Valdor&K: 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&K
Largest movements
- Cash +€71,050
up €71,050 (+13.1%), from €544,169 to €615,219
mainly Net result for the year (+€79,296) and Depreciation (+€10,868)
- Reserves +€79,296
up €79,296 (+22.2%), from €357,339 to €436,635
- Tax, wage and social debts -€23,616
down €23,616 (-16.6%), from €142,188 to €118,572
of which Remuneration and social security: -€17,052
- Gross operating margin -€68,898
down €68,898 (-8.1%), from €849,545 to €780,647
- Taxes -€22,016
down €22,016 (-40.9%), from €53,823 to €31,807
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 | €1,103,547 | €1,169,296 | +€65,749 | +6.0% |
| Fixed assets | 21/28 | €27,629 | €16,761 | -€10,868 | -39.3% |
| Tangible fixed assets | 22/27 | €27,629 | €16,761 | -€10,868 | -39.3% |
| Plant, machinery and equipment | 23 | €23,947 | €14,305 | -€9,642 | -40.3% |
| Furniture and vehicles | 24 | €3,682 | €2,456 | -€1,226 | -33.3% |
| Current assets | 29/58 | €1,075,918 | €1,152,535 | +€76,617 | +7.1% |
| Stocks and contracts in progress | 3 | €42,280 | €41,789 | -€491 | -1.2% |
| Stocks | 30/36 | €42,280 | €41,789 | -€491 | -1.2% |
| Amounts receivable within one year | 40/41 | €9,411 | €8,682 | -€729 | -7.7% |
| Trade receivables | 40 | €9,411 | €8,682 | -€729 | -7.7% |
| Current investments | 50/53 | €467,282 | €475,067 | +€7,785 | +1.7% |
| Cash at bank and in hand | 54/58 | €544,169 | €615,219 | +€71,050 | +13.1% |
| Deferred charges and accrued income | 490/1 | €12,776 | €11,778 | -€998 | -7.8% |
| Total equity and liabilities | 10/49 | €1,103,547 | €1,169,296 | +€65,749 | +6.0% |
| Equity | 10/15 | €868,131 | €947,427 | +€79,296 | +9.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €357,339 | €436,635 | +€79,296 | +22.2% |
| Distributable reserves | 133 | €357,339 | €436,635 | +€79,296 | +22.2% |
| Profit (loss) carried forward | 14 | €492,192 | €492,192 | = | 0.0% |
| Amounts payable | 17/49 | €235,416 | €221,869 | -€13,547 | -5.8% |
| Amounts payable within one year | 42/48 | €235,416 | €221,869 | -€13,547 | -5.8% |
| Trade debts | 44 | €93,228 | €103,297 | +€10,069 | +10.8% |
| Suppliers | 440/4 | €93,228 | €103,297 | +€10,069 | +10.8% |
| Taxes, remuneration and social security | 45 | €142,188 | €118,572 | -€23,616 | -16.6% |
| Taxes | 450/3 | €50,779 | €44,215 | -€6,564 | -12.9% |
| Remuneration and social security | 454/9 | €91,409 | €74,357 | -€17,052 | -18.7% |
| Remuneration, social security and pensions | 62 | €650,246 | €648,399 | -€1,847 | -0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,265 | €10,868 | -€397 | -3.5% |
| Other operating charges | 640/8 | €6,179 | €6,689 | +€510 | +8.3% |
| Gross operating margin | 9900 | €849,545 | €780,647 | -€68,898 | -8.1% |
| Operating profit (loss) | 9901 | €181,855 | €114,691 | -€67,164 | -36.9% |
| Financial income | 75/76B | €8,217 | €8,952 | +€735 | +8.9% |
| Recurring financial income | 75 | €7,929 | €8,664 | +€735 | +9.3% |
| Non-recurring financial income | 76B | €288 | €288 | = | 0.0% |
| Financial charges | 65/66B | €10,022 | €12,540 | +€2,518 | +25.1% |
| Recurring financial charges | 65 | €10,022 | €10,531 | +€509 | +5.1% |
| Non-recurring financial charges | 66B | - | €2,009 | +€2,009 | |
| Profit (loss) for the period before taxes | 9903 | €180,050 | €111,103 | -€68,947 | -38.3% |
| Income taxes | 67/77 | €53,823 | €31,807 | -€22,016 | -40.9% |
| Profit (loss) for the period | 9904 | €126,227 | €79,296 | -€46,931 | -37.2% |
| Profit (loss) for the period to be appropriated | 9905 | €126,227 | €79,296 | -€46,931 | -37.2% |
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 25 October 2026 via checked.be.