VALVERT: what changed
Two fiscal 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.
VALVERT
Largest movements
- Cash -€30,087
down €30,087 (-76.1%), from €39,512 to €9,426
mainly Other debts (-€43,527) and Investment in fixed assets (net) (-€7,862)
- Intangible fixed assets -€19,000
down €19,000 (-29.5%), from €64,340 to €45,340
- Receivables within one year +€5,112
up €5,112 (+141.9%), from €3,602 to €8,714
- Tangible fixed assets +€1,515
up €1,515 (+4.7%), from €32,118 to €33,633
of which Plant, machinery and equipment: +€2,002
- Other debts -€43,527
down €43,527 (-50.9%), from €85,591 to €42,064
- Gross operating margin -€32,326
down €32,326 (-49.6%), from €65,144 to €32,818
- Taxes -€5,510
down €5,510 (-61.9%), from €8,898 to €3,388
- Depreciation +€1,925
up €1,925 (+8.2%), from €23,421 to €25,347
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 | €141,560 | €99,011 | -€42,549 | -30.1% |
| Fixed assets | 21/28 | €96,458 | €78,973 | -€17,485 | -18.1% |
| Intangible fixed assets | 21 | €64,340 | €45,340 | -€19,000 | -29.5% |
| Tangible fixed assets | 22/27 | €32,118 | €33,633 | +€1,515 | +4.7% |
| Plant, machinery and equipment | 23 | €22,661 | €24,663 | +€2,002 | +8.8% |
| Furniture and vehicles | 24 | €957 | €470 | -€486 | -50.8% |
| Other tangible fixed assets | 26 | €8,500 | €8,500 | = | 0.0% |
| Current assets | 29/58 | €45,102 | €20,038 | -€25,064 | -55.6% |
| Amounts receivable within one year | 40/41 | €3,602 | €8,714 | +€5,112 | +141.9% |
| Other amounts receivable | 41 | €3,602 | €8,714 | +€5,112 | +141.9% |
| Cash at bank and in hand | 54/58 | €39,512 | €9,426 | -€30,087 | -76.1% |
| Deferred charges and accrued income | 490/1 | €1,988 | €1,899 | -€89 | -4.5% |
| Total equity and liabilities | 10/49 | €141,560 | €99,011 | -€42,549 | -30.1% |
| Equity | 10/15 | €20,460 | €21,573 | +€1,113 | +5.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €1,113 | +€1,113 | |
| Amounts payable | 17/49 | €121,100 | €77,438 | -€43,662 | -36.1% |
| Amounts payable after more than one year | 17 | €20,460 | €20,460 | = | 0.0% |
| Financial debts | 170/4 | €20,460 | €20,460 | = | 0.0% |
| Amounts payable within one year | 42/48 | €91,396 | €46,488 | -€44,908 | -49.1% |
| Trade debts | 44 | €5,805 | €4,424 | -€1,380 | -23.8% |
| Suppliers | 440/4 | €5,805 | €4,424 | -€1,380 | -23.8% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €85,591 | €42,064 | -€43,527 | -50.9% |
| Accrued charges and deferred income | 492/3 | €9,244 | €10,490 | +€1,246 | +13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,421 | €25,347 | +€1,925 | +8.2% |
| Other operating charges | 640/8 | €1,196 | €1,413 | +€218 | +18.2% |
| Gross operating margin | 9900 | €65,144 | €32,818 | -€32,326 | -49.6% |
| Operating profit (loss) | 9901 | €40,527 | €6,058 | -€34,469 | -85.1% |
| Financial income | 75/76B | €0 | €0 | = | 0.0% |
| Recurring financial income | 75 | €0 | €0 | = | 0.0% |
| Financial charges | 65/66B | €1,856 | €1,557 | -€300 | -16.2% |
| Recurring financial charges | 65 | €1,856 | €1,557 | -€300 | -16.2% |
| Profit (loss) for the period before taxes | 9903 | €38,671 | €4,501 | -€34,169 | -88.4% |
| Income taxes | 67/77 | €8,898 | €3,388 | -€5,510 | -61.9% |
| Profit (loss) for the period | 9904 | €29,772 | €1,113 | -€28,659 | -96.3% |
| Profit (loss) for the period to be appropriated | 9905 | €29,772 | €1,113 | -€28,659 | -96.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.