VAL-B CONCEPT: 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.
VAL-B CONCEPT
Largest movements
- Tangible fixed assets +€297,628
up €297,628 (+26.6%), from €1.1m to €1.4m
of which Leasing and similar rights: +€300,971
- Cash +€106,247
up €106,247 (+57.2%), from €185,615 to €291,862
mainly Other debts (+€352,596) and Net result for the year (+€280,039)
- Receivables within one year +€81,610
up €81,610 (+21.2%), from €384,204 to €465,814
of which Trade receivables: +€69,486
- Deferred charges and accrued income +€67,113
up €67,113 (+1424.5%), from €4,711 to €71,824
- Stocks and contracts -€35,981
down €35,981 (-42.9%), from €83,877 to €47,895
of which Contracts in progress: -€50,981
- Other debts +€352,596
up €352,596 (+1145.3%), from €30,788 to €383,383
- Debts after one year +€181,353
up €181,353 (+22.1%), from €821,167 to €1.0m
- Reserves -€128,000
down €128,000 (-21.4%), from €598,760 to €470,760
- Current portion of long-term debt +€41,167
up €41,167 (+32.8%), from €125,509 to €166,676
- Trade debts +€39,704
up €39,704 (+40.0%), from €99,311 to €139,015
- Turnover -€3.2m
no longer reported in 2025 (was €3.2m)
- Purchases and services -€2.4m
no longer reported in 2025 (was €2.4m)
- Gross operating margin +€174,854
up €174,854 (+22.4%), from €779,570 to €954,425
- Staff costs +€160,433
up €160,433 (+99.7%), from €160,929 to €321,363
- Depreciation +€79,337
up €79,337 (+59.6%), from €133,205 to €212,542
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.
Cash bridge derived
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 | €1,800,504 | €2,313,440 | +€512,936 | +28.5% |
| Fixed assets | 21/28 | €1,142,097 | €1,436,045 | +€293,947 | +25.7% |
| Tangible fixed assets | 22/27 | €1,119,790 | €1,417,418 | +€297,628 | +26.6% |
| Land and buildings | 22 | €828,099 | €820,351 | -€7,748 | -0.9% |
| Plant, machinery and equipment | 23 | €35,464 | €74,145 | +€38,681 | +109.1% |
| Furniture and vehicles | 24 | €66,680 | €32,404 | -€34,276 | -51.4% |
| Leasing and similar rights | 25 | €189,547 | €490,518 | +€300,971 | +158.8% |
| Financial fixed assets | 28 | €22,307 | €18,627 | -€3,681 | -16.5% |
| Current assets | 29/58 | €658,407 | €877,396 | +€218,989 | +33.3% |
| Stocks and contracts in progress | 3 | €83,877 | €47,895 | -€35,981 | -42.9% |
| Stocks | 30/36 | €32,895 | €47,895 | +€15,000 | +45.6% |
| Contracts in progress | 37 | €50,981 | €0 | -€50,981 | -100.0% |
| Amounts receivable within one year | 40/41 | €384,204 | €465,814 | +€81,610 | +21.2% |
| Trade receivables | 40 | €371,999 | €441,485 | +€69,486 | +18.7% |
| Other amounts receivable | 41 | €12,205 | €24,329 | +€12,123 | +99.3% |
| Cash at bank and in hand | 54/58 | €185,615 | €291,862 | +€106,247 | +57.2% |
| Deferred charges and accrued income | 490/1 | €4,711 | €71,824 | +€67,113 | +1424.5% |
| Total equity and liabilities | 10/49 | €1,800,504 | €2,313,440 | +€512,936 | +28.5% |
| Equity | 10/15 | €621,950 | €490,928 | -€131,023 | -21.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €598,760 | €470,760 | -€128,000 | -21.4% |
| Distributable reserves | 133 | €598,760 | €470,760 | -€128,000 | -21.4% |
| Profit (loss) carried forward | 14 | €413 | €452 | +€39 | +9.3% |
| Investment grants | 15 | €4,177 | €1,116 | -€3,061 | -73.3% |
| Amounts payable | 17/49 | €1,178,554 | €1,822,512 | +€643,958 | +54.6% |
| Amounts payable after more than one year | 17 | €821,167 | €1,002,520 | +€181,353 | +22.1% |
| Financial debts | 170/4 | €821,167 | €1,002,520 | +€181,353 | +22.1% |
| Amounts payable within one year | 42/48 | €357,037 | €819,993 | +€462,956 | +129.7% |
| Current portion of amounts payable after more than one year | 42 | €125,509 | €166,676 | +€41,167 | +32.8% |
| Financial debts | 43 | €65,805 | €91,682 | +€25,878 | +39.3% |
| Credit institutions | 430/8 | €65,805 | €91,682 | +€25,878 | +39.3% |
| Trade debts | 44 | €99,311 | €139,015 | +€39,704 | +40.0% |
| Suppliers | 440/4 | €99,311 | €139,015 | +€39,704 | +40.0% |
| Taxes, remuneration and social security | 45 | €35,625 | €39,236 | +€3,611 | +10.1% |
| Taxes | 450/3 | €16,516 | €9,916 | -€6,600 | -40.0% |
| Remuneration and social security | 454/9 | €19,109 | €29,320 | +€10,211 | +53.4% |
| Other amounts payable | 47/48 | €30,788 | €383,383 | +€352,596 | +1145.3% |
| Accrued charges and deferred income | 492/3 | €350 | €0 | -€350 | -100.0% |
| Turnover | 70 | €3,169,209 | - | -€3.2m | |
| Goods, raw materials, services and sundry goods | 60/61 | €2,389,639 | - | -€2.4m | |
| Remuneration, social security and pensions | 62 | €160,929 | €321,363 | +€160,433 | +99.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €133,205 | €212,542 | +€79,337 | +59.6% |
| Other operating charges | 640/8 | €18,055 | €14,788 | -€3,267 | -18.1% |
| Gross operating margin | 9900 | €779,570 | €954,425 | +€174,854 | +22.4% |
| Operating profit (loss) | 9901 | €467,381 | €405,732 | -€61,649 | -13.2% |
| Financial income | 75/76B | €1,064 | €3,237 | +€2,173 | +204.3% |
| Recurring financial income | 75 | €1,064 | €3,237 | +€2,173 | +204.3% |
| Financial charges | 65/66B | €52,814 | €57,086 | +€4,272 | +8.1% |
| Recurring financial charges | 65 | €52,814 | €57,086 | +€4,272 | +8.1% |
| Profit (loss) for the period before taxes | 9903 | €415,631 | €351,884 | -€63,747 | -15.3% |
| Transfer from deferred taxes | 780 | €3,468 | - | -€3,468 | |
| Income taxes | 67/77 | €98,214 | €71,845 | -€26,369 | -26.8% |
| Profit (loss) for the period | 9904 | €320,885 | €280,039 | -€40,846 | -12.7% |
| Profit (loss) for the period to be appropriated | 9905 | €320,885 | €280,039 | -€40,846 | -12.7% |
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 11 October 2026 via checked.be.