265 | +2.0% |
| Gross operating margin | 9900 | €808,110 | €62,251 | -€745,859 | -92.3% |
| Operating profit (loss) | 9901 | €741,220 | -€2,332 | -€743,552 | |
| Financial charges | 65/66B | €22,712 | €21,043 | -€1,669 | -7.4% |
| Recurring financial charges | 65 | €22,712 | €21,043 | -€1,669 | -7.4% |
| Profit (loss) for the period before taxes | 9903 | €718,508 | -€23,375 | -€741,883 | |
| Transfer from deferred taxes | 780 | €194 | €194 | = | 0.0% |
| Income taxes | 67/77 | €13,762 | - | -€13,762 | |
| Profit (loss) for the period | 9904 | €704,940 | -€23,181 | -€728,121 | |
| Profit (loss) for the period to be appropriated | 9905 | €704,940 | -€23,181 | -€728,121 |
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 8 October 2026 via checked.be.