VAL & Co: what changed
Two fiscal 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 & Co
Largest movements
- Receivables within one year +€49,061
up €49,061 (+103.7%), from €47,320 to €96,381
of which Other amounts receivable: +€47,615
- Tangible fixed assets +€8,451
up €8,451 (+31.5%), from €26,865 to €35,315
of which Furniture and vehicles: +€11,634
- Deferred charges and accrued income +€8,119
up €8,119 (+26.4%), from €30,724 to €38,843
- Reserves +€80,834
up €80,834 (+74.7%), from €108,162 to €188,996
of which Distributable reserves: +€80,834
- Debts after one year -€8,298
down €8,298 (-67.8%), from €12,231 to €3,932
- Current portion of long-term debt -€5,966
down €5,966 (-54.2%), from €11,015 to €5,049
- Gross operating margin +€20,263
up €20,263 (+19.7%), from €102,613 to €122,875
- Depreciation -€14,532
down €14,532 (-73.2%), from €19,846 to €5,314
- Taxes +€10,247
up €10,247 (+45.4%), from €22,561 to €32,809
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 | €156,756 | €223,986 | +€67,230 | +42.9% |
| Fixed assets | 21/28 | €26,865 | €35,315 | +€8,451 | +31.5% |
| Tangible fixed assets | 22/27 | €26,865 | €35,315 | +€8,451 | +31.5% |
| Plant, machinery and equipment | 23 | €25,637 | €22,453 | -€3,184 | -12.4% |
| Furniture and vehicles | 24 | €1,228 | €12,862 | +€11,634 | +947.5% |
| Current assets | 29/58 | €129,891 | €188,670 | +€58,779 | +45.3% |
| Amounts receivable within one year | 40/41 | €47,320 | €96,381 | +€49,061 | +103.7% |
| Trade receivables | 40 | €1,536 | €2,981 | +€1,446 | +94.1% |
| Other amounts receivable | 41 | €45,784 | €93,399 | +€47,615 | +104.0% |
| Cash at bank and in hand | 54/58 | €51,848 | €53,447 | +€1,599 | +3.1% |
| Deferred charges and accrued income | 490/1 | €30,724 | €38,843 | +€8,119 | +26.4% |
| Total equity and liabilities | 10/49 | €156,756 | €223,986 | +€67,230 | +42.9% |
| Equity | 10/15 | €120,562 | €201,396 | +€80,834 | +67.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Capital | 10 | €12,400 | €12,400 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €108,162 | €188,996 | +€80,834 | +74.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €106,302 | €187,136 | +€80,834 | +76.0% |
| Amounts payable | 17/49 | €36,194 | €22,590 | -€13,604 | -37.6% |
| Amounts payable after more than one year | 17 | €12,231 | €3,932 | -€8,298 | -67.8% |
| Financial debts | 170/4 | €12,231 | €3,932 | -€8,298 | -67.8% |
| Amounts payable within one year | 42/48 | €23,963 | €18,658 | -€5,305 | -22.1% |
| Current portion of amounts payable after more than one year | 42 | €11,015 | €5,049 | -€5,966 | -54.2% |
| Trade debts | 44 | €603 | - | -€603 | |
| Suppliers | 440/4 | €603 | - | -€603 | |
| Taxes, remuneration and social security | 45 | €12,345 | €13,609 | +€1,263 | +10.2% |
| Taxes | 450/3 | €12,345 | €13,609 | +€1,263 | +10.2% |
| Remuneration, social security and pensions | 62 | €1,620 | €1,100 | -€520 | -32.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,846 | €5,314 | -€14,532 | -73.2% |
| Other operating charges | 640/8 | €1,892 | €2,088 | +€196 | +10.4% |
| Gross operating margin | 9900 | €102,613 | €122,875 | +€20,263 | +19.7% |
| Operating profit (loss) | 9901 | €79,255 | €114,374 | +€35,118 | +44.3% |
| Financial charges | 65/66B | €1,008 | €732 | -€276 | -27.4% |
| Recurring financial charges | 65 | €1,008 | €732 | -€276 | -27.4% |
| Profit (loss) for the period before taxes | 9903 | €78,247 | €113,642 | +€35,395 | +45.2% |
| Income taxes | 67/77 | €22,561 | €32,809 | +€10,247 | +45.4% |
| Profit (loss) for the period | 9904 | €55,686 | €80,834 | +€25,148 | +45.2% |
| Profit (loss) for the period to be appropriated | 9905 | €55,686 | €80,834 | +€25,148 | +45.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.