VALURA: 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.
VALURA
Largest movements
- Intangible fixed assets +€242,896
up €242,896 (+231%), from €105,000 to €347,896
- Cash -€55,913
down €55,913 (-16.5%), from €339,592 to €283,679
mainly Contributions, distributions and other (-€420,000) and Investment in fixed assets (net) (-€356,085)
- Deferred charges and accrued income +€44,218
up €44,218 (+74.3%), from €59,532 to €103,750
- Tangible fixed assets +€9,713
up €9,713 (+159%), from €6,114 to €15,826
of which Furniture and vehicles: +€10,128
- Other debts +€325,709
up €325,709 (+184%), from €177,450 to €503,159
- Reserves -€211,678
down €211,678 (-93.1%), from €227,318 to €15,640
- Debts after one year +€64,715
new in 2025: €64,715
- Trade debts +€31,425
up €31,425 (+108%), from €29,076 to €60,501
- Tax, wage and social debts +€19,757
up €19,757 (+65.2%), from €30,302 to €50,059
of which Remuneration and social security: +€19,389
- Gross operating margin +€137,798
up €137,798 (+31.0%), from €445,013 to €582,812
- Staff costs +€101,567
up €101,567 (+61.0%), from €166,438 to €268,005
- Depreciation +€59,314
up €59,314 (+136%), from €43,663 to €102,977
- Financial income +€11,069
up €11,069 (+202%), from €5,489 to €16,559
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 | €510,627 | €756,907 | +€246,281 | +48.2% |
| Fixed assets | 21/28 | €111,114 | €364,222 | +€253,108 | +228% |
| Intangible fixed assets | 21 | €105,000 | €347,896 | +€242,896 | +231% |
| Tangible fixed assets | 22/27 | €6,114 | €15,826 | +€9,713 | +159% |
| Plant, machinery and equipment | 23 | €5,119 | €4,704 | -€415 | -8.1% |
| Furniture and vehicles | 24 | €995 | €11,123 | +€10,128 | +1,018% |
| Financial fixed assets | 28 | - | €500 | +€500 | |
| Current assets | 29/58 | €399,513 | €392,685 | -€6,828 | -1.7% |
| Amounts receivable within one year | 40/41 | €390 | €5,257 | +€4,867 | +1,250% |
| Trade receivables | 40 | €390 | €1,257 | +€867 | +223% |
| Other amounts receivable | 41 | - | €4,000 | +€4,000 | |
| Cash at bank and in hand | 54/58 | €339,592 | €283,679 | -€55,913 | -16.5% |
| Deferred charges and accrued income | 490/1 | €59,532 | €103,750 | +€44,218 | +74.3% |
| Total equity and liabilities | 10/49 | €510,627 | €756,907 | +€246,281 | +48.2% |
| Equity | 10/15 | €245,918 | €34,240 | -€211,678 | -86.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €227,318 | €15,640 | -€211,678 | -93.1% |
| Distributable reserves | 133 | €227,318 | €15,640 | -€211,678 | -93.1% |
| Amounts payable | 17/49 | €264,709 | €722,667 | +€457,958 | +173% |
| Amounts payable after more than one year | 17 | - | €64,715 | +€64,715 | |
| Financial debts | 170/4 | - | €64,715 | +€64,715 | |
| Amounts payable within one year | 42/48 | €264,709 | €657,952 | +€393,243 | +149% |
| Current portion of amounts payable after more than one year | 42 | €24,081 | €40,452 | +€16,371 | +68.0% |
| Financial debts | 43 | €3,800 | €3,781 | -€19 | -0.5% |
| Credit institutions | 430/8 | €3,800 | €3,781 | -€19 | -0.5% |
| Trade debts | 44 | €29,076 | €60,501 | +€31,425 | +108% |
| Suppliers | 440/4 | €29,076 | €60,501 | +€31,425 | +108% |
| Taxes, remuneration and social security | 45 | €30,302 | €50,059 | +€19,757 | +65.2% |
| Taxes | 450/3 | €670 | €1,038 | +€368 | +54.9% |
| Remuneration and social security | 454/9 | €29,632 | €49,021 | +€19,389 | +65.4% |
| Other amounts payable | 47/48 | €177,450 | €503,159 | +€325,709 | +184% |
| Remuneration, social security and pensions | 62 | €166,438 | €268,005 | +€101,567 | +61.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,663 | €102,977 | +€59,314 | +136% |
| Other operating charges | 640/8 | €1,916 | €5,677 | +€3,761 | +196% |
| Gross operating margin | 9900 | €445,013 | €582,812 | +€137,798 | +31.0% |
| Operating profit (loss) | 9901 | €232,996 | €206,153 | -€26,843 | -11.5% |
| Financial income | 75/76B | €5,489 | €16,559 | +€11,069 | +202% |
| Recurring financial income | 75 | €5,489 | €16,559 | +€11,069 | +202% |
| Financial charges | 65/66B | €2,742 | €2,882 | +€140 | +5.1% |
| Recurring financial charges | 65 | €2,742 | €2,882 | +€140 | +5.1% |
| Profit (loss) for the period before taxes | 9903 | €235,743 | €219,829 | -€15,914 | -6.8% |
| Income taxes | 67/77 | €17,316 | €11,507 | -€5,810 | -33.6% |
| Profit (loss) for the period | 9904 | €218,426 | €208,322 | -€10,104 | -4.6% |
| Profit (loss) for the period to be appropriated | 9905 | €218,426 | €208,322 | -€10,104 | -4.6% |
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 20 October 2026 via checked.be.