VALE: 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.
What changed
VALE
NACE 96.301, Funeral services
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€37,323
2024 · -€68,596+€105,919
Equity
€65,040
2024 · €27,717+€37,323
Cash
€32,784
2024 · €132,516-€99,732
Balance sheet total
€1.2m
2024 · €1.3m-€72,372
Largest movements
Assets
- Cash -€99,732
down €99,732 (-75.3%), from €132,516 to €32,784
mainly Debts after one year (-€665,613) and Investment in fixed assets (net) (-€90,883)
- Tangible fixed assets +€35,682
up €35,682 (+3.4%), from €1.0m to €1.1m
of which Land and buildings: +€51,673
Equity and liabilities
- Debts after one year -€665,613
down €665,613 (-99.7%), from €667,500 to €1,887
of which Financial debts: -€667,500
- Current portion of long-term debt +€570,305
up €570,305 (+586.8%), from €97,196 to €667,500
- Profit (loss) carried forward +€37,323
up €37,323 (+45.4%), from -€82,283 to -€44,960
- Trade debts -€31,700
down €31,700 (-46.6%), from €68,021 to €36,320
- Other debts +€20,000
up €20,000 (+5.0%), from €400,000 to €420,000
Income statement
- Turnover +€369,107
new in 2025: €369,107
- Services and other goods +€112,426
new in 2025: €112,426
- Goods and materials +€99,470
new in 2025: €99,470
of which Purchases: +€95,458
- Gross operating margin -€58,811
no longer reported in 2025 (was €58,811)
- Financial charges -€14,002
down €14,002 (-33.3%), from €42,027 to €28,025
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.
Result 2024
-€68,596
Turnover
+€369,107
Other operating income
+€6,942
Goods and materials
-€99,470
Services and other goods
-€112,426
Staff costs
+€8,145
Depreciation
-€7,134
Other operating charges
-€10,169
Other operating items
-€58,372
Financial income
-€4,706
Financial charges
+€14,002
Result 2025
€37,323
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.
From operations
+€86,459
Investment
-€90,883
Financing
-€95,309
Cash 2024
€132,516
From operations (derived)
+€86,459
Net result for the year
+€37,323
Depreciation
+€54,990
Stocks and contracts
+€4,012
Receivables within one year
+€6,447
Deferred charges and accrued income
-€1,927
Trade debts
-€31,700
Smaller working-capital items
+€619
Advances received
-€3,305
Other debts
+€20,000
Investment (derived)
-€90,883
Investment in fixed assets (net)
-€90,883
Financing
-€95,309
Debts after one year
-€665,613
Current portion of long-term debt
+€570,305
Cash 2025
€32,784
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,266,377 | €1,194,005 | -€72,372 | -5.7% |
| Fixed assets | 21/28 | €1,039,632 | €1,075,525 | +€35,892 | +3.5% |
| Tangible fixed assets | 22/27 | €1,039,632 | €1,075,315 | +€35,682 | +3.4% |
| Land and buildings | 22 | €949,499 | €1,001,172 | +€51,673 | +5.4% |
| Plant, machinery and equipment | 23 | €54,218 | €45,088 | -€9,130 | -16.8% |
| Furniture and vehicles | 24 | €31,611 | €29,056 | -€2,555 | -8.1% |
| Assets under construction and advance payments | 27 | €4,305 | €0 | -€4,305 | -100.0% |
| Financial fixed assets | 28 | - | €210 | +€210 | |
| Other financial fixed assets | 284/8 | - | €210 | +€210 | |
| Amounts receivable and cash guarantees | 285/8 | - | €210 | +€210 | |
| Current assets | 29/58 | €226,744 | €118,480 | -€108,264 | -47.7% |
| Stocks and contracts in progress | 3 | €11,198 | €7,186 | -€4,012 | -35.8% |
| Stocks | 30/36 | €11,198 | €7,186 | -€4,012 | -35.8% |
| Goods purchased for resale | 34 | - | €7,186 | +€7,186 | |
| Amounts receivable within one year | 40/41 | €78,826 | €72,380 | -€6,447 | -8.2% |
| Trade receivables | 40 | €78,568 | €72,355 | -€6,213 | -7.9% |
| Other amounts receivable | 41 | €258 | €25 | -€234 | -90.5% |
| Cash at bank and in hand | 54/58 | €132,516 | €32,784 | -€99,732 | -75.3% |
| Deferred charges and accrued income | 490/1 | €4,204 | €6,131 | +€1,927 | +45.8% |
| Total equity and liabilities | 10/49 | €1,266,377 | €1,194,005 | -€72,372 | -5.7% |
| Equity | 10/15 | €27,717 | €65,040 | +€37,323 | +134.7% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€82,283 | -€44,960 | +€37,323 | +45.4% |
| Amounts payable | 17/49 | €1,238,660 | €1,128,965 | -€109,695 | -8.9% |
| Amounts payable after more than one year | 17 | €667,500 | €1,887 | -€665,613 | -99.7% |
| Financial debts | 170/4 | €667,500 | €0 | -€667,500 | -100.0% |
| Credit institutions | 173 | - | €0 | = | |
| Other loans | 174 | - | €0 | = | |
| Advances received on contracts in progress | 176 | - | €1,887 | +€1,887 | |
| Amounts payable within one year | 42/48 | €570,877 | €1,125,282 | +€554,404 | +97.1% |
| Current portion of amounts payable after more than one year | 42 | €97,196 | €667,500 | +€570,305 | +586.8% |
| Trade debts | 44 | €68,021 | €36,320 | -€31,700 | -46.6% |
| Suppliers | 440/4 | €68,021 | €36,320 | -€31,700 | -46.6% |
| Advances received on contracts in progress | 46 | €3,305 | €0 | -€3,305 | -100.0% |
| Taxes, remuneration and social security | 45 | €2,356 | €1,461 | -€895 | -38.0% |
| Taxes | 450/3 | €1,216 | €540 | -€676 | -55.6% |
| Remuneration and social security | 454/9 | €1,140 | €921 | -€219 | -19.2% |
| Other amounts payable | 47/48 | €400,000 | €420,000 | +€20,000 | +5.0% |
| Accrued charges and deferred income | 492/3 | €283 | €1,797 | +€1,514 | +535.4% |
| Operating income | 70/76A | - | €376,049 | +€376,049 | |
| Turnover | 70 | - | €369,107 | +€369,107 | |
| Other operating income | 74 | - | €6,942 | +€6,942 | |
| Operating charges | 60/66A | - | €310,978 | +€310,978 | |
| Goods for resale, raw materials and consumables | 60 | - | €99,470 | +€99,470 | |
| Purchases | 600/8 | - | €95,458 | +€95,458 | |
| Change in stocks: decrease (increase) | 609 | - | €4,012 | +€4,012 | |
| Services and other goods | 61 | - | €112,426 | +€112,426 | |
| Remuneration, social security and pensions | 62 | €13,832 | €5,687 | -€8,145 | -58.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,856 | €54,990 | +€7,134 | +14.9% |
| Other operating charges | 640/8 | €28,235 | €38,404 | +€10,169 | +36.0% |
| Non-recurring operating charges | 66A | €439 | €0 | -€439 | -100.0% |
| Gross operating margin | 9900 | €58,811 | - | -€58,811 | |
| Operating profit (loss) | 9901 | -€31,551 | €65,072 | +€96,623 | |
| Financial income | 75/76B | €4,983 | €276 | -€4,706 | -94.5% |
| Recurring financial income | 75 | €4,983 | €276 | -€4,706 | -94.5% |
| Income from current assets | 751 | - | €0 | = | |
| Other financial income | 752/9 | - | €276 | +€276 | |
| Financial charges | 65/66B | €42,027 | €28,025 | -€14,002 | -33.3% |
| Recurring financial charges | 65 | €42,027 | €28,025 | -€14,002 | -33.3% |
| Debt charges | 650 | - | €27,401 | +€27,401 | |
| Other financial charges | 652/9 | - | €624 | +€624 | |
| Profit (loss) for the period before taxes | 9903 | -€68,596 | €37,323 | +€105,919 | |
| Profit (loss) for the period | 9904 | -€68,596 | €37,323 | +€105,919 | |
| Profit (loss) for the period to be appropriated | 9905 | -€68,596 | €37,323 | +€105,919 |
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.