VALAAN: 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.
VALAAN
Largest movements
- Current investments -€15,021
down €15,021 (-7.5%), from €199,850 to €184,829
- Debts after one year -€40,601
down €40,601 (-13.6%), from €299,516 to €258,915
- Other debts +€19,497
up €19,497 (+11.0%), from €177,129 to €196,626
- Tax, wage and social debts +€15,336
up €15,336 (+73.4%), from €20,893 to €36,229
of which Taxes: +€15,223
- Gross operating margin +€26,460
up €26,460 (+52.0%), from €50,912 to €77,372
- Taxes +€5,811
up €5,811 (+266%), from €2,185 to €7,996
- Depreciation +€5,176
up €5,176 (+10.6%), from €48,711 to €53,887
- Financial charges -€4,451
down €4,451 (-22.9%), from €19,426 to €14,975
- Other operating charges +€2,629
up €2,629 (+44.5%), from €5,909 to €8,538
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 | €940,126 | €936,403 | -€3,723 | -0.4% |
| Fixed assets | 21/28 | €715,809 | €722,860 | +€7,051 | +1.0% |
| Tangible fixed assets | 22/27 | €715,809 | €722,860 | +€7,051 | +1.0% |
| Land and buildings | 22 | €622,528 | €641,961 | +€19,434 | +3.1% |
| Plant, machinery and equipment | 23 | €13,805 | €18,349 | +€4,544 | +32.9% |
| Furniture and vehicles | 24 | €66,269 | €49,342 | -€16,927 | -25.5% |
| Other tangible fixed assets | 26 | €13,208 | €13,208 | = | 0.0% |
| Current assets | 29/58 | €224,317 | €213,543 | -€10,774 | -4.8% |
| Amounts receivable within one year | 40/41 | €20,147 | €20,147 | = | 0.0% |
| Trade receivables | 40 | €20,147 | €20,147 | = | 0.0% |
| Current investments | 50/53 | €199,850 | €184,829 | -€15,021 | -7.5% |
| Cash at bank and in hand | 54/58 | €3,767 | €8,044 | +€4,277 | +114% |
| Deferred charges and accrued income | 490/1 | €553 | €523 | -€30 | -5.4% |
| Total equity and liabilities | 10/49 | €940,126 | €936,403 | -€3,723 | -0.4% |
| Equity | 10/15 | €401,807 | €394,078 | -€7,729 | -1.9% |
| Contributions | 10/11 | €67,184 | €67,184 | = | 0.0% |
| Reserves | 13 | €6,800 | €6,800 | = | 0.0% |
| Distributable reserves | 133 | €6,800 | €6,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | €327,823 | €320,093 | -€7,729 | -2.4% |
| Amounts payable | 17/49 | €538,319 | €542,325 | +€4,006 | +0.7% |
| Amounts payable after more than one year | 17 | €299,516 | €258,915 | -€40,601 | -13.6% |
| Financial debts | 170/4 | €299,516 | €258,915 | -€40,601 | -13.6% |
| Amounts payable within one year | 42/48 | €238,803 | €283,410 | +€44,608 | +18.7% |
| Current portion of amounts payable after more than one year | 42 | €38,913 | €40,601 | +€1,688 | +4.3% |
| Trade debts | 44 | €1,868 | €9,954 | +€8,086 | +433% |
| Suppliers | 440/4 | €1,868 | €9,954 | +€8,086 | +433% |
| Taxes, remuneration and social security | 45 | €20,893 | €36,229 | +€15,336 | +73.4% |
| Taxes | 450/3 | €15,393 | €30,616 | +€15,223 | +98.9% |
| Remuneration and social security | 454/9 | €5,500 | €5,613 | +€113 | +2.1% |
| Other amounts payable | 47/48 | €177,129 | €196,626 | +€19,497 | +11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,711 | €53,887 | +€5,176 | +10.6% |
| Other operating charges | 640/8 | €5,909 | €8,538 | +€2,629 | +44.5% |
| Gross operating margin | 9900 | €50,912 | €77,372 | +€26,460 | +52.0% |
| Operating profit (loss) | 9901 | -€3,708 | €14,946 | +€18,655 | |
| Financial income | 75/76B | €369 | €296 | -€73 | -19.8% |
| Recurring financial income | 75 | €369 | €296 | -€73 | -19.8% |
| Financial charges | 65/66B | €19,426 | €14,975 | -€4,451 | -22.9% |
| Recurring financial charges | 65 | €19,426 | €14,975 | -€4,451 | -22.9% |
| Profit (loss) for the period before taxes | 9903 | -€22,766 | €267 | +€23,033 | |
| Income taxes | 67/77 | €2,185 | €7,996 | +€5,811 | +266% |
| Profit (loss) for the period | 9904 | -€24,951 | -€7,729 | +€17,222 | +69.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€24,951 | -€7,729 | +€17,222 | +69.0% |
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 24 October 2026 via checked.be.