LA 4ème VALLEE: 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.
LA 4ème VALLEE
Largest movements
- Stocks and contracts -€684,291
down €684,291 (-18.9%), from €3.6m to €2.9m
- Receivables within one year +€103,292
up €103,292 (+6.4%), from €1.6m to €1.7m
of which Other amounts receivable: +€158,705
- Cash +€85,050
up €85,050 (+318%), from €26,775 to €111,825
mainly Stocks and contracts (+€684,291) and Other debts (+€213,355)
- Short-term financial debts -€949,628
down €949,628 (-28.0%), from €3.4m to €2.4m
- Other debts +€213,355
up €213,355 (+32.7%), from €652,485 to €865,840
- Debts after one year +€119,298
up €119,298 (+4.6%), from €2.6m to €2.7m
of which Other amounts payable: +€151,780
- Profit (loss) carried forward +€114,933
up €114,933 (+21.6%), from -€531,502 to -€416,569
- Gross operating margin +€542,347
up €542,347, from -€125,188 to €417,160
- Financial charges +€123,953
up €123,953 (+130%), from €95,557 to €219,510
- Write-downs -€79,407
no longer reported in 2025 (was €79,407)
- Financial income -€37,825
down €37,825 (-100.0%), from €37,840 to €15
- Other operating charges +€20,868
up €20,868 (+272%), from €7,661 to €28,529
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 | €6,430,250 | €5,888,353 | -€541,896 | -8.4% |
| Fixed assets | 21/28 | €1,121,395 | €1,114,046 | -€7,349 | -0.7% |
| Tangible fixed assets | 22/27 | €163,238 | €155,889 | -€7,349 | -4.5% |
| Land and buildings | 22 | €155,465 | €147,963 | -€7,502 | -4.8% |
| Plant, machinery and equipment | 23 | €1,119 | €919 | -€200 | -17.9% |
| Furniture and vehicles | 24 | €6,655 | €7,007 | +€352 | +5.3% |
| Financial fixed assets | 28 | €958,157 | €958,157 | = | 0.0% |
| Current assets | 29/58 | €5,308,855 | €4,774,307 | -€534,547 | -10.1% |
| Stocks and contracts in progress | 3 | €3,629,446 | €2,945,155 | -€684,291 | -18.9% |
| Stocks | 30/36 | €3,629,446 | €2,945,155 | -€684,291 | -18.9% |
| Amounts receivable within one year | 40/41 | €1,613,508 | €1,716,800 | +€103,292 | +6.4% |
| Trade receivables | 40 | €280,946 | €225,533 | -€55,413 | -19.7% |
| Other amounts receivable | 41 | €1,332,562 | €1,491,267 | +€158,705 | +11.9% |
| Cash at bank and in hand | 54/58 | €26,775 | €111,825 | +€85,050 | +318% |
| Deferred charges and accrued income | 490/1 | €39,126 | €527 | -€38,599 | -98.7% |
| Total equity and liabilities | 10/49 | €6,430,250 | €5,888,353 | -€541,896 | -8.4% |
| Equity | 10/15 | -€361,119 | -€246,186 | +€114,933 | +31.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Revaluation surpluses | 12 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €7,983 | €7,983 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €6,123 | €6,123 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€531,502 | -€416,569 | +€114,933 | +21.6% |
| Amounts payable | 17/49 | €6,791,369 | €6,134,539 | -€656,830 | -9.7% |
| Amounts payable after more than one year | 17 | €2,574,084 | €2,693,381 | +€119,298 | +4.6% |
| Financial debts | 170/4 | €376,334 | €343,851 | -€32,482 | -8.6% |
| Other amounts payable | 178/9 | €2,197,750 | €2,349,530 | +€151,780 | +6.9% |
| Amounts payable within one year | 42/48 | €4,216,417 | €3,439,307 | -€777,111 | -18.4% |
| Current portion of amounts payable after more than one year | 42 | €31,716 | €32,482 | +€766 | +2.4% |
| Financial debts | 43 | €3,396,164 | €2,446,536 | -€949,628 | -28.0% |
| Credit institutions | 430/8 | €3,396,164 | €2,446,536 | -€949,628 | -28.0% |
| Trade debts | 44 | €126,474 | €87,711 | -€38,763 | -30.6% |
| Suppliers | 440/4 | €126,474 | €87,711 | -€38,763 | -30.6% |
| Taxes, remuneration and social security | 45 | €9,579 | €6,738 | -€2,841 | -29.7% |
| Taxes | 450/3 | €6,133 | €1,352 | -€4,781 | -78.0% |
| Remuneration and social security | 454/9 | €3,446 | €5,386 | +€1,941 | +56.3% |
| Other amounts payable | 47/48 | €652,485 | €865,840 | +€213,355 | +32.7% |
| Accrued charges and deferred income | 492/3 | €868 | €1,851 | +€983 | +113% |
| Remuneration, social security and pensions | 62 | €39,267 | €40,569 | +€1,302 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,011 | €13,213 | -€2,798 | -17.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €79,407 | - | -€79,407 | |
| Other operating charges | 640/8 | €7,661 | €28,529 | +€20,868 | +272% |
| Gross operating margin | 9900 | -€125,188 | €417,160 | +€542,347 | |
| Operating profit (loss) | 9901 | -€267,533 | €334,849 | +€602,382 | |
| Financial income | 75/76B | €37,840 | €15 | -€37,825 | -100.0% |
| Recurring financial income | 75 | €37,840 | €15 | -€37,825 | -100.0% |
| Financial charges | 65/66B | €95,557 | €219,510 | +€123,953 | +130% |
| Recurring financial charges | 65 | €95,557 | €219,510 | +€123,953 | +130% |
| Profit (loss) for the period before taxes | 9903 | -€325,250 | €115,353 | +€440,604 | |
| Income taxes | 67/77 | €409 | €420 | +€11 | +2.7% |
| Profit (loss) for the period | 9904 | -€325,659 | €114,933 | +€440,593 | |
| Profit (loss) for the period to be appropriated | 9905 | -€325,659 | €114,933 | +€440,593 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.