VALUMAX: 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.
VALUMAX
Largest movements
- Receivables within one year -€10,838
down €10,838 (-4.1%), from €261,820 to €250,982
of which Trade receivables: -€7,291
- Tangible fixed assets -€3,230
down €3,230 (-60.8%), from €5,315 to €2,085
of which Furniture and vehicles: -€1,731
- Profit (loss) carried forward -€46,623
down €46,623 (-14.7%), from -€317,545 to -€364,168
- Other debts +€29,154
up €29,154 (+11.4%), from €255,345 to €284,499
- Depreciation -€21,563
down €21,563 (-87.0%), from €24,793 to €3,230
- Gross operating margin -€16,405
down €16,405 (-183.0%), from -€8,964 to -€25,369
- Other operating charges +€16,317
up €16,317 (+3136.2%), from €520 to €16,837
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 | €273,180 | €257,675 | -€15,505 | -5.7% |
| Fixed assets | 21/28 | €5,315 | €2,085 | -€3,230 | -60.8% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €5,315 | €2,085 | -€3,230 | -60.8% |
| Land and buildings | 22 | €2,217 | €1,105 | -€1,112 | -50.1% |
| Plant, machinery and equipment | 23 | €388 | €0 | -€388 | -100.0% |
| Furniture and vehicles | 24 | €2,710 | €979 | -€1,731 | -63.9% |
| Current assets | 29/58 | €267,865 | €255,590 | -€12,275 | -4.6% |
| Amounts receivable within one year | 40/41 | €261,820 | €250,982 | -€10,838 | -4.1% |
| Trade receivables | 40 | €257,731 | €250,440 | -€7,291 | -2.8% |
| Other amounts receivable | 41 | €4,089 | €542 | -€3,547 | -86.7% |
| Cash at bank and in hand | 54/58 | €2,803 | €1,625 | -€1,177 | -42.0% |
| Deferred charges and accrued income | 490/1 | €3,243 | €2,983 | -€260 | -8.0% |
| Total equity and liabilities | 10/49 | €273,180 | €257,675 | -€15,505 | -5.7% |
| Equity | 10/15 | -€122,226 | -€168,849 | -€46,623 | -38.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €176,727 | €176,727 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €176,727 | €176,727 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€317,545 | -€364,168 | -€46,623 | -14.7% |
| Amounts payable | 17/49 | €395,406 | €426,524 | +€31,118 | +7.9% |
| Amounts payable within one year | 42/48 | €395,031 | €426,011 | +€30,980 | +7.8% |
| Trade debts | 44 | €136,923 | €138,682 | +€1,759 | +1.3% |
| Suppliers | 440/4 | €136,923 | €138,682 | +€1,759 | +1.3% |
| Taxes, remuneration and social security | 45 | €2,762 | €2,830 | +€68 | +2.5% |
| Taxes | 450/3 | €2,762 | €2,830 | +€68 | +2.5% |
| Other amounts payable | 47/48 | €255,345 | €284,499 | +€29,154 | +11.4% |
| Accrued charges and deferred income | 492/3 | €376 | €513 | +€137 | +36.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,793 | €3,230 | -€21,563 | -87.0% |
| Other operating charges | 640/8 | €520 | €16,837 | +€16,317 | +3136.2% |
| Gross operating margin | 9900 | -€8,964 | -€25,369 | -€16,405 | -183.0% |
| Operating profit (loss) | 9901 | -€34,277 | -€45,436 | -€11,159 | -32.6% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €345 | €339 | -€6 | -1.9% |
| Recurring financial charges | 65 | €345 | €339 | -€6 | -1.9% |
| Profit (loss) for the period before taxes | 9903 | -€34,622 | -€45,774 | -€11,152 | -32.2% |
| Income taxes | 67/77 | €808 | €848 | +€40 | +4.9% |
| Profit (loss) for the period | 9904 | -€35,430 | -€46,623 | -€11,192 | -31.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€35,430 | -€46,623 | -€11,192 | -31.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.