de Valk: 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.
de Valk
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Reserves +€19,091
up €19,091 (+3.9%), from €487,955 to €507,046
of which Distributable reserves: +€19,091
- Other debts -€19,055
down €19,055 (-18.1%), from €105,560 to €86,506
- Gross operating margin +€2,271
up €2,271 (+16.3%), from €13,955 to €16,226
- Taxes -€1,695
down €1,695 (-100.0%), from €1,695 to €0
- Depreciation +€860
new in 2025: €860
- Other operating charges +€519
up €519 (+15.8%), from €3,277 to €3,796
- Financial charges -€290
down €290 (-75.5%), from €384 to €94
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 | €603,080 | €605,142 | +€2,062 | +0.3% |
| Fixed assets | 21/28 | €360,224 | €359,364 | -€860 | -0.2% |
| Tangible fixed assets | 22/27 | €360,224 | €359,364 | -€860 | -0.2% |
| Land and buildings | 22 | €355,483 | €355,483 | = | 0.0% |
| Furniture and vehicles | 24 | €4,741 | €3,881 | -€860 | -18.1% |
| Current assets | 29/58 | €242,856 | €245,778 | +€2,922 | +1.2% |
| Amounts receivable after more than one year | 29 | €200,000 | €200,000 | = | 0.0% |
| Other amounts receivable | 291 | €200,000 | €200,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €42,826 | €45,181 | +€2,355 | +5.5% |
| Other amounts receivable | 41 | €42,826 | €45,181 | +€2,355 | +5.5% |
| Cash at bank and in hand | 54/58 | €30 | €0 | -€30 | -100.0% |
| Deferred charges and accrued income | 490/1 | - | €597 | +€597 | |
| Total equity and liabilities | 10/49 | €603,080 | €605,142 | +€2,062 | +0.3% |
| Equity | 10/15 | €494,160 | €513,251 | +€19,091 | +3.9% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €487,955 | €507,046 | +€19,091 | +3.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €450,455 | €469,546 | +€19,091 | +4.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €108,920 | €91,891 | -€17,029 | -15.6% |
| Amounts payable within one year | 42/48 | €106,145 | €89,041 | -€17,104 | -16.1% |
| Financial debts | 43 | - | €493 | +€493 | |
| Credit institutions | 430/8 | - | €493 | +€493 | |
| Trade debts | 44 | €584 | €2,042 | +€1,458 | +249.4% |
| Suppliers | 440/4 | €584 | €2,042 | +€1,458 | +249.4% |
| Other amounts payable | 47/48 | €105,560 | €86,506 | -€19,055 | -18.1% |
| Accrued charges and deferred income | 492/3 | €2,775 | €2,850 | +€75 | +2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €860 | +€860 | |
| Other operating charges | 640/8 | €3,277 | €3,796 | +€519 | +15.8% |
| Gross operating margin | 9900 | €13,955 | €16,226 | +€2,271 | +16.3% |
| Operating profit (loss) | 9901 | €10,677 | €11,569 | +€892 | +8.4% |
| Financial income | 75/76B | €7,393 | €7,615 | +€223 | +3.0% |
| Recurring financial income | 75 | €7,393 | €7,615 | +€223 | +3.0% |
| Financial charges | 65/66B | €384 | €94 | -€290 | -75.5% |
| Recurring financial charges | 65 | €384 | €94 | -€290 | -75.5% |
| Profit (loss) for the period before taxes | 9903 | €17,685 | €19,091 | +€1,405 | +7.9% |
| Income taxes | 67/77 | €1,695 | €0 | -€1,695 | -100.0% |
| Profit (loss) for the period | 9904 | €15,991 | €19,091 | +€3,100 | +19.4% |
| Profit (loss) for the period to be appropriated | 9905 | €15,991 | €19,091 | +€3,100 | +19.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.