IMMO - VALJO: 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.
IMMO - VALJO
Largest movements
- Tangible fixed assets -€35,965
down €35,965 (-5.5%), from €656,727 to €620,762
of which Land and buildings: -€26,964
- Cash +€13,730
up €13,730 (+172%), from €7,988 to €21,718
mainly Net result for the year (+€38,417) and Depreciation (+€36,631)
- Debts after one year -€57,132
down €57,132 (-26.4%), from €216,223 to €159,092
of which Financial debts: -€57,132
- Profit (loss) carried forward +€38,417
up €38,417 (+22.1%), from €174,132 to €212,548
- Reserves -€20,000
down €20,000 (-16.3%), from €123,000 to €103,000
- Other debts +€16,768
up €16,768 (+29.2%), from €57,457 to €74,225
- Gross operating margin -€4,889
down €4,889 (-4.3%), from €114,291 to €109,402
- Financial charges -€2,096
down €2,096 (-21.6%), from €9,689 to €7,593
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 | €676,721 | €652,534 | -€24,187 | -3.6% |
| Fixed assets | 21/28 | €656,727 | €620,762 | -€35,965 | -5.5% |
| Tangible fixed assets | 22/27 | €656,727 | €620,762 | -€35,965 | -5.5% |
| Land and buildings | 22 | €626,650 | €599,687 | -€26,964 | -4.3% |
| Plant, machinery and equipment | 23 | €17,293 | €14,544 | -€2,748 | -15.9% |
| Furniture and vehicles | 24 | €12,784 | €6,531 | -€6,253 | -48.9% |
| Current assets | 29/58 | €19,993 | €31,771 | +€11,778 | +58.9% |
| Amounts receivable within one year | 40/41 | €10,949 | €8,555 | -€2,394 | -21.9% |
| Trade receivables | 40 | €10,949 | €8,555 | -€2,394 | -21.9% |
| Cash at bank and in hand | 54/58 | €7,988 | €21,718 | +€13,730 | +172% |
| Deferred charges and accrued income | 490/1 | €1,057 | €1,498 | +€442 | +41.8% |
| Total equity and liabilities | 10/49 | €676,721 | €652,534 | -€24,187 | -3.6% |
| Equity | 10/15 | €324,632 | €343,048 | +€18,417 | +5.7% |
| Contributions | 10/11 | €27,500 | €27,500 | = | 0.0% |
| Reserves | 13 | €123,000 | €103,000 | -€20,000 | -16.3% |
| Distributable reserves | 133 | €123,000 | €103,000 | -€20,000 | -16.3% |
| Profit (loss) carried forward | 14 | €174,132 | €212,548 | +€38,417 | +22.1% |
| Amounts payable | 17/49 | €352,089 | €309,485 | -€42,603 | -12.1% |
| Amounts payable after more than one year | 17 | €216,223 | €159,092 | -€57,132 | -26.4% |
| Financial debts | 170/4 | €204,673 | €147,542 | -€57,132 | -27.9% |
| Advances received on contracts in progress | 176 | €11,550 | €11,550 | = | 0.0% |
| Amounts payable within one year | 42/48 | €135,866 | €150,394 | +€14,528 | +10.7% |
| Current portion of amounts payable after more than one year | 42 | €70,366 | €72,132 | +€1,766 | +2.5% |
| Trade debts | 44 | €5,635 | €914 | -€4,721 | -83.8% |
| Suppliers | 440/4 | €5,635 | €914 | -€4,721 | -83.8% |
| Advances received on contracts in progress | 46 | €2,218 | €1,828 | -€390 | -17.6% |
| Taxes, remuneration and social security | 45 | €190 | €1,296 | +€1,106 | +582% |
| Taxes | 450/3 | €190 | €1,296 | +€1,106 | +582% |
| Other amounts payable | 47/48 | €57,457 | €74,225 | +€16,768 | +29.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,326 | €36,631 | -€695 | -1.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,005 | €909 | -€96 | -9.6% |
| Other operating charges | 640/8 | €10,235 | €10,516 | +€280 | +2.7% |
| Gross operating margin | 9900 | €114,291 | €109,402 | -€4,889 | -4.3% |
| Operating profit (loss) | 9901 | €65,724 | €61,347 | -€4,377 | -6.7% |
| Financial income | 75/76B | €11 | €10 | -€1 | -11.7% |
| Recurring financial income | 75 | €11 | €10 | -€1 | -11.7% |
| Financial charges | 65/66B | €9,689 | €7,593 | -€2,096 | -21.6% |
| Recurring financial charges | 65 | €9,689 | €7,593 | -€2,096 | -21.6% |
| Profit (loss) for the period before taxes | 9903 | €56,046 | €53,764 | -€2,282 | -4.1% |
| Income taxes | 67/77 | €15,231 | €15,347 | +€116 | +0.8% |
| Profit (loss) for the period | 9904 | €40,815 | €38,417 | -€2,399 | -5.9% |
| Profit (loss) for the period to be appropriated | 9905 | €40,815 | €38,417 | -€2,399 | -5.9% |
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 16 October 2026 via checked.be.