GINO VALKENBORG: 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.
GINO VALKENBORG
Largest movements
- Tangible fixed assets -€34,815
down €34,815 (-12.8%), from €272,424 to €237,610
of which Land and buildings: -€19,970
- Stocks and contracts +€20,345
up €20,345 (+115%), from €17,702 to €38,048
of which Contracts in progress: +€23,192
- Cash +€10,122
up €10,122 (+580%), from €1,744 to €11,866
mainly Depreciation (+€36,197) and Receivables within one year (+€8,532)
- Receivables within one year -€8,532
down €8,532 (-20.6%), from €41,357 to €32,825
of which Other amounts receivable: -€10,499
- Debts after one year -€36,442
down €36,442 (-23.3%), from €156,479 to €120,037
- Tax, wage and social debts +€8,354
up €8,354 (+386%), from €2,163 to €10,516
of which Taxes: +€8,046
- Reserves +€5,530
up €5,530 (+7.7%), from €71,663 to €77,193
- Other debts +€4,865
up €4,865 (+226%), from €2,150 to €7,015
- Gross operating margin +€23,838
up €23,838 (+22.8%), from €104,732 to €128,571
- Staff costs +€9,282
up €9,282 (+15.0%), from €61,704 to €70,986
- Taxes +€2,575
up €2,575, from €0 to €2,575
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €346,517 | €333,866 | -€12,651 | -3.7% |
| Fixed assets | 21/28 | €273,174 | €238,360 | -€34,815 | -12.7% |
| Tangible fixed assets | 22/27 | €272,424 | €237,610 | -€34,815 | -12.8% |
| Land and buildings | 22 | €202,932 | €182,962 | -€19,970 | -9.8% |
| Plant, machinery and equipment | 23 | €5,607 | €4,830 | -€777 | -13.9% |
| Furniture and vehicles | 24 | €33,885 | €19,817 | -€14,068 | -41.5% |
| Assets under construction and advance payments | 27 | €30,000 | €30,000 | = | 0.0% |
| Financial fixed assets | 28 | €750 | €750 | = | 0.0% |
| Current assets | 29/58 | €73,343 | €95,506 | +€22,164 | +30.2% |
| Stocks and contracts in progress | 3 | €17,702 | €38,048 | +€20,345 | +115% |
| Stocks | 30/36 | €3,894 | €1,048 | -€2,846 | -73.1% |
| Contracts in progress | 37 | €13,808 | €37,000 | +€23,192 | +168% |
| Amounts receivable within one year | 40/41 | €41,357 | €32,825 | -€8,532 | -20.6% |
| Trade receivables | 40 | €28,611 | €30,579 | +€1,967 | +6.9% |
| Other amounts receivable | 41 | €12,746 | €2,246 | -€10,499 | -82.4% |
| Cash at bank and in hand | 54/58 | €1,744 | €11,866 | +€10,122 | +580% |
| Deferred charges and accrued income | 490/1 | €12,539 | €12,767 | +€228 | +1.8% |
| Total equity and liabilities | 10/49 | €346,517 | €333,866 | -€12,651 | -3.7% |
| Equity | 10/15 | €114,862 | €120,392 | +€5,530 | +4.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €71,663 | €77,193 | +€5,530 | +7.7% |
| Distributable reserves | 133 | €71,663 | €77,193 | +€5,530 | +7.7% |
| Profit (loss) carried forward | 14 | €23,199 | €23,199 | = | 0.0% |
| Amounts payable | 17/49 | €231,656 | €213,474 | -€18,181 | -7.8% |
| Amounts payable after more than one year | 17 | €156,479 | €120,037 | -€36,442 | -23.3% |
| Financial debts | 170/4 | €156,479 | €120,037 | -€36,442 | -23.3% |
| Amounts payable within one year | 42/48 | €75,096 | €92,181 | +€17,085 | +22.8% |
| Current portion of amounts payable after more than one year | 42 | €36,109 | €37,505 | +€1,396 | +3.9% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €34,675 | €37,145 | +€2,471 | +7.1% |
| Suppliers | 440/4 | €34,675 | €37,145 | +€2,471 | +7.1% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €2,163 | €10,516 | +€8,354 | +386% |
| Taxes | 450/3 | €187 | €8,233 | +€8,046 | +4,304% |
| Remuneration and social security | 454/9 | €1,976 | €2,283 | +€308 | +15.6% |
| Other amounts payable | 47/48 | €2,150 | €7,015 | +€4,865 | +226% |
| Accrued charges and deferred income | 492/3 | €80 | €1,256 | +€1,176 | +1,466% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €61,704 | €70,986 | +€9,282 | +15.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,625 | €36,197 | +€571 | +1.6% |
| Other operating charges | 640/8 | €5,086 | €4,546 | -€539 | -10.6% |
| Gross operating margin | 9900 | €104,732 | €128,571 | +€23,838 | +22.8% |
| Operating profit (loss) | 9901 | €2,317 | €16,841 | +€14,524 | +627% |
| Financial income | 75/76B | €951 | €63 | -€889 | -93.4% |
| Recurring financial income | 75 | €951 | €63 | -€889 | -93.4% |
| Financial charges | 65/66B | €8,568 | €8,799 | +€230 | +2.7% |
| Recurring financial charges | 65 | €8,568 | €8,799 | +€230 | +2.7% |
| Profit (loss) for the period before taxes | 9903 | -€5,300 | €8,105 | +€13,405 | |
| Income taxes | 67/77 | €0 | €2,575 | +€2,575 | |
| Profit (loss) for the period | 9904 | -€5,300 | €5,530 | +€10,831 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,300 | €5,530 | +€10,831 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.