VALTHO: 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.
VALTHO
Largest movements
- Tangible fixed assets +€3,583
up €3,583 (+15.2%), from €23,567 to €27,150
of which Plant, machinery and equipment: +€4,275
- Cash -€3,097
down €3,097 (-75.5%), from €4,100 to €1,004
mainly Investment in fixed assets (net) (-€15,533) and Tax, wage and social debts (-€6,790)
- Financial fixed assets +€2,150
new in 2022: €2,150
- Receivables after one year -€2,150
no longer reported in 2022 (was €2,150)
- Deferred charges and accrued income +€1,163
up €1,163 (+49.3%), from €2,362 to €3,525
- Debts after one year +€7,000
new in 2022: €7,000
- Tax, wage and social debts -€6,790
down €6,790 (-96.2%), from €7,059 to €270
- Profit (loss) carried forward +€2,198
up €2,198 (+4.2%), from -€51,962 to -€49,764
- Gross operating margin -€15,114
down €15,114 (-53.1%), from €28,476 to €13,362
- Depreciation +€5,735
up €5,735 (+141.1%), from €4,065 to €9,800
- Staff costs -€1,218
no longer reported in 2022 (was €1,218)
- Financial charges +€747
new in 2022: €747
From the 2021 result to the 2022 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 2021 and 2022 balance sheets and the 2022 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2021 | 2022 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €107,786 | €109,517 | +€1,731 | +1.6% |
| Fixed assets | 21/28 | €23,567 | €29,300 | +€5,733 | +24.3% |
| Tangible fixed assets | 22/27 | €23,567 | €27,150 | +€3,583 | +15.2% |
| Plant, machinery and equipment | 23 | €14,006 | €18,282 | +€4,275 | +30.5% |
| Furniture and vehicles | 24 | €9,561 | €8,869 | -€692 | -7.2% |
| Financial fixed assets | 28 | - | €2,150 | +€2,150 | |
| Current assets | 29/58 | €84,219 | €80,217 | -€4,002 | -4.8% |
| Amounts receivable after more than one year | 29 | €2,150 | - | -€2,150 | |
| Other amounts receivable | 291 | €2,150 | - | -€2,150 | |
| Amounts receivable within one year | 40/41 | €75,607 | €75,688 | +€81 | +0.1% |
| Trade receivables | 40 | €59,145 | €63,970 | +€4,825 | +8.2% |
| Other amounts receivable | 41 | €16,462 | €11,718 | -€4,744 | -28.8% |
| Cash at bank and in hand | 54/58 | €4,100 | €1,004 | -€3,097 | -75.5% |
| Deferred charges and accrued income | 490/1 | €2,362 | €3,525 | +€1,163 | +49.3% |
| Total equity and liabilities | 10/49 | €107,786 | €109,517 | +€1,731 | +1.6% |
| Equity | 10/15 | €98,285 | €100,483 | +€2,198 | +2.2% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €247 | €247 | = | 0.0% |
| Non-distributable reserves | 130/1 | €247 | €247 | = | 0.0% |
| Legal reserve | 130 | €247 | €247 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€51,962 | -€49,764 | +€2,198 | +4.2% |
| Amounts payable | 17/49 | €9,502 | €9,034 | -€468 | -4.9% |
| Amounts payable after more than one year | 17 | - | €7,000 | +€7,000 | |
| Financial debts | 170/4 | - | €7,000 | +€7,000 | |
| Amounts payable within one year | 42/48 | €9,502 | €2,034 | -€7,468 | -78.6% |
| Trade debts | 44 | €2,090 | €1,764 | -€326 | -15.6% |
| Suppliers | 440/4 | €2,090 | €1,764 | -€326 | -15.6% |
| Taxes, remuneration and social security | 45 | €7,059 | €270 | -€6,790 | -96.2% |
| Taxes | 450/3 | €7,059 | €270 | -€6,790 | -96.2% |
| Other amounts payable | 47/48 | €352 | - | -€352 | |
| Remuneration, social security and pensions | 62 | €1,218 | - | -€1,218 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,065 | €9,800 | +€5,735 | +141.1% |
| Other operating charges | 640/8 | €541 | €348 | -€194 | -35.8% |
| Gross operating margin | 9900 | €28,476 | €13,362 | -€15,114 | -53.1% |
| Operating profit (loss) | 9901 | €22,652 | €3,215 | -€19,437 | -85.8% |
| Financial charges | 65/66B | - | €747 | +€747 | |
| Recurring financial charges | 65 | - | €747 | +€747 | |
| Profit (loss) for the period before taxes | 9903 | €22,652 | €2,468 | -€20,184 | -89.1% |
| Income taxes | 67/77 | - | €270 | +€270 | |
| Profit (loss) for the period | 9904 | €22,652 | €2,198 | -€20,454 | -90.3% |
| Profit (loss) for the period to be appropriated | 9905 | €22,652 | €2,198 | -€20,454 | -90.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2021 and 31 December 2022. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.