VALC: 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.
VALC
Largest movements
- Receivables within one year +€49,914
up €49,914 (+93.0%), from €53,660 to €103,574
of which Other amounts receivable: +€48,522
- Cash -€36,274
down €36,274 (-13.3%), from €272,700 to €236,427
mainly Receivables within one year (-€49,914) and Other debts (-€46,448)
- Reserves +€61,200
up €61,200 (+20.1%), from €304,266 to €365,466
of which Distributable reserves: +€61,200
- Other debts -€46,448
no longer reported in 2025 (was €46,448)
- Gross operating margin -€16,772
down €16,772 (-15.9%), from €105,814 to €89,042
- Financial income +€3,715
up €3,715 (+139.8%), from €2,657 to €6,372
- Taxes -€3,523
down €3,523 (-10.2%), from €34,621 to €31,098
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 | €384,507 | €396,523 | +€12,016 | +3.1% |
| Fixed assets | 21/28 | €3,147 | €1,522 | -€1,625 | -51.6% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €2,637 | €1,012 | -€1,625 | -61.6% |
| Furniture and vehicles | 24 | €2,517 | €1,012 | -€1,505 | -59.8% |
| Other tangible fixed assets | 26 | €120 | €0 | -€120 | -100.0% |
| Financial fixed assets | 28 | €510 | €510 | = | 0.0% |
| Current assets | 29/58 | €381,360 | €395,001 | +€13,640 | +3.6% |
| Amounts receivable after more than one year | 29 | €55,000 | €55,000 | = | 0.0% |
| Other amounts receivable | 291 | €55,000 | €55,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €53,660 | €103,574 | +€49,914 | +93.0% |
| Trade receivables | 40 | €7,901 | €9,293 | +€1,392 | +17.6% |
| Other amounts receivable | 41 | €45,759 | €94,281 | +€48,522 | +106.0% |
| Cash at bank and in hand | 54/58 | €272,700 | €236,427 | -€36,274 | -13.3% |
| Total equity and liabilities | 10/49 | €384,507 | €396,523 | +€12,016 | +3.1% |
| Equity | 10/15 | €321,357 | €382,586 | +€61,229 | +19.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €304,266 | €365,466 | +€61,200 | +20.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €302,406 | €363,606 | +€61,200 | +20.2% |
| Profit (loss) carried forward | 14 | €4,691 | €4,720 | +€29 | +0.6% |
| Amounts payable | 17/49 | €63,150 | €13,937 | -€49,213 | -77.9% |
| Amounts payable within one year | 42/48 | €63,150 | €13,937 | -€49,213 | -77.9% |
| Trade debts | 44 | €351 | €785 | +€433 | +123.3% |
| Suppliers | 440/4 | €351 | €785 | +€433 | +123.3% |
| Taxes, remuneration and social security | 45 | €16,351 | €13,152 | -€3,199 | -19.6% |
| Taxes | 450/3 | €16,351 | €13,152 | -€3,199 | -19.6% |
| Other amounts payable | 47/48 | €46,448 | - | -€46,448 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,740 | €1,625 | -€115 | -6.6% |
| Other operating charges | 640/8 | €507 | €645 | +€137 | +27.1% |
| Gross operating margin | 9900 | €105,814 | €89,042 | -€16,772 | -15.9% |
| Operating profit (loss) | 9901 | €103,567 | €86,772 | -€16,795 | -16.2% |
| Financial income | 75/76B | €2,657 | €6,372 | +€3,715 | +139.8% |
| Recurring financial income | 75 | €2,657 | €6,372 | +€3,715 | +139.8% |
| Financial charges | 65/66B | €451 | €817 | +€367 | +81.3% |
| Recurring financial charges | 65 | €451 | €817 | +€367 | +81.3% |
| Profit (loss) for the period before taxes | 9903 | €105,773 | €92,327 | -€13,446 | -12.7% |
| Income taxes | 67/77 | €34,621 | €31,098 | -€3,523 | -10.2% |
| Profit (loss) for the period | 9904 | €71,152 | €61,229 | -€9,923 | -13.9% |
| Profit (loss) for the period to be appropriated | 9905 | €71,152 | €61,229 | -€9,923 | -13.9% |
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 7 October 2026 via checked.be.