J. VALKENIER: 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.
J. VALKENIER
Largest movements
- Tangible fixed assets +€110,452
up €110,452 (+73.9%), from €149,392 to €259,844
of which Furniture and vehicles: +€115,118
- Receivables within one year +€99,133
up €99,133 (+359%), from €27,632 to €126,765
of which Trade receivables: +€86,070
- Cash +€5,925
up €5,925 (+134%), from €4,434 to €10,359
mainly Net result for the year (+€82,254) and Trade debts (+€57,180)
- Profit (loss) carried forward +€82,254
up €82,254 (+362%), from €22,749 to €105,003
- Trade debts +€57,180
up €57,180 (+6,387%), from €895 to €58,075
- Debts after one year +€46,001
up €46,001 (+40.0%), from €114,984 to €160,985
- Tax, wage and social debts +€21,526
up €21,526 (+401%), from €5,370 to €26,896
- Current portion of long-term debt +€5,760
up €5,760 (+18.5%), from €31,121 to €36,881
- Gross operating margin +€102,704
up €102,704 (+215%), from €47,735 to €150,439
- Depreciation +€25,355
up €25,355 (+149%), from €17,015 to €42,370
- Taxes +€15,003
up €15,003 (+252%), from €5,947 to €20,950
- Financial charges +€2,854
up €2,854 (+155%), from €1,838 to €4,693
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 | €182,048 | €396,968 | +€214,921 | +118% |
| Fixed assets | 21/28 | €149,392 | €259,844 | +€110,452 | +73.9% |
| Tangible fixed assets | 22/27 | €149,392 | €259,844 | +€110,452 | +73.9% |
| Plant, machinery and equipment | 23 | - | €4,675 | +€4,675 | |
| Furniture and vehicles | 24 | €107,624 | €222,743 | +€115,118 | +107% |
| Leasing and similar rights | 25 | €41,768 | €32,426 | -€9,341 | -22.4% |
| Current assets | 29/58 | €32,655 | €137,124 | +€104,469 | +320% |
| Amounts receivable within one year | 40/41 | €27,632 | €126,765 | +€99,133 | +359% |
| Trade receivables | 40 | €14,417 | €100,487 | +€86,070 | +597% |
| Other amounts receivable | 41 | €13,215 | €26,279 | +€13,064 | +98.9% |
| Cash at bank and in hand | 54/58 | €4,434 | €10,359 | +€5,925 | +134% |
| Deferred charges and accrued income | 490/1 | €589 | - | -€589 | |
| Total equity and liabilities | 10/49 | €182,048 | €396,968 | +€214,921 | +118% |
| Equity | 10/15 | €27,749 | €110,003 | +€82,254 | +296% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22,749 | €105,003 | +€82,254 | +362% |
| Amounts payable | 17/49 | €154,298 | €286,965 | +€132,667 | +86.0% |
| Amounts payable after more than one year | 17 | €114,984 | €160,985 | +€46,001 | +40.0% |
| Financial debts | 170/4 | €114,984 | €160,985 | +€46,001 | +40.0% |
| Amounts payable within one year | 42/48 | €39,315 | €125,981 | +€86,666 | +220% |
| Current portion of amounts payable after more than one year | 42 | €31,121 | €36,881 | +€5,760 | +18.5% |
| Trade debts | 44 | €895 | €58,075 | +€57,180 | +6,387% |
| Suppliers | 440/4 | €895 | €58,075 | +€57,180 | +6,387% |
| Taxes, remuneration and social security | 45 | €5,370 | €26,896 | +€21,526 | +401% |
| Taxes | 450/3 | €5,370 | €26,896 | +€21,526 | +401% |
| Other amounts payable | 47/48 | €1,928 | €4,128 | +€2,200 | +114% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,015 | €42,370 | +€25,355 | +149% |
| Other operating charges | 640/8 | €186 | €1,038 | +€852 | +459% |
| Non-recurring operating charges | 66A | - | €551 | +€551 | |
| Gross operating margin | 9900 | €47,735 | €150,439 | +€102,704 | +215% |
| Operating profit (loss) | 9901 | €30,534 | €106,480 | +€75,945 | +249% |
| Financial income | 75/76B | - | €1,416 | +€1,416 | |
| Recurring financial income | 75 | - | €1,416 | +€1,416 | |
| Financial charges | 65/66B | €1,838 | €4,693 | +€2,854 | +155% |
| Recurring financial charges | 65 | €1,838 | €4,693 | +€2,854 | +155% |
| Profit (loss) for the period before taxes | 9903 | €28,696 | €103,203 | +€74,507 | +260% |
| Income taxes | 67/77 | €5,947 | €20,950 | +€15,003 | +252% |
| Profit (loss) for the period | 9904 | €22,749 | €82,254 | +€59,504 | +262% |
| Profit (loss) for the period to be appropriated | 9905 | €22,749 | €82,254 | +€59,504 | +262% |
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 25 October 2026 via checked.be.