FRANK VALKENEERS: what changed
FRANK VALKENEERS
Largest movements
- Cash +€110,721
up €110,721 (+483%), from €22,930 to €133,650
mainly Net result for the year (+€48,971) and Receivables within one year (+€40,168)
- Receivables within one year -€40,168
no longer reported in 2025 (was €40,168)
of which Other amounts receivable: -€35,200
- Tangible fixed assets -€24,462
down €24,462 (-3.2%), from €772,194 to €747,732
of which Land and buildings: -€22,772
- Reserves +€48,971
up €48,971 (+6.4%), from €770,604 to €819,575
of which Distributable reserves: +€48,971
- Tax, wage and social debts +€9,167
up €9,167 (+168%), from €5,467 to €14,633
- Gross operating margin +€78,307
up €78,307 (+342%), from €22,895 to €101,201
- Taxes +€10,289
up €10,289 (+89.3%), from €11,519 to €21,808
- Depreciation -€3,638
down €3,638 (-12.9%), from €28,100 to €24,462
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €837,123 | €884,732 | +€47,609 | +5.7% |
| Fixed assets | 21/28 | €772,194 | €747,732 | -€24,462 | -3.2% |
| Tangible fixed assets | 22/27 | €772,194 | €747,732 | -€24,462 | -3.2% |
| Land and buildings | 22 | €767,007 | €744,235 | -€22,772 | -3.0% |
| Plant, machinery and equipment | 23 | - | €0 | = | |
| Furniture and vehicles | 24 | €3,187 | €1,497 | -€1,690 | -53.0% |
| Other tangible fixed assets | 26 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €64,929 | €136,999 | +€72,070 | +111% |
| Amounts receivable within one year | 40/41 | €40,168 | - | -€40,168 | |
| Trade receivables | 40 | €4,967 | - | -€4,967 | |
| Other amounts receivable | 41 | €35,200 | - | -€35,200 | |
| Cash at bank and in hand | 54/58 | €22,930 | €133,650 | +€110,721 | +483% |
| Deferred charges and accrued income | 490/1 | €1,831 | €3,349 | +€1,518 | +82.9% |
| Total equity and liabilities | 10/49 | €837,123 | €884,732 | +€47,609 | +5.7% |
| Equity | 10/15 | €789,204 | €838,175 | +€48,971 | +6.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €770,604 | €819,575 | +€48,971 | +6.4% |
| Tax-exempt reserves | 132 | €1,062 | €1,062 | = | 0.0% |
| Distributable reserves | 133 | €769,542 | €818,513 | +€48,971 | +6.4% |
| Amounts payable | 17/49 | €47,919 | €46,557 | -€1,362 | -2.8% |
| Amounts payable within one year | 42/48 | €47,919 | €46,557 | -€1,362 | -2.8% |
| Current portion of amounts payable after more than one year | 42 | - | €365 | +€365 | |
| Financial debts | 43 | €3,860 | €3,802 | -€58 | -1.5% |
| Credit institutions | 430/8 | €3,860 | €3,802 | -€58 | -1.5% |
| Trade debts | 44 | €12,435 | €4,307 | -€8,128 | -65.4% |
| Suppliers | 440/4 | €12,435 | €4,307 | -€8,128 | -65.4% |
| Taxes, remuneration and social security | 45 | €5,467 | €14,633 | +€9,167 | +168% |
| Taxes | 450/3 | €5,467 | €14,633 | +€9,167 | +168% |
| Other amounts payable | 47/48 | €26,157 | €23,449 | -€2,708 | -10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,100 | €24,462 | -€3,638 | -12.9% |
| Other operating charges | 640/8 | €3,263 | €4,012 | +€749 | +22.9% |
| Gross operating margin | 9900 | €22,895 | €101,201 | +€78,307 | +342% |
| Operating profit (loss) | 9901 | -€8,468 | €72,728 | +€81,196 | |
| Financial income | 75/76B | €103 | €0 | -€103 | -99.9% |
| Recurring financial income | 75 | €103 | €0 | -€103 | -99.9% |
| Financial charges | 65/66B | €2,434 | €1,949 | -€485 | -19.9% |
| Recurring financial charges | 65 | €2,434 | €1,949 | -€485 | -19.9% |
| Profit (loss) for the period before taxes | 9903 | -€10,799 | €70,779 | +€81,578 | |
| Income taxes | 67/77 | €11,519 | €21,808 | +€10,289 | +89.3% |
| Profit (loss) for the period | 9904 | -€22,319 | €48,971 | +€71,289 | |
| Profit (loss) for the period to be appropriated | 9905 | -€22,319 | €48,971 | +€71,289 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.