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
- Financial fixed assets +€1.0m
new in 2025: €1.0m
- Tangible fixed assets -€66,915
down €66,915 (-4.5%), from €1.5m to €1.4m
- Other debts +€1.0m
up €1.0m (+160.9%), from €633,985 to €1.7m
- Debts after one year -€39,896
down €39,896 (-9.4%), from €424,312 to €384,415
of which Financial debts: -€42,446
- Profit (loss) carried forward -€38,576
down €38,576 (-627.9%), from -€6,144 to -€44,719
- Gross operating margin +€9,834
up €9,834 (+17.8%), from €55,234 to €65,069
- Other operating charges +€7,891
up €7,891 (+53.7%), from €14,687 to €22,578
- Depreciation +€5,365
up €5,365 (+8.7%), from €61,551 to €66,915
- Financial charges +€4,656
up €4,656 (+31.2%), from €14,927 to €19,583
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 | €1,501,107 | €2,441,026 | +€939,919 | +62.6% |
| Fixed assets | 21/28 | €1,491,356 | €2,424,441 | +€933,085 | +62.6% |
| Tangible fixed assets | 22/27 | €1,491,356 | €1,424,441 | -€66,915 | -4.5% |
| Land and buildings | 22 | €1,491,356 | €1,424,441 | -€66,915 | -4.5% |
| Financial fixed assets | 28 | - | €1,000,000 | +€1.0m | |
| Current assets | 29/58 | €9,751 | €16,585 | +€6,834 | +70.1% |
| Amounts receivable within one year | 40/41 | €1,237 | €4,012 | +€2,775 | +224.3% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €1,237 | €4,012 | +€2,775 | +224.3% |
| Cash at bank and in hand | 54/58 | €5,511 | €8,621 | +€3,109 | +56.4% |
| Deferred charges and accrued income | 490/1 | €3,002 | €3,952 | +€950 | +31.6% |
| Total equity and liabilities | 10/49 | €1,501,107 | €2,441,026 | +€939,919 | +62.6% |
| Equity | 10/15 | €321,910 | €279,261 | -€42,649 | -13.2% |
| Contributions | 10/11 | €143,778 | €143,778 | = | 0.0% |
| Capital | 10 | €143,778 | €143,778 | = | 0.0% |
| Issued capital | 100 | €143,778 | €143,778 | = | 0.0% |
| Reserves | 13 | €184,275 | €180,202 | -€4,073 | -2.2% |
| Non-distributable reserves | 130/1 | €14,378 | €14,378 | = | 0.0% |
| Legal reserve | 130 | €14,378 | €14,378 | = | 0.0% |
| Tax-exempt reserves | 132 | €65,616 | €61,543 | -€4,073 | -6.2% |
| Distributable reserves | 133 | €104,281 | €104,281 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,144 | -€44,719 | -€38,576 | -627.9% |
| Provisions and deferred taxes | 16 | €21,872 | €20,514 | -€1,358 | -6.2% |
| Deferred taxes | 168 | €21,872 | €20,514 | -€1,358 | -6.2% |
| Amounts payable | 17/49 | €1,157,325 | €2,141,251 | +€983,926 | +85.0% |
| Amounts payable after more than one year | 17 | €424,312 | €384,415 | -€39,896 | -9.4% |
| Financial debts | 170/4 | €407,712 | €365,265 | -€42,446 | -10.4% |
| Other amounts payable | 178/9 | €16,600 | €19,150 | +€2,550 | +15.4% |
| Amounts payable within one year | 42/48 | €679,110 | €1,700,945 | +€1.0m | +150.5% |
| Current portion of amounts payable after more than one year | 42 | €40,878 | €42,446 | +€1,568 | +3.8% |
| Trade debts | 44 | €4,247 | €4,120 | -€127 | -3.0% |
| Suppliers | 440/4 | €4,247 | €4,120 | -€127 | -3.0% |
| Other amounts payable | 47/48 | €633,985 | €1,654,379 | +€1.0m | +160.9% |
| Accrued charges and deferred income | 492/3 | €53,903 | €55,891 | +€1,988 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,551 | €66,915 | +€5,365 | +8.7% |
| Other operating charges | 640/8 | €14,687 | €22,578 | +€7,891 | +53.7% |
| Gross operating margin | 9900 | €55,234 | €65,069 | +€9,834 | +17.8% |
| Operating profit (loss) | 9901 | -€21,003 | -€24,424 | -€3,421 | -16.3% |
| Financial income | 75/76B | €109 | €0 | -€109 | -99.8% |
| Recurring financial income | 75 | €109 | €0 | -€109 | -99.8% |
| Financial charges | 65/66B | €14,927 | €19,583 | +€4,656 | +31.2% |
| Recurring financial charges | 65 | €14,927 | €19,583 | +€4,656 | +31.2% |
| Profit (loss) for the period before taxes | 9903 | -€35,820 | -€44,007 | -€8,186 | -22.9% |
| Transfer from deferred taxes | 780 | €1,358 | €1,358 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€34,462 | -€42,649 | -€8,186 | -23.8% |
| Transfer from tax-exempt reserves | 789 | €4,073 | €4,073 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€30,389 | -€38,576 | -€8,186 | -26.9% |
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 29 September 2026 via checked.be.