VALCAM: 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.
What changed
VALCAM
NACE 70.200, Business and other management consultancy
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€28,496
2024 · €40,911-€12,415
Equity
€221,090
2024 · €233,209-€12,119
Cash
€20,176
2024 · €22,612-€2,436
Balance sheet total
€679,714
2024 · €725,035-€45,321
Largest movements
Assets
- Tangible fixed assets -€51,850
down €51,850 (-8.5%), from €608,058 to €556,208
of which Land and buildings: -€51,740
Equity and liabilities
- Reserves -€43,226
down €43,226 (-49.2%), from €87,797 to €44,571
of which Distributable reserves: -€40,615
- Profit (loss) carried forward +€31,107
up €31,107 (+43.8%), from €71,044 to €102,151
- Debts after one year -€30,644
down €30,644 (-7.6%), from €401,662 to €371,018
of which Financial debts: -€35,882
Income statement
- Gross operating margin -€17,794
down €17,794 (-14.5%), from €122,330 to €104,536
- Financial charges -€3,034
down €3,034 (-33.9%), from €8,954 to €5,920
- Depreciation -€2,357
down €2,357 (-4.1%), from €56,836 to €54,479
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.
Result 2024
€40,911
Gross operating margin
-€17,794
Depreciation
+€2,357
Other operating charges
+€82
Other operating items
-€242
Financial income
+€52
Financial charges
+€3,034
Taxes
+€96
Result 2025
€28,496
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.
From operations
+€71,635
Investment
-€2,629
Financing
-€71,442
Cash 2024
€22,612
From operations (derived)
+€71,635
Net result for the year
+€28,496
Depreciation
+€54,479
Receivables within one year
-€4,675
Deferred charges and accrued income
-€4,290
Provisions
-€870
Trade debts
-€3,679
Tax, wage and social debts
-€3,977
Accrued charges and deferred income
+€6,151
Investment (derived)
-€2,629
Investment in fixed assets (net)
-€2,629
Financing
-€71,442
Debts after one year
-€30,644
Current portion of long-term debt
-€183
Contributions, distributions and other
-€40,615
Cash 2025
€20,176
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €725,035 | €679,714 | -€45,321 | -6.3% |
| Fixed assets | 21/28 | €608,058 | €556,208 | -€51,850 | -8.5% |
| Tangible fixed assets | 22/27 | €608,058 | €556,208 | -€51,850 | -8.5% |
| Land and buildings | 22 | €603,378 | €551,638 | -€51,740 | -8.6% |
| Plant, machinery and equipment | 23 | €4,680 | €4,570 | -€110 | -2.4% |
| Current assets | 29/58 | €116,977 | €123,506 | +€6,529 | +5.6% |
| Amounts receivable within one year | 40/41 | €89,803 | €94,478 | +€4,675 | +5.2% |
| Trade receivables | 40 | €89,797 | €91,657 | +€1,860 | +2.1% |
| Other amounts receivable | 41 | €6 | €2,821 | +€2,815 | +46916.7% |
| Cash at bank and in hand | 54/58 | €22,612 | €20,176 | -€2,436 | -10.8% |
| Deferred charges and accrued income | 490/1 | €4,562 | €8,852 | +€4,290 | +94.0% |
| Total equity and liabilities | 10/49 | €725,035 | €679,714 | -€45,321 | -6.3% |
| Equity | 10/15 | €233,209 | €221,090 | -€12,119 | -5.2% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | €74,368 | €74,368 | = | 0.0% |
| Issued capital | 100 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €87,797 | €44,571 | -€43,226 | -49.2% |
| Non-distributable reserves | 130/1 | €7,437 | €7,437 | = | 0.0% |
| Legal reserve | 130 | €7,437 | €7,437 | = | 0.0% |
| Tax-exempt reserves | 132 | €39,745 | €37,134 | -€2,611 | -6.6% |
| Distributable reserves | 133 | €40,615 | - | -€40,615 | |
| Profit (loss) carried forward | 14 | €71,044 | €102,151 | +€31,107 | +43.8% |
| Provisions and deferred taxes | 16 | €13,248 | €12,378 | -€870 | -6.6% |
| Deferred taxes | 168 | €13,248 | €12,378 | -€870 | -6.6% |
| Amounts payable | 17/49 | €478,578 | €446,246 | -€32,332 | -6.8% |
| Amounts payable after more than one year | 17 | €401,662 | €371,018 | -€30,644 | -7.6% |
| Financial debts | 170/4 | €266,801 | €230,919 | -€35,882 | -13.4% |
| Other amounts payable | 178/9 | €134,861 | €140,099 | +€5,238 | +3.9% |
| Amounts payable within one year | 42/48 | €69,053 | €61,214 | -€7,839 | -11.4% |
| Current portion of amounts payable after more than one year | 42 | €36,064 | €35,881 | -€183 | -0.5% |
| Trade debts | 44 | €12,051 | €8,372 | -€3,679 | -30.5% |
| Suppliers | 440/4 | €12,051 | €8,372 | -€3,679 | -30.5% |
| Taxes, remuneration and social security | 45 | €20,938 | €16,961 | -€3,977 | -19.0% |
| Taxes | 450/3 | €20,938 | €16,961 | -€3,977 | -19.0% |
| Accrued charges and deferred income | 492/3 | €7,863 | €14,014 | +€6,151 | +78.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,836 | €54,479 | -€2,357 | -4.1% |
| Other operating charges | 640/8 | €3,650 | €3,568 | -€82 | -2.2% |
| Non-recurring operating charges | 66A | - | €242 | +€242 | |
| Gross operating margin | 9900 | €122,330 | €104,536 | -€17,794 | -14.5% |
| Operating profit (loss) | 9901 | €61,844 | €46,247 | -€15,597 | -25.2% |
| Financial income | 75/76B | €16 | €68 | +€52 | +325.0% |
| Recurring financial income | 75 | €16 | €68 | +€52 | +325.0% |
| Financial charges | 65/66B | €8,954 | €5,920 | -€3,034 | -33.9% |
| Recurring financial charges | 65 | €8,954 | €5,920 | -€3,034 | -33.9% |
| Profit (loss) for the period before taxes | 9903 | €52,906 | €40,395 | -€12,511 | -23.6% |
| Transfer from deferred taxes | 780 | €870 | €870 | = | 0.0% |
| Income taxes | 67/77 | €12,865 | €12,769 | -€96 | -0.7% |
| Profit (loss) for the period | 9904 | €40,911 | €28,496 | -€12,415 | -30.3% |
| Transfer from tax-exempt reserves | 789 | €2,610 | €2,611 | +€1 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €43,521 | €31,107 | -€12,414 | -28.5% |
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 10 October 2026 via checked.be.