VALCMADR: 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.
VALCMADR
Largest movements
- Receivables within one year -€19,526
down €19,526 (-82.8%), from €23,573 to €4,048
of which Trade receivables: -€23,573
- Accrued charges and deferred income -€17,660
down €17,660 (-90.4%), from €19,526 to €1,866
- Gross operating margin +€17,546
up €17,546 (+92.2%), from -€19,038 to -€1,492
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 | €355,241 | €335,239 | -€20,001 | -5.6% |
| Current assets | 29/58 | €355,241 | €335,239 | -€20,001 | -5.6% |
| Stocks and contracts in progress | 3 | €314,876 | €314,876 | = | 0.0% |
| Stocks | 30/36 | €314,876 | €314,876 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €23,573 | €4,048 | -€19,526 | -82.8% |
| Trade receivables | 40 | €23,573 | - | -€23,573 | |
| Other amounts receivable | 41 | - | €4,048 | +€4,048 | |
| Cash at bank and in hand | 54/58 | €16,792 | €14,450 | -€2,341 | -13.9% |
| Deferred charges and accrued income | 490/1 | - | €1,866 | +€1,866 | |
| Total equity and liabilities | 10/49 | €355,241 | €335,239 | -€20,001 | -5.6% |
| Equity | 10/15 | €175,671 | €173,729 | -€1,942 | -1.1% |
| Contributions | 10/11 | €195,000 | €195,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€19,329 | -€21,271 | -€1,942 | -10.0% |
| Amounts payable | 17/49 | €179,570 | €161,510 | -€18,060 | -10.1% |
| Amounts payable within one year | 42/48 | €160,044 | €159,644 | -€400 | -0.2% |
| Other amounts payable | 47/48 | €160,044 | €159,644 | -€400 | -0.2% |
| Accrued charges and deferred income | 492/3 | €19,526 | €1,866 | -€17,660 | -90.4% |
| Other operating charges | 640/8 | €269 | €420 | +€151 | +56.0% |
| Gross operating margin | 9900 | -€19,038 | -€1,492 | +€17,546 | +92.2% |
| Operating profit (loss) | 9901 | -€19,307 | -€1,911 | +€17,396 | +90.1% |
| Financial charges | 65/66B | €22 | €30 | +€8 | +38.0% |
| Recurring financial charges | 65 | €22 | €30 | +€8 | +38.0% |
| Profit (loss) for the period before taxes | 9903 | -€19,329 | -€1,942 | +€17,387 | +90.0% |
| Profit (loss) for the period | 9904 | -€19,329 | -€1,942 | +€17,387 | +90.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,329 | -€1,942 | +€17,387 | +90.0% |
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 18 October 2026 via checked.be.