Guy Valckenier: 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.
Guy Valckenier
Largest movements
- Cash +€133,140
up €133,140 (+100.1%), from €132,989 to €266,129
mainly Net result for the year (+€150,591) and Tax, wage and social debts (+€35,053)
- Financial fixed assets +€27,447
new in 2025: €27,447
- Receivables after one year +€26,000
up €26,000 (+15.5%), from €168,000 to €194,000
- Reserves +€150,591
up €150,591 (+34.1%), from €441,914 to €592,505
of which Distributable reserves: +€150,591
- Tax, wage and social debts +€35,053
up €35,053 (+47.6%), from €73,710 to €108,763
of which Taxes: +€35,024
- Gross operating margin -€55,359
down €55,359 (-21.9%), from €253,028 to €197,669
- Taxes -€14,932
down €14,932 (-18.7%), from €79,991 to €65,059
- Financial income +€9,880
up €9,880 (+61.6%), from €16,040 to €25,920
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 | €539,706 | €729,406 | +€189,700 | +35.1% |
| Fixed assets | 21/28 | €12,497 | €42,719 | +€30,222 | +241.8% |
| Tangible fixed assets | 22/27 | €12,497 | €15,272 | +€2,775 | +22.2% |
| Land and buildings | 22 | €10,119 | €8,100 | -€2,019 | -20.0% |
| Furniture and vehicles | 24 | €2,378 | €7,172 | +€4,794 | +201.6% |
| Financial fixed assets | 28 | - | €27,447 | +€27,447 | |
| Current assets | 29/58 | €527,209 | €686,687 | +€159,478 | +30.2% |
| Amounts receivable after more than one year | 29 | €168,000 | €194,000 | +€26,000 | +15.5% |
| Other amounts receivable | 291 | €168,000 | €194,000 | +€26,000 | +15.5% |
| Amounts receivable within one year | 40/41 | €226,221 | €226,559 | +€338 | +0.1% |
| Trade receivables | 40 | €34,425 | €34,763 | +€338 | +1.0% |
| Other amounts receivable | 41 | €191,796 | €191,796 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €132,989 | €266,129 | +€133,140 | +100.1% |
| Total equity and liabilities | 10/49 | €539,706 | €729,406 | +€189,700 | +35.1% |
| Equity | 10/15 | €460,514 | €611,105 | +€150,591 | +32.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €441,914 | €592,505 | +€150,591 | +34.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €440,054 | €590,645 | +€150,591 | +34.2% |
| Amounts payable | 17/49 | €79,192 | €118,301 | +€39,109 | +49.4% |
| Amounts payable within one year | 42/48 | €79,192 | €118,301 | +€39,109 | +49.4% |
| Trade debts | 44 | €5,482 | €9,538 | +€4,056 | +74.0% |
| Suppliers | 440/4 | €5,482 | €9,538 | +€4,056 | +74.0% |
| Taxes, remuneration and social security | 45 | €73,710 | €108,763 | +€35,053 | +47.6% |
| Taxes | 450/3 | €69,197 | €104,221 | +€35,024 | +50.6% |
| Remuneration and social security | 454/9 | €4,513 | €4,542 | +€29 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,526 | €6,961 | +€1,435 | +26.0% |
| Other operating charges | 640/8 | €692 | €710 | +€18 | +2.6% |
| Gross operating margin | 9900 | €253,028 | €197,669 | -€55,359 | -21.9% |
| Operating profit (loss) | 9901 | €246,811 | €189,999 | -€56,812 | -23.0% |
| Financial income | 75/76B | €16,040 | €25,920 | +€9,880 | +61.6% |
| Recurring financial income | 75 | €16,040 | €25,920 | +€9,880 | +61.6% |
| Financial charges | 65/66B | €129 | €269 | +€139 | +107.5% |
| Recurring financial charges | 65 | €129 | €269 | +€139 | +107.5% |
| Profit (loss) for the period before taxes | 9903 | €262,721 | €215,650 | -€47,071 | -17.9% |
| Income taxes | 67/77 | €79,991 | €65,059 | -€14,932 | -18.7% |
| Profit (loss) for the period | 9904 | €182,730 | €150,591 | -€32,139 | -17.6% |
| Profit (loss) for the period to be appropriated | 9905 | €182,730 | €150,591 | -€32,139 | -17.6% |
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 9 October 2026 via checked.be.