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
- Cash +€129,303
up €129,303 (+33.3%), from €388,256 to €517,559
mainly Net result for the year (+€103,606) and Depreciation (+€57,645)
- Tangible fixed assets -€54,284
down €54,284 (-6.6%), from €820,504 to €766,220
of which Land and buildings: -€54,733
- Stocks and contracts -€22,353
down €22,353 (-7.6%), from €292,617 to €270,264
- Receivables within one year -€18,316
down €18,316 (-39.7%), from €46,140 to €27,823
- Reserves +€103,606
up €103,606 (+8.2%), from €1.3m to €1.4m
of which Distributable reserves: +€103,606
- Debts after one year -€32,108
down €32,108 (-23.9%), from €134,093 to €101,985
- Trade debts -€25,352
down €25,352 (-72.4%), from €35,019 to €9,667
- Gross operating margin -€11,649
down €11,649 (-5.1%), from €229,397 to €217,749
- Depreciation -€7,889
down €7,889 (-12.0%), from €65,534 to €57,645
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 | €1,553,916 | €1,587,185 | +€33,268 | +2.1% |
| Fixed assets | 21/28 | €820,504 | €766,220 | -€54,284 | -6.6% |
| Tangible fixed assets | 22/27 | €820,504 | €766,220 | -€54,284 | -6.6% |
| Land and buildings | 22 | €816,657 | €761,924 | -€54,733 | -6.7% |
| Furniture and vehicles | 24 | €3,846 | €4,296 | +€449 | +11.7% |
| Current assets | 29/58 | €733,412 | €820,965 | +€87,552 | +11.9% |
| Stocks and contracts in progress | 3 | €292,617 | €270,264 | -€22,353 | -7.6% |
| Stocks | 30/36 | €292,617 | €270,264 | -€22,353 | -7.6% |
| Amounts receivable within one year | 40/41 | €46,140 | €27,823 | -€18,316 | -39.7% |
| Trade receivables | 40 | €46,140 | €27,823 | -€18,316 | -39.7% |
| Cash at bank and in hand | 54/58 | €388,256 | €517,559 | +€129,303 | +33.3% |
| Deferred charges and accrued income | 490/1 | €6,399 | €5,318 | -€1,081 | -16.9% |
| Total equity and liabilities | 10/49 | €1,553,916 | €1,587,185 | +€33,268 | +2.1% |
| Equity | 10/15 | €1,322,386 | €1,425,992 | +€103,606 | +7.8% |
| Contributions | 10/11 | €55,800 | €55,800 | = | 0.0% |
| Reserves | 13 | €1,266,586 | €1,370,192 | +€103,606 | +8.2% |
| Non-distributable reserves | 130/1 | €5,580 | €5,580 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,580 | €5,580 | = | 0.0% |
| Tax-exempt reserves | 132 | €43,980 | €43,980 | = | 0.0% |
| Distributable reserves | 133 | €1,217,026 | €1,320,632 | +€103,606 | +8.5% |
| Amounts payable | 17/49 | €231,530 | €161,193 | -€70,337 | -30.4% |
| Amounts payable after more than one year | 17 | €134,093 | €101,985 | -€32,108 | -23.9% |
| Financial debts | 170/4 | €134,093 | €101,985 | -€32,108 | -23.9% |
| Amounts payable within one year | 42/48 | €97,437 | €59,208 | -€38,230 | -39.2% |
| Current portion of amounts payable after more than one year | 42 | €31,430 | €32,108 | +€678 | +2.2% |
| Trade debts | 44 | €35,019 | €9,667 | -€25,352 | -72.4% |
| Suppliers | 440/4 | €35,019 | €9,667 | -€25,352 | -72.4% |
| Taxes, remuneration and social security | 45 | €14,532 | €3,580 | -€10,952 | -75.4% |
| Taxes | 450/3 | €14,532 | €3,580 | -€10,952 | -75.4% |
| Other amounts payable | 47/48 | €16,456 | €13,853 | -€2,603 | -15.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,534 | €57,645 | -€7,889 | -12.0% |
| Other operating charges | 640/8 | €9,550 | €9,853 | +€303 | +3.2% |
| Gross operating margin | 9900 | €229,397 | €217,749 | -€11,649 | -5.1% |
| Operating profit (loss) | 9901 | €154,313 | €150,250 | -€4,062 | -2.6% |
| Financial income | 75/76B | €8,617 | €8,732 | +€115 | +1.3% |
| Recurring financial income | 75 | €8,617 | €8,732 | +€115 | +1.3% |
| Financial charges | 65/66B | €5,640 | €5,227 | -€412 | -7.3% |
| Recurring financial charges | 65 | €5,640 | €5,227 | -€412 | -7.3% |
| Profit (loss) for the period before taxes | 9903 | €157,290 | €153,755 | -€3,535 | -2.2% |
| Income taxes | 67/77 | €51,192 | €50,150 | -€1,042 | -2.0% |
| Profit (loss) for the period | 9904 | €106,098 | €103,606 | -€2,493 | -2.3% |
| Profit (loss) for the period to be appropriated | 9905 | €106,098 | €103,606 | -€2,493 | -2.3% |
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 30 September 2026 via checked.be.