Valckoenier: 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.
Valckoenier
Largest movements
- Receivables within one year +€106,778
up €106,778 (+32.2%), from €331,279 to €438,056
of which Trade receivables: +€106,778
- Tangible fixed assets -€35,866
down €35,866 (-9.1%), from €396,086 to €360,220
of which Other tangible fixed assets: -€18,642
- Cash -€16,803
down €16,803 (-24.4%), from €68,936 to €52,133
mainly Receivables within one year (-€106,778) and Debts after one year (-€17,141)
- Reserves +€68,355
up €68,355 (+16.4%), from €417,198 to €485,553
of which Distributable reserves: +€76,263
- Debts after one year -€17,141
no longer reported in 2025 (was €17,141)
- Current portion of long-term debt -€16,673
down €16,673 (-53.1%), from €31,376 to €14,703
- Trade debts +€8,736
up €8,736 (+170.3%), from €5,130 to €13,866
- Financial income +€9,210
up €9,210 (+76.6%), from €12,030 to €21,240
- Gross operating margin -€8,664
down €8,664 (-5.8%), from €149,993 to €141,329
- Taxes +€3,678
up €3,678 (+13.6%), from €27,134 to €30,812
- Depreciation -€2,937
down €2,937 (-6.3%), from €46,698 to €43,760
- Financial charges -€1,703
down €1,703 (-40.4%), from €4,217 to €2,514
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 | €796,301 | €850,409 | +€54,109 | +6.8% |
| Fixed assets | 21/28 | €396,086 | €360,220 | -€35,866 | -9.1% |
| Tangible fixed assets | 22/27 | €396,086 | €360,220 | -€35,866 | -9.1% |
| Land and buildings | 22 | €162,528 | €145,044 | -€17,484 | -10.8% |
| Plant, machinery and equipment | 23 | €4,188 | €5,597 | +€1,409 | +33.7% |
| Furniture and vehicles | 24 | €6,569 | €5,421 | -€1,149 | -17.5% |
| Other tangible fixed assets | 26 | €222,801 | €204,158 | -€18,642 | -8.4% |
| Current assets | 29/58 | €400,215 | €490,189 | +€89,975 | +22.5% |
| Amounts receivable within one year | 40/41 | €331,279 | €438,056 | +€106,778 | +32.2% |
| Trade receivables | 40 | €31,279 | €138,056 | +€106,778 | +341.4% |
| Other amounts receivable | 41 | €300,000 | €300,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €68,936 | €52,133 | -€16,803 | -24.4% |
| Total equity and liabilities | 10/49 | €796,301 | €850,409 | +€54,109 | +6.8% |
| Equity | 10/15 | €685,798 | €762,061 | +€76,263 | +11.1% |
| Contributions | 10/11 | €268,600 | €276,508 | +€7,908 | +2.9% |
| Capital | 10 | €268,600 | - | -€268,600 | |
| Issued capital | 100 | €268,600 | - | -€268,600 | |
| Outside capital | 11 | - | €276,508 | +€276,508 | |
| Share premium | 1100/10 | - | €276,508 | +€276,508 | |
| Reserves | 13 | €417,198 | €485,553 | +€68,355 | +16.4% |
| Non-distributable reserves | 130/1 | €7,908 | - | -€7,908 | |
| Legal reserve | 130 | €7,908 | - | -€7,908 | |
| Distributable reserves | 133 | €409,290 | €485,553 | +€76,263 | +18.6% |
| Amounts payable | 17/49 | €110,502 | €88,348 | -€22,154 | -20.0% |
| Amounts payable after more than one year | 17 | €17,141 | - | -€17,141 | |
| Financial debts | 170/4 | €17,141 | - | -€17,141 | |
| Amounts payable within one year | 42/48 | €93,361 | €88,348 | -€5,013 | -5.4% |
| Current portion of amounts payable after more than one year | 42 | €31,376 | €14,703 | -€16,673 | -53.1% |
| Trade debts | 44 | €5,130 | €13,866 | +€8,736 | +170.3% |
| Suppliers | 440/4 | €5,130 | €13,866 | +€8,736 | +170.3% |
| Taxes, remuneration and social security | 45 | €31,621 | €28,545 | -€3,076 | -9.7% |
| Taxes | 450/3 | €27,969 | €24,963 | -€3,006 | -10.7% |
| Remuneration and social security | 454/9 | €3,652 | €3,582 | -€70 | -1.9% |
| Other amounts payable | 47/48 | €25,234 | €31,234 | +€6,000 | +23.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,698 | €43,760 | -€2,937 | -6.3% |
| Other operating charges | 640/8 | €9,178 | €9,220 | +€41 | +0.5% |
| Gross operating margin | 9900 | €149,993 | €141,329 | -€8,664 | -5.8% |
| Operating profit (loss) | 9901 | €94,117 | €88,349 | -€5,768 | -6.1% |
| Financial income | 75/76B | €12,030 | €21,240 | +€9,210 | +76.6% |
| Recurring financial income | 75 | €12,030 | €21,240 | +€9,210 | +76.6% |
| Financial charges | 65/66B | €4,217 | €2,514 | -€1,703 | -40.4% |
| Recurring financial charges | 65 | €4,217 | €2,514 | -€1,703 | -40.4% |
| Profit (loss) for the period before taxes | 9903 | €101,930 | €107,075 | +€5,145 | +5.0% |
| Income taxes | 67/77 | €27,134 | €30,812 | +€3,678 | +13.6% |
| Profit (loss) for the period | 9904 | €74,796 | €76,263 | +€1,467 | +2.0% |
| Profit (loss) for the period to be appropriated | 9905 | €74,796 | €76,263 | +€1,467 | +2.0% |
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 5 October 2026 via checked.be.