VALCEMA: 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.
VALCEMA
Largest movements
- Cash +€73,768
up €73,768 (+290.4%), from €25,402 to €99,170
mainly Other debts (+€224,139) and Accrued charges and deferred income (+€78,376)
- Receivables within one year -€47,273
down €47,273 (-39.6%), from €119,374 to €72,101
of which Other amounts receivable: -€26,352
- Deferred charges and accrued income -€12,825
down €12,825 (-85.3%), from €15,027 to €2,202
- Reserves -€253,052
down €253,052 (-72.8%), from €347,802 to €94,749
- Other debts +€224,139
up €224,139 (+2801.7%), from €8,000 to €232,139
- Accrued charges and deferred income +€78,376
up €78,376 (+1959.4%), from €4,000 to €82,376
- Debts after one year -€64,373
down €64,373 (-11.9%), from €540,072 to €475,700
- Tax, wage and social debts +€29,122
up €29,122 (+177.1%), from €16,443 to €45,565
- Taxes -€27,538
down €27,538 (-96.8%), from €28,446 to €908
- Financial charges +€16,456
up €16,456 (+174.2%), from €9,447 to €25,903
- Depreciation -€16,091
down €16,091 (-49.5%), from €32,540 to €16,449
- Gross operating margin -€11,665
down €11,665 (-15.3%), from €76,388 to €64,723
- Other operating charges +€8,161
up €8,161 (+193.3%), from €4,221 to €12,383
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 | €1,137,114 | €1,149,172 | +€12,058 | +1.1% |
| Fixed assets | 21/28 | €977,312 | €975,700 | -€1,612 | -0.2% |
| Tangible fixed assets | 22/27 | €977,312 | €975,700 | -€1,612 | -0.2% |
| Land and buildings | 22 | €962,275 | €950,017 | -€12,258 | -1.3% |
| Plant, machinery and equipment | 23 | €7,513 | €9,611 | +€2,098 | +27.9% |
| Furniture and vehicles | 24 | €7,524 | €16,072 | +€8,548 | +113.6% |
| Current assets | 29/58 | €159,802 | €173,472 | +€13,670 | +8.6% |
| Amounts receivable within one year | 40/41 | €119,374 | €72,101 | -€47,273 | -39.6% |
| Trade receivables | 40 | €23,902 | €2,980 | -€20,921 | -87.5% |
| Other amounts receivable | 41 | €95,472 | €69,120 | -€26,352 | -27.6% |
| Cash at bank and in hand | 54/58 | €25,402 | €99,170 | +€73,768 | +290.4% |
| Deferred charges and accrued income | 490/1 | €15,027 | €2,202 | -€12,825 | -85.3% |
| Total equity and liabilities | 10/49 | €1,137,114 | €1,149,172 | +€12,058 | +1.1% |
| Equity | 10/15 | €486,944 | €233,892 | -€253,052 | -52.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €347,802 | €94,749 | -€253,052 | -72.8% |
| Distributable reserves | 133 | €347,802 | €94,749 | -€253,052 | -72.8% |
| Profit (loss) carried forward | 14 | €39,142 | €39,142 | = | 0.0% |
| Amounts payable | 17/49 | €650,170 | €915,280 | +€265,110 | +40.8% |
| Amounts payable after more than one year | 17 | €540,072 | €475,700 | -€64,373 | -11.9% |
| Financial debts | 170/4 | €540,072 | €475,700 | -€64,373 | -11.9% |
| Amounts payable within one year | 42/48 | €106,098 | €357,205 | +€251,107 | +236.7% |
| Current portion of amounts payable after more than one year | 42 | €63,433 | €64,373 | +€939 | +1.5% |
| Financial debts | 43 | €857 | €0 | -€857 | -100.0% |
| Credit institutions | 430/8 | €857 | €0 | -€857 | -100.0% |
| Trade debts | 44 | €17,365 | €15,128 | -€2,237 | -12.9% |
| Suppliers | 440/4 | €17,365 | €15,128 | -€2,237 | -12.9% |
| Taxes, remuneration and social security | 45 | €16,443 | €45,565 | +€29,122 | +177.1% |
| Taxes | 450/3 | €16,443 | €45,565 | +€29,122 | +177.1% |
| Other amounts payable | 47/48 | €8,000 | €232,139 | +€224,139 | +2801.7% |
| Accrued charges and deferred income | 492/3 | €4,000 | €82,376 | +€78,376 | +1959.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,540 | €16,449 | -€16,091 | -49.5% |
| Other operating charges | 640/8 | €4,221 | €12,383 | +€8,161 | +193.3% |
| Gross operating margin | 9900 | €76,388 | €64,723 | -€11,665 | -15.3% |
| Operating profit (loss) | 9901 | €39,627 | €35,891 | -€3,735 | -9.4% |
| Financial income | 75/76B | €1,765 | €0 | -€1,765 | -100.0% |
| Recurring financial income | 75 | €1,765 | €0 | -€1,765 | -100.0% |
| Financial charges | 65/66B | €9,447 | €25,903 | +€16,456 | +174.2% |
| Recurring financial charges | 65 | €9,447 | €25,903 | +€16,456 | +174.2% |
| Profit (loss) for the period before taxes | 9903 | €31,944 | €9,988 | -€21,956 | -68.7% |
| Income taxes | 67/77 | €28,446 | €908 | -€27,538 | -96.8% |
| Profit (loss) for the period | 9904 | €3,499 | €9,080 | +€5,582 | +159.5% |
| Profit (loss) for the period to be appropriated | 9905 | €3,499 | €9,080 | +€5,582 | +159.5% |
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 3 October 2026 via checked.be.