VALVAST: 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.
VALVAST
Largest movements
- Tangible fixed assets -€9,106
down €9,106 (-3.9%), from €235,408 to €226,301
of which Land and buildings: -€9,106
- Receivables within one year +€6,587
up €6,587 (+215%), from €3,061 to €9,648
of which Trade receivables: +€5,353
- Cash +€2,939
up €2,939 (+32.4%), from €9,081 to €12,021
mainly Net result for the year (+€130,140) and Depreciation (+€9,106)
- Provisions -€91,776
no longer reported in 2025 (was €91,776)
- Reserves +€68,811
up €68,811 (+1,110%), from €6,200 to €75,011
of which Distributable reserves: +€68,811
- Profit (loss) carried forward +€61,329
no longer reported in 2025 (was -€61,329)
- Other debts -€40,128
down €40,128 (-27.8%), from €144,303 to €104,175
- Provisions -€91,776
new in 2025: -€91,776
- Gross operating margin +€27,843
up €27,843 (+94.3%), from €29,511 to €57,354
- Taxes +€6,881
new in 2025: €6,881
- Other operating charges -€1,495
down €1,495 (-33.8%), from €4,427 to €2,931
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 | €249,397 | €249,832 | +€435 | +0.2% |
| Fixed assets | 21/28 | €235,408 | €226,301 | -€9,106 | -3.9% |
| Tangible fixed assets | 22/27 | €235,408 | €226,301 | -€9,106 | -3.9% |
| Land and buildings | 22 | €235,408 | €226,301 | -€9,106 | -3.9% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €13,989 | €23,531 | +€9,542 | +68.2% |
| Amounts receivable within one year | 40/41 | €3,061 | €9,648 | +€6,587 | +215% |
| Trade receivables | 40 | €3,061 | €8,414 | +€5,353 | +175% |
| Other amounts receivable | 41 | - | €1,233 | +€1,233 | |
| Cash at bank and in hand | 54/58 | €9,081 | €12,021 | +€2,939 | +32.4% |
| Deferred charges and accrued income | 490/1 | €1,847 | €1,863 | +€16 | +0.9% |
| Total equity and liabilities | 10/49 | €249,397 | €249,832 | +€435 | +0.2% |
| Equity | 10/15 | €6,871 | €137,011 | +€130,140 | +1,894% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €75,011 | +€68,811 | +1,110% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | - | €68,811 | +€68,811 | |
| Profit (loss) carried forward | 14 | -€61,329 | - | +€61,329 | |
| Provisions and deferred taxes | 16 | €91,776 | - | -€91,776 | |
| Provisions for liabilities and charges | 160/5 | €91,776 | - | -€91,776 | |
| Pensions and similar obligations | 160 | €91,776 | - | -€91,776 | |
| Amounts payable | 17/49 | €150,750 | €112,821 | -€37,929 | -25.2% |
| Amounts payable within one year | 42/48 | €150,750 | €112,821 | -€37,929 | -25.2% |
| Trade debts | 44 | €1,875 | €1,766 | -€109 | -5.8% |
| Suppliers | 440/4 | €1,875 | €1,766 | -€109 | -5.8% |
| Taxes, remuneration and social security | 45 | €4,573 | €6,881 | +€2,308 | +50.5% |
| Taxes | 450/3 | €4,573 | €6,881 | +€2,308 | +50.5% |
| Other amounts payable | 47/48 | €144,303 | €104,175 | -€40,128 | -27.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,106 | €9,106 | = | 0.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€91,776 | -€91,776 | |
| Other operating charges | 640/8 | €4,427 | €2,931 | -€1,495 | -33.8% |
| Gross operating margin | 9900 | €29,511 | €57,354 | +€27,843 | +94.3% |
| Operating profit (loss) | 9901 | €15,979 | €137,093 | +€121,114 | +758% |
| Financial charges | 65/66B | €111 | €71 | -€40 | -35.8% |
| Recurring financial charges | 65 | €111 | €71 | -€40 | -35.8% |
| Profit (loss) for the period before taxes | 9903 | €15,867 | €137,021 | +€121,154 | +764% |
| Income taxes | 67/77 | - | €6,881 | +€6,881 | |
| Profit (loss) for the period | 9904 | €15,867 | €130,140 | +€114,273 | +720% |
| Profit (loss) for the period to be appropriated | 9905 | €15,867 | €130,140 | +€114,273 | +720% |
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 20 October 2026 via checked.be.