Cleo-Valero: 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.
Cleo-Valero
Largest movements
- Current investments -€59,157
down €59,157 (-59.0%), from €100,244 to €41,087
- Tangible fixed assets -€22,778
down €22,778 (-15.3%), from €149,350 to €126,573
of which Other tangible fixed assets: -€12,271
- Receivables within one year +€3,359
up €3,359 (+1,055%), from €318 to €3,677
of which Other amounts receivable: +€2,598
- Reserves -€75,300
down €75,300 (-33.3%), from €225,967 to €150,666
- Tax, wage and social debts -€4,319
down €4,319 (-40.4%), from €10,690 to €6,371
of which Taxes: -€4,327
- Gross operating margin -€8,827
down €8,827 (-10.7%), from €82,429 to €73,602
- Staff costs +€4,634
up €4,634 (+60.2%), from €7,703 to €12,337
- Depreciation +€2,676
up €2,676 (+9.1%), from €29,535 to €32,211
- Other operating charges -€1,408
down €1,408 (-53.9%), from €2,613 to €1,205
- Taxes -€1,366
down €1,366 (-34.3%), from €3,980 to €2,614
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 | €263,367 | €184,877 | -€78,491 | -29.8% |
| Fixed assets | 21/28 | €149,355 | €126,573 | -€22,783 | -15.3% |
| Tangible fixed assets | 22/27 | €149,350 | €126,573 | -€22,778 | -15.3% |
| Plant, machinery and equipment | 23 | €9,191 | €8,190 | -€1,000 | -10.9% |
| Furniture and vehicles | 24 | €47,170 | €37,664 | -€9,506 | -20.2% |
| Other tangible fixed assets | 26 | €92,990 | €80,718 | -€12,271 | -13.2% |
| Financial fixed assets | 28 | €5 | - | -€5 | |
| Current assets | 29/58 | €114,012 | €58,304 | -€55,708 | -48.9% |
| Stocks and contracts in progress | 3 | €3,126 | €3,195 | +€69 | +2.2% |
| Stocks | 30/36 | €3,126 | €3,195 | +€69 | +2.2% |
| Amounts receivable within one year | 40/41 | €318 | €3,677 | +€3,359 | +1,055% |
| Trade receivables | 40 | - | €761 | +€761 | |
| Other amounts receivable | 41 | €318 | €2,917 | +€2,598 | +816% |
| Current investments | 50/53 | €100,244 | €41,087 | -€59,157 | -59.0% |
| Cash at bank and in hand | 54/58 | €8,218 | €8,055 | -€164 | -2.0% |
| Deferred charges and accrued income | 490/1 | €2,105 | €2,290 | +€184 | +8.8% |
| Total equity and liabilities | 10/49 | €263,367 | €184,877 | -€78,491 | -29.8% |
| Equity | 10/15 | €246,427 | €171,126 | -€75,300 | -30.6% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €225,967 | €150,666 | -€75,300 | -33.3% |
| Distributable reserves | 133 | €225,967 | €150,666 | -€75,300 | -33.3% |
| Amounts payable | 17/49 | €16,940 | €13,750 | -€3,190 | -18.8% |
| Amounts payable within one year | 42/48 | €16,940 | €13,750 | -€3,190 | -18.8% |
| Trade debts | 44 | €2,510 | €3,885 | +€1,375 | +54.8% |
| Suppliers | 440/4 | €2,510 | €3,885 | +€1,375 | +54.8% |
| Taxes, remuneration and social security | 45 | €10,690 | €6,371 | -€4,319 | -40.4% |
| Taxes | 450/3 | €10,093 | €5,766 | -€4,327 | -42.9% |
| Remuneration and social security | 454/9 | €597 | €605 | +€8 | +1.4% |
| Other amounts payable | 47/48 | €3,740 | €3,493 | -€247 | -6.6% |
| Non-recurring operating income | 76A | €10,568 | - | -€10,568 | |
| Remuneration, social security and pensions | 62 | €7,703 | €12,337 | +€4,634 | +60.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,535 | €32,211 | +€2,676 | +9.1% |
| Other operating charges | 640/8 | €2,613 | €1,205 | -€1,408 | -53.9% |
| Gross operating margin | 9900 | €82,429 | €73,602 | -€8,827 | -10.7% |
| Operating profit (loss) | 9901 | €42,579 | €27,850 | -€14,729 | -34.6% |
| Financial income | 75/76B | €544 | €569 | +€25 | +4.6% |
| Recurring financial income | 75 | €544 | €569 | +€25 | +4.6% |
| Financial charges | 65/66B | €1,123 | €1,105 | -€18 | -1.6% |
| Recurring financial charges | 65 | €1,123 | €1,105 | -€18 | -1.6% |
| Profit (loss) for the period before taxes | 9903 | €42,000 | €27,314 | -€14,686 | -35.0% |
| Income taxes | 67/77 | €3,980 | €2,614 | -€1,366 | -34.3% |
| Profit (loss) for the period | 9904 | €38,020 | €24,700 | -€13,320 | -35.0% |
| Profit (loss) for the period to be appropriated | 9905 | €38,020 | €24,700 | -€13,320 | -35.0% |
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 29 October 2026 via checked.be.