T. Valkenborgh: 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.
T. Valkenborgh
Largest movements
- Cash +€277,073
up €277,073 (+50.5%), from €548,177 to €825,251
mainly Net result for the year (+€304,931) and Other debts (+€193,152)
- Receivables within one year +€67,840
up €67,840, from €0 to €67,840
- Tangible fixed assets -€65,834
down €65,834 (-35.0%), from €188,066 to €122,232
of which Land and buildings: -€58,172
- Other debts +€193,152
up €193,152 (+5,719%), from €3,377 to €196,529
- Reserves +€98,059
up €98,059 (+9.8%), from €998,698 to €1.1m
of which Distributable reserves: +€98,059
- Debts after one year -€40,181
down €40,181 (-36.3%), from €110,777 to €70,597
- Tax, wage and social debts +€20,557
up €20,557 (+38.2%), from €53,823 to €74,380
- Gross operating margin +€59,218
up €59,218 (+13.0%), from €454,346 to €513,565
- Taxes +€24,092
up €24,092 (+20.5%), from €117,697 to €141,789
- Financial income +€10,340
up €10,340 (+136%), from €7,615 to €17,955
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 | €1,354,944 | €1,627,823 | +€272,878 | +20.1% |
| Fixed assets | 21/28 | €188,066 | €122,232 | -€65,834 | -35.0% |
| Tangible fixed assets | 22/27 | €188,066 | €122,232 | -€65,834 | -35.0% |
| Land and buildings | 22 | €171,028 | €112,855 | -€58,172 | -34.0% |
| Furniture and vehicles | 24 | €17,038 | €9,376 | -€7,662 | -45.0% |
| Current assets | 29/58 | €1,166,879 | €1,505,591 | +€338,712 | +29.0% |
| Amounts receivable after more than one year | 29 | €180,000 | €180,000 | = | 0.0% |
| Other amounts receivable | 291 | €180,000 | €180,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €0 | €67,840 | +€67,840 | |
| Other amounts receivable | 41 | €0 | €67,840 | +€67,840 | |
| Current investments | 50/53 | €250,000 | €241,695 | -€8,305 | -3.3% |
| Cash at bank and in hand | 54/58 | €548,177 | €825,251 | +€277,073 | +50.5% |
| Deferred charges and accrued income | 490/1 | €188,701 | €190,805 | +€2,104 | +1.1% |
| Total equity and liabilities | 10/49 | €1,354,944 | €1,627,823 | +€272,878 | +20.1% |
| Equity | 10/15 | €1,011,098 | €1,109,157 | +€98,059 | +9.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €998,698 | €1,096,757 | +€98,059 | +9.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €23,917 | €23,917 | = | 0.0% |
| Distributable reserves | 133 | €974,782 | €1,072,841 | +€98,059 | +10.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €343,846 | €518,666 | +€174,819 | +50.8% |
| Amounts payable after more than one year | 17 | €110,777 | €70,597 | -€40,181 | -36.3% |
| Financial debts | 170/4 | €110,777 | €70,597 | -€40,181 | -36.3% |
| Amounts payable within one year | 42/48 | €233,069 | €448,069 | +€215,000 | +92.2% |
| Current portion of amounts payable after more than one year | 42 | €39,885 | €40,181 | +€296 | +0.7% |
| Trade debts | 44 | €135,984 | €136,980 | +€995 | +0.7% |
| Suppliers | 440/4 | €135,984 | €136,980 | +€995 | +0.7% |
| Taxes, remuneration and social security | 45 | €53,823 | €74,380 | +€20,557 | +38.2% |
| Taxes | 450/3 | €53,823 | €74,380 | +€20,557 | +38.2% |
| Other amounts payable | 47/48 | €3,377 | €196,529 | +€193,152 | +5,719% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,525 | €69,551 | +€26 | 0.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €3,014 | €2,782 | -€232 | -7.7% |
| Non-recurring operating charges | 66A | - | €3,000 | +€3,000 | |
| Gross operating margin | 9900 | €454,346 | €513,565 | +€59,218 | +13.0% |
| Operating profit (loss) | 9901 | €381,808 | €438,231 | +€56,424 | +14.8% |
| Financial income | 75/76B | €7,615 | €17,955 | +€10,340 | +136% |
| Recurring financial income | 75 | €7,615 | €17,955 | +€10,340 | +136% |
| Financial charges | 65/66B | €9,088 | €9,466 | +€378 | +4.2% |
| Recurring financial charges | 65 | €9,088 | €9,466 | +€378 | +4.2% |
| Profit (loss) for the period before taxes | 9903 | €380,334 | €446,720 | +€66,386 | +17.5% |
| Income taxes | 67/77 | €117,697 | €141,789 | +€24,092 | +20.5% |
| Profit (loss) for the period | 9904 | €262,637 | €304,931 | +€42,294 | +16.1% |
| Profit (loss) for the period to be appropriated | 9905 | €262,637 | €304,931 | +€42,294 | +16.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.