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
- Cash +€58,983
up €58,983 (+120.9%), from €48,804 to €107,787
mainly Net result for the year (+€47,295) and Tax, wage and social debts (+€12,481)
- Receivables within one year +€3,386
up €3,386 (+10.6%), from €31,880 to €35,266
of which Other amounts receivable: +€4,269
- Reserves +€47,295
up €47,295 (+76.3%), from €61,970 to €109,266
- Tax, wage and social debts +€12,481
up €12,481 (+108.6%), from €11,496 to €23,976
- Trade debts +€3,896
up €3,896 (+60.2%), from €6,472 to €10,368
- Gross operating margin +€40,150
up €40,150 (+133.1%), from €30,173 to €70,323
- Taxes +€10,910
up €10,910 (+138.5%), from €7,874 to €18,784
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 | €83,938 | €147,610 | +€63,672 | +75.9% |
| Fixed assets | 21/28 | €3,190 | €4,434 | +€1,244 | +39.0% |
| Tangible fixed assets | 22/27 | €3,190 | €4,434 | +€1,244 | +39.0% |
| Furniture and vehicles | 24 | €3,190 | €4,434 | +€1,244 | +39.0% |
| Current assets | 29/58 | €80,748 | €143,176 | +€62,428 | +77.3% |
| Amounts receivable within one year | 40/41 | €31,880 | €35,266 | +€3,386 | +10.6% |
| Trade receivables | 40 | €12,282 | €11,398 | -€883 | -7.2% |
| Other amounts receivable | 41 | €19,599 | €23,868 | +€4,269 | +21.8% |
| Cash at bank and in hand | 54/58 | €48,804 | €107,787 | +€58,983 | +120.9% |
| Deferred charges and accrued income | 490/1 | €64 | €123 | +€59 | +92.2% |
| Total equity and liabilities | 10/49 | €83,938 | €147,610 | +€63,672 | +75.9% |
| Equity | 10/15 | €65,970 | €113,266 | +€47,295 | +71.7% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €61,970 | €109,266 | +€47,295 | +76.3% |
| Distributable reserves | 133 | €61,970 | €109,266 | +€47,295 | +76.3% |
| Amounts payable | 17/49 | €17,968 | €34,345 | +€16,377 | +91.1% |
| Amounts payable within one year | 42/48 | €17,968 | €34,345 | +€16,377 | +91.1% |
| Trade debts | 44 | €6,472 | €10,368 | +€3,896 | +60.2% |
| Suppliers | 440/4 | €6,472 | €10,368 | +€3,896 | +60.2% |
| Taxes, remuneration and social security | 45 | €11,496 | €23,976 | +€12,481 | +108.6% |
| Taxes | 450/3 | €11,496 | €23,976 | +€12,481 | +108.6% |
| Remuneration, social security and pensions | 62 | €640 | €0 | -€640 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €980 | €1,316 | +€336 | +34.3% |
| Other operating charges | 640/8 | €675 | €811 | +€135 | +20.1% |
| Gross operating margin | 9900 | €30,173 | €70,323 | +€40,150 | +133.1% |
| Operating profit (loss) | 9901 | €27,878 | €68,196 | +€40,318 | +144.6% |
| Financial charges | 65/66B | €1,443 | €2,116 | +€674 | +46.7% |
| Recurring financial charges | 65 | €1,443 | €2,116 | +€674 | +46.7% |
| Profit (loss) for the period before taxes | 9903 | €26,435 | €66,080 | +€39,645 | +150.0% |
| Income taxes | 67/77 | €7,874 | €18,784 | +€10,910 | +138.5% |
| Profit (loss) for the period | 9904 | €18,561 | €47,295 | +€28,735 | +154.8% |
| Profit (loss) for the period to be appropriated | 9905 | €18,561 | €47,295 | +€28,735 | +154.8% |
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.