Val'Up: 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.
What changed
Val'Up
NACE 38.330, Waste collection, recovery and disposal activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.6m
2024 · €2.5m-€812,104
Equity
€14.1m
2024 · €14.4m-€288,260
Cash
€365,523
2024 · €1.7m-€1.3m
Balance sheet total
€31.8m
2024 · €38.7m-€6.9m
Largest movements
Assets
- Tangible fixed assets -€4.1m
down €4.1m (-15.0%), from €27.3m to €23.2m
of which Plant, machinery and equipment: -€3.2m
- Cash -€1.3m
down €1.3m (-78.4%), from €1.7m to €365,523
mainly Debts after one year (-€4.6m) and Contributions, distributions and other (-€1.9m)
- Current investments -€1.0m
down €1.0m (-33.3%), from €3.0m to €2.0m
Equity and liabilities
- Debts after one year -€4.6m
down €4.6m (-28.1%), from €16.5m to €11.9m
- Other debts -€1.3m
down €1.3m (-44.6%), from €3.0m to €1.6m
- Current portion of long-term debt -€696,119
down €696,119 (-25.8%), from €2.7m to €2.0m
Income statement
- Services and other goods +€590,837
up €590,837 (+11.7%), from €5.0m to €5.6m
- Turnover -€495,021
down €495,021 (-2.7%), from €18.2m to €17.7m
- Staff costs +€382,668
up €382,668 (+10.0%), from €3.8m to €4.2m
- Other operating income +€340,595
up €340,595 (+297%), from €114,817 to €455,412
- Goods and materials +€267,019
up €267,019 (+22.0%), from €1.2m to €1.5m
of which Change in stocks: decrease (increase): +€191,818
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.
Result 2024
€2.5m
Turnover
-€495,021
Other operating income
+€340,595
Goods and materials
-€267,019
Services and other goods
-€590,837
Staff costs
-€382,668
Depreciation
-€58,891
Write-downs
+€179,177
Provisions
+€84,100
Other operating charges
+€50,480
Other operating items
-€3,624
Financial income
+€43,292
Financial charges
+€41,927
Taxes
+€246,385
Result 2025
€1.6m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€5.6m
Investment
+€321,652
Financing
-€7.3m
Cash 2024
€1.7m
From operations (derived)
+€5.6m
Net result for the year
+€1.6m
Depreciation
+€4.8m
Stocks and contracts
+€130,116
Receivables within one year
+€375,355
Deferred charges and accrued income
-€16,568
Provisions
-€84,100
Trade debts
-€5,259
Tax, wage and social debts
+€156,443
Other debts
-€1.3m
Accrued charges and deferred income
-€42,193
Investment (derived)
+€321,652
Investment in fixed assets (net)
-€678,348
Current investments
+€1.0m
Financing
-€7.3m
Debts after one year
-€4.6m
Current portion of long-term debt
-€696,119
Contributions, distributions and other
-€1.9m
Cash 2025
€365,523
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €38,742,849 | €31,823,155 | -€6.9m | -17.9% |
| Fixed assets | 21/28 | €27,304,029 | €23,198,642 | -€4.1m | -15.0% |
| Tangible fixed assets | 22/27 | €27,303,855 | €23,198,467 | -€4.1m | -15.0% |
| Land and buildings | 22 | €1,483,481 | €1,341,373 | -€142,109 | -9.6% |
| Plant, machinery and equipment | 23 | €10,704,806 | €7,549,061 | -€3.2m | -29.5% |
| Furniture and vehicles | 24 | €24,666 | €12,531 | -€12,135 | -49.2% |
| Leasing and similar rights | 25 | €15,090,902 | €13,959,503 | -€1.1m | -7.5% |
| Assets under construction and advance payments | 27 | - | €336,000 | +€336,000 | |
| Financial fixed assets | 28 | €174 | €174 | = | 0.0% |
| Other financial fixed assets | 284/8 | €174 | €174 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €174 | €174 | = | 0.0% |
| Current assets | 29/58 | €11,438,819 | €8,624,514 | -€2.8m | -24.6% |
| Stocks and contracts in progress | 3 | €693,685 | €563,569 | -€130,116 | -18.8% |
| Stocks | 30/36 | €693,685 | €563,569 | -€130,116 | -18.8% |
| Raw materials and consumables | 30/31 | €693,685 | €563,569 | -€130,116 | -18.8% |
| Amounts receivable within one year | 40/41 | €5,587,154 | €5,211,799 | -€375,355 | -6.7% |
| Trade receivables | 40 | €4,807,961 | €4,836,365 | +€28,403 | +0.6% |
| Other amounts receivable | 41 | €779,193 | €375,434 | -€403,759 | -51.8% |
| Current investments | 50/53 | €3,000,000 | €2,000,000 | -€1.0m | -33.3% |
| Other investments | 51/53 | €3,000,000 | €2,000,000 | -€1.0m | -33.3% |
| Cash at bank and in hand | 54/58 | €1,690,925 | €365,523 | -€1.3m | -78.4% |
| Deferred charges and accrued income | 490/1 | €467,055 | €483,623 | +€16,568 | +3.5% |
| Total equity and liabilities | 10/49 | €38,742,849 | €31,823,155 | -€6.9m | -17.9% |
| Equity | 10/15 | €14,360,473 | €14,072,213 | -€288,260 | -2.0% |
| Contributions | 10/11 | €11,270,873 | €11,270,873 | = | 0.0% |
| Capital | 10 | €11,270,873 | €11,270,873 | = | 0.0% |
| Issued capital | 100 | €11,270,873 | €11,270,873 | = | 0.0% |
| Reserves | 13 | €593,248 | €757,157 | +€163,909 | +27.6% |
| Non-distributable reserves | 130/1 | €593,248 | €757,157 | +€163,909 | +27.6% |
| Legal reserve | 130 | €593,248 | €757,157 | +€163,909 | +27.6% |
| Profit (loss) carried forward | 14 | €889,706 | €725,797 | -€163,909 | -18.4% |
| Investment grants | 15 | €1,606,646 | €1,318,386 | -€288,260 | -17.9% |
| Provisions and deferred taxes | 16 | €584,100 | €500,000 | -€84,100 | -14.4% |
| Provisions for liabilities and charges | 160/5 | €584,100 | €500,000 | -€84,100 | -14.4% |
| Major repairs and maintenance | 162 | €500,000 | €500,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €84,100 | - | -€84,100 | |
| Amounts payable | 17/49 | €23,798,276 | €17,250,942 | -€6.5m | -27.5% |
| Amounts payable after more than one year | 17 | €16,520,673 | €11,882,573 | -€4.6m | -28.1% |
| Financial debts | 170/4 | €16,520,673 | €11,882,573 | -€4.6m | -28.1% |
| Subordinated loans | 170 | €4,703,852 | €1,496,507 | -€3.2m | -68.2% |
| Leasing and similar obligations | 172 | €11,375,768 | €9,984,773 | -€1.4m | -12.2% |
| Credit institutions | 173 | €441,053 | €401,293 | -€39,760 | -9.0% |
| Amounts payable within one year | 42/48 | €7,208,556 | €5,341,517 | -€1.9m | -25.9% |
| Current portion of amounts payable after more than one year | 42 | €2,693,527 | €1,997,408 | -€696,119 | -25.8% |
| Trade debts | 44 | €1,058,191 | €1,052,932 | -€5,259 | -0.5% |
| Suppliers | 440/4 | €1,058,191 | €1,052,932 | -€5,259 | -0.5% |
| Taxes, remuneration and social security | 45 | €495,644 | €652,087 | +€156,443 | +31.6% |
| Taxes | 450/3 | €130,259 | €108,157 | -€22,102 | -17.0% |
| Remuneration and social security | 454/9 | €365,385 | €543,930 | +€178,544 | +48.9% |
| Other amounts payable | 47/48 | €2,961,194 | €1,639,090 | -€1.3m | -44.6% |
| Accrued charges and deferred income | 492/3 | €69,047 | €26,853 | -€42,193 | -61.1% |
| Operating income | 70/76A | €18,301,339 | €18,168,569 | -€132,769 | -0.7% |
| Turnover | 70 | €18,186,512 | €17,691,491 | -€495,021 | -2.7% |
| Other operating income | 74 | €114,817 | €455,412 | +€340,595 | +297% |
| Non-recurring operating income | 76A | €10 | €21,666 | +€21,656 | +217,432% |
| Operating charges | 60/66A | €15,210,018 | €16,220,957 | +€1.0m | +6.6% |
| Goods for resale, raw materials and consumables | 60 | €1,211,681 | €1,478,700 | +€267,019 | +22.0% |
| Purchases | 600/8 | €1,354,528 | €1,429,730 | +€75,201 | +5.6% |
| Change in stocks: decrease (increase) | 609 | -€142,848 | €48,970 | +€191,818 | |
| Services and other goods | 61 | €5,032,061 | €5,622,898 | +€590,837 | +11.7% |
| Remuneration, social security and pensions | 62 | €3,833,887 | €4,216,556 | +€382,668 | +10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,724,845 | €4,783,736 | +€58,891 | +1.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €260,323 | €81,146 | -€179,177 | -68.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€84,100 | -€84,100 | |
| Other operating charges | 640/8 | €147,220 | €96,740 | -€50,480 | -34.3% |
| Non-recurring operating charges | 66A | - | €25,280 | +€25,280 | |
| Operating profit (loss) | 9901 | €3,091,321 | €1,947,613 | -€1.1m | -37.0% |
| Financial income | 75/76B | €286,181 | €329,472 | +€43,292 | +15.1% |
| Recurring financial income | 75 | €286,181 | €329,472 | +€43,292 | +15.1% |
| Income from current assets | 751 | - | €41,213 | +€41,213 | |
| Other financial income | 752/9 | €286,181 | €288,260 | +€2,079 | +0.7% |
| Financial charges | 65/66B | €233,703 | €191,777 | -€41,927 | -17.9% |
| Recurring financial charges | 65 | €233,703 | €191,777 | -€41,927 | -17.9% |
| Debt charges | 650 | €227,219 | €179,664 | -€47,555 | -20.9% |
| Other financial charges | 652/9 | €6,484 | €12,113 | +€5,629 | +86.8% |
| Profit (loss) for the period before taxes | 9903 | €3,143,798 | €2,085,309 | -€1.1m | -33.7% |
| Income taxes | 67/77 | €692,604 | €446,219 | -€246,385 | -35.6% |
| Taxes | 670/3 | €719,853 | €446,219 | -€273,634 | -38.0% |
| Tax adjustments and reversals of tax provisions | 77 | €27,248 | - | -€27,248 | |
| Profit (loss) for the period | 9904 | €2,451,194 | €1,639,090 | -€812,104 | -33.1% |
| Profit (loss) for the period to be appropriated | 9905 | €2,451,194 | €1,639,090 | -€812,104 | -33.1% |
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.