VALBOS: 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.
VALBOS
Largest movements
- Cash -€59,814
down €59,814 (-11.2%), from €534,434 to €474,621
mainly Contributions, distributions and other (-€88,965) and Current investments (-€40,000)
- Current investments +€40,000
up €40,000 (+30.8%), from €130,000 to €170,000
- Tax, wage and social debts +€17,764
up €17,764 (+116.3%), from €15,276 to €33,040
- Trade debts -€16,170
no longer reported in 2025 (was €16,170)
- Gross operating margin +€20,523
up €20,523 (+16.6%), from €123,282 to €143,805
- Other operating charges +€5,001
up €5,001 (+160.0%), from €3,126 to €8,127
- Taxes +€4,344
up €4,344 (+10.6%), from €41,092 to €45,437
- Depreciation +€4,213
up €4,213 (+36.7%), from €11,477 to €15,690
- Financial income +€2,815
up €2,815 (+39.7%), from €7,083 to €9,898
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 | €1,310,948 | €1,304,290 | -€6,658 | -0.5% |
| Fixed assets | 21/28 | €614,821 | €620,911 | +€6,090 | +1.0% |
| Tangible fixed assets | 22/27 | €614,161 | €620,251 | +€6,090 | +1.0% |
| Land and buildings | 22 | €612,735 | €601,777 | -€10,959 | -1.8% |
| Furniture and vehicles | 24 | €239 | €17,614 | +€17,375 | +7283.1% |
| Leasing and similar rights | 25 | €1,187 | €861 | -€327 | -27.5% |
| Financial fixed assets | 28 | €660 | €660 | = | 0.0% |
| Current assets | 29/58 | €696,127 | €683,379 | -€12,747 | -1.8% |
| Amounts receivable within one year | 40/41 | €16,483 | €17,472 | +€989 | +6.0% |
| Other amounts receivable | 41 | €16,483 | €17,472 | +€989 | +6.0% |
| Current investments | 50/53 | €130,000 | €170,000 | +€40,000 | +30.8% |
| Cash at bank and in hand | 54/58 | €534,434 | €474,621 | -€59,814 | -11.2% |
| Deferred charges and accrued income | 490/1 | €15,210 | €21,287 | +€6,077 | +40.0% |
| Total equity and liabilities | 10/49 | €1,310,948 | €1,304,290 | -€6,658 | -0.5% |
| Equity | 10/15 | €1,211,426 | €1,206,200 | -€5,226 | -0.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,192,876 | €1,187,650 | -€5,226 | -0.4% |
| Tax-exempt reserves | 132 | €73,912 | €73,130 | -€782 | -1.1% |
| Distributable reserves | 133 | €1,118,964 | €1,114,520 | -€4,444 | -0.4% |
| Provisions and deferred taxes | 16 | €18,448 | €18,187 | -€261 | -1.4% |
| Deferred taxes | 168 | €18,448 | €18,187 | -€261 | -1.4% |
| Amounts payable | 17/49 | €81,074 | €79,903 | -€1,171 | -1.4% |
| Amounts payable after more than one year | 17 | €38,510 | €38,510 | = | 0.0% |
| Other amounts payable | 178/9 | €38,510 | €38,510 | = | 0.0% |
| Amounts payable within one year | 42/48 | €39,476 | €37,803 | -€1,673 | -4.2% |
| Trade debts | 44 | €16,170 | - | -€16,170 | |
| Suppliers | 440/4 | €16,170 | - | -€16,170 | |
| Taxes, remuneration and social security | 45 | €15,276 | €33,040 | +€17,764 | +116.3% |
| Taxes | 450/3 | €15,276 | €33,040 | +€17,764 | +116.3% |
| Other amounts payable | 47/48 | €8,029 | €4,763 | -€3,266 | -40.7% |
| Accrued charges and deferred income | 492/3 | €3,088 | €3,589 | +€502 | +16.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,477 | €15,690 | +€4,213 | +36.7% |
| Other operating charges | 640/8 | €3,126 | €8,127 | +€5,001 | +160.0% |
| Gross operating margin | 9900 | €123,282 | €143,805 | +€20,523 | +16.6% |
| Operating profit (loss) | 9901 | €108,678 | €119,987 | +€11,309 | +10.4% |
| Financial income | 75/76B | €7,083 | €9,898 | +€2,815 | +39.7% |
| Recurring financial income | 75 | €7,083 | €9,898 | +€2,815 | +39.7% |
| Financial charges | 65/66B | €2,576 | €971 | -€1,605 | -62.3% |
| Recurring financial charges | 65 | €2,576 | €971 | -€1,605 | -62.3% |
| Profit (loss) for the period before taxes | 9903 | €113,186 | €128,915 | +€15,729 | +13.9% |
| Transfer from deferred taxes | 780 | €261 | €261 | = | 0.0% |
| Income taxes | 67/77 | €41,092 | €45,437 | +€4,344 | +10.6% |
| Profit (loss) for the period | 9904 | €72,354 | €83,739 | +€11,385 | +15.7% |
| Transfer from tax-exempt reserves | 789 | €782 | €782 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €73,135 | €84,520 | +€11,385 | +15.6% |
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 3 October 2026 via checked.be.