VALMAXYS: 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.
VALMAXYS
Largest movements
- Current investments -€73,017
down €73,017 (-87.4%), from €83,561 to €10,543
- Stocks and contracts +€33,972
up €33,972 (+13.2%), from €257,126 to €291,097
- Tangible fixed assets +€10,432
up €10,432 (+120%), from €8,697 to €19,130
of which Furniture and vehicles: +€5,682
- Cash -€6,173
down €6,173 (-83.6%), from €7,383 to €1,211
mainly Net result for the year (-€88,394) and Stocks and contracts (-€33,972)
- Profit (loss) carried forward -€88,394
down €88,394, from €25,062 to -€63,332
- Other debts +€79,173
up €79,173 (+32.3%), from €244,801 to €323,974
- Tax, wage and social debts -€24,773
down €24,773 (-94.9%), from €26,096 to €1,323
- Gross operating margin -€41,549
down €41,549 (-82.0%), from -€50,689 to -€92,238
- Depreciation +€2,212
up €2,212 (+53.7%), from €4,117 to €6,329
- Financial income +€2,140
up €2,140 (+21.2%), from €10,087 to €12,227
of which Financial income: +€2,140
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 | €356,767 | €321,981 | -€34,786 | -9.8% |
| Fixed assets | 21/28 | €8,697 | €19,130 | +€10,432 | +120% |
| Tangible fixed assets | 22/27 | €8,697 | €19,130 | +€10,432 | +120% |
| Land and buildings | 22 | €0 | €4,751 | +€4,751 | |
| Furniture and vehicles | 24 | €8,697 | €14,379 | +€5,682 | +65.3% |
| Current assets | 29/58 | €348,070 | €302,852 | -€45,218 | -13.0% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €257,126 | €291,097 | +€33,972 | +13.2% |
| Stocks | 30/36 | €257,126 | €291,097 | +€33,972 | +13.2% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €83,561 | €10,543 | -€73,017 | -87.4% |
| Cash at bank and in hand | 54/58 | €7,383 | €1,211 | -€6,173 | -83.6% |
| Total equity and liabilities | 10/49 | €356,767 | €321,981 | -€34,786 | -9.8% |
| Equity | 10/15 | €79,086 | -€9,308 | -€88,394 | |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €46,525 | €46,525 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €44,665 | €44,665 | = | 0.0% |
| Profit (loss) carried forward | 14 | €25,062 | -€63,332 | -€88,394 | |
| Amounts payable | 17/49 | €277,681 | €331,289 | +€53,608 | +19.3% |
| Amounts payable within one year | 42/48 | €277,681 | €331,289 | +€53,608 | +19.3% |
| Trade debts | 44 | €6,784 | €5,992 | -€792 | -11.7% |
| Suppliers | 440/4 | €6,784 | €5,992 | -€792 | -11.7% |
| Taxes, remuneration and social security | 45 | €26,096 | €1,323 | -€24,773 | -94.9% |
| Taxes | 450/3 | €26,096 | €1,323 | -€24,773 | -94.9% |
| Other amounts payable | 47/48 | €244,801 | €323,974 | +€79,173 | +32.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,117 | €6,329 | +€2,212 | +53.7% |
| Other operating charges | 640/8 | €1,200 | €861 | -€338 | -28.2% |
| Gross operating margin | 9900 | -€50,689 | -€92,238 | -€41,549 | -82.0% |
| Operating profit (loss) | 9901 | -€56,006 | -€99,428 | -€43,422 | -77.5% |
| Financial income | 75/76B | €10,087 | €12,227 | +€2,140 | +21.2% |
| Recurring financial income | 75 | €10,087 | €12,227 | +€2,140 | +21.2% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €359 | €347 | -€12 | -3.3% |
| Recurring financial charges | 65 | €359 | €347 | -€12 | -3.3% |
| Profit (loss) for the period before taxes | 9903 | -€46,278 | -€87,549 | -€41,270 | -89.2% |
| Income taxes | 67/77 | €880 | €845 | -€34 | -3.9% |
| Profit (loss) for the period | 9904 | -€47,158 | -€88,394 | -€41,236 | -87.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€47,158 | -€88,394 | -€41,236 | -87.4% |
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 31 October 2026 via checked.be.