VALVER: 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.
VALVER
Largest movements
- Cash +€202,430
up €202,430 (+994.4%), from €20,357 to €222,787
mainly Investment in fixed assets (net) (+€172,268) and Other debts (+€31,881)
No liability line moved by more than 1% of the balance sheet total.
- Financial charges +€40,178
up €40,178 (+321.2%), from €12,508 to €52,685
- Gross operating margin +€30,676
up €30,676 (+125.7%), from €24,405 to €55,081
- Depreciation -€7,347
down €7,347 (-39.9%), from €18,402 to €11,054
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 | €20,168,947 | €20,190,323 | +€21,376 | +0.1% |
| Fixed assets | 21/28 | €20,144,604 | €19,961,281 | -€183,322 | -0.9% |
| Tangible fixed assets | 22/27 | €449,613 | €266,290 | -€183,322 | -40.8% |
| Land and buildings | 22 | €449,613 | €266,290 | -€183,322 | -40.8% |
| Financial fixed assets | 28 | €19,694,991 | €19,694,991 | = | 0.0% |
| Current assets | 29/58 | €24,344 | €229,042 | +€204,699 | +840.9% |
| Amounts receivable within one year | 40/41 | €3,987 | €6,256 | +€2,269 | +56.9% |
| Trade receivables | 40 | €1,815 | €4,362 | +€2,547 | +140.3% |
| Other amounts receivable | 41 | €2,172 | €1,893 | -€279 | -12.8% |
| Cash at bank and in hand | 54/58 | €20,357 | €222,787 | +€202,430 | +994.4% |
| Total equity and liabilities | 10/49 | €20,168,947 | €20,190,323 | +€21,376 | +0.1% |
| Equity | 10/15 | €14,149,547 | €14,138,951 | -€10,596 | -0.1% |
| Contributions | 10/11 | €5,513,600 | €5,513,600 | = | 0.0% |
| Reserves | 13 | €8,635,947 | €8,625,351 | -€10,596 | -0.1% |
| Distributable reserves | 133 | €8,635,947 | €8,625,351 | -€10,596 | -0.1% |
| Amounts payable | 17/49 | €6,019,400 | €6,051,373 | +€31,973 | +0.5% |
| Amounts payable within one year | 42/48 | €6,018,525 | €6,051,373 | +€32,848 | +0.5% |
| Trade debts | 44 | €936 | €2,115 | +€1,179 | +126.0% |
| Suppliers | 440/4 | €936 | €2,115 | +€1,179 | +126.0% |
| Taxes, remuneration and social security | 45 | €213 | €0 | -€213 | -100.0% |
| Taxes | 450/3 | €213 | €0 | -€213 | -100.0% |
| Other amounts payable | 47/48 | €6,017,377 | €6,049,257 | +€31,881 | +0.5% |
| Accrued charges and deferred income | 492/3 | €875 | €0 | -€875 | -100.0% |
| Non-recurring operating income | 76A | - | €37,732 | +€37,732 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,402 | €11,054 | -€7,347 | -39.9% |
| Other operating charges | 640/8 | €1,964 | €1,938 | -€26 | -1.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €24,405 | €55,081 | +€30,676 | +125.7% |
| Operating profit (loss) | 9901 | €4,039 | €42,089 | +€38,049 | +942.0% |
| Financial charges | 65/66B | €12,508 | €52,685 | +€40,178 | +321.2% |
| Recurring financial charges | 65 | €12,508 | €52,685 | +€40,178 | +321.2% |
| Profit (loss) for the period before taxes | 9903 | -€8,468 | -€10,596 | -€2,128 | -25.1% |
| Profit (loss) for the period | 9904 | -€8,468 | -€10,596 | -€2,128 | -25.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,468 | -€10,596 | -€2,128 | -25.1% |
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 10 October 2026 via checked.be.