VALCOLOR: 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.
VALCOLOR
Largest movements
- Cash -€56,982
down €56,982 (-89.3%), from €63,834 to €6,852
mainly Net result for the year (-€90,666) and Trade debts (-€23,804)
- Stocks and contracts -€28,800
down €28,800 (-21.4%), from €134,303 to €105,503
- Tangible fixed assets -€11,211
down €11,211 (-46.1%), from €24,310 to €13,099
of which Other tangible fixed assets: -€10,598
- Receivables within one year -€3,787
down €3,787 (-4.4%), from €86,975 to €83,188
of which Trade receivables: -€3,789
- Profit (loss) carried forward -€90,666
down €90,666 (-54.3%), from €166,911 to €76,245
- Trade debts -€23,804
down €23,804 (-42.5%), from €56,013 to €32,210
- Tax, wage and social debts +€10,201
up €10,201 (+22.8%), from €44,827 to €55,028
of which Remuneration and social security: +€7,849
- Short-term financial debts +€7,540
up €7,540 (+72.9%), from €10,343 to €17,883
- Other debts -€6,043
down €6,043 (-98.9%), from €6,108 to €65
- Gross operating margin -€83,911
down €83,911 (-37.8%), from €221,976 to €138,065
- Staff costs +€11,718
up €11,718 (+6.2%), from €188,016 to €199,734
- Depreciation -€2,973
down €2,973 (-17.0%), from €17,488 to €14,515
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 | €331,260 | €228,244 | -€103,016 | -31.1% |
| Fixed assets | 21/28 | €24,310 | €13,099 | -€11,211 | -46.1% |
| Tangible fixed assets | 22/27 | €24,310 | €13,099 | -€11,211 | -46.1% |
| Plant, machinery and equipment | 23 | €890 | - | -€890 | |
| Furniture and vehicles | 24 | €1,760 | €2,037 | +€277 | +15.7% |
| Other tangible fixed assets | 26 | €21,660 | €11,062 | -€10,598 | -48.9% |
| Current assets | 29/58 | €306,950 | €215,145 | -€91,805 | -29.9% |
| Stocks and contracts in progress | 3 | €134,303 | €105,503 | -€28,800 | -21.4% |
| Stocks | 30/36 | €134,303 | €105,503 | -€28,800 | -21.4% |
| Amounts receivable within one year | 40/41 | €86,975 | €83,188 | -€3,787 | -4.4% |
| Trade receivables | 40 | €86,975 | €83,187 | -€3,789 | -4.4% |
| Other amounts receivable | 41 | - | €1 | +€1 | |
| Cash at bank and in hand | 54/58 | €63,834 | €6,852 | -€56,982 | -89.3% |
| Deferred charges and accrued income | 490/1 | €21,838 | €19,602 | -€2,236 | -10.2% |
| Total equity and liabilities | 10/49 | €331,260 | €228,244 | -€103,016 | -31.1% |
| Equity | 10/15 | €213,957 | €123,058 | -€90,898 | -42.5% |
| Contributions | 10/11 | €5,709 | €5,709 | = | 0.0% |
| Reserves | 13 | €41,104 | €41,104 | = | 0.0% |
| Tax-exempt reserves | 132 | €24,519 | €24,519 | = | 0.0% |
| Distributable reserves | 133 | €16,585 | €16,585 | = | 0.0% |
| Profit (loss) carried forward | 14 | €166,911 | €76,245 | -€90,666 | -54.3% |
| Investment grants | 15 | €232 | - | -€232 | |
| Amounts payable | 17/49 | €117,304 | €105,186 | -€12,118 | -10.3% |
| Amounts payable within one year | 42/48 | €117,291 | €105,186 | -€12,105 | -10.3% |
| Financial debts | 43 | €10,343 | €17,883 | +€7,540 | +72.9% |
| Credit institutions | 430/8 | €10,343 | €17,883 | +€7,540 | +72.9% |
| Trade debts | 44 | €56,013 | €32,210 | -€23,804 | -42.5% |
| Suppliers | 440/4 | €56,013 | €32,210 | -€23,804 | -42.5% |
| Taxes, remuneration and social security | 45 | €44,827 | €55,028 | +€10,201 | +22.8% |
| Taxes | 450/3 | €15,100 | €17,452 | +€2,352 | +15.6% |
| Remuneration and social security | 454/9 | €29,727 | €37,576 | +€7,849 | +26.4% |
| Other amounts payable | 47/48 | €6,108 | €65 | -€6,043 | -98.9% |
| Accrued charges and deferred income | 492/3 | €13 | - | -€13 | |
| Remuneration, social security and pensions | 62 | €188,016 | €199,734 | +€11,718 | +6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,488 | €14,515 | -€2,973 | -17.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€156 | -€206 | -€49 | -31.6% |
| Other operating charges | 640/8 | €5,903 | €6,756 | +€854 | +14.5% |
| Non-recurring operating charges | 66A | - | €5,927 | +€5,927 | |
| Gross operating margin | 9900 | €221,976 | €138,065 | -€83,911 | -37.8% |
| Operating profit (loss) | 9901 | €10,725 | -€88,663 | -€99,388 | |
| Financial income | 75/76B | €943 | €628 | -€315 | -33.4% |
| Recurring financial income | 75 | €943 | €628 | -€315 | -33.4% |
| Financial charges | 65/66B | €3,231 | €2,452 | -€779 | -24.1% |
| Recurring financial charges | 65 | €3,231 | €2,452 | -€779 | -24.1% |
| Profit (loss) for the period before taxes | 9903 | €8,437 | -€90,486 | -€98,924 | |
| Income taxes | 67/77 | €2,330 | €180 | -€2,150 | -92.3% |
| Profit (loss) for the period | 9904 | €6,108 | -€90,666 | -€96,774 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,108 | -€90,666 | -€96,774 |
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 10 October 2026 via checked.be.