VALUPEX: 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.
VALUPEX
Largest movements
- Receivables within one year +€34,666
up €34,666 (+112.0%), from €30,956 to €65,622
of which Trade receivables: +€39,668
- Tangible fixed assets -€7,579
down €7,579 (-47.8%), from €15,854 to €8,276
of which Furniture and vehicles: -€11,291
- Deferred charges and accrued income -€3,527
down €3,527 (-55.4%), from €6,361 to €2,834
- Tax, wage and social debts +€21,102
up €21,102 (+145.8%), from €14,474 to €35,576
of which Taxes: +€21,102
- Other debts +€6,901
up €6,901 (+6.3%), from €109,132 to €116,033
- Reserves -€5,910
down €5,910 (-100.0%), from €5,910 to €0
- Gross operating margin -€52,500
down €52,500 (-27.4%), from €191,950 to €139,450
- Staff costs -€51,007
down €51,007 (-100.0%), from €51,007 to €0
- Depreciation -€3,667
down €3,667 (-80.2%), from €4,570 to €903
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 | €136,642 | €159,216 | +€22,575 | +16.5% |
| Fixed assets | 21/28 | €15,854 | €8,276 | -€7,579 | -47.8% |
| Tangible fixed assets | 22/27 | €15,854 | €8,276 | -€7,579 | -47.8% |
| Furniture and vehicles | 24 | €13,023 | €1,732 | -€11,291 | -86.7% |
| Other tangible fixed assets | 26 | €2,831 | €6,543 | +€3,712 | +131.1% |
| Current assets | 29/58 | €120,787 | €150,941 | +€30,153 | +25.0% |
| Amounts receivable within one year | 40/41 | €30,956 | €65,622 | +€34,666 | +112.0% |
| Trade receivables | 40 | €25,878 | €65,546 | +€39,668 | +153.3% |
| Other amounts receivable | 41 | €5,078 | €76 | -€5,002 | -98.5% |
| Cash at bank and in hand | 54/58 | €83,470 | €82,485 | -€986 | -1.2% |
| Deferred charges and accrued income | 490/1 | €6,361 | €2,834 | -€3,527 | -55.4% |
| Total equity and liabilities | 10/49 | €136,642 | €159,216 | +€22,575 | +16.5% |
| Equity | 10/15 | €10,910 | €5,000 | -€5,910 | -54.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €5,910 | €0 | -€5,910 | -100.0% |
| Distributable reserves | 133 | €5,910 | €0 | -€5,910 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €125,732 | €154,216 | +€28,484 | +22.7% |
| Amounts payable within one year | 42/48 | €125,732 | €154,216 | +€28,484 | +22.7% |
| Trade debts | 44 | €2,126 | €2,607 | +€481 | +22.7% |
| Suppliers | 440/4 | €2,126 | €2,607 | +€481 | +22.7% |
| Taxes, remuneration and social security | 45 | €14,474 | €35,576 | +€21,102 | +145.8% |
| Taxes | 450/3 | €14,474 | €35,576 | +€21,102 | +145.8% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €109,132 | €116,033 | +€6,901 | +6.3% |
| Remuneration, social security and pensions | 62 | €51,007 | €0 | -€51,007 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,570 | €903 | -€3,667 | -80.2% |
| Other operating charges | 640/8 | €764 | €513 | -€251 | -32.8% |
| Gross operating margin | 9900 | €191,950 | €139,450 | -€52,500 | -27.4% |
| Operating profit (loss) | 9901 | €135,609 | €138,034 | +€2,426 | +1.8% |
| Financial income | 75/76B | €2 | €20 | +€18 | +817.0% |
| Recurring financial income | 75 | €2 | €20 | +€18 | +817.0% |
| Financial charges | 65/66B | €1,282 | €1,172 | -€110 | -8.6% |
| Recurring financial charges | 65 | €1,282 | €1,172 | -€110 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | €134,329 | €136,883 | +€2,553 | +1.9% |
| Income taxes | 67/77 | €31,256 | €29,924 | -€1,332 | -4.3% |
| Profit (loss) for the period | 9904 | €103,074 | €106,959 | +€3,885 | +3.8% |
| Profit (loss) for the period to be appropriated | 9905 | €103,074 | €106,959 | +€3,885 | +3.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.