Val Duchesse: 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 Duchesse
Largest movements
- Financial fixed assets +€477,000
up €477,000 (+900%), from €53,000 to €530,000
- Tangible fixed assets -€411,727
down €411,727 (-3.4%), from €12.3m to €11.9m
of which Land and buildings: -€407,946
- Cash +€197,696
up €197,696 (+474%), from €41,696 to €239,392
mainly Depreciation (+€428,444) and Net result for the year (+€174,293)
- Profit (loss) carried forward +€174,293
up €174,293 (+6.3%), from -€2.8m to -€2.6m
- Gross operating margin +€88,358
up €88,358 (+15.7%), from €564,272 to €652,630
- Depreciation -€12,386
down €12,386 (-2.8%), from €440,830 to €428,444
- Financial income +€9,155
up €9,155 (+28.7%), from €31,890 to €41,045
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 | €14,522,456 | €14,755,568 | +€233,113 | +1.6% |
| Fixed assets | 21/28 | €12,320,131 | €12,385,404 | +€65,273 | +0.5% |
| Tangible fixed assets | 22/27 | €12,267,131 | €11,855,404 | -€411,727 | -3.4% |
| Land and buildings | 22 | €12,154,516 | €11,746,570 | -€407,946 | -3.4% |
| Plant, machinery and equipment | 23 | €112,614 | €108,833 | -€3,781 | -3.4% |
| Financial fixed assets | 28 | €53,000 | €530,000 | +€477,000 | +900% |
| Current assets | 29/58 | €2,202,325 | €2,370,165 | +€167,840 | +7.6% |
| Amounts receivable within one year | 40/41 | €8,535 | €51,708 | +€43,173 | +506% |
| Trade receivables | 40 | €197 | €38,388 | +€38,191 | +19,411% |
| Other amounts receivable | 41 | €8,339 | €13,320 | +€4,981 | +59.7% |
| Current investments | 50/53 | €2,130,940 | €2,062,547 | -€68,393 | -3.2% |
| Cash at bank and in hand | 54/58 | €41,696 | €239,392 | +€197,696 | +474% |
| Deferred charges and accrued income | 490/1 | €21,154 | €16,519 | -€4,635 | -21.9% |
| Total equity and liabilities | 10/49 | €14,522,456 | €14,755,568 | +€233,113 | +1.6% |
| Equity | 10/15 | €14,443,238 | €14,617,531 | +€174,293 | +1.2% |
| Contributions | 10/11 | €17,200,000 | €17,200,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,756,762 | -€2,582,469 | +€174,293 | +6.3% |
| Amounts payable | 17/49 | €79,218 | €138,037 | +€58,820 | +74.3% |
| Amounts payable within one year | 42/48 | €79,218 | €138,037 | +€58,820 | +74.3% |
| Trade debts | 44 | €9,760 | €66,728 | +€56,968 | +584% |
| Suppliers | 440/4 | €9,760 | €66,728 | +€56,968 | +584% |
| Taxes, remuneration and social security | 45 | €3,291 | €2,496 | -€795 | -24.2% |
| Remuneration and social security | 454/9 | €3,291 | €2,496 | -€795 | -24.2% |
| Other amounts payable | 47/48 | €66,167 | €68,813 | +€2,647 | +4.0% |
| Remuneration, social security and pensions | 62 | €37,595 | €36,374 | -€1,221 | -3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €440,830 | €428,444 | -€12,386 | -2.8% |
| Other operating charges | 640/8 | €50,338 | €51,699 | +€1,360 | +2.7% |
| Gross operating margin | 9900 | €564,272 | €652,630 | +€88,358 | +15.7% |
| Operating profit (loss) | 9901 | €35,508 | €136,114 | +€100,606 | +283% |
| Financial income | 75/76B | €31,890 | €41,045 | +€9,155 | +28.7% |
| Recurring financial income | 75 | €31,890 | €41,045 | +€9,155 | +28.7% |
| Financial charges | 65/66B | €7,632 | €2,866 | -€4,766 | -62.4% |
| Recurring financial charges | 65 | €7,632 | €2,866 | -€4,766 | -62.4% |
| Profit (loss) for the period before taxes | 9903 | €59,766 | €174,293 | +€114,527 | +192% |
| Profit (loss) for the period | 9904 | €59,766 | €174,293 | +€114,527 | +192% |
| Profit (loss) for the period to be appropriated | 9905 | €59,766 | €174,293 | +€114,527 | +192% |
Source: filed annual accounts (NBB), financial years ended 31 July 2024 and 31 July 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.