VALMON (0446.835.052): financials and annual accounts

VALMON

Brussels ·KBO/BCE: BE 0446.835.052

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
Balance sheet: assets
Total assets`20/58`	420,908	423,316	281,450	350,299	282,228	164,270	435,662	448,210	512,490	627,770	582,393	714,690	664,593	719,866	628,256	668,783	501,580	632,403	735,051	759,945
Fixed assets`21/28`	103,941	65,132	72,858	55,591	36,398	12,160	14,794	15,376	11,298	5,401	13,297	17,319	29,958	85,117	153,871	210,213	262,862	302,848	361,592	417,774
Intangible fixed assets`21`	-	-	-	-	-	-	-	-	-	-	-	-	-	37,500	75,963	114,427	150,240	187,980	225,890	264,280
Tangible fixed assets`22/27`	78,936	46,127	53,853	41,226	32,143	7,905	10,539	11,121	7,043	1,146	9,041	13,063	25,703	43,362	70,063	87,941	112,367	114,613	135,447	153,239
Land and buildings`22`	75,707	28,357	33,997	21,590	18,224	-	-	-	-	-	6,626	8,212	15,200	22,186	33,259	44,332	55,663	66,995	80,316	93,638
Plant, machinery and equipment`23`	-	12,042	19,856	19,636	13,919	7,905	10,539	11,121	7,043	1,146	2,415	4,547	9,895	20,264	26,674	39,070	45,335	36,148	42,149	45,000
Furniture and vehicles`24`	3,229	5,729	-	-	-	-	-	-	-	-	-	304	608	912	10,130	4,539	11,369	11,470	12,982	14,601
Financial fixed assets`28`	25,005	19,005	19,005	14,365	4,255	4,255	4,255	4,255	4,255	4,255	4,256	4,256	4,255	4,255	7,845	7,845	255	255	255	255
Current assets`29/58`	316,967	358,183	208,592	294,708	245,830	152,110	420,868	432,834	501,192	622,369	569,096	697,371	634,635	634,749	474,385	458,570	238,718	329,555	373,459	342,171
Stocks and contracts in progress`3`	17,791	20,750	17,078	13,066	10,785	10,020	10,950	10,455	9,168	12,467	21,640	17,874	14,258	18,274	25,458	16,686	17,463	23,618	14,491	13,324
Stocks`30/36`	17,791	20,750	17,078	13,066	10,785	10,020	10,950	10,455	9,168	12,467	21,640	17,874	14,258	18,274	25,458	16,686	17,463	23,618	14,491	13,324
Amounts receivable within one year`40/41`	148,427	73,208	76,948	109,329	104,751	128,895	253,499	273,320	422,099	377,862	375,317	417,671	363,620	290,327	241,400	114,423	13,144	19,364	122,911	152,470
Trade receivables`40`	17,387	21,729	6,614	16,897	8,039	8,184	33,393	29,878	19,781	17,055	17,795	32,224	25,140	35,430	11,212	27,966	10,632	7,406	12,213	9,842
Other amounts receivable`41`	131,040	51,480	70,334	92,432	96,712	120,711	220,106	243,442	402,318	360,807	357,522	385,447	338,480	254,897	230,188	86,457	2,512	11,958	110,698	142,628
Cash at bank and in hand`54/58`	146,792	262,314	114,567	169,294	114,049	-	151,603	124,496	54,028	215,811	172,139	229,243	233,558	305,252	198,614	299,515	180,941	282,191	206,834	175,962
Deferred charges and accrued income`490/1`	3,957	1,911	-	3,018	16,245	13,195	4,816	24,563	15,897	16,229	-	32,583	23,199	20,896	8,913	27,946	27,170	4,382	29,223	415
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	420,908	423,316	281,450	350,299	282,228	164,270	435,662	448,210	512,490	627,770	582,393	714,690	664,593	719,866	628,256	668,783	501,580	632,403	735,051	759,945
Equity`10/15`	14,105	57,706	-232,024	-247,717	-434,257	-487,829	-243,141	-305,924	-642,834	-445,184	-229,530	29,693	57,565	32,634	-68	-45,254	-138,263	-47,380	47,929	46,268
Contributions`10/11`	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973
Capital`10`	61,973	61,973	61,973	61,973	61,973	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issued capital`100`	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973	61,973
Reserves`13`	6,197	6,197	6,197	6,197	6,197	6,197	6,197	6,197	6,197	6,197	6,197	6,197	6,197	6,197	6,197	6,197	6,197	6,197	6,197	6,197
Non-distributable reserves`130/1`	6,197	6,197	6,197	6,197	6,197	6,197	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Legal reserve`130`	6,197	6,197	6,197	6,197	6,197	6,197	6,197	6,197	6,197	6,197	6,197	6,197	6,197	6,197	6,197	6,197	6,197	6,197	6,197	6,197
Profit (loss) carried forward`14`	-54,066	-10,465	-300,195	-315,888	-502,427	-555,999	-311,311	-374,094	-711,004	-513,354	-297,700	-38,477	-10,605	-35,536	-68,238	-113,424	-206,433	-115,550	-20,241	-21,902
Amounts payable`17/49`	406,803	365,610	513,475	598,016	716,485	652,099	678,803	754,134	1.2m	1.1m	811,923	684,997	607,028	687,232	628,324	714,037	639,843	679,783	687,122	713,677
Amounts payable after more than one year`17`	-	15,776	101,423	137,403	154,741	83,747	96,063	122,938	77,310	184,064	80,888	110,219	6,682	61,453	164,169	257,964	190,429	227,544	272,762	315,840
Financial debts`170/4`	-	15,776	46,625	82,604	93,571	22,579	34,894	47,210	77,310	184,064	80,888	110,219	6,682	61,453	164,169	257,964	190,429	227,544	272,762	315,840
Other amounts payable`178/9`	-	-	54,799	54,799	61,170	61,168	61,169	75,728	-	-	-	-	-	-	-	-	-	-	-	-
Amounts payable within one year`42/48`	394,035	343,216	394,682	426,474	521,731	477,480	582,740	631,196	1.1m	839,287	727,898	574,778	600,346	623,834	464,155	456,073	447,944	452,239	409,971	397,837
Current portion of amounts payable after more than one year`42`	15,776	31,978	48,175	25,215	36,552	37,579	38,450	54,990	160,149	154,545	111,482	35,734	59,183	97,585	97,576	101,219	60,800	45,218	43,078	41,117
Financial debts`43`	18,510	-	-	-	-	7,032	-	7,833	172,108	42,008	104,921	20,766	66,489	65,471	16,871	17,456	23,177	22,832	15,495	18,356
Credit institutions`430/8`	18,510	-	-	-	-	7,032	-	7,833	111,562	42,008	104,921	20,766	66,489	65,471	16,871	17,456	23,177	22,832	15,495	18,356
Other loans`439`	-	-	-	-	-	-	-	-	60,546	-	-	-	-	-	-	-	-	-	-	-
Trade debts`44`	120,191	108,277	100,473	128,477	137,556	142,111	179,618	204,237	276,087	257,781	214,991	259,174	212,036	232,137	168,155	157,221	157,921	173,609	156,474	147,043
Suppliers`440/4`	120,191	108,277	100,473	128,477	137,556	142,111	179,618	204,237	276,087	257,781	214,991	259,174	212,036	232,137	168,155	157,221	157,921	173,609	156,474	147,043
Taxes, remuneration and social security`45`	239,557	201,547	244,621	271,369	346,210	288,991	338,017	346,566	458,132	374,094	273,269	247,935	249,295	219,912	170,957	180,177	197,347	206,078	194,924	191,321
Taxes`450/3`	72,590	66,361	54,492	56,901	84,121	80,307	81,150	97,348	144,922	47,428	38,303	48,486	65,294	49,043	24,847	27,692	46,326	35,796	44,785	191,321
Remuneration and social security`454/9`	166,968	135,186	190,130	214,468	262,089	208,684	256,867	249,218	313,210	326,666	234,966	199,449	184,001	170,869	146,110	152,485	151,021	170,282	150,139	-
Other amounts payable`47/48`	-	1,413	1,413	1,413	1,413	1,767	26,655	17,570	11,538	10,859	23,235	11,169	13,343	8,729	10,596	-	8,699	4,502	-	-
Accrued charges and deferred income`492/3`	12,768	6,618	17,369	34,140	40,013	90,872	-	-	-	49,603	3,137	-	-	1,945	-	-	1,470	-	4,389	-
Income statement
Non-recurring operating income`76A`	-	-	-	-	27,340	-	-	-	-	-	-	-	-	966	-	-	-	-	1,633	-
Gross operating margin`9900`	846,286	1.0m	872,182	830,652	310,597	36,463	826,160	1.3m	644,532	479,381	635,159	837,279	871,045	824,231	815,578	824,256	676,512	700,686	705,748	554,609
Remuneration, social security and pensions`62`	823,182	758,142	803,176	619,501	239,623	194,515	695,745	788,046	761,739	655,985	854,378	832,449	748,061	698,238	648,967	610,958	644,134	687,687	582,218	465,666
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	23,430	21,600	10,239	5,701	3,509	2,634	2,635	3,311	1,952	7,895	11,932	12,639	55,159	62,207	74,111	74,924	72,350	69,453	67,935	66,349
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)`631/4`	-	-	-72,303	1,332	-	70,970	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other operating charges`640/8`	4,449	3,206	73,315	3,822	9,815	160	20,115	4,188	2,312	3,853	5,643	4,444	4,035	3,587	7,106	6,614	8,382	4,287	10,052	3,492
Non-recurring operating charges`66A`	-	-	13,881	-	-	930	795	142,794	-	-	-	3,046	-	-	-	-	3,077	-	738	-
Operating profit (loss)`9901`	-4,775	236,272	43,874	200,295	57,650	-232,746	106,870	355,488	-121,471	-188,352	-236,794	-12,253	63,790	60,199	85,394	131,760	-48,354	-60,741	45,543	19,102
Financial income`75/76B`	4,764	98,595	3,342	6,512	8,919	8,379	5,277	8,677	12,046	22,155	22,164	22,876	19,650	23,802	2,835	944	1,960	9,017	6,828	370
Recurring financial income`75`	4,764	98,595	3,342	6,512	8,919	8,379	5,277	8,677	12,046	22,155	22,164	22,876	19,650	23,802	2,835	944	1,960	9,017	6,828	370
Financial charges`65/66B`	43,590	45,136	31,523	20,268	12,996	20,321	49,359	27,251	86,371	49,435	44,488	35,828	43,796	36,246	43,239	40,156	41,161	43,035	51,533	43,890
Recurring financial charges`65`	43,590	45,136	31,523	20,268	12,996	20,321	49,359	27,251	86,371	49,435	44,488	35,828	43,796	36,246	43,239	40,156	41,161	43,035	51,533	43,890
Profit (loss) for the period before taxes`9903`	-43,601	289,730	15,693	186,539	53,573	-244,688	62,788	336,914	-195,796	-215,632	-259,118	-28,251	39,644	48,721	44,990	92,548	-90,632	-94,759	1,733	-24,418
Income taxes`67/77`	-	-	-	-	-	-	5	4	1,854	22	105	-392	14,688	16,019	-196	-461	251	550	72	55
Profit (loss) for the period`9904`	-43,601	289,730	15,693	186,539	53,573	-244,688	62,783	336,910	-197,650	-215,654	-259,223	-27,872	24,931	32,702	45,186	93,009	-90,883	-95,309	1,661	-24,473
Profit (loss) for the period to be appropriated`9905`	-43,601	289,730	15,693	186,539	53,573	-244,688	62,783	336,910	-197,650	-215,654	-259,223	-27,872	24,931	32,702	45,186	93,009	-90,883	-95,309	1,661	-24,473
Appropriation of the result
Profit (loss) to be appropriated`9906`	-54,066	-10,465	-300,195	-315,888	-502,427	-555,999	-311,311	-374,094	-711,004	-513,354	-297,700	-38,477	-10,605	-35,536	-68,238	-113,424	-206,433	-115,550	-20,241	-21,902
Profit (loss) brought forward from the previous period`14P`	-10,465	-300,195	-315,888	-502,427	-556,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Social balance sheet
Average staff (FTE)`9087`	41.8	36.7	32.5	25.2	12.9	13.6	22.3	20.8	21.5	20.4	22.6	20.4	18.7	17.3	17.9	17	16.6	19.7	17.3	14.2
Hours worked`1013`	30,891	30,502	313,525	26,414	11,596	9,133	31,829	36,626	34,797	28,437	36,078	32,031	30,264	29,525	28,881	28,121	29,316	34,092	30,706	25,242
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Financial year	Type	Filed	Reference	Document
31-12-2025	abbreviated format	31-08-2026	2026-00494124	PDF
31-12-2024	micro format	30-08-2025	2025-00470339	PDF
31-12-2023	micro format	29-08-2024	2024-00444999	PDF
31-12-2022	micro format	02-06-2023	2023-00109605	PDF
31-12-2021	micro format	31-08-2022	2022-20394354	PDF
31-12-2020	micro format	31-08-2021	2021-63500217	PDF
31-12-2019	full format	26-10-2020	2020-63400321	PDF
31-12-2018	full format	28-08-2019	2019-53200201	PDF
31-12-2017	full format	19-07-2018	2018-34800191	PDF
31-12-2016	full format	30-08-2017	2017-58900046	PDF
31-12-2015	full format	24-08-2016	2016-46700312	PDF
31-12-2014	full format	27-08-2015	2015-48400545	PDF
31-12-2013	full format	29-08-2014	2014-53900180	PDF
31-12-2012	full format	27-08-2013	2013-48000192	PDF
31-12-2011	full format	29-08-2012	2012-50200044	PDF
31-12-2010	full format	27-07-2011	2011-34300034	PDF
31-12-2009	full format	26-08-2010	2010-45700352	PDF
31-12-2008	full format	10-07-2009	2009-40700161	PDF
31-12-2007	full format	26-08-2008	2008-61600241	PDF
31-12-2006	full format	06-07-2007	2007-36600391	PDF
31-12-2005	full format	30-06-2006	2006-37401492	PDF
31-12-2004	full format	26-07-2005	2005-55705363	PDF
31-12-2003	full format	16-07-2004	2004-47003502	PDF
31-12-2002	full format	03-07-2003	2003-38200601	PDF
31-12-2001	full format	19-07-2002	2002-39801648	PDF
31-12-2000	full format	13-07-2001	2001-37800042	PDF
31-12-1999	full format	30-06-2000	2000-33502092	PDF
31-12-1998	full format	09-07-1999	1999-32002714	PDF
31-12-1997	full format	09-07-1998	1998-31201661	PDF
31-12-1996	full format	08-07-1997	1997-28501411	PDF
31-12-1995	full format	12-07-1996	1996-33503172	PDF
31-12-1994	full format	13-07-1995	1995-39103798	PDF
31-12-1993	full format	08-07-1994	1994-28102312	PDF
31-12-1992	full format	17-06-1993	1993-14302738	PDF

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
EBITDA	18,656	257,872	54,112	205,996	61,159	-230,112	109,505	358,799	-119,519	-180,457	-224,862	386	118,949	122,406	159,505	206,684	23,996	8,712	113,478	85,451
Cash flow	-20,170	311,331	25,931	192,240	57,082	-242,054	65,418	340,221	-195,698	-207,759	-247,291	-15,233	80,090	94,909	119,297	167,933	-18,533	-25,856	69,596	41,876
Investment in fixed assets (approximation)	62,239	13,875	27,505	24,894	27,747	0	2,053	7,389	7,849	-1	7,910	0	0	5,168	17,769	22,275	32,364	28,810	12,906	469,869
Change in cash	-115,521	147,747	-54,727	55,245	-	-	27,107	70,468	-161,783	43,672	-57,104	-4,315	-71,694	106,638	-100,901	118,574	-101,250	75,357	30,872	-
Working capital	-77,068	14,968	-186,090	-131,766	-275,901	-325,370	-161,872	-198,362	-576,822	-216,918	-158,802	122,593	34,289	10,915	10,230	2,497	-209,226	-122,684	-36,512	-55,666
Solvency	3.4%	13.6%	-82.4%	-70.7%	-153.9%	-297.0%	-55.8%	-68.3%	-125.4%	-70.9%	-39.4%	4.2%	8.7%	4.5%	0.0%	-6.8%	-27.6%	-7.5%	6.5%	6.1%
Current ratio	0.80	1.04	0.53	0.69	0.47	0.32	0.72	0.69	0.46	0.74	0.78	1.21	1.06	1.02	1.02	1.01	0.53	0.73	0.91	0.86
Quick ratio	0.76	0.98	0.49	0.66	0.45	0.30	0.70	0.67	0.46	0.73	0.75	1.18	1.03	0.99	0.97	0.97	0.49	0.68	0.88	0.83
Debt to equity	28.84	6.34	-	-	-	-	-	-	-	-	-	23.07	10.55	21.06	-	-	-	-	14.34	15.42
ROE	-309.1%	502.1%	-	-	-	-	-	-	-	-	-	-93.9%	43.3%	100.2%	-	-	-	-	3.5%	-52.9%
ROA	-10.4%	68.4%	5.6%	53.3%	19.0%	-149.0%	14.4%	75.2%	-38.6%	-34.4%	-44.5%	-3.9%	3.8%	4.5%	7.2%	13.9%	-18.1%	-15.1%	0.2%	-3.2%
Interest coverage	0.43	5.71	1.72	10.16	4.71	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Item	31-12-2025	31-12-2024	31-12-2023	31-12-2022	31-12-2021
Employees at the balance-sheet date	51	36	45	40	26
full-time	11	10	11	13	13
part-time	40	26	34	27	13
in full-time equivalents	21.8	16.7	20.2	20.7	16.9
Average over the year, in full-time equivalents	19.7	19.1	20.7	18.4	12.9
On a permanent contract	10	9	10	11	9
Joined	202	126	101	88	68
Left	187	135	96	74	53

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€56,239	€13,875	€22,865	€14,784	€27,747
Financial fixed assets	€6,000	-	€4,640	€10,110	-
Depreciation and write-downs of the year	€23,430	€21,600	€10,239	€5,701	€3,509

VALMON

Annual accounts 2025

Balance sheet

Change in equityin euro

Change in cashin euro

Position in the sector

Solvency3.4%

Current ratio0.80

Return on assets-10.4%

Staff

Staff cost per FTE€19,693

Joined and left+15

Filed annual accounts

Filings

Key figures and ratios

Social balance sheet

Investments

Insights on VALMON

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