VALUR: 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.
VALUR
Largest movements
- Cash -€28,683
down €28,683 (-52.2%), from €54,925 to €26,241
mainly Contributions, distributions and other (-€40,000) and Net result for the year (-€21,792)
- Receivables within one year +€13,620
up €13,620 (+51.8%), from €26,282 to €39,902
of which Trade receivables: +€20,162
- Tangible fixed assets -€4,506
down €4,506 (-40.6%), from €11,098 to €6,592
- Deferred charges and accrued income -€2,792
down €2,792 (-25.9%), from €10,800 to €8,008
- Reserves -€49,398
down €49,398 (-100%), from €49,398 to €0
- Other debts +€24,214
up €24,214 (+215%), from €11,250 to €35,464
- Tax, wage and social debts +€14,703
up €14,703 (+73.9%), from €19,885 to €34,588
of which Remuneration and social security: +€10,648
- Profit (loss) carried forward -€12,394
down €12,394, from €0 to -€12,394
- Staff costs +€86,059
up €86,059 (+121%), from €70,877 to €156,936
- Gross operating margin +€17,076
up €17,076 (+13.2%), from €129,440 to €146,516
- Taxes -€12,535
down €12,535 (-94.1%), from €13,324 to €789
- Financial charges +€3,382
up €3,382 (+166%), from €2,035 to €5,417
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 | €103,105 | €80,743 | -€22,362 | -21.7% |
| Fixed assets | 21/28 | €11,098 | €6,592 | -€4,506 | -40.6% |
| Tangible fixed assets | 22/27 | €11,098 | €6,592 | -€4,506 | -40.6% |
| Plant, machinery and equipment | 23 | €2,913 | €1,151 | -€1,762 | -60.5% |
| Furniture and vehicles | 24 | €1,179 | €0 | -€1,179 | -100% |
| Other tangible fixed assets | 26 | €7,007 | €5,441 | -€1,566 | -22.3% |
| Current assets | 29/58 | €92,007 | €74,151 | -€17,856 | -19.4% |
| Amounts receivable within one year | 40/41 | €26,282 | €39,902 | +€13,620 | +51.8% |
| Trade receivables | 40 | €18,053 | €38,215 | +€20,162 | +112% |
| Other amounts receivable | 41 | €8,229 | €1,687 | -€6,542 | -79.5% |
| Cash at bank and in hand | 54/58 | €54,925 | €26,241 | -€28,683 | -52.2% |
| Deferred charges and accrued income | 490/1 | €10,800 | €8,008 | -€2,792 | -25.9% |
| Total equity and liabilities | 10/49 | €103,105 | €80,743 | -€22,362 | -21.7% |
| Equity | 10/15 | €67,998 | €6,206 | -€61,792 | -90.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €49,398 | €0 | -€49,398 | -100% |
| Distributable reserves | 133 | €49,398 | €0 | -€49,398 | -100% |
| Profit (loss) carried forward | 14 | €0 | -€12,394 | -€12,394 | |
| Amounts payable | 17/49 | €35,107 | €74,537 | +€39,430 | +112% |
| Amounts payable within one year | 42/48 | €34,876 | €74,113 | +€39,237 | +113% |
| Trade debts | 44 | €3,742 | €4,061 | +€320 | +8.5% |
| Suppliers | 440/4 | €3,742 | €4,061 | +€320 | +8.5% |
| Taxes, remuneration and social security | 45 | €19,885 | €34,588 | +€14,703 | +73.9% |
| Taxes | 450/3 | €11,009 | €15,064 | +€4,055 | +36.8% |
| Remuneration and social security | 454/9 | €8,876 | €19,523 | +€10,648 | +120% |
| Other amounts payable | 47/48 | €11,250 | €35,464 | +€24,214 | +215% |
| Accrued charges and deferred income | 492/3 | €231 | €424 | +€193 | +83.6% |
| Non-recurring operating income | 76A | €8,837 | €0 | -€8,837 | -100% |
| Remuneration, social security and pensions | 62 | €70,877 | €156,936 | +€86,059 | +121% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,548 | €4,506 | -€42 | -0.9% |
| Other operating charges | 640/8 | €979 | €661 | -€318 | -32.5% |
| Gross operating margin | 9900 | €129,440 | €146,516 | +€17,076 | +13.2% |
| Operating profit (loss) | 9901 | €53,036 | -€15,586 | -€68,622 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €2,035 | €5,417 | +€3,382 | +166% |
| Recurring financial charges | 65 | €2,035 | €5,417 | +€3,382 | +166% |
| Profit (loss) for the period before taxes | 9903 | €51,001 | -€21,003 | -€72,004 | |
| Income taxes | 67/77 | €13,324 | €789 | -€12,535 | -94.1% |
| Profit (loss) for the period | 9904 | €37,677 | -€21,792 | -€59,469 | |
| Profit (loss) for the period to be appropriated | 9905 | €37,677 | -€21,792 | -€59,469 |
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 13 October 2026 via checked.be.