JL VALTIN: 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.
JL VALTIN
Largest movements
- Tangible fixed assets +€32,604
up €32,604 (+85.2%), from €38,282 to €70,886
of which Furniture and vehicles: +€40,594
- Receivables within one year +€20,879
up €20,879 (+21.3%), from €97,951 to €118,830
of which Trade receivables: +€23,895
- Deferred charges and accrued income +€9,204
up €9,204 (+1,358%), from €678 to €9,882
- Receivables after one year -€5,583
down €5,583 (-14.3%), from €38,959 to €33,376
- Debts after one year +€22,728
new in 2025: €22,728
- Reserves +€17,685
up €17,685 (+9.5%), from €185,388 to €203,073
- Current portion of long-term debt +€11,517
up €11,517 (+232%), from €4,965 to €16,482
- Gross operating margin -€49,649
down €49,649 (-42.8%), from €116,034 to €66,385
- Taxes -€13,822
down €13,822 (-46.6%), from €29,673 to €15,851
- Depreciation +€10,280
up €10,280 (+172%), from €5,991 to €16,271
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 | €240,491 | €296,478 | +€55,987 | +23.3% |
| Fixed assets | 21/28 | €38,336 | €70,940 | +€32,604 | +85.0% |
| Tangible fixed assets | 22/27 | €38,282 | €70,886 | +€32,604 | +85.2% |
| Plant, machinery and equipment | 23 | €35,846 | €27,856 | -€7,990 | -22.3% |
| Furniture and vehicles | 24 | €2,436 | €43,030 | +€40,594 | +1,666% |
| Financial fixed assets | 28 | €54 | €54 | = | 0.0% |
| Current assets | 29/58 | €202,155 | €225,538 | +€23,383 | +11.6% |
| Amounts receivable after more than one year | 29 | €38,959 | €33,376 | -€5,583 | -14.3% |
| Trade receivables | 290 | €38,959 | €33,376 | -€5,583 | -14.3% |
| Amounts receivable within one year | 40/41 | €97,951 | €118,830 | +€20,879 | +21.3% |
| Trade receivables | 40 | €84,935 | €108,830 | +€23,895 | +28.1% |
| Other amounts receivable | 41 | €13,016 | €10,000 | -€3,016 | -23.2% |
| Cash at bank and in hand | 54/58 | €64,567 | €63,450 | -€1,117 | -1.7% |
| Deferred charges and accrued income | 490/1 | €678 | €9,882 | +€9,204 | +1,358% |
| Total equity and liabilities | 10/49 | €240,491 | €296,478 | +€55,987 | +23.3% |
| Equity | 10/15 | €195,388 | €213,073 | +€17,685 | +9.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €185,388 | €203,073 | +€17,685 | +9.5% |
| Distributable reserves | 133 | €185,388 | €203,073 | +€17,685 | +9.5% |
| Amounts payable | 17/49 | €45,103 | €83,405 | +€38,302 | +84.9% |
| Amounts payable after more than one year | 17 | - | €22,728 | +€22,728 | |
| Financial debts | 170/4 | - | €22,728 | +€22,728 | |
| Amounts payable within one year | 42/48 | €45,103 | €60,677 | +€15,574 | +34.5% |
| Current portion of amounts payable after more than one year | 42 | €4,965 | €16,482 | +€11,517 | +232% |
| Trade debts | 44 | €20,105 | €21,417 | +€1,312 | +6.5% |
| Suppliers | 440/4 | €20,105 | €21,417 | +€1,312 | +6.5% |
| Taxes, remuneration and social security | 45 | €19,359 | €21,763 | +€2,404 | +12.4% |
| Taxes | 450/3 | €15,500 | €18,387 | +€2,887 | +18.6% |
| Remuneration and social security | 454/9 | €3,859 | €3,376 | -€483 | -12.5% |
| Other amounts payable | 47/48 | €674 | €1,015 | +€341 | +50.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,991 | €16,271 | +€10,280 | +172% |
| Other operating charges | 640/8 | €342 | €1,482 | +€1,140 | +333% |
| Gross operating margin | 9900 | €116,034 | €66,385 | -€49,649 | -42.8% |
| Operating profit (loss) | 9901 | €109,701 | €48,632 | -€61,069 | -55.7% |
| Financial income | 75/76B | - | €1,033 | +€1,033 | |
| Recurring financial income | 75 | - | €1,033 | +€1,033 | |
| Financial charges | 65/66B | €781 | €1,929 | +€1,148 | +147% |
| Recurring financial charges | 65 | €781 | €1,929 | +€1,148 | +147% |
| Profit (loss) for the period before taxes | 9903 | €108,920 | €47,736 | -€61,184 | -56.2% |
| Income taxes | 67/77 | €29,673 | €15,851 | -€13,822 | -46.6% |
| Profit (loss) for the period | 9904 | €79,247 | €31,885 | -€47,362 | -59.8% |
| Profit (loss) for the period to be appropriated | 9905 | €79,247 | €31,885 | -€47,362 | -59.8% |
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 29 October 2026 via checked.be.