VALDEC: 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.
VALDEC
Largest movements
- Cash +€41,322
up €41,322 (+34.0%), from €121,679 to €163,001
mainly Net result for the year (+€23,530) and Depreciation (+€10,663)
- Tangible fixed assets -€9,733
down €9,733 (-48.2%), from €20,206 to €10,473
of which Furniture and vehicles: -€6,867
- Receivables within one year -€9,423
down €9,423 (-28.2%), from €33,411 to €23,988
of which Other amounts receivable: -€8,383
- Profit (loss) carried forward +€23,530
up €23,530 (+64.5%), from €36,505 to €60,035
- Depreciation +€2,730
up €2,730 (+34.4%), from €7,932 to €10,663
- Staff costs +€1,834
up €1,834 (+2.4%), from €76,468 to €78,302
- Gross operating margin -€1,407
down €1,407 (-1.2%), from €121,453 to €120,046
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 | €180,047 | €203,411 | +€23,364 | +13.0% |
| Fixed assets | 21/28 | €22,021 | €14,309 | -€7,712 | -35.0% |
| Intangible fixed assets | 21 | - | €2,021 | +€2,021 | |
| Tangible fixed assets | 22/27 | €20,206 | €10,473 | -€9,733 | -48.2% |
| Plant, machinery and equipment | 23 | €3,306 | €683 | -€2,622 | -79.3% |
| Furniture and vehicles | 24 | €16,524 | €9,656 | -€6,867 | -41.6% |
| Other tangible fixed assets | 26 | €377 | €134 | -€243 | -64.5% |
| Financial fixed assets | 28 | €1,815 | €1,815 | = | 0.0% |
| Current assets | 29/58 | €158,026 | €189,102 | +€31,075 | +19.7% |
| Amounts receivable within one year | 40/41 | €33,411 | €23,988 | -€9,423 | -28.2% |
| Trade receivables | 40 | €21,569 | €20,528 | -€1,040 | -4.8% |
| Other amounts receivable | 41 | €11,842 | €3,459 | -€8,383 | -70.8% |
| Cash at bank and in hand | 54/58 | €121,679 | €163,001 | +€41,322 | +34.0% |
| Deferred charges and accrued income | 490/1 | €2,937 | €2,113 | -€823 | -28.0% |
| Total equity and liabilities | 10/49 | €180,047 | €203,411 | +€23,364 | +13.0% |
| Equity | 10/15 | €153,105 | €176,635 | +€23,530 | +15.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €111,600 | €111,600 | = | 0.0% |
| Distributable reserves | 133 | €111,600 | €111,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €36,505 | €60,035 | +€23,530 | +64.5% |
| Amounts payable | 17/49 | €26,942 | €26,776 | -€166 | -0.6% |
| Amounts payable within one year | 42/48 | €25,602 | €26,776 | +€1,173 | +4.6% |
| Trade debts | 44 | €2,236 | €1,382 | -€855 | -38.2% |
| Suppliers | 440/4 | €2,236 | €1,382 | -€855 | -38.2% |
| Taxes, remuneration and social security | 45 | €20,157 | €21,217 | +€1,059 | +5.3% |
| Taxes | 450/3 | €9,934 | €10,646 | +€712 | +7.2% |
| Remuneration and social security | 454/9 | €10,223 | €10,570 | +€347 | +3.4% |
| Other amounts payable | 47/48 | €3,209 | €4,177 | +€968 | +30.2% |
| Accrued charges and deferred income | 492/3 | €1,339 | €0 | -€1,339 | -100.0% |
| Non-recurring operating income | 76A | €56,475 | €0 | -€56,475 | -100.0% |
| Remuneration, social security and pensions | 62 | €76,468 | €78,302 | +€1,834 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,932 | €10,663 | +€2,730 | +34.4% |
| Other operating charges | 640/8 | €155 | €595 | +€440 | +284.1% |
| Gross operating margin | 9900 | €121,453 | €120,046 | -€1,407 | -1.2% |
| Operating profit (loss) | 9901 | €36,897 | €30,486 | -€6,411 | -17.4% |
| Financial income | 75/76B | €0 | €0 | -€0 | -50.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -50.0% |
| Financial charges | 65/66B | €119 | €166 | +€47 | +39.5% |
| Recurring financial charges | 65 | €119 | €166 | +€47 | +39.5% |
| Profit (loss) for the period before taxes | 9903 | €36,778 | €30,320 | -€6,458 | -17.6% |
| Income taxes | 67/77 | €7,250 | €6,790 | -€460 | -6.3% |
| Profit (loss) for the period | 9904 | €29,528 | €23,530 | -€5,998 | -20.3% |
| Profit (loss) for the period to be appropriated | 9905 | €29,528 | €23,530 | -€5,998 | -20.3% |
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 3 October 2026 via checked.be.