VALCEREX: 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.
VALCEREX
Largest movements
- Cash +€243,580
up €243,580 (+133.7%), from €182,206 to €425,786
mainly Net result for the year (+€553,056) and Other debts (+€450,000)
- Receivables after one year +€200,000
new in 2025: €200,000
- Receivables within one year +€178,518
up €178,518 (+96.7%), from €184,628 to €363,146
of which Trade receivables: +€178,516
- Tangible fixed assets -€40,106
down €40,106 (-14.1%), from €284,350 to €244,244
of which Plant, machinery and equipment: -€39,153
- Other debts +€450,000
new in 2025: €450,000
- Profit (loss) carried forward +€103,056
up €103,056 (+30.9%), from €333,471 to €436,527
- Tax, wage and social debts +€43,716
up €43,716 (+31.7%), from €138,009 to €181,724
- Accrued charges and deferred income -€37,459
down €37,459 (-100.0%), from €37,459 to €0
- Gross operating margin +€277,179
up €277,179 (+40.7%), from €680,753 to €957,932
- Taxes +€72,441
up €72,441 (+64.7%), from €111,959 to €184,400
- Other operating charges +€35,733
up €35,733 (+40.3%), from €88,636 to €124,369
- Financial charges -€21,880
down €21,880 (-86.8%), from €25,219 to €3,338
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 | €730,175 | €1,300,845 | +€570,669 | +78.2% |
| Formation expenses | 20 | €1,240 | €28 | -€1,211 | -97.7% |
| Fixed assets | 21/28 | €362,101 | €310,946 | -€51,155 | -14.1% |
| Intangible fixed assets | 21 | €76,251 | €65,202 | -€11,049 | -14.5% |
| Tangible fixed assets | 22/27 | €284,350 | €244,244 | -€40,106 | -14.1% |
| Plant, machinery and equipment | 23 | €280,356 | €241,203 | -€39,153 | -14.0% |
| Furniture and vehicles | 24 | €3,994 | €3,041 | -€953 | -23.9% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €366,834 | €989,870 | +€623,036 | +169.8% |
| Amounts receivable after more than one year | 29 | - | €200,000 | +€200,000 | |
| Other amounts receivable | 291 | - | €200,000 | +€200,000 | |
| Amounts receivable within one year | 40/41 | €184,628 | €363,146 | +€178,518 | +96.7% |
| Trade receivables | 40 | €184,628 | €363,144 | +€178,516 | +96.7% |
| Other amounts receivable | 41 | - | €2 | +€2 | |
| Cash at bank and in hand | 54/58 | €182,206 | €425,786 | +€243,580 | +133.7% |
| Deferred charges and accrued income | 490/1 | - | €937 | +€937 | |
| Total equity and liabilities | 10/49 | €730,175 | €1,300,845 | +€570,669 | +78.2% |
| Equity | 10/15 | €401,121 | €504,177 | +€103,056 | +25.7% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €333,471 | €436,527 | +€103,056 | +30.9% |
| Amounts payable | 17/49 | €329,054 | €796,667 | +€467,613 | +142.1% |
| Amounts payable within one year | 42/48 | €291,595 | €796,667 | +€505,072 | +173.2% |
| Trade debts | 44 | €153,586 | €164,943 | +€11,357 | +7.4% |
| Suppliers | 440/4 | €153,586 | €164,943 | +€11,357 | +7.4% |
| Taxes, remuneration and social security | 45 | €138,009 | €181,724 | +€43,716 | +31.7% |
| Taxes | 450/3 | €138,009 | €181,724 | +€43,716 | +31.7% |
| Other amounts payable | 47/48 | - | €450,000 | +€450,000 | |
| Accrued charges and deferred income | 492/3 | €37,459 | €0 | -€37,459 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,983 | €84,156 | +€6,173 | +7.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €9,435 | +€9,435 | |
| Other operating charges | 640/8 | €88,636 | €124,369 | +€35,733 | +40.3% |
| Gross operating margin | 9900 | €680,753 | €957,932 | +€277,179 | +40.7% |
| Operating profit (loss) | 9901 | €514,134 | €739,972 | +€225,839 | +43.9% |
| Financial income | 75/76B | - | €822 | +€822 | |
| Recurring financial income | 75 | - | €822 | +€822 | |
| Financial charges | 65/66B | €25,219 | €3,338 | -€21,880 | -86.8% |
| Recurring financial charges | 65 | €25,219 | €3,338 | -€21,880 | -86.8% |
| Profit (loss) for the period before taxes | 9903 | €488,915 | €737,456 | +€248,541 | +50.8% |
| Income taxes | 67/77 | €111,959 | €184,400 | +€72,441 | +64.7% |
| Profit (loss) for the period | 9904 | €376,956 | €553,056 | +€176,100 | +46.7% |
| Profit (loss) for the period to be appropriated | 9905 | €376,956 | €553,056 | +€176,100 | +46.7% |
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 29 September 2026 via checked.be.