VALU: 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.
VALU
Largest movements
- Cash -€15,245
down €15,245 (-7.5%), from €204,085 to €188,840
mainly Trade debts (-€25,914) and Investment in fixed assets (net) (-€12,558)
- Tangible fixed assets -€3,939
down €3,939 (-6.0%), from €65,536 to €61,596
of which Plant, machinery and equipment: -€8,990
- Receivables within one year +€3,561
up €3,561 (+626%), from €569 to €4,130
of which Other amounts receivable: +€4,126
- Deferred charges and accrued income +€2,955
new in 2025: €2,955
- Trade debts -€25,914
down €25,914 (-22.6%), from €114,511 to €88,597
- Accrued charges and deferred income +€20,618
up €20,618 (+522%), from €3,949 to €24,567
- Profit (loss) carried forward -€8,220
down €8,220 (-15.2%), from €54,174 to €45,954
- Tax, wage and social debts +€2,994
up €2,994 (+3.0%), from €101,430 to €104,424
of which Remuneration and social security: +€3,093
- Staff costs +€31,367
up €31,367 (+7.1%), from €438,924 to €470,292
- Taxes -€8,279
down €8,279 (-90.7%), from €9,125 to €846
- Gross operating margin +€6,265
up €6,265 (+1.3%), from €475,023 to €481,288
- Depreciation +€5,561
up €5,561 (+59.0%), from €9,427 to €14,988
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.
Derived cash bridge
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 | €294,524 | €284,001 | -€10,523 | -3.6% |
| Fixed assets | 21/28 | €72,044 | €69,614 | -€2,429 | -3.4% |
| Intangible fixed assets | 21 | €4,208 | €3,708 | -€500 | -11.9% |
| Tangible fixed assets | 22/27 | €65,536 | €61,596 | -€3,939 | -6.0% |
| Land and buildings | 22 | €1,475 | €0 | -€1,475 | -100% |
| Plant, machinery and equipment | 23 | €41,819 | €32,829 | -€8,990 | -21.5% |
| Furniture and vehicles | 24 | €11,309 | €8,783 | -€2,526 | -22.3% |
| Other tangible fixed assets | 26 | €10,932 | €19,984 | +€9,051 | +82.8% |
| Financial fixed assets | 28 | €2,300 | €4,310 | +€2,010 | +87.4% |
| Current assets | 29/58 | €222,480 | €214,386 | -€8,093 | -3.6% |
| Stocks and contracts in progress | 3 | €17,826 | €18,462 | +€637 | +3.6% |
| Stocks | 30/36 | €17,826 | €18,462 | +€637 | +3.6% |
| Amounts receivable within one year | 40/41 | €569 | €4,130 | +€3,561 | +626% |
| Trade receivables | 40 | €565 | €0 | -€565 | -100% |
| Other amounts receivable | 41 | €4 | €4,130 | +€4,126 | +112,119% |
| Cash at bank and in hand | 54/58 | €204,085 | €188,840 | -€15,245 | -7.5% |
| Deferred charges and accrued income | 490/1 | - | €2,955 | +€2,955 | |
| Total equity and liabilities | 10/49 | €294,524 | €284,001 | -€10,523 | -3.6% |
| Equity | 10/15 | €74,634 | €66,413 | -€8,220 | -11.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €54,174 | €45,954 | -€8,220 | -15.2% |
| Amounts payable | 17/49 | €219,890 | €217,587 | -€2,303 | -1.0% |
| Amounts payable within one year | 42/48 | €215,941 | €193,021 | -€22,920 | -10.6% |
| Trade debts | 44 | €114,511 | €88,597 | -€25,914 | -22.6% |
| Suppliers | 440/4 | €114,511 | €88,597 | -€25,914 | -22.6% |
| Taxes, remuneration and social security | 45 | €101,430 | €104,424 | +€2,994 | +3.0% |
| Taxes | 450/3 | €20,103 | €20,004 | -€98 | -0.5% |
| Remuneration and social security | 454/9 | €81,327 | €84,420 | +€3,093 | +3.8% |
| Accrued charges and deferred income | 492/3 | €3,949 | €24,567 | +€20,618 | +522% |
| Remuneration, social security and pensions | 62 | €438,924 | €470,292 | +€31,367 | +7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,427 | €14,988 | +€5,561 | +59.0% |
| Other operating charges | 640/8 | €1,902 | €1,998 | +€96 | +5.0% |
| Gross operating margin | 9900 | €475,023 | €481,288 | +€6,265 | +1.3% |
| Operating profit (loss) | 9901 | €24,770 | -€5,989 | -€30,759 | |
| Financial income | 75/76B | €2,148 | €2,639 | +€491 | +22.9% |
| Recurring financial income | 75 | €2,148 | €2,639 | +€491 | +22.9% |
| Financial charges | 65/66B | €3,707 | €4,023 | +€316 | +8.5% |
| Recurring financial charges | 65 | €3,707 | €4,023 | +€316 | +8.5% |
| Profit (loss) for the period before taxes | 9903 | €23,211 | -€7,374 | -€30,585 | |
| Income taxes | 67/77 | €9,125 | €846 | -€8,279 | -90.7% |
| Profit (loss) for the period | 9904 | €14,086 | -€8,220 | -€22,306 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,086 | -€8,220 | -€22,306 |
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 22 October 2026 via checked.be.