VALCHRI MANAGEMENT: 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.
VALCHRI MANAGEMENT
Largest movements
- Tangible fixed assets -€36,009
down €36,009 (-8.2%), from €438,147 to €402,138
of which Land and buildings: -€28,386
- Reserves +€95,000
up €95,000 (+70.1%), from €135,567 to €230,567
of which Distributable reserves: +€95,000
- Other debts -€51,298
down €51,298 (-89.7%), from €57,159 to €5,862
- Debts after one year -€32,119
no longer reported in 2025 (was €32,119)
- Trade debts -€30,545
down €30,545 (-99.0%), from €30,846 to €301
- Current portion of long-term debt -€11,324
down €11,324 (-15.4%), from €73,442 to €62,119
- Gross operating margin -€13,444
down €13,444 (-7.1%), from €189,165 to €175,721
- Taxes +€5,712
up €5,712 (+16.8%), from €33,948 to €39,660
- Depreciation +€5,282
up €5,282 (+17.2%), from €30,727 to €36,009
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.
Derived cash bridge
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 | €453,330 | €419,087 | -€34,243 | -7.6% |
| Fixed assets | 21/28 | €438,647 | €402,638 | -€36,009 | -8.2% |
| Tangible fixed assets | 22/27 | €438,147 | €402,138 | -€36,009 | -8.2% |
| Land and buildings | 22 | €423,258 | €394,872 | -€28,386 | -6.7% |
| Furniture and vehicles | 24 | €14,889 | €7,265 | -€7,623 | -51.2% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €14,683 | €16,449 | +€1,766 | +12.0% |
| Amounts receivable within one year | 40/41 | €14,217 | €15,732 | +€1,515 | +10.7% |
| Trade receivables | 40 | - | €9,680 | +€9,680 | |
| Other amounts receivable | 41 | €14,217 | €6,052 | -€8,165 | -57.4% |
| Cash at bank and in hand | 54/58 | €466 | €717 | +€251 | +53.9% |
| Total equity and liabilities | 10/49 | €453,330 | €419,087 | -€34,243 | -7.6% |
| Equity | 10/15 | €220,699 | €316,107 | +€95,408 | +43.2% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Capital | 10 | €65,000 | €65,000 | = | 0.0% |
| Issued capital | 100 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €135,567 | €230,567 | +€95,000 | +70.1% |
| Non-distributable reserves | 130/1 | €6,500 | €6,500 | = | 0.0% |
| Legal reserve | 130 | €6,500 | €6,500 | = | 0.0% |
| Distributable reserves | 133 | €129,067 | €224,067 | +€95,000 | +73.6% |
| Profit (loss) carried forward | 14 | €20,133 | €20,541 | +€408 | +2.0% |
| Amounts payable | 17/49 | €232,630 | €102,979 | -€129,651 | -55.7% |
| Amounts payable after more than one year | 17 | €32,119 | - | -€32,119 | |
| Financial debts | 170/4 | €32,119 | - | -€32,119 | |
| Amounts payable within one year | 42/48 | €200,512 | €102,979 | -€97,532 | -48.6% |
| Current portion of amounts payable after more than one year | 42 | €73,442 | €62,119 | -€11,324 | -15.4% |
| Trade debts | 44 | €30,846 | €301 | -€30,545 | -99.0% |
| Suppliers | 440/4 | €30,846 | €301 | -€30,545 | -99.0% |
| Taxes, remuneration and social security | 45 | €39,064 | €34,698 | -€4,366 | -11.2% |
| Taxes | 450/3 | €39,064 | €34,698 | -€4,366 | -11.2% |
| Other amounts payable | 47/48 | €57,159 | €5,862 | -€51,298 | -89.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,727 | €36,009 | +€5,282 | +17.2% |
| Other operating charges | 640/8 | €2,654 | €993 | -€1,661 | -62.6% |
| Gross operating margin | 9900 | €189,165 | €175,721 | -€13,444 | -7.1% |
| Operating profit (loss) | 9901 | €155,783 | €138,719 | -€17,064 | -11.0% |
| Financial income | 75/76B | €161 | €0 | -€161 | -100.0% |
| Recurring financial income | 75 | €161 | €0 | -€161 | -100.0% |
| Financial charges | 65/66B | €4,469 | €3,651 | -€818 | -18.3% |
| Recurring financial charges | 65 | €4,469 | €3,651 | -€818 | -18.3% |
| Profit (loss) for the period before taxes | 9903 | €151,475 | €135,068 | -€16,407 | -10.8% |
| Income taxes | 67/77 | €33,948 | €39,660 | +€5,712 | +16.8% |
| Profit (loss) for the period | 9904 | €117,527 | €95,408 | -€22,119 | -18.8% |
| Profit (loss) for the period to be appropriated | 9905 | €117,527 | €95,408 | -€22,119 | -18.8% |
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 24 October 2026 via checked.be.