VALVI: 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.
VALVI
Largest movements
- Cash +€135,705
up €135,705 (+80.1%), from €169,381 to €305,087
mainly Net result for the year (+€175,146) and Other debts (+€144,500)
- Receivables within one year +€19,016
up €19,016 (+36.0%), from €52,854 to €71,871
of which Other amounts receivable: +€19,576
- Tangible fixed assets +€6,502
up €6,502 (+399.6%), from €1,627 to €8,129
of which Other tangible fixed assets: +€7,380
- Other debts +€144,500
new in 2025: €144,500
- Tax, wage and social debts +€12,547
up €12,547 (+63.7%), from €19,705 to €32,252
- Reserves +€5,146
up €5,146 (+2.9%), from €175,598 to €180,744
- Gross operating margin +€33,337
up €33,337 (+16.6%), from €201,185 to €234,522
- Financial charges -€3,931
down €3,931 (-74.3%), from €5,292 to €1,361
- Taxes -€3,740
down €3,740 (-6.4%), from €58,589 to €54,849
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 | €233,872 | €392,884 | +€159,012 | +68.0% |
| Fixed assets | 21/28 | €4,027 | €10,529 | +€6,502 | +161.4% |
| Tangible fixed assets | 22/27 | €1,627 | €8,129 | +€6,502 | +399.6% |
| Furniture and vehicles | 24 | €1,627 | €749 | -€878 | -54.0% |
| Other tangible fixed assets | 26 | - | €7,380 | +€7,380 | |
| Financial fixed assets | 28 | €2,400 | €2,400 | = | 0.0% |
| Current assets | 29/58 | €229,845 | €382,355 | +€152,511 | +66.4% |
| Amounts receivable within one year | 40/41 | €52,854 | €71,871 | +€19,016 | +36.0% |
| Trade receivables | 40 | €27,415 | €26,856 | -€560 | -2.0% |
| Other amounts receivable | 41 | €25,439 | €45,015 | +€19,576 | +77.0% |
| Cash at bank and in hand | 54/58 | €169,381 | €305,087 | +€135,705 | +80.1% |
| Deferred charges and accrued income | 490/1 | €7,609 | €5,398 | -€2,211 | -29.1% |
| Total equity and liabilities | 10/49 | €233,872 | €392,884 | +€159,012 | +68.0% |
| Equity | 10/15 | €194,198 | €199,344 | +€5,146 | +2.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €175,598 | €180,744 | +€5,146 | +2.9% |
| Distributable reserves | 133 | €175,598 | €180,744 | +€5,146 | +2.9% |
| Amounts payable | 17/49 | €39,674 | €193,540 | +€153,866 | +387.8% |
| Amounts payable within one year | 42/48 | €39,674 | €193,540 | +€153,866 | +387.8% |
| Financial debts | 43 | €1,615 | - | -€1,615 | |
| Credit institutions | 430/8 | €1,615 | - | -€1,615 | |
| Trade debts | 44 | €18,354 | €16,789 | -€1,565 | -8.5% |
| Suppliers | 440/4 | €18,354 | €16,789 | -€1,565 | -8.5% |
| Taxes, remuneration and social security | 45 | €19,705 | €32,252 | +€12,547 | +63.7% |
| Taxes | 450/3 | €19,705 | €32,252 | +€12,547 | +63.7% |
| Other amounts payable | 47/48 | - | €144,500 | +€144,500 | |
| Non-recurring operating income | 76A | - | €4,959 | +€4,959 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,975 | €2,122 | +€147 | +7.4% |
| Other operating charges | 640/8 | €2,030 | €2,143 | +€113 | +5.6% |
| Gross operating margin | 9900 | €201,185 | €234,522 | +€33,337 | +16.6% |
| Operating profit (loss) | 9901 | €197,180 | €230,257 | +€33,077 | +16.8% |
| Financial income | 75/76B | €768 | €1,100 | +€332 | +43.3% |
| Recurring financial income | 75 | €768 | €1,100 | +€332 | +43.3% |
| Financial charges | 65/66B | €5,292 | €1,361 | -€3,931 | -74.3% |
| Recurring financial charges | 65 | €5,292 | €1,361 | -€3,931 | -74.3% |
| Profit (loss) for the period before taxes | 9903 | €192,655 | €229,995 | +€37,340 | +19.4% |
| Income taxes | 67/77 | €58,589 | €54,849 | -€3,740 | -6.4% |
| Profit (loss) for the period | 9904 | €134,066 | €175,146 | +€41,080 | +30.6% |
| Profit (loss) for the period to be appropriated | 9905 | €134,066 | €175,146 | +€41,080 | +30.6% |
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 7 October 2026 via checked.be.