VALSIN: 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.
VALSIN
Largest movements
- Tangible fixed assets +€16,284
up €16,284 (+481.6%), from €3,381 to €19,665
of which Other tangible fixed assets: +€15,414
- Cash -€15,188
down €15,188 (-15.2%), from €100,136 to €84,948
mainly Investment in fixed assets (net) (-€20,327) and Current portion of long-term debt (-€1,748)
- Receivables within one year -€2,447
no longer reported in 2025 (was €2,447)
of which Trade receivables: -€2,000
- Profit (loss) carried forward +€2,994
up €2,994 (+3.8%), from €79,014 to €82,008
- Current portion of long-term debt -€1,748
down €1,748 (-56.9%), from €3,071 to €1,322
- Debts after one year -€1,322
no longer reported in 2025 (was €1,322)
- Other debts -€1,294
down €1,294 (-24.5%), from €5,278 to €3,984
- Staff costs +€22,837
up €22,837 (+113.9%), from €20,051 to €42,889
- Gross operating margin +€8,369
up €8,369 (+15.3%), from €54,742 to €63,111
- Depreciation +€2,353
up €2,353 (+139.2%), from €1,691 to €4,043
- Other operating charges -€2,206
down €2,206 (-34.2%), from €6,444 to €4,237
- Taxes +€2,072
up €2,072 (+31.8%), from €6,512 to €8,583
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 | €110,196 | €108,350 | -€1,846 | -1.7% |
| Fixed assets | 21/28 | €3,381 | €19,665 | +€16,284 | +481.6% |
| Tangible fixed assets | 22/27 | €3,381 | €19,665 | +€16,284 | +481.6% |
| Plant, machinery and equipment | 23 | - | €2,560 | +€2,560 | |
| Furniture and vehicles | 24 | €3,381 | €1,691 | -€1,691 | -50.0% |
| Other tangible fixed assets | 26 | - | €15,414 | +€15,414 | |
| Current assets | 29/58 | €106,814 | €88,684 | -€18,130 | -17.0% |
| Stocks and contracts in progress | 3 | €1,205 | €1,236 | +€31 | +2.6% |
| Stocks | 30/36 | €1,205 | €1,236 | +€31 | +2.6% |
| Amounts receivable within one year | 40/41 | €2,447 | - | -€2,447 | |
| Trade receivables | 40 | €2,000 | - | -€2,000 | |
| Other amounts receivable | 41 | €447 | - | -€447 | |
| Cash at bank and in hand | 54/58 | €100,136 | €84,948 | -€15,188 | -15.2% |
| Deferred charges and accrued income | 490/1 | €3,026 | €2,500 | -€526 | -17.4% |
| Total equity and liabilities | 10/49 | €110,196 | €108,350 | -€1,846 | -1.7% |
| Equity | 10/15 | €92,589 | €95,583 | +€2,994 | +3.2% |
| Contributions | 10/11 | €13,575 | €13,575 | = | 0.0% |
| Profit (loss) carried forward | 14 | €79,014 | €82,008 | +€2,994 | +3.8% |
| Amounts payable | 17/49 | €17,607 | €12,766 | -€4,841 | -27.5% |
| Amounts payable after more than one year | 17 | €1,322 | - | -€1,322 | |
| Financial debts | 170/4 | €1,322 | - | -€1,322 | |
| Amounts payable within one year | 42/48 | €16,285 | €12,766 | -€3,518 | -21.6% |
| Current portion of amounts payable after more than one year | 42 | €3,071 | €1,322 | -€1,748 | -56.9% |
| Trade debts | 44 | €6,939 | €6,320 | -€619 | -8.9% |
| Suppliers | 440/4 | €6,939 | €6,320 | -€619 | -8.9% |
| Taxes, remuneration and social security | 45 | €997 | €1,139 | +€142 | +14.3% |
| Taxes | 450/3 | €51 | €704 | +€654 | +1288.7% |
| Remuneration and social security | 454/9 | €947 | €435 | -€511 | -54.0% |
| Other amounts payable | 47/48 | €5,278 | €3,984 | -€1,294 | -24.5% |
| Remuneration, social security and pensions | 62 | €20,051 | €42,889 | +€22,837 | +113.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,691 | €4,043 | +€2,353 | +139.2% |
| Other operating charges | 640/8 | €6,444 | €4,237 | -€2,206 | -34.2% |
| Gross operating margin | 9900 | €54,742 | €63,111 | +€8,369 | +15.3% |
| Operating profit (loss) | 9901 | €26,557 | €11,942 | -€14,614 | -55.0% |
| Financial income | 75/76B | €0 | €3 | +€3 | +926.7% |
| Recurring financial income | 75 | €0 | €3 | +€3 | +926.7% |
| Financial charges | 65/66B | €633 | €368 | -€265 | -41.9% |
| Recurring financial charges | 65 | €633 | €368 | -€265 | -41.9% |
| Profit (loss) for the period before taxes | 9903 | €25,924 | €11,578 | -€14,346 | -55.3% |
| Income taxes | 67/77 | €6,512 | €8,583 | +€2,072 | +31.8% |
| Profit (loss) for the period | 9904 | €19,412 | €2,994 | -€16,418 | -84.6% |
| Profit (loss) for the period to be appropriated | 9905 | €19,412 | €2,994 | -€16,418 | -84.6% |
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 5 October 2026 via checked.be.