VALBOIS: 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.
VALBOIS
Largest movements
- Current investments +€3.7m
up €3.7m (+16.4%), from €22.7m to €26.5m
- Reserves +€2.6m
up €2.6m (+10.2%), from €25.2m to €27.7m
of which Distributable reserves: +€2.6m
- Financial charges +€686,303
up €686,303 (+71.0%), from €966,253 to €1.7m
- Gross operating margin -€333,090
down €333,090 (-1,323%), from -€25,176 to -€358,266
- Taxes -€242,428
down €242,428 (-45.6%), from €531,247 to €288,820
- Financial income -€102,808
down €102,808 (-2.1%), from €5.0m to €4.9m
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 | €156,924,205 | €159,145,978 | +€2.2m | +1.4% |
| Fixed assets | 21/28 | €132,000,000 | €132,000,000 | = | 0.0% |
| Financial fixed assets | 28 | €132,000,000 | €132,000,000 | = | 0.0% |
| Current assets | 29/58 | €24,924,205 | €27,145,978 | +€2.2m | +8.9% |
| Amounts receivable within one year | 40/41 | €1,524,831 | €234,593 | -€1.3m | -84.6% |
| Other amounts receivable | 41 | €1,524,831 | €234,593 | -€1.3m | -84.6% |
| Current investments | 50/53 | €22,744,254 | €26,480,336 | +€3.7m | +16.4% |
| Cash at bank and in hand | 54/58 | €655,121 | €431,049 | -€224,071 | -34.2% |
| Total equity and liabilities | 10/49 | €156,924,205 | €159,145,978 | +€2.2m | +1.4% |
| Equity | 10/15 | €27,189,930 | €29,761,571 | +€2.6m | +9.5% |
| Contributions | 10/11 | €2,030,000 | €2,030,000 | = | 0.0% |
| Reserves | 13 | €25,159,930 | €27,731,571 | +€2.6m | +10.2% |
| Non-distributable reserves | 130/1 | €203,000 | €203,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €203,000 | €203,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €210,500 | €210,500 | = | 0.0% |
| Distributable reserves | 133 | €24,746,430 | €27,318,071 | +€2.6m | +10.4% |
| Amounts payable | 17/49 | €129,734,275 | €129,384,407 | -€349,868 | -0.3% |
| Amounts payable within one year | 42/48 | €129,734,275 | €129,384,407 | -€349,868 | -0.3% |
| Trade debts | 44 | €3,290 | €3,422 | +€132 | +4.0% |
| Suppliers | 440/4 | €3,290 | €3,422 | +€132 | +4.0% |
| Other amounts payable | 47/48 | €129,730,985 | €129,380,985 | -€350,000 | -0.3% |
| Other operating charges | 640/8 | €40,842 | €40,353 | -€488 | -1.2% |
| Gross operating margin | 9900 | -€25,176 | -€358,266 | -€333,090 | -1,323% |
| Operating profit (loss) | 9901 | -€66,017 | -€398,619 | -€332,602 | -504% |
| Financial income | 75/76B | €5,014,443 | €4,911,635 | -€102,808 | -2.1% |
| Recurring financial income | 75 | €5,014,443 | €4,911,635 | -€102,808 | -2.1% |
| Financial charges | 65/66B | €966,253 | €1,652,556 | +€686,303 | +71.0% |
| Recurring financial charges | 65 | €966,253 | €1,652,556 | +€686,303 | +71.0% |
| Profit (loss) for the period before taxes | 9903 | €3,982,173 | €2,860,460 | -€1.1m | -28.2% |
| Income taxes | 67/77 | €531,247 | €288,820 | -€242,428 | -45.6% |
| Profit (loss) for the period | 9904 | €3,450,926 | €2,571,640 | -€879,285 | -25.5% |
| Transfer to tax-exempt reserves | 689 | €210,500 | €0 | -€210,500 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €3,240,426 | €2,571,640 | -€668,785 | -20.6% |
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 13 October 2026 via checked.be.