FOND DU VAL: 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.
FOND DU VAL
Largest movements
- Tangible fixed assets -€17,741
down €17,741 (-5.8%), from €304,223 to €286,482
- Cash -€15,456
down €15,456 (-58.5%), from €26,426 to €10,969
mainly Other debts (-€21,047) and Debts after one year (-€16,174)
- Receivables within one year +€12,897
up €12,897 (+90.8%), from €14,201 to €27,098
of which Trade receivables: +€12,897
- Other debts -€21,047
no longer reported in 2025 (was €21,047)
- Reserves +€18,000
up €18,000 (+54.5%), from €33,000 to €51,000
- Debts after one year -€16,174
down €16,174 (-6.6%), from €243,288 to €227,115
of which Financial debts: -€14,074
- Gross operating margin +€3,281
up €3,281 (+6.9%), from €47,368 to €50,649
- Taxes +€1,625
up €1,625 (+23.4%), from €6,934 to €8,559
- Financial charges -€1,218
down €1,218 (-24.7%), from €4,921 to €3,703
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 | €345,314 | €324,549 | -€20,765 | -6.0% |
| Formation expenses | 20 | €179 | - | -€179 | |
| Fixed assets | 21/28 | €304,223 | €286,482 | -€17,741 | -5.8% |
| Tangible fixed assets | 22/27 | €304,223 | €286,482 | -€17,741 | -5.8% |
| Land and buildings | 22 | €304,223 | €286,482 | -€17,741 | -5.8% |
| Current assets | 29/58 | €40,912 | €38,067 | -€2,845 | -7.0% |
| Amounts receivable within one year | 40/41 | €14,201 | €27,098 | +€12,897 | +90.8% |
| Trade receivables | 40 | €12,135 | €25,032 | +€12,897 | +106% |
| Other amounts receivable | 41 | €2,066 | €2,066 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €26,426 | €10,969 | -€15,456 | -58.5% |
| Deferred charges and accrued income | 490/1 | €285 | - | -€285 | |
| Total equity and liabilities | 10/49 | €345,314 | €324,549 | -€20,765 | -6.0% |
| Equity | 10/15 | €55,004 | €73,481 | +€18,477 | +33.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €33,000 | €51,000 | +€18,000 | +54.5% |
| Distributable reserves | 133 | €33,000 | €51,000 | +€18,000 | +54.5% |
| Profit (loss) carried forward | 14 | €2,004 | €2,481 | +€477 | +23.8% |
| Amounts payable | 17/49 | €290,310 | €251,068 | -€39,242 | -13.5% |
| Amounts payable after more than one year | 17 | €243,288 | €227,115 | -€16,174 | -6.6% |
| Financial debts | 170/4 | €232,410 | €218,337 | -€14,074 | -6.1% |
| Other amounts payable | 178/9 | €10,878 | €8,778 | -€2,100 | -19.3% |
| Amounts payable within one year | 42/48 | €47,021 | €23,953 | -€23,068 | -49.1% |
| Current portion of amounts payable after more than one year | 42 | €13,885 | €14,074 | +€189 | +1.4% |
| Trade debts | 44 | €7,399 | €5,841 | -€1,559 | -21.1% |
| Suppliers | 440/4 | €7,399 | €5,841 | -€1,559 | -21.1% |
| Taxes, remuneration and social security | 45 | €4,690 | €4,039 | -€651 | -13.9% |
| Taxes | 450/3 | €4,690 | €4,039 | -€651 | -13.9% |
| Other amounts payable | 47/48 | €21,047 | - | -€21,047 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,947 | €17,920 | -€26 | -0.1% |
| Other operating charges | 640/8 | €2,365 | €1,989 | -€376 | -15.9% |
| Gross operating margin | 9900 | €47,368 | €50,649 | +€3,281 | +6.9% |
| Operating profit (loss) | 9901 | €27,057 | €30,740 | +€3,683 | +13.6% |
| Financial charges | 65/66B | €4,921 | €3,703 | -€1,218 | -24.7% |
| Recurring financial charges | 65 | €4,921 | €3,703 | -€1,218 | -24.7% |
| Profit (loss) for the period before taxes | 9903 | €22,135 | €27,036 | +€4,901 | +22.1% |
| Income taxes | 67/77 | €6,934 | €8,559 | +€1,625 | +23.4% |
| Profit (loss) for the period | 9904 | €15,202 | €18,477 | +€3,276 | +21.5% |
| Profit (loss) for the period to be appropriated | 9905 | €15,202 | €18,477 | +€3,276 | +21.5% |
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 20 October 2026 via checked.be.