VALCURA: 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.
VALCURA
Largest movements
- Current investments +€152,478
new in 2025: €152,478
- Cash -€66,855
down €66,855 (-48.7%), from €137,384 to €70,529
mainly Current investments (-€152,478) and Debts after one year (-€23,118)
- Tangible fixed assets -€14,782
down €14,782 (-21.2%), from €69,605 to €54,823
- Deferred charges and accrued income -€11,578
down €11,578 (-40.5%), from €28,617 to €17,039
- Receivables within one year +€4,033
new in 2025: €4,033
- Reserves +€78,300
up €78,300 (+60.5%), from €129,339 to €207,639
- Debts after one year -€23,118
down €23,118 (-53.8%), from €42,972 to €19,854
- Tax, wage and social debts +€11,210
up €11,210 (+30.5%), from €36,723 to €47,933
- Other debts -€4,415
down €4,415 (-100.0%), from €4,415 to €0
- Gross operating margin +€25,284
up €25,284 (+25.2%), from €100,526 to €125,810
- Depreciation +€10,701
up €10,701 (+262.2%), from €4,081 to €14,782
- Taxes +€4,360
up €4,360 (+20.3%), from €21,441 to €25,802
- Other operating charges +€2,982
up €2,982 (+593.0%), from €503 to €3,485
- Financial charges +€2,339
up €2,339 (+430.4%), from €544 to €2,883
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 | €236,094 | €299,390 | +€63,296 | +26.8% |
| Fixed assets | 21/28 | €70,093 | €55,311 | -€14,782 | -21.1% |
| Tangible fixed assets | 22/27 | €69,605 | €54,823 | -€14,782 | -21.2% |
| Furniture and vehicles | 24 | €69,605 | €54,823 | -€14,782 | -21.2% |
| Financial fixed assets | 28 | €488 | €488 | = | 0.0% |
| Current assets | 29/58 | €166,001 | €244,079 | +€78,078 | +47.0% |
| Amounts receivable within one year | 40/41 | - | €4,033 | +€4,033 | |
| Other amounts receivable | 41 | - | €4,033 | +€4,033 | |
| Current investments | 50/53 | - | €152,478 | +€152,478 | |
| Cash at bank and in hand | 54/58 | €137,384 | €70,529 | -€66,855 | -48.7% |
| Deferred charges and accrued income | 490/1 | €28,617 | €17,039 | -€11,578 | -40.5% |
| Total equity and liabilities | 10/49 | €236,094 | €299,390 | +€63,296 | +26.8% |
| Equity | 10/15 | €129,439 | €207,739 | +€78,300 | +60.5% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €129,339 | €207,639 | +€78,300 | +60.5% |
| Distributable reserves | 133 | €129,339 | €207,639 | +€78,300 | +60.5% |
| Amounts payable | 17/49 | €106,655 | €91,651 | -€15,004 | -14.1% |
| Amounts payable after more than one year | 17 | €42,972 | €19,854 | -€23,118 | -53.8% |
| Financial debts | 170/4 | €42,972 | €19,854 | -€23,118 | -53.8% |
| Amounts payable within one year | 42/48 | €63,683 | €71,797 | +€8,115 | +12.7% |
| Current portion of amounts payable after more than one year | 42 | €22,371 | €23,118 | +€747 | +3.3% |
| Financial debts | 43 | - | €201 | +€201 | |
| Credit institutions | 430/8 | - | €201 | +€201 | |
| Trade debts | 44 | €173 | €544 | +€371 | +214.6% |
| Suppliers | 440/4 | €173 | €544 | +€371 | +214.6% |
| Taxes, remuneration and social security | 45 | €36,723 | €47,933 | +€11,210 | +30.5% |
| Taxes | 450/3 | €36,723 | €47,933 | +€11,210 | +30.5% |
| Other amounts payable | 47/48 | €4,415 | €0 | -€4,415 | -100.0% |
| Remuneration, social security and pensions | 62 | €327 | €572 | +€245 | +74.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,081 | €14,782 | +€10,701 | +262.2% |
| Other operating charges | 640/8 | €503 | €3,485 | +€2,982 | +593.0% |
| Gross operating margin | 9900 | €100,526 | €125,810 | +€25,284 | +25.2% |
| Operating profit (loss) | 9901 | €95,615 | €106,971 | +€11,356 | +11.9% |
| Financial income | 75/76B | €1 | €13 | +€12 | +1013.3% |
| Recurring financial income | 75 | €1 | €13 | +€12 | +1013.3% |
| Financial charges | 65/66B | €544 | €2,883 | +€2,339 | +430.4% |
| Recurring financial charges | 65 | €544 | €2,883 | +€2,339 | +430.4% |
| Profit (loss) for the period before taxes | 9903 | €95,073 | €104,102 | +€9,029 | +9.5% |
| Income taxes | 67/77 | €21,441 | €25,802 | +€4,360 | +20.3% |
| Profit (loss) for the period | 9904 | €73,631 | €78,300 | +€4,669 | +6.3% |
| Profit (loss) for the period to be appropriated | 9905 | €73,631 | €78,300 | +€4,669 | +6.3% |
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.