VALCONSTRUCT: 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.
What changed
VALCONSTRUCT
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€7,494
2024 · €53,471-€45,978
Equity
€3.7m
2024 · €3.7m+€7,494
Cash
€315,099
2024 · €326,338-€11,239
Balance sheet total
€9.0m
2024 · €9.1m-€97,955
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Financial charges +€77,357
up €77,357 (+17.7%), from €437,653 to €515,010
- Depreciation -€53,764
down €53,764 (-37.5%), from €143,537 to €89,774
- Financial income -€33,709
down €33,709 (-5.3%), from €633,603 to €599,894
- Gross operating margin +€23,791
up €23,791 (+140.3%), from €16,963 to €40,754
- Other operating charges -€2,649
down €2,649 (-17.1%), from €15,519 to €12,869
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.
Result 2024
€53,471
Gross operating margin
+€23,791
Depreciation
+€53,764
Other operating charges
+€2,649
Other operating items
-€15,000
Financial income
-€33,709
Financial charges
-€77,357
Taxes
-€116
Result 2025
€7,494
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.
From operations
+€59,475
Investment
-€30,046
Financing
-€40,667
Cash 2024
€326,338
From operations (derived)
+€59,475
Net result for the year
+€7,494
Depreciation
+€89,774
Receivables within one year
+€27,793
Deferred charges and accrued income
-€804
Trade debts
-€2,503
Tax, wage and social debts
-€8,932
Other debts
-€56,785
Accrued charges and deferred income
+€3,437
Investment (derived)
-€30,046
Investment in fixed assets (net)
-€78,294
Current investments
+€48,248
Financing
-€40,667
Debts after one year
-€41,950
Current portion of long-term debt
+€1,283
Cash 2025
€315,099
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,134,297 | €9,036,341 | -€97,955 | -1.1% |
| Fixed assets | 21/28 | €1,622,682 | €1,611,203 | -€11,480 | -0.7% |
| Tangible fixed assets | 22/27 | €1,622,682 | €1,611,203 | -€11,480 | -0.7% |
| Land and buildings | 22 | €1,501,548 | €1,451,578 | -€49,969 | -3.3% |
| Plant, machinery and equipment | 23 | €59,482 | €111,453 | +€51,971 | +87.4% |
| Furniture and vehicles | 24 | €61,652 | €48,171 | -€13,481 | -21.9% |
| Current assets | 29/58 | €7,511,614 | €7,425,139 | -€86,475 | -1.2% |
| Amounts receivable within one year | 40/41 | €53,331 | €25,539 | -€27,793 | -52.1% |
| Other amounts receivable | 41 | €53,331 | €25,539 | -€27,793 | -52.1% |
| Current investments | 50/53 | €7,125,784 | €7,077,536 | -€48,248 | -0.7% |
| Cash at bank and in hand | 54/58 | €326,338 | €315,099 | -€11,239 | -3.4% |
| Deferred charges and accrued income | 490/1 | €6,161 | €6,965 | +€804 | +13.0% |
| Total equity and liabilities | 10/49 | €9,134,297 | €9,036,341 | -€97,955 | -1.1% |
| Equity | 10/15 | €3,703,933 | €3,711,426 | +€7,494 | +0.2% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €104,145 | €104,145 | = | 0.0% |
| Non-distributable reserves | 130/1 | €73,035 | €73,035 | = | 0.0% |
| Legal reserve | 130 | €73,035 | €73,035 | = | 0.0% |
| Tax-exempt reserves | 132 | €31,109 | €31,109 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,538,288 | €3,545,782 | +€7,494 | +0.2% |
| Amounts payable | 17/49 | €5,430,364 | €5,324,915 | -€105,449 | -1.9% |
| Amounts payable after more than one year | 17 | €724,333 | €682,383 | -€41,950 | -5.8% |
| Financial debts | 170/4 | €724,333 | €682,383 | -€41,950 | -5.8% |
| Amounts payable within one year | 42/48 | €4,706,031 | €4,639,095 | -€66,936 | -1.4% |
| Current portion of amounts payable after more than one year | 42 | €40,667 | €41,950 | +€1,283 | +3.2% |
| Financial debts | 43 | €2,000,000 | €2,000,000 | = | 0.0% |
| Credit institutions | 430/8 | €2,000,000 | €2,000,000 | = | 0.0% |
| Trade debts | 44 | €3,337 | €835 | -€2,503 | -75.0% |
| Suppliers | 440/4 | €3,337 | €835 | -€2,503 | -75.0% |
| Taxes, remuneration and social security | 45 | €62,791 | €53,859 | -€8,932 | -14.2% |
| Taxes | 450/3 | €62,791 | €53,859 | -€8,932 | -14.2% |
| Other amounts payable | 47/48 | €2,599,236 | €2,542,451 | -€56,785 | -2.2% |
| Accrued charges and deferred income | 492/3 | €0 | €3,437 | +€3,437 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €143,537 | €89,774 | -€53,764 | -37.5% |
| Other operating charges | 640/8 | €15,519 | €12,869 | -€2,649 | -17.1% |
| Non-recurring operating charges | 66A | - | €15,000 | +€15,000 | |
| Gross operating margin | 9900 | €16,963 | €40,754 | +€23,791 | +140.3% |
| Operating profit (loss) | 9901 | -€142,093 | -€76,889 | +€65,204 | +45.9% |
| Financial income | 75/76B | €633,603 | €599,894 | -€33,709 | -5.3% |
| Recurring financial income | 75 | €633,603 | €599,894 | -€33,709 | -5.3% |
| Financial charges | 65/66B | €437,653 | €515,010 | +€77,357 | +17.7% |
| Recurring financial charges | 65 | €437,653 | €515,010 | +€77,357 | +17.7% |
| Profit (loss) for the period before taxes | 9903 | €53,856 | €7,994 | -€45,862 | -85.2% |
| Income taxes | 67/77 | €385 | €501 | +€116 | +30.0% |
| Profit (loss) for the period | 9904 | €53,471 | €7,494 | -€45,978 | -86.0% |
| Profit (loss) for the period to be appropriated | 9905 | €53,471 | €7,494 | -€45,978 | -86.0% |
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 7 October 2026 via checked.be.