VALCKE: 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.
VALCKE
Largest movements
- Stocks and contracts +€252,238
up €252,238 (+66.0%), from €382,281 to €634,519
- Cash -€150,831
down €150,831 (-36.9%), from €408,486 to €257,655
mainly Stocks and contracts (-€252,238) and Receivables within one year (-€117,301)
- Receivables within one year +€117,301
up €117,301 (+28.5%), from €411,821 to €529,121
of which Trade receivables: +€123,458
- Other debts +€186,608
up €186,608 (+30.4%), from €613,254 to €799,861
- Reserves +€45,650
up €45,650 (+10.1%), from €453,864 to €499,514
- Trade debts -€19,485
down €19,485 (-12.8%), from €152,457 to €132,973
- Gross operating margin +€28,513
up €28,513 (+47.9%), from €59,579 to €88,092
- Depreciation -€9,545
down €9,545 (-40.2%), from €23,748 to €14,203
- Taxes +€6,158
up €6,158 (+88.7%), from €6,939 to €13,096
- Financial charges +€5,804
up €5,804 (+32.1%), from €18,077 to €23,881
- Financial income -€3,762
down €3,762 (-30.5%), from €12,354 to €8,592
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 | €1,255,380 | €1,465,547 | +€210,168 | +16.7% |
| Fixed assets | 21/28 | €46,025 | €37,336 | -€8,689 | -18.9% |
| Tangible fixed assets | 22/27 | €45,975 | €37,286 | -€8,689 | -18.9% |
| Furniture and vehicles | 24 | €45,975 | €37,286 | -€8,689 | -18.9% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €1,209,355 | €1,428,211 | +€218,856 | +18.1% |
| Stocks and contracts in progress | 3 | €382,281 | €634,519 | +€252,238 | +66.0% |
| Stocks | 30/36 | €382,281 | €634,519 | +€252,238 | +66.0% |
| Amounts receivable within one year | 40/41 | €411,821 | €529,121 | +€117,301 | +28.5% |
| Trade receivables | 40 | €403,306 | €526,764 | +€123,458 | +30.6% |
| Other amounts receivable | 41 | €8,515 | €2,357 | -€6,158 | -72.3% |
| Cash at bank and in hand | 54/58 | €408,486 | €257,655 | -€150,831 | -36.9% |
| Deferred charges and accrued income | 490/1 | €6,767 | €6,916 | +€149 | +2.2% |
| Total equity and liabilities | 10/49 | €1,255,380 | €1,465,547 | +€210,168 | +16.7% |
| Equity | 10/15 | €472,464 | €518,114 | +€45,650 | +9.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €453,864 | €499,514 | +€45,650 | +10.1% |
| Distributable reserves | 133 | €453,864 | €499,514 | +€45,650 | +10.1% |
| Amounts payable | 17/49 | €782,915 | €947,433 | +€164,518 | +21.0% |
| Amounts payable within one year | 42/48 | €782,915 | €947,433 | +€164,518 | +21.0% |
| Trade debts | 44 | €152,457 | €132,973 | -€19,485 | -12.8% |
| Suppliers | 440/4 | €152,457 | €132,973 | -€19,485 | -12.8% |
| Taxes, remuneration and social security | 45 | €17,204 | €14,599 | -€2,605 | -15.1% |
| Taxes | 450/3 | €17,204 | €14,599 | -€2,605 | -15.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €613,254 | €799,861 | +€186,608 | +30.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,748 | €14,203 | -€9,545 | -40.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | -€1,960 | -€1,960 | |
| Other operating charges | 640/8 | €1,860 | €1,815 | -€46 | -2.5% |
| Gross operating margin | 9900 | €59,579 | €88,092 | +€28,513 | +47.9% |
| Operating profit (loss) | 9901 | €33,971 | €74,035 | +€40,064 | +117.9% |
| Financial income | 75/76B | €12,354 | €8,592 | -€3,762 | -30.5% |
| Recurring financial income | 75 | €12,354 | €8,592 | -€3,762 | -30.5% |
| Financial charges | 65/66B | €18,077 | €23,881 | +€5,804 | +32.1% |
| Recurring financial charges | 65 | €18,077 | €23,881 | +€5,804 | +32.1% |
| Profit (loss) for the period before taxes | 9903 | €28,248 | €58,746 | +€30,498 | +108.0% |
| Income taxes | 67/77 | €6,939 | €13,096 | +€6,158 | +88.7% |
| Profit (loss) for the period | 9904 | €21,310 | €45,650 | +€24,340 | +114.2% |
| Profit (loss) for the period to be appropriated | 9905 | €21,310 | €45,650 | +€24,340 | +114.2% |
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 2 October 2026 via checked.be.