VALBLON: what changed
Two fiscal 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.
VALBLON
Largest movements
- Tangible fixed assets -€48,020
down €48,020 (-8.9%), from €540,967 to €492,947
of which Plant, machinery and equipment: -€27,841
- Cash -€23,845
down €23,845 (-31.2%), from €76,318 to €52,473
mainly Investment in fixed assets (net) (-€73,816) and Trade debts (-€48,733)
- Receivables within one year -€13,347
down €13,347 (-50.9%), from €26,232 to €12,885
of which Other amounts receivable: -€10,555
- Current investments +€11,535
up €11,535 (+164.8%), from €7,001 to €18,536
- Trade debts -€48,733
down €48,733 (-59.3%), from €82,137 to €33,405
- Debts after one year -€44,765
down €44,765 (-9.0%), from €495,244 to €450,479
- Other debts +€29,208
up €29,208 (+1468.3%), from €1,989 to €31,197
- Tax, wage and social debts -€15,724
down €15,724 (-49.8%), from €31,605 to €15,881
of which Remuneration and social security: -€10,368
- Current portion of long-term debt +€10,509
up €10,509 (+12.5%), from €83,895 to €94,404
- Gross operating margin -€117,842
down €117,842 (-26.2%), from €449,286 to €331,444
- Staff costs -€91,291
down €91,291 (-33.0%), from €276,416 to €185,125
- Depreciation +€6,309
up €6,309 (+5.5%), from €115,528 to €121,836
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 | €825,350 | €752,908 | -€72,442 | -8.8% |
| Fixed assets | 21/28 | €540,968 | €492,948 | -€48,021 | -8.9% |
| Intangible fixed assets | 21 | €1 | €1 | -€0 | -14.3% |
| Tangible fixed assets | 22/27 | €540,967 | €492,947 | -€48,020 | -8.9% |
| Plant, machinery and equipment | 23 | €155,058 | €127,218 | -€27,841 | -18.0% |
| Furniture and vehicles | 24 | €11,978 | €10,822 | -€1,157 | -9.7% |
| Other tangible fixed assets | 26 | €373,931 | €354,908 | -€19,023 | -5.1% |
| Current assets | 29/58 | €284,382 | €259,960 | -€24,421 | -8.6% |
| Stocks and contracts in progress | 3 | €174,831 | €176,066 | +€1,235 | +0.7% |
| Stocks | 30/36 | €174,831 | €176,066 | +€1,235 | +0.7% |
| Amounts receivable within one year | 40/41 | €26,232 | €12,885 | -€13,347 | -50.9% |
| Trade receivables | 40 | €2,792 | €0 | -€2,792 | -100.0% |
| Other amounts receivable | 41 | €23,440 | €12,885 | -€10,555 | -45.0% |
| Current investments | 50/53 | €7,001 | €18,536 | +€11,535 | +164.8% |
| Cash at bank and in hand | 54/58 | €76,318 | €52,473 | -€23,845 | -31.2% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €825,350 | €752,908 | -€72,442 | -8.8% |
| Equity | 10/15 | €97,016 | €100,620 | +€3,604 | +3.7% |
| Contributions | 10/11 | €4,800 | €4,800 | = | 0.0% |
| Reserves | 13 | €92,216 | €95,820 | +€3,604 | +3.9% |
| Distributable reserves | 133 | €92,216 | €95,820 | +€3,604 | +3.9% |
| Amounts payable | 17/49 | €728,333 | €652,288 | -€76,046 | -10.4% |
| Amounts payable after more than one year | 17 | €495,244 | €450,479 | -€44,765 | -9.0% |
| Financial debts | 170/4 | €495,244 | €450,479 | -€44,765 | -9.0% |
| Amounts payable within one year | 42/48 | €228,513 | €201,809 | -€26,704 | -11.7% |
| Current portion of amounts payable after more than one year | 42 | €83,895 | €94,404 | +€10,509 | +12.5% |
| Financial debts | 43 | €12,500 | €5,000 | -€7,500 | -60.0% |
| Credit institutions | 430/8 | €12,500 | €5,000 | -€7,500 | -60.0% |
| Trade debts | 44 | €82,137 | €33,405 | -€48,733 | -59.3% |
| Suppliers | 440/4 | €82,137 | €33,405 | -€48,733 | -59.3% |
| Advances received on contracts in progress | 46 | €16,387 | €21,922 | +€5,535 | +33.8% |
| Taxes, remuneration and social security | 45 | €31,605 | €15,881 | -€15,724 | -49.8% |
| Taxes | 450/3 | €7,888 | €2,532 | -€5,355 | -67.9% |
| Remuneration and social security | 454/9 | €23,717 | €13,349 | -€10,368 | -43.7% |
| Other amounts payable | 47/48 | €1,989 | €31,197 | +€29,208 | +1468.3% |
| Accrued charges and deferred income | 492/3 | €4,576 | €0 | -€4,576 | -100.0% |
| Remuneration, social security and pensions | 62 | €276,416 | €185,125 | -€91,291 | -33.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €115,528 | €121,836 | +€6,309 | +5.5% |
| Other operating charges | 640/8 | €4,712 | €5,334 | +€622 | +13.2% |
| Non-recurring operating charges | 66A | €21,694 | €0 | -€21,694 | -100.0% |
| Gross operating margin | 9900 | €449,286 | €331,444 | -€117,842 | -26.2% |
| Operating profit (loss) | 9901 | €30,936 | €19,149 | -€11,787 | -38.1% |
| Financial income | 75/76B | €109 | €659 | +€550 | +504.8% |
| Recurring financial income | 75 | €109 | €659 | +€550 | +504.8% |
| Financial charges | 65/66B | €15,771 | €13,642 | -€2,129 | -13.5% |
| Recurring financial charges | 65 | €15,771 | €13,642 | -€2,129 | -13.5% |
| Profit (loss) for the period before taxes | 9903 | €15,274 | €6,165 | -€9,108 | -59.6% |
| Income taxes | 67/77 | €4,515 | €2,562 | -€1,953 | -43.3% |
| Profit (loss) for the period | 9904 | €10,759 | €3,604 | -€7,155 | -66.5% |
| Profit (loss) for the period to be appropriated | 9905 | €10,759 | €3,604 | -€7,155 | -66.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.