VALVEX: 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.
VALVEX
Largest movements
- Receivables within one year +€49,246
up €49,246 (+25.6%), from €192,153 to €241,399
of which Other amounts receivable: +€58,496
- Cash -€8,661
down €8,661 (-7.4%), from €116,977 to €108,316
mainly Receivables within one year (-€49,246) and Trade debts (-€5,402)
- Advances received +€34,941
up €34,941, from €0 to €34,941
- Profit (loss) carried forward +€9,063
up €9,063, from -€9,063 to €0
- Trade debts -€5,402
down €5,402 (-6.2%), from €86,692 to €81,290
- Gross operating margin +€46,580
up €46,580, from -€29,595 to €16,984
- Financial income -€4,507
no longer reported in 2025 (was €4,507)
- Financial charges +€2,192
up €2,192 (+57.2%), from €3,834 to €6,026
of which Non-recurring financial charges: +€1,333
- Depreciation -€302
down €302 (-47.2%), from €639 to €337
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 | €311,003 | €349,917 | +€38,914 | +12.5% |
| Fixed assets | 21/28 | €1,873 | €202 | -€1,671 | -89.2% |
| Tangible fixed assets | 22/27 | €1,873 | €202 | -€1,671 | -89.2% |
| Furniture and vehicles | 24 | €1,873 | €202 | -€1,671 | -89.2% |
| Current assets | 29/58 | €309,130 | €349,715 | +€40,585 | +13.1% |
| Amounts receivable within one year | 40/41 | €192,153 | €241,399 | +€49,246 | +25.6% |
| Trade receivables | 40 | €75,825 | €66,575 | -€9,250 | -12.2% |
| Other amounts receivable | 41 | €116,328 | €174,824 | +€58,496 | +50.3% |
| Cash at bank and in hand | 54/58 | €116,977 | €108,316 | -€8,661 | -7.4% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €311,003 | €349,917 | +€38,914 | +12.5% |
| Equity | 10/15 | €223,755 | €233,686 | +€9,932 | +4.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Capital | 10 | €20,000 | €20,000 | = | 0.0% |
| Issued capital | 100 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €212,818 | €213,686 | +€868 | +0.4% |
| Distributable reserves | 133 | €212,818 | €213,686 | +€868 | +0.4% |
| Profit (loss) carried forward | 14 | -€9,063 | €0 | +€9,063 | |
| Amounts payable | 17/49 | €87,248 | €116,231 | +€28,983 | +33.2% |
| Amounts payable within one year | 42/48 | €87,248 | €116,231 | +€28,983 | +33.2% |
| Current portion of amounts payable after more than one year | 42 | €556 | €0 | -€556 | -100.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €86,692 | €81,290 | -€5,402 | -6.2% |
| Suppliers | 440/4 | €86,692 | €81,290 | -€5,402 | -6.2% |
| Advances received on contracts in progress | 46 | €0 | €34,941 | +€34,941 | |
| Taxes, remuneration and social security | 45 | €0 | €0 | = | |
| Taxes | 450/3 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €0 | €0 | = | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €639 | €337 | -€302 | -47.2% |
| Other operating charges | 640/8 | €753 | €690 | -€64 | -8.4% |
| Gross operating margin | 9900 | -€29,595 | €16,984 | +€46,580 | |
| Operating profit (loss) | 9901 | -€30,988 | €15,957 | +€46,945 | |
| Financial income | 75/76B | €4,507 | - | -€4,507 | |
| Recurring financial income | 75 | €4,507 | - | -€4,507 | |
| Financial charges | 65/66B | €3,834 | €6,026 | +€2,192 | +57.2% |
| Recurring financial charges | 65 | €3,834 | €4,692 | +€859 | +22.4% |
| Non-recurring financial charges | 66B | - | €1,333 | +€1,333 | |
| Profit (loss) for the period before taxes | 9903 | -€30,315 | €9,932 | +€40,246 | |
| Profit (loss) for the period | 9904 | -€30,315 | €9,932 | +€40,246 | |
| Profit (loss) for the period to be appropriated | 9905 | -€30,315 | €9,932 | +€40,246 |
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 3 October 2026 via checked.be.