VAL SCREEN: 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 SCREEN
Largest movements
- Tangible fixed assets -€24,718
down €24,718 (-10.6%), from €233,921 to €209,204
of which Plant, machinery and equipment: -€14,507
- Receivables within one year +€13,462
up €13,462 (+28.7%), from €46,978 to €60,440
of which Trade receivables: +€12,494
- Deferred charges and accrued income +€5,105
up €5,105 (+912.1%), from €560 to €5,665
- Debts after one year -€33,249
down €33,249 (-24.2%), from €137,199 to €103,950
- Reserves +€30,396
up €30,396 (+15.1%), from €201,330 to €231,726
of which Distributable reserves: +€30,396
- Current portion of long-term debt -€11,192
down €11,192 (-61.1%), from €18,313 to €7,121
- Tax, wage and social debts +€7,060
up €7,060 (+40.8%), from €17,316 to €24,376
of which Taxes: +€7,639
- Trade debts +€5,337
up €5,337 (+80.0%), from €6,675 to €12,013
- Depreciation -€10,697
down €10,697 (-28.9%), from €36,961 to €26,264
- Gross operating margin -€8,810
down €8,810 (-8.0%), from €110,796 to €101,986
- Other operating charges +€1,429
up €1,429 (+41.5%), from €3,446 to €4,874
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 | €419,433 | €414,786 | -€4,647 | -1.1% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €234,101 | €209,384 | -€24,718 | -10.6% |
| Tangible fixed assets | 22/27 | €233,921 | €209,204 | -€24,718 | -10.6% |
| Land and buildings | 22 | €163,974 | €161,712 | -€2,262 | -1.4% |
| Plant, machinery and equipment | 23 | €60,599 | €46,092 | -€14,507 | -23.9% |
| Furniture and vehicles | 24 | €9,348 | €1,399 | -€7,949 | -85.0% |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €185,331 | €205,402 | +€20,071 | +10.8% |
| Stocks and contracts in progress | 3 | €2,398 | €1,919 | -€479 | -20.0% |
| Stocks | 30/36 | €2,398 | €1,919 | -€479 | -20.0% |
| Amounts receivable within one year | 40/41 | €46,978 | €60,440 | +€13,462 | +28.7% |
| Trade receivables | 40 | €34,469 | €46,963 | +€12,494 | +36.2% |
| Other amounts receivable | 41 | €12,509 | €13,477 | +€968 | +7.7% |
| Cash at bank and in hand | 54/58 | €135,396 | €137,379 | +€1,983 | +1.5% |
| Deferred charges and accrued income | 490/1 | €560 | €5,665 | +€5,105 | +912.1% |
| Total equity and liabilities | 10/49 | €419,433 | €414,786 | -€4,647 | -1.1% |
| Equity | 10/15 | €219,930 | €250,326 | +€30,396 | +13.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €201,330 | €231,726 | +€30,396 | +15.1% |
| Tax-exempt reserves | 132 | €14,793 | €14,793 | = | 0.0% |
| Distributable reserves | 133 | €186,537 | €216,934 | +€30,396 | +16.3% |
| Amounts payable | 17/49 | €199,503 | €164,460 | -€35,043 | -17.6% |
| Amounts payable after more than one year | 17 | €137,199 | €103,950 | -€33,249 | -24.2% |
| Financial debts | 170/4 | €137,199 | €103,950 | -€33,249 | -24.2% |
| Amounts payable within one year | 42/48 | €62,304 | €60,510 | -€1,795 | -2.9% |
| Current portion of amounts payable after more than one year | 42 | €18,313 | €7,121 | -€11,192 | -61.1% |
| Trade debts | 44 | €6,675 | €12,013 | +€5,337 | +80.0% |
| Suppliers | 440/4 | €6,675 | €12,013 | +€5,337 | +80.0% |
| Taxes, remuneration and social security | 45 | €17,316 | €24,376 | +€7,060 | +40.8% |
| Taxes | 450/3 | €16,736 | €24,376 | +€7,639 | +45.6% |
| Remuneration and social security | 454/9 | €579 | - | -€579 | |
| Other amounts payable | 47/48 | €20,000 | €17,000 | -€3,000 | -15.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,961 | €26,264 | -€10,697 | -28.9% |
| Other operating charges | 640/8 | €3,446 | €4,874 | +€1,429 | +41.5% |
| Gross operating margin | 9900 | €110,796 | €101,986 | -€8,810 | -8.0% |
| Operating profit (loss) | 9901 | €70,390 | €70,848 | +€458 | +0.7% |
| Financial income | 75/76B | €452 | €722 | +€270 | +59.7% |
| Recurring financial income | 75 | €452 | €722 | +€270 | +59.7% |
| Financial charges | 65/66B | €2,934 | €2,847 | -€87 | -3.0% |
| Recurring financial charges | 65 | €2,934 | €2,847 | -€87 | -3.0% |
| Profit (loss) for the period before taxes | 9903 | €67,908 | €68,723 | +€815 | +1.2% |
| Income taxes | 67/77 | €21,225 | €21,327 | +€102 | +0.5% |
| Profit (loss) for the period | 9904 | €46,683 | €47,396 | +€713 | +1.5% |
| Profit (loss) for the period to be appropriated | 9905 | €46,683 | €47,396 | +€713 | +1.5% |
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 12 October 2026 via checked.be.