VALCUN: 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.
VALCUN
Largest movements
- Tangible fixed assets -€1.3m
down €1.3m (-88.9%), from €1.5m to €167,578
of which Assets under construction and advance payments: -€1.4m
- Intangible fixed assets +€937,718
new in 2025: €937,718
- Receivables within one year -€274,554
down €274,554 (-93.1%), from €294,794 to €20,241
of which Trade receivables: -€210,000
- Stocks and contracts -€177,210
down €177,210 (-60.1%), from €295,000 to €117,790
of which Stocks: -€102,210
- Current investments +€150,000
new in 2025: €150,000
- Accrued charges and deferred income -€442,244
down €442,244 (-43.9%), from €1.0m to €564,689
- Advances received -€156,267
down €156,267 (-84.1%), from €185,721 to €29,454
- Trade debts -€139,744
down €139,744 (-37.0%), from €378,176 to €238,432
- Reserves +€30,436
up €30,436 (+736%), from €4,138 to €34,574
- Gross operating margin +€678,629
up €678,629 (+225%), from €301,426 to €980,055
- Depreciation +€470,343
up €470,343 (+12,907%), from €3,644 to €473,987
- Staff costs +€148,284
up €148,284 (+50.3%), from €294,847 to €443,131
- Taxes +€15,841
up €15,841 (+675%), from €2,345 to €18,186
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 | €2,451,844 | €1,781,828 | -€670,016 | -27.3% |
| Fixed assets | 21/28 | €1,506,824 | €1,105,297 | -€401,527 | -26.6% |
| Intangible fixed assets | 21 | - | €937,718 | +€937,718 | |
| Tangible fixed assets | 22/27 | €1,506,824 | €167,578 | -€1.3m | -88.9% |
| Land and buildings | 22 | €974 | €649 | -€325 | -33.3% |
| Plant, machinery and equipment | 23 | €112,956 | €132,403 | +€19,446 | +17.2% |
| Furniture and vehicles | 24 | - | €970 | +€970 | |
| Other tangible fixed assets | 26 | €37,293 | €33,556 | -€3,738 | -10.0% |
| Assets under construction and advance payments | 27 | €1,355,600 | - | -€1.4m | |
| Current assets | 29/58 | €945,020 | €676,532 | -€268,488 | -28.4% |
| Stocks and contracts in progress | 3 | €295,000 | €117,790 | -€177,210 | -60.1% |
| Stocks | 30/36 | €220,000 | €117,790 | -€102,210 | -46.5% |
| Contracts in progress | 37 | €75,000 | - | -€75,000 | |
| Amounts receivable within one year | 40/41 | €294,794 | €20,241 | -€274,554 | -93.1% |
| Trade receivables | 40 | €210,000 | - | -€210,000 | |
| Other amounts receivable | 41 | €84,794 | €20,241 | -€64,554 | -76.1% |
| Current investments | 50/53 | - | €150,000 | +€150,000 | |
| Cash at bank and in hand | 54/58 | €334,698 | €377,018 | +€42,320 | +12.6% |
| Deferred charges and accrued income | 490/1 | €20,527 | €11,483 | -€9,044 | -44.1% |
| Total equity and liabilities | 10/49 | €2,451,844 | €1,781,828 | -€670,016 | -27.3% |
| Equity | 10/15 | €431,338 | €461,774 | +€30,436 | +7.1% |
| Contributions | 10/11 | €427,200 | €427,200 | = | 0.0% |
| Reserves | 13 | €4,138 | €34,574 | +€30,436 | +736% |
| Distributable reserves | 133 | €4,138 | €34,574 | +€30,436 | +736% |
| Amounts payable | 17/49 | €2,020,506 | €1,320,055 | -€700,451 | -34.7% |
| Amounts payable after more than one year | 17 | €355,000 | €374,427 | +€19,427 | +5.5% |
| Financial debts | 170/4 | €355,000 | €374,427 | +€19,427 | +5.5% |
| Amounts payable within one year | 42/48 | €658,573 | €380,939 | -€277,634 | -42.2% |
| Current portion of amounts payable after more than one year | 42 | - | €8,807 | +€8,807 | |
| Trade debts | 44 | €378,176 | €238,432 | -€139,744 | -37.0% |
| Suppliers | 440/4 | €378,176 | €238,432 | -€139,744 | -37.0% |
| Advances received on contracts in progress | 46 | €185,721 | €29,454 | -€156,267 | -84.1% |
| Taxes, remuneration and social security | 45 | €89,851 | €99,421 | +€9,570 | +10.7% |
| Taxes | 450/3 | €11,150 | €14,880 | +€3,730 | +33.5% |
| Remuneration and social security | 454/9 | €78,700 | €84,541 | +€5,840 | +7.4% |
| Other amounts payable | 47/48 | €4,825 | €4,825 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,006,933 | €564,689 | -€442,244 | -43.9% |
| Remuneration, social security and pensions | 62 | €294,847 | €443,131 | +€148,284 | +50.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,644 | €473,987 | +€470,343 | +12,907% |
| Other operating charges | 640/8 | €2,123 | €1,523 | -€600 | -28.3% |
| Gross operating margin | 9900 | €301,426 | €980,055 | +€678,629 | +225% |
| Operating profit (loss) | 9901 | €812 | €61,414 | +€60,602 | +7,463% |
| Financial income | 75/76B | €12,668 | €4,271 | -€8,397 | -66.3% |
| Recurring financial income | 75 | €12,668 | €4,271 | -€8,397 | -66.3% |
| Financial charges | 65/66B | €8,948 | €17,063 | +€8,115 | +90.7% |
| Recurring financial charges | 65 | €8,948 | €17,063 | +€8,115 | +90.7% |
| Profit (loss) for the period before taxes | 9903 | €4,532 | €48,622 | +€44,090 | +973% |
| Income taxes | 67/77 | €2,345 | €18,186 | +€15,841 | +675% |
| Profit (loss) for the period | 9904 | €2,187 | €30,436 | +€28,249 | +1,292% |
| Profit (loss) for the period to be appropriated | 9905 | €2,187 | €30,436 | +€28,249 | +1,292% |
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 24 October 2026 via checked.be.