VALDOR: 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.
VALDOR
Largest movements
- Current investments +€120,100
new in 2025: €120,100
- Tangible fixed assets -€43,269
down €43,269 (-6.3%), from €685,765 to €642,497
- Cash -€20,399
down €20,399 (-9.5%), from €215,646 to €195,247
mainly Current investments (-€120,100) and Debts after one year (-€44,881)
- Reserves +€84,072
up €84,072 (+25.9%), from €324,674 to €408,746
of which Distributable reserves: +€85,739
- Debts after one year -€44,881
down €44,881 (-25.2%), from €178,109 to €133,228
- Tax, wage and social debts +€14,982
up €14,982 (+146%), from €10,293 to €25,275
- Gross operating margin +€13,149
up €13,149 (+8.0%), from €165,030 to €178,179
- Taxes +€4,863
up €4,863 (+13.7%), from €35,455 to €40,318
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €911,912 | €964,906 | +€52,995 | +5.8% |
| Fixed assets | 21/28 | €685,765 | €642,497 | -€43,269 | -6.3% |
| Tangible fixed assets | 22/27 | €685,765 | €642,497 | -€43,269 | -6.3% |
| Land and buildings | 22 | €685,765 | €642,497 | -€43,269 | -6.3% |
| Current assets | 29/58 | €226,146 | €322,410 | +€96,263 | +42.6% |
| Amounts receivable after more than one year | 29 | €10,500 | €7,062 | -€3,438 | -32.7% |
| Other amounts receivable | 291 | €10,500 | €7,062 | -€3,438 | -32.7% |
| Current investments | 50/53 | - | €120,100 | +€120,100 | |
| Cash at bank and in hand | 54/58 | €215,646 | €195,247 | -€20,399 | -9.5% |
| Total equity and liabilities | 10/49 | €911,912 | €964,906 | +€52,995 | +5.8% |
| Equity | 10/15 | €674,534 | €758,606 | +€84,072 | +12.5% |
| Contributions | 10/11 | €185,920 | €185,920 | = | 0.0% |
| Reserves | 13 | €324,674 | €408,746 | +€84,072 | +25.9% |
| Non-distributable reserves | 130/1 | €18,592 | €18,592 | = | 0.0% |
| Reserves not available under the articles | 1311 | €18,592 | €18,592 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,500 | €5,834 | -€1,667 | -22.2% |
| Distributable reserves | 133 | €298,581 | €384,320 | +€85,739 | +28.7% |
| Profit (loss) carried forward | 14 | €163,940 | €163,940 | = | 0.0% |
| Provisions and deferred taxes | 16 | €3,750 | €2,916 | -€833 | -22.2% |
| Deferred taxes | 168 | €3,750 | €2,916 | -€833 | -22.2% |
| Amounts payable | 17/49 | €233,628 | €203,384 | -€30,245 | -12.9% |
| Amounts payable after more than one year | 17 | €178,109 | €133,228 | -€44,881 | -25.2% |
| Financial debts | 170/4 | €178,109 | €133,228 | -€44,881 | -25.2% |
| Amounts payable within one year | 42/48 | €55,520 | €70,156 | +€14,636 | +26.4% |
| Current portion of amounts payable after more than one year | 42 | €44,691 | €44,881 | +€190 | +0.4% |
| Trade debts | 44 | €535 | - | -€535 | |
| Suppliers | 440/4 | €535 | - | -€535 | |
| Taxes, remuneration and social security | 45 | €10,293 | €25,275 | +€14,982 | +146% |
| Taxes | 450/3 | €10,293 | €25,275 | +€14,982 | +146% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,269 | €43,269 | = | 0.0% |
| Other operating charges | 640/8 | €10,719 | €11,248 | +€529 | +4.9% |
| Gross operating margin | 9900 | €165,030 | €178,179 | +€13,149 | +8.0% |
| Operating profit (loss) | 9901 | €111,042 | €123,662 | +€12,620 | +11.4% |
| Financial income | 75/76B | €1,457 | €2,808 | +€1,351 | +92.7% |
| Recurring financial income | 75 | €1,457 | €2,808 | +€1,351 | +92.7% |
| Financial charges | 65/66B | €3,720 | €2,914 | -€807 | -21.7% |
| Recurring financial charges | 65 | €3,720 | €2,914 | -€807 | -21.7% |
| Profit (loss) for the period before taxes | 9903 | €108,779 | €123,557 | +€14,778 | +13.6% |
| Transfer from deferred taxes | 780 | €833 | €833 | = | 0.0% |
| Income taxes | 67/77 | €35,455 | €40,318 | +€4,863 | +13.7% |
| Profit (loss) for the period | 9904 | €74,158 | €84,072 | +€9,915 | +13.4% |
| Transfer from tax-exempt reserves | 789 | €1,667 | €1,667 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €75,824 | €85,739 | +€9,915 | +13.1% |
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 16 October 2026 via checked.be.