VALCO: 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.
VALCO
Largest movements
- Tangible fixed assets -€35,349
down €35,349 (-7.7%), from €456,438 to €421,089
of which Land and buildings: -€34,986
- Cash -€20,560
down €20,560 (-7.6%), from €272,088 to €251,528
mainly Net result for the year (-€46,393) and Deferred charges and accrued income (-€13,465)
- Deferred charges and accrued income +€13,465
new in 2025: €13,465
- Profit (loss) carried forward -€46,393
down €46,393 (-9.5%), from -€489,517 to -€535,911
- Depreciation -€14,988
down €14,988 (-29.8%), from €50,338 to €35,349
- Gross operating margin +€9,343
up €9,343 (+63.4%), from -€14,726 to -€5,383
- Financial income -€4,823
down €4,823 (-100.0%), from €4,824 to €1
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 | €730,373 | €687,724 | -€42,649 | -5.8% |
| Fixed assets | 21/28 | €458,080 | €422,731 | -€35,349 | -7.7% |
| Tangible fixed assets | 22/27 | €456,438 | €421,089 | -€35,349 | -7.7% |
| Land and buildings | 22 | €456,074 | €421,089 | -€34,986 | -7.7% |
| Plant, machinery and equipment | 23 | €364 | €0 | -€364 | -100.0% |
| Financial fixed assets | 28 | €1,642 | €1,642 | = | 0.0% |
| Current assets | 29/58 | €272,293 | €264,993 | -€7,300 | -2.7% |
| Amounts receivable within one year | 40/41 | €205 | €0 | -€205 | -100.0% |
| Trade receivables | 40 | €205 | €0 | -€205 | -100.0% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €272,088 | €251,528 | -€20,560 | -7.6% |
| Deferred charges and accrued income | 490/1 | - | €13,465 | +€13,465 | |
| Total equity and liabilities | 10/49 | €730,373 | €687,724 | -€42,649 | -5.8% |
| Equity | 10/15 | €730,217 | €683,823 | -€46,393 | -6.4% |
| Contributions | 10/11 | €1,219,734 | €1,219,734 | = | 0.0% |
| Capital | 10 | €1,219,734 | €1,219,734 | = | 0.0% |
| Issued capital | 100 | €1,343,681 | €1,343,681 | = | 0.0% |
| Uncalled capital | 101 | €123,947 | €123,947 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€489,517 | -€535,911 | -€46,393 | -9.5% |
| Amounts payable | 17/49 | €156 | €3,901 | +€3,744 | +2396.0% |
| Amounts payable within one year | 42/48 | €156 | €3,901 | +€3,744 | +2396.0% |
| Trade debts | 44 | €156 | €3,901 | +€3,744 | +2396.0% |
| Suppliers | 440/4 | €156 | €3,901 | +€3,744 | +2396.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,338 | €35,349 | -€14,988 | -29.8% |
| Other operating charges | 640/8 | €5,588 | €5,608 | +€20 | +0.4% |
| Gross operating margin | 9900 | -€14,726 | -€5,383 | +€9,343 | +63.4% |
| Operating profit (loss) | 9901 | -€70,651 | -€46,340 | +€24,312 | +34.4% |
| Financial income | 75/76B | €4,824 | €1 | -€4,823 | -100.0% |
| Recurring financial income | 75 | €4,824 | €1 | -€4,823 | -100.0% |
| Financial charges | 65/66B | €49 | €54 | +€5 | +10.9% |
| Recurring financial charges | 65 | €49 | €54 | +€5 | +10.9% |
| Profit (loss) for the period before taxes | 9903 | -€65,876 | -€46,393 | +€19,483 | +29.6% |
| Income taxes | 67/77 | €0 | €0 | +€0 | +64.3% |
| Profit (loss) for the period | 9904 | -€65,876 | -€46,393 | +€19,483 | +29.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€65,876 | -€46,393 | +€19,483 | +29.6% |
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.