VALSOR: 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.
VALSOR
Largest movements
- Tangible fixed assets +€10,872
up €10,872 (+28.7%), from €37,833 to €48,705
of which Plant, machinery and equipment: +€16,167
- Receivables after one year -€5,000
no longer reported in 2025 (was €5,000)
- Cash +€3,877
up €3,877 (+6.3%), from €61,768 to €65,645
mainly Net result for the year (+€40,267) and Depreciation (+€13,002)
- Receivables within one year -€1,551
down €1,551 (-13.4%), from €11,533 to €9,982
of which Trade receivables: -€3,266
- Other debts +€9,066
up €9,066 (+25.1%), from €36,150 to €45,216
- Trade debts -€4,574
down €4,574 (-77.0%), from €5,942 to €1,368
- Current portion of long-term debt +€4,541
up €4,541 (+55.4%), from €8,191 to €12,732
- Gross operating margin +€9,270
up €9,270 (+19.8%), from €46,885 to €56,155
- Depreciation +€3,204
up €3,204 (+32.7%), from €9,798 to €13,002
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 | €123,633 | €131,573 | +€7,940 | +6.4% |
| Fixed assets | 21/28 | €37,943 | €49,718 | +€11,775 | +31.0% |
| Intangible fixed assets | 21 | - | €903 | +€903 | |
| Tangible fixed assets | 22/27 | €37,833 | €48,705 | +€10,872 | +28.7% |
| Plant, machinery and equipment | 23 | €5,411 | €21,578 | +€16,167 | +298.8% |
| Furniture and vehicles | 24 | €26,158 | €21,739 | -€4,419 | -16.9% |
| Other tangible fixed assets | 26 | €6,264 | €5,388 | -€876 | -14.0% |
| Financial fixed assets | 28 | €110 | €110 | = | 0.0% |
| Current assets | 29/58 | €85,690 | €81,855 | -€3,835 | -4.5% |
| Amounts receivable after more than one year | 29 | €5,000 | - | -€5,000 | |
| Other amounts receivable | 291 | €5,000 | - | -€5,000 | |
| Stocks and contracts in progress | 3 | €2,004 | €981 | -€1,023 | -51.0% |
| Stocks | 30/36 | €2,004 | €981 | -€1,023 | -51.0% |
| Amounts receivable within one year | 40/41 | €11,533 | €9,982 | -€1,551 | -13.4% |
| Trade receivables | 40 | €7,283 | €4,017 | -€3,266 | -44.8% |
| Other amounts receivable | 41 | €4,250 | €5,965 | +€1,715 | +40.4% |
| Cash at bank and in hand | 54/58 | €61,768 | €65,645 | +€3,877 | +6.3% |
| Deferred charges and accrued income | 490/1 | €5,385 | €5,247 | -€138 | -2.6% |
| Total equity and liabilities | 10/49 | €123,633 | €131,573 | +€7,940 | +6.4% |
| Equity | 10/15 | €57,925 | €57,359 | -€566 | -1.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €51,725 | €51,159 | -€566 | -1.1% |
| Distributable reserves | 133 | €51,725 | €51,159 | -€566 | -1.1% |
| Amounts payable | 17/49 | €65,708 | €74,214 | +€8,506 | +12.9% |
| Amounts payable after more than one year | 17 | €15,368 | €14,841 | -€527 | -3.4% |
| Financial debts | 170/4 | €15,368 | €14,841 | -€527 | -3.4% |
| Amounts payable within one year | 42/48 | €50,340 | €59,373 | +€9,033 | +17.9% |
| Current portion of amounts payable after more than one year | 42 | €8,191 | €12,732 | +€4,541 | +55.4% |
| Trade debts | 44 | €5,942 | €1,368 | -€4,574 | -77.0% |
| Suppliers | 440/4 | €5,942 | €1,368 | -€4,574 | -77.0% |
| Taxes, remuneration and social security | 45 | €57 | €57 | = | 0.0% |
| Taxes | 450/3 | €57 | €57 | = | 0.0% |
| Other amounts payable | 47/48 | €36,150 | €45,216 | +€9,066 | +25.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,798 | €13,002 | +€3,204 | +32.7% |
| Other operating charges | 640/8 | €1,176 | €1,138 | -€38 | -3.2% |
| Gross operating margin | 9900 | €46,885 | €56,155 | +€9,270 | +19.8% |
| Operating profit (loss) | 9901 | €35,911 | €42,015 | +€6,104 | +17.0% |
| Financial charges | 65/66B | €1,969 | €1,539 | -€430 | -21.8% |
| Recurring financial charges | 65 | €1,969 | €1,539 | -€430 | -21.8% |
| Profit (loss) for the period before taxes | 9903 | €33,942 | €40,476 | +€6,534 | +19.3% |
| Income taxes | 67/77 | €411 | €209 | -€202 | -49.1% |
| Profit (loss) for the period | 9904 | €33,531 | €40,267 | +€6,736 | +20.1% |
| Profit (loss) for the period to be appropriated | 9905 | €33,531 | €40,267 | +€6,736 | +20.1% |
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 4 October 2026 via checked.be.