ValVaz: 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.
ValVaz
Largest movements
- Cash +€199,058
up €199,058 (+804%), from €24,759 to €223,817
mainly Current investments (+€145,000) and Net result for the year (+€69,126)
- Current investments -€145,000
down €145,000 (-100%), from €145,000 to €0
- Tangible fixed assets -€4,560
down €4,560 (-95.3%), from €4,785 to €225
- Reserves +€51,660
up €51,660 (+34.0%), from €151,724 to €203,384
- Current portion of long-term debt -€4,595
down €4,595 (-100%), from €4,595 to €0
- Gross operating margin +€12,398
up €12,398 (+14.1%), from €88,010 to €100,408
- Depreciation -€5,176
down €5,176 (-53.2%), from €9,736 to €4,560
- Taxes +€4,708
up €4,708 (+20.9%), from €22,575 to €27,283
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 | €175,587 | €224,837 | +€49,250 | +28.0% |
| Fixed assets | 21/28 | €4,785 | €225 | -€4,560 | -95.3% |
| Tangible fixed assets | 22/27 | €4,785 | €225 | -€4,560 | -95.3% |
| Furniture and vehicles | 24 | €4,785 | €225 | -€4,560 | -95.3% |
| Current assets | 29/58 | €170,801 | €224,612 | +€53,811 | +31.5% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Trade receivables | 40 | €0 | - | = | |
| Current investments | 50/53 | €145,000 | €0 | -€145,000 | -100% |
| Cash at bank and in hand | 54/58 | €24,759 | €223,817 | +€199,058 | +804% |
| Deferred charges and accrued income | 490/1 | €1,042 | €795 | -€247 | -23.7% |
| Total equity and liabilities | 10/49 | €175,587 | €224,837 | +€49,250 | +28.0% |
| Equity | 10/15 | €151,724 | €203,384 | +€51,660 | +34.0% |
| Reserves | 13 | €151,724 | €203,384 | +€51,660 | +34.0% |
| Distributable reserves | 133 | €151,724 | €203,384 | +€51,660 | +34.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €23,863 | €21,453 | -€2,409 | -10.1% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €23,863 | €21,453 | -€2,409 | -10.1% |
| Current portion of amounts payable after more than one year | 42 | €4,595 | €0 | -€4,595 | -100% |
| Trade debts | 44 | €1,097 | €614 | -€483 | -44.0% |
| Suppliers | 440/4 | €1,097 | €614 | -€483 | -44.0% |
| Taxes, remuneration and social security | 45 | €17,232 | €18,838 | +€1,606 | +9.3% |
| Taxes | 450/3 | €14,232 | €15,838 | +€1,606 | +11.3% |
| Remuneration and social security | 454/9 | €3,000 | €3,000 | = | 0.0% |
| Other amounts payable | 47/48 | €939 | €2,001 | +€1,063 | +113% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,736 | €4,560 | -€5,176 | -53.2% |
| Other operating charges | 640/8 | €918 | €955 | +€36 | +4.0% |
| Gross operating margin | 9900 | €88,010 | €100,408 | +€12,398 | +14.1% |
| Operating profit (loss) | 9901 | €77,355 | €94,893 | +€17,538 | +22.7% |
| Financial income | 75/76B | €1,235 | €1,701 | +€466 | +37.7% |
| Recurring financial income | 75 | €1,235 | €1,701 | +€466 | +37.7% |
| Financial charges | 65/66B | €285 | €185 | -€100 | -35.2% |
| Recurring financial charges | 65 | €285 | €185 | -€100 | -35.2% |
| Profit (loss) for the period before taxes | 9903 | €78,305 | €96,409 | +€18,104 | +23.1% |
| Income taxes | 67/77 | €22,575 | €27,283 | +€4,708 | +20.9% |
| Profit (loss) for the period | 9904 | €55,730 | €69,126 | +€13,396 | +24.0% |
| Profit (loss) for the period to be appropriated | 9905 | €55,730 | €69,126 | +€13,396 | +24.0% |
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 16 October 2026 via checked.be.