VALSAN: 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.
What changed
VALSAN
NACE 82.100, Office administrative and support services
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€94,735
2024 · -€32,560-€62,176
Equity
€972,797
2024 · €1.1m-€94,735
Cash
€111,641
2024 · €127,096-€15,455
Balance sheet total
€3.9m
2024 · €3.8m+€115,061
Largest movements
Assets
- Current investments +€104,648
new in 2025: €104,648
- Tangible fixed assets +€50,439
up €50,439 (+1.9%), from €2.7m to €2.7m
Equity and liabilities
- Debts after one year +€529,778
up €529,778 (+60.4%), from €877,489 to €1.4m
- Short-term financial debts -€400,000
down €400,000 (-97.8%), from €409,000 to €9,000
of which Credit institutions: -€400,000
- Profit (loss) carried forward -€83,419
down €83,419 (-134.6%), from -€61,976 to -€145,396
- Other debts +€62,355
up €62,355 (+5.0%), from €1.3m to €1.3m
Income statement
- Gross operating margin -€41,884
down €41,884 (-26.0%), from €161,271 to €119,387
- Other operating charges -€31,748
down €31,748 (-58.8%), from €53,998 to €22,251
- Financial charges +€23,033
up €23,033 (+32.7%), from €70,456 to €93,489
- Financial income -€22,929
down €22,929 (-76.4%), from €30,000 to €7,071
- Depreciation +€6,078
up €6,078 (+5.9%), from €103,148 to €109,226
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
-€32,560
Gross operating margin
-€41,884
Depreciation
-€6,078
Other operating charges
+€31,748
Financial income
-€22,929
Financial charges
-€23,033
Result 2025
-€94,735
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
+€104,268
Investment
-€264,313
Financing
+€144,590
Cash 2024
€127,096
From operations (derived)
+€104,268
Net result for the year
-€94,735
Depreciation
+€109,226
Receivables within one year
+€19,808
Deferred charges and accrued income
+€4,764
Provisions
-€3,772
Trade debts
+€23,467
Tax, wage and social debts
-€16,844
Other debts
+€62,355
Investment (derived)
-€264,313
Investment in fixed assets (net)
-€159,665
Current investments
-€104,648
Financing
+€144,590
Debts after one year
+€529,778
Current portion of long-term debt
+€14,812
Short-term financial debts
-€400,000
Cash 2025
€111,641
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,765,823 | €3,880,884 | +€115,061 | +3.1% |
| Fixed assets | 21/28 | €3,511,260 | €3,561,699 | +€50,439 | +1.4% |
| Tangible fixed assets | 22/27 | €2,671,260 | €2,721,699 | +€50,439 | +1.9% |
| Land and buildings | 22 | €2,671,260 | €2,721,699 | +€50,439 | +1.9% |
| Financial fixed assets | 28 | €840,000 | €840,000 | = | 0.0% |
| Current assets | 29/58 | €254,563 | €319,185 | +€64,621 | +25.4% |
| Amounts receivable within one year | 40/41 | €86,969 | €67,161 | -€19,808 | -22.8% |
| Trade receivables | 40 | €74,969 | €47,638 | -€27,331 | -36.5% |
| Other amounts receivable | 41 | €12,000 | €19,524 | +€7,524 | +62.7% |
| Current investments | 50/53 | - | €104,648 | +€104,648 | |
| Cash at bank and in hand | 54/58 | €127,096 | €111,641 | -€15,455 | -12.2% |
| Deferred charges and accrued income | 490/1 | €40,498 | €35,734 | -€4,764 | -11.8% |
| Total equity and liabilities | 10/49 | €3,765,823 | €3,880,884 | +€115,061 | +3.1% |
| Equity | 10/15 | €1,067,533 | €972,797 | -€94,735 | -8.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €913,164 | €913,164 | = | 0.0% |
| Reserves | 13 | €154,345 | €143,029 | -€11,316 | -7.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €144,782 | €133,466 | -€11,316 | -7.8% |
| Distributable reserves | 133 | €3,363 | €3,363 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€61,976 | -€145,396 | -€83,419 | -134.6% |
| Provisions and deferred taxes | 16 | €48,261 | €44,489 | -€3,772 | -7.8% |
| Deferred taxes | 168 | €48,261 | €44,489 | -€3,772 | -7.8% |
| Amounts payable | 17/49 | €2,650,030 | €2,863,598 | +€213,568 | +8.1% |
| Amounts payable after more than one year | 17 | €877,489 | €1,407,268 | +€529,778 | +60.4% |
| Financial debts | 170/4 | €877,489 | €1,407,268 | +€529,778 | +60.4% |
| Amounts payable within one year | 42/48 | €1,772,540 | €1,456,330 | -€316,210 | -17.8% |
| Current portion of amounts payable after more than one year | 42 | €84,002 | €98,814 | +€14,812 | +17.6% |
| Financial debts | 43 | €409,000 | €9,000 | -€400,000 | -97.8% |
| Credit institutions | 430/8 | €400,000 | - | -€400,000 | |
| Other loans | 439 | €9,000 | €9,000 | = | 0.0% |
| Trade debts | 44 | €11,700 | €35,167 | +€23,467 | +200.6% |
| Suppliers | 440/4 | €11,700 | €35,167 | +€23,467 | +200.6% |
| Taxes, remuneration and social security | 45 | €16,844 | - | -€16,844 | |
| Taxes | 450/3 | €16,844 | - | -€16,844 | |
| Other amounts payable | 47/48 | €1,250,994 | €1,313,350 | +€62,355 | +5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,148 | €109,226 | +€6,078 | +5.9% |
| Other operating charges | 640/8 | €53,998 | €22,251 | -€31,748 | -58.8% |
| Gross operating margin | 9900 | €161,271 | €119,387 | -€41,884 | -26.0% |
| Operating profit (loss) | 9901 | €4,124 | -€12,089 | -€16,214 | |
| Financial income | 75/76B | €30,000 | €7,071 | -€22,929 | -76.4% |
| Recurring financial income | 75 | €30,000 | €7,071 | -€22,929 | -76.4% |
| Financial charges | 65/66B | €70,456 | €93,489 | +€23,033 | +32.7% |
| Recurring financial charges | 65 | €70,456 | €93,489 | +€23,033 | +32.7% |
| Profit (loss) for the period before taxes | 9903 | -€36,332 | -€98,507 | -€62,176 | -171.1% |
| Transfer from deferred taxes | 780 | €3,772 | €3,772 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€32,560 | -€94,735 | -€62,176 | -191.0% |
| Transfer from tax-exempt reserves | 789 | €11,316 | €11,316 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,244 | -€83,419 | -€62,176 | -292.7% |
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.