VALUNORM: 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.
VALUNORM
Largest movements
- Cash +€19,980
up €19,980 (+9.6%), from €207,141 to €227,120
mainly Net result for the year (+€23,019) and Depreciation (+€3,184)
- Reserves +€23,019
up €23,019 (+28.3%), from €81,413 to €104,431
of which Distributable reserves: +€23,019
- Tax, wage and social debts -€5,018
down €5,018 (-19.3%), from €25,984 to €20,966
- Trade debts -€3,079
down €3,079 (-94.9%), from €3,244 to €165
- Gross operating margin -€22,875
down €22,875 (-37.8%), from €60,546 to €37,671
- Taxes -€6,396
down €6,396 (-37.9%), from €16,877 to €10,482
- Other operating charges -€1,412
down €1,412 (-62.9%), from €2,247 to €834
- Depreciation +€1,112
up €1,112 (+53.7%), from €2,072 to €3,184
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 | €246,182 | €260,653 | +€14,471 | +5.9% |
| Fixed assets | 21/28 | €16,211 | €14,344 | -€1,868 | -11.5% |
| Tangible fixed assets | 22/27 | €16,211 | €14,344 | -€1,868 | -11.5% |
| Plant, machinery and equipment | 23 | €13,133 | €12,072 | -€1,061 | -8.1% |
| Furniture and vehicles | 24 | €3,078 | €2,272 | -€806 | -26.2% |
| Current assets | 29/58 | €229,971 | €246,309 | +€16,338 | +7.1% |
| Amounts receivable within one year | 40/41 | €21,205 | €19,054 | -€2,151 | -10.1% |
| Trade receivables | 40 | €21,205 | €19,054 | -€2,151 | -10.1% |
| Cash at bank and in hand | 54/58 | €207,141 | €227,120 | +€19,980 | +9.6% |
| Deferred charges and accrued income | 490/1 | €1,625 | €134 | -€1,491 | -91.7% |
| Total equity and liabilities | 10/49 | €246,182 | €260,653 | +€14,471 | +5.9% |
| Equity | 10/15 | €99,963 | €122,981 | +€23,019 | +23.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €81,413 | €104,431 | +€23,019 | +28.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €81,413 | €104,431 | +€23,019 | +28.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €146,219 | €137,671 | -€8,548 | -5.8% |
| Amounts payable within one year | 42/48 | €144,894 | €136,306 | -€8,588 | -5.9% |
| Trade debts | 44 | €3,244 | €165 | -€3,079 | -94.9% |
| Suppliers | 440/4 | €3,244 | €165 | -€3,079 | -94.9% |
| Taxes, remuneration and social security | 45 | €25,984 | €20,966 | -€5,018 | -19.3% |
| Taxes | 450/3 | €25,984 | €20,966 | -€5,018 | -19.3% |
| Other amounts payable | 47/48 | €115,666 | €115,175 | -€491 | -0.4% |
| Accrued charges and deferred income | 492/3 | €1,326 | €1,366 | +€40 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,072 | €3,184 | +€1,112 | +53.7% |
| Other operating charges | 640/8 | €2,247 | €834 | -€1,412 | -62.9% |
| Gross operating margin | 9900 | €60,546 | €37,671 | -€22,875 | -37.8% |
| Operating profit (loss) | 9901 | €56,228 | €33,653 | -€22,575 | -40.1% |
| Financial income | 75/76B | €159 | €234 | +€75 | +47.4% |
| Recurring financial income | 75 | €159 | €234 | +€75 | +47.4% |
| Financial charges | 65/66B | €334 | €387 | +€53 | +15.8% |
| Recurring financial charges | 65 | €334 | €387 | +€53 | +15.8% |
| Profit (loss) for the period before taxes | 9903 | €56,053 | €33,500 | -€22,552 | -40.2% |
| Income taxes | 67/77 | €16,877 | €10,482 | -€6,396 | -37.9% |
| Profit (loss) for the period | 9904 | €39,176 | €23,019 | -€16,157 | -41.2% |
| Profit (loss) for the period to be appropriated | 9905 | €39,176 | €23,019 | -€16,157 | -41.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.