ValConEx: 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.
ValConEx
Largest movements
- Cash +€47,227
up €47,227 (+84.0%), from €56,235 to €103,461
mainly Net result for the year (+€27,363) and Depreciation (+€17,952)
- Tangible fixed assets -€17,952
down €17,952 (-7.6%), from €236,385 to €218,433
of which Land and buildings: -€10,652
- Reserves +€27,363
up €27,363 (+19.4%), from €141,125 to €168,488
of which Distributable reserves: +€27,363
- Tax, wage and social debts -€5,962
down €5,962 (-53.3%), from €11,177 to €5,215
- Gross operating margin +€31,469
up €31,469 (+96.8%), from €32,503 to €63,971
- Taxes +€9,245
up €9,245 (+287%), from €3,219 to €12,464
- Depreciation +€1,748
up €1,748 (+10.8%), from €16,203 to €17,952
- Financial income +€977
up €977 (+3,256,633%), from €0 to €977
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 | €313,800 | €340,318 | +€26,517 | +8.5% |
| Fixed assets | 21/28 | €237,450 | €219,748 | -€17,702 | -7.5% |
| Tangible fixed assets | 22/27 | €236,385 | €218,433 | -€17,952 | -7.6% |
| Land and buildings | 22 | €210,413 | €199,762 | -€10,652 | -5.1% |
| Plant, machinery and equipment | 23 | €11,095 | €9,986 | -€1,110 | -10.0% |
| Furniture and vehicles | 24 | €14,876 | €8,686 | -€6,190 | -41.6% |
| Financial fixed assets | 28 | €1,065 | €1,315 | +€250 | +23.5% |
| Current assets | 29/58 | €76,351 | €120,570 | +€44,219 | +57.9% |
| Amounts receivable within one year | 40/41 | €19,377 | €16,077 | -€3,300 | -17.0% |
| Trade receivables | 40 | €18,159 | €15,428 | -€2,732 | -15.0% |
| Other amounts receivable | 41 | €1,217 | €649 | -€568 | -46.7% |
| Cash at bank and in hand | 54/58 | €56,235 | €103,461 | +€47,227 | +84.0% |
| Deferred charges and accrued income | 490/1 | €739 | €1,031 | +€292 | +39.5% |
| Total equity and liabilities | 10/49 | €313,800 | €340,318 | +€26,517 | +8.5% |
| Equity | 10/15 | €159,732 | €187,095 | +€27,363 | +17.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €141,125 | €168,488 | +€27,363 | +19.4% |
| Tax-exempt reserves | 132 | €18,125 | €18,125 | = | 0.0% |
| Distributable reserves | 133 | €123,000 | €150,363 | +€27,363 | +22.2% |
| Profit (loss) carried forward | 14 | €7 | €7 | = | 0.0% |
| Amounts payable | 17/49 | €154,069 | €153,223 | -€846 | -0.5% |
| Amounts payable after more than one year | 17 | €95,000 | €95,000 | = | 0.0% |
| Financial debts | 170/4 | €95,000 | €95,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €59,069 | €58,223 | -€846 | -1.4% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €15,348 | €18,150 | +€2,802 | +18.3% |
| Suppliers | 440/4 | €15,348 | €18,150 | +€2,802 | +18.3% |
| Taxes, remuneration and social security | 45 | €11,177 | €5,215 | -€5,962 | -53.3% |
| Taxes | 450/3 | €11,177 | €5,215 | -€5,962 | -53.3% |
| Other amounts payable | 47/48 | €32,544 | €34,858 | +€2,314 | +7.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,203 | €17,952 | +€1,748 | +10.8% |
| Other operating charges | 640/8 | €3,129 | €3,084 | -€45 | -1.4% |
| Gross operating margin | 9900 | €32,503 | €63,971 | +€31,469 | +96.8% |
| Operating profit (loss) | 9901 | €13,171 | €42,936 | +€29,766 | +226% |
| Financial income | 75/76B | €0 | €977 | +€977 | +3,256,633% |
| Recurring financial income | 75 | €0 | €977 | +€977 | +3,256,633% |
| Financial charges | 65/66B | €4,522 | €4,087 | -€435 | -9.6% |
| Recurring financial charges | 65 | €4,522 | €4,087 | -€435 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | €8,649 | €39,827 | +€31,178 | +360% |
| Income taxes | 67/77 | €3,219 | €12,464 | +€9,245 | +287% |
| Profit (loss) for the period | 9904 | €5,430 | €27,363 | +€21,932 | +404% |
| Profit (loss) for the period to be appropriated | 9905 | €5,430 | €27,363 | +€21,932 | +404% |
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 21 October 2026 via checked.be.