VALUMAT: 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.
VALUMAT
Largest movements
- Receivables within one year -€1.2m
down €1.2m (-41.2%), from €3.0m to €1.8m
of which Trade receivables: -€945,179
- Cash -€681,275
down €681,275 (-41.7%), from €1.6m to €950,913
mainly Net result for the year (-€1.6m) and Current investments (-€276,399)
- Current investments +€276,399
up €276,399 (+2.9%), from €9.4m to €9.7m
- Reserves -€1.6m
down €1.6m (-45.8%), from €3.4m to €1.9m
- Gross operating margin +€705,988
up €705,988 (+28.6%), from -€2.5m to -€1.8m
- Financial income +€220,095
up €220,095 (+230.6%), from €95,443 to €315,537
- Write-downs +€79,865
new in 2025: €79,865
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 | €14,070,841 | €12,409,632 | -€1.7m | -11.8% |
| Formation expenses | 20 | €9,784 | - | -€9,784 | |
| Fixed assets | 21/28 | - | €7,939 | +€7,939 | |
| Intangible fixed assets | 21 | - | €7,939 | +€7,939 | |
| Current assets | 29/58 | €14,061,058 | €12,401,693 | -€1.7m | -11.8% |
| Amounts receivable within one year | 40/41 | €3,010,571 | €1,769,431 | -€1.2m | -41.2% |
| Trade receivables | 40 | €2,543,998 | €1,598,818 | -€945,179 | -37.2% |
| Other amounts receivable | 41 | €466,573 | €170,613 | -€295,960 | -63.4% |
| Current investments | 50/53 | €9,386,315 | €9,662,715 | +€276,399 | +2.9% |
| Cash at bank and in hand | 54/58 | €1,632,188 | €950,913 | -€681,275 | -41.7% |
| Deferred charges and accrued income | 490/1 | €31,983 | €18,634 | -€13,350 | -41.7% |
| Total equity and liabilities | 10/49 | €14,070,841 | €12,409,632 | -€1.7m | -11.8% |
| Equity | 10/15 | €3,425,197 | €1,856,475 | -€1.6m | -45.8% |
| Reserves | 13 | €3,425,197 | €1,856,475 | -€1.6m | -45.8% |
| Amounts payable | 17/49 | €10,645,645 | €10,553,157 | -€92,487 | -0.9% |
| Amounts payable within one year | 42/48 | €10,645,645 | €10,553,157 | -€92,487 | -0.9% |
| Trade debts | 44 | €10,645,645 | €10,553,157 | -€92,487 | -0.9% |
| Suppliers | 440/4 | €10,645,645 | €10,553,157 | -€92,487 | -0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,784 | €9,963 | +€180 | +1.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €79,865 | +€79,865 | |
| Other operating charges | 640/8 | €8,658 | €10,456 | +€1,798 | +20.8% |
| Gross operating margin | 9900 | -€2,464,311 | -€1,758,323 | +€705,988 | +28.6% |
| Operating profit (loss) | 9901 | -€2,482,753 | -€1,858,607 | +€624,145 | +25.1% |
| Financial income | 75/76B | €95,443 | €315,537 | +€220,095 | +230.6% |
| Recurring financial income | 75 | €95,443 | €315,537 | +€220,095 | +230.6% |
| Financial charges | 65/66B | €12,031 | €265 | -€11,766 | -97.8% |
| Recurring financial charges | 65 | €12,031 | €265 | -€11,766 | -97.8% |
| Profit (loss) for the period before taxes | 9903 | -€2,399,341 | -€1,543,335 | +€856,006 | +35.7% |
| Income taxes | 67/77 | €23,351 | €25,387 | +€2,036 | +8.7% |
| Profit (loss) for the period | 9904 | -€2,422,692 | -€1,568,722 | +€853,970 | +35.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,422,692 | -€1,568,722 | +€853,970 | +35.2% |
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 10 October 2026 via checked.be.