VAL DE THEUX: 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 DE THEUX
Largest movements
- Tangible fixed assets -€333,387
down €333,387 (-5.9%), from €5.6m to €5.3m
of which Land and buildings: -€527,455
- Current portion of long-term debt -€679,611
down €679,611 (-62.2%), from €1.1m to €413,791
- Debts after one year +€349,358
up €349,358 (+10.3%), from €3.4m to €3.8m
- Short-term financial debts +€200,000
new in 2025: €200,000
- Reserves -€63,721
down €63,721 (-7.6%), from €836,496 to €772,775
- Financial income -€650,111
down €650,111 (-100.0%), from €650,152 to €41
of which Non-recurring financial income: -€650,134
- Gross operating margin +€256,867
up €256,867 (+79.4%), from €323,504 to €580,371
- Depreciation -€182,318
down €182,318 (-38.3%), from €475,595 to €293,277
- Other operating charges +€77,074
up €77,074 (+63.7%), from €120,970 to €198,044
- Staff costs -€36,804
no longer reported in 2025 (was €36,804)
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 | €6,124,303 | €5,823,407 | -€300,896 | -4.9% |
| Fixed assets | 21/28 | €5,605,953 | €5,272,565 | -€333,387 | -5.9% |
| Tangible fixed assets | 22/27 | €5,605,953 | €5,272,565 | -€333,387 | -5.9% |
| Land and buildings | 22 | €3,932,566 | €3,405,111 | -€527,455 | -13.4% |
| Plant, machinery and equipment | 23 | €1,673,341 | €1,779,837 | +€106,496 | +6.4% |
| Furniture and vehicles | 24 | €46 | €4,481 | +€4,435 | +9,623% |
| Other tangible fixed assets | 26 | - | €83,136 | +€83,136 | |
| Current assets | 29/58 | €518,350 | €550,841 | +€32,491 | +6.3% |
| Amounts receivable within one year | 40/41 | €504,700 | €502,285 | -€2,415 | -0.5% |
| Trade receivables | 40 | €448,655 | €370,882 | -€77,773 | -17.3% |
| Other amounts receivable | 41 | €56,045 | €131,403 | +€75,358 | +134% |
| Cash at bank and in hand | 54/58 | €13,651 | €37,897 | +€24,247 | +178% |
| Deferred charges and accrued income | 490/1 | - | €10,659 | +€10,659 | |
| Total equity and liabilities | 10/49 | €6,124,303 | €5,823,407 | -€300,896 | -4.9% |
| Equity | 10/15 | €855,096 | €791,375 | -€63,721 | -7.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €836,496 | €772,775 | -€63,721 | -7.6% |
| Distributable reserves | 133 | €836,496 | €772,775 | -€63,721 | -7.6% |
| Amounts payable | 17/49 | €5,269,207 | €5,032,032 | -€237,176 | -4.5% |
| Amounts payable after more than one year | 17 | €3,405,536 | €3,754,894 | +€349,358 | +10.3% |
| Financial debts | 170/4 | €3,405,536 | €3,754,894 | +€349,358 | +10.3% |
| Amounts payable within one year | 42/48 | €1,863,671 | €1,271,417 | -€592,254 | -31.8% |
| Current portion of amounts payable after more than one year | 42 | €1,093,401 | €413,791 | -€679,611 | -62.2% |
| Financial debts | 43 | - | €200,000 | +€200,000 | |
| Credit institutions | 430/8 | - | €200,000 | +€200,000 | |
| Trade debts | 44 | €486,074 | €448,846 | -€37,228 | -7.7% |
| Suppliers | 440/4 | €486,074 | €448,846 | -€37,228 | -7.7% |
| Taxes, remuneration and social security | 45 | €100,017 | €63,336 | -€36,681 | -36.7% |
| Taxes | 450/3 | €100,017 | €63,336 | -€36,681 | -36.7% |
| Other amounts payable | 47/48 | €184,179 | €145,444 | -€38,735 | -21.0% |
| Accrued charges and deferred income | 492/3 | - | €5,720 | +€5,720 | |
| Remuneration, social security and pensions | 62 | €36,804 | - | -€36,804 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €475,595 | €293,277 | -€182,318 | -38.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €17,242 | +€17,242 | |
| Other operating charges | 640/8 | €120,970 | €198,044 | +€77,074 | +63.7% |
| Gross operating margin | 9900 | €323,504 | €580,371 | +€256,867 | +79.4% |
| Operating profit (loss) | 9901 | -€309,864 | €71,809 | +€381,673 | |
| Financial income | 75/76B | €650,152 | €41 | -€650,111 | -100.0% |
| Recurring financial income | 75 | €18 | €41 | +€24 | +135% |
| Non-recurring financial income | 76B | €650,134 | - | -€650,134 | |
| Financial charges | 65/66B | €154,449 | €135,571 | -€18,879 | -12.2% |
| Recurring financial charges | 65 | €154,449 | €135,571 | -€18,879 | -12.2% |
| Profit (loss) for the period before taxes | 9903 | €185,838 | -€63,721 | -€249,559 | |
| Income taxes | 67/77 | €32,327 | - | -€32,327 | |
| Profit (loss) for the period | 9904 | €153,512 | -€63,721 | -€217,232 | |
| Profit (loss) for the period to be appropriated | 9905 | €153,512 | -€63,721 | -€217,232 |
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 17 October 2026 via checked.be.