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.
VALE
Largest movements
- Current investments -€70,000
down €70,000 (-100.0%), from €70,000 to €0
- Tangible fixed assets -€69,685
down €69,685 (-1.9%), from €3.7m to €3.6m
of which Land and buildings: -€84,157
- Cash +€64,999
up €64,999 (+131.6%), from €49,376 to €114,375
mainly Depreciation (+€193,666) and Trade debts (+€100,420)
- Debts after one year -€133,651
down €133,651 (-6.0%), from €2.2m to €2.1m
- Trade debts +€100,420
up €100,420 (+841741.7%), from €12 to €100,432
- Depreciation +€51,918
up €51,918 (+36.6%), from €141,748 to €193,666
- Gross operating margin +€41,523
up €41,523 (+18.7%), from €222,548 to €264,071
- Financial charges +€27,699
up €27,699 (+56.4%), from €49,144 to €76,843
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 | €3,814,169 | €3,763,260 | -€50,909 | -1.3% |
| Fixed assets | 21/28 | €3,686,362 | €3,616,677 | -€69,685 | -1.9% |
| Tangible fixed assets | 22/27 | €3,686,362 | €3,616,677 | -€69,685 | -1.9% |
| Land and buildings | 22 | €3,686,362 | €3,602,204 | -€84,157 | -2.3% |
| Plant, machinery and equipment | 23 | - | €14,473 | +€14,473 | |
| Current assets | 29/58 | €127,807 | €146,583 | +€18,776 | +14.7% |
| Amounts receivable within one year | 40/41 | €8,431 | €32,208 | +€23,777 | +282.0% |
| Trade receivables | 40 | €8,431 | €27,083 | +€18,652 | +221.2% |
| Other amounts receivable | 41 | - | €5,125 | +€5,125 | |
| Current investments | 50/53 | €70,000 | €0 | -€70,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €49,376 | €114,375 | +€64,999 | +131.6% |
| Total equity and liabilities | 10/49 | €3,814,169 | €3,763,260 | -€50,909 | -1.3% |
| Equity | 10/15 | €663,451 | €644,105 | -€19,346 | -2.9% |
| Contributions | 10/11 | €1,102 | €1,102 | = | 0.0% |
| Reserves | 13 | €662,350 | €643,003 | -€19,346 | -2.9% |
| Distributable reserves | 133 | €662,350 | €643,003 | -€19,346 | -2.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €3,150,718 | €3,119,156 | -€31,562 | -1.0% |
| Amounts payable after more than one year | 17 | €2,237,763 | €2,104,112 | -€133,651 | -6.0% |
| Financial debts | 170/4 | €2,237,763 | €2,104,112 | -€133,651 | -6.0% |
| Amounts payable within one year | 42/48 | €912,955 | €1,015,043 | +€102,088 | +11.2% |
| Current portion of amounts payable after more than one year | 42 | €129,292 | €133,651 | +€4,359 | +3.4% |
| Trade debts | 44 | €12 | €100,432 | +€100,420 | +841741.7% |
| Suppliers | 440/4 | €12 | €100,432 | +€100,420 | +841741.7% |
| Taxes, remuneration and social security | 45 | €7,823 | €5,133 | -€2,690 | -34.4% |
| Taxes | 450/3 | €7,823 | €5,133 | -€2,690 | -34.4% |
| Other amounts payable | 47/48 | €775,828 | €775,828 | = | 0.0% |
| Non-recurring operating income | 76A | €18,293 | €0 | -€18,293 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €141,748 | €193,666 | +€51,918 | +36.6% |
| Other operating charges | 640/8 | €11,526 | €13,326 | +€1,800 | +15.6% |
| Gross operating margin | 9900 | €222,548 | €264,071 | +€41,523 | +18.7% |
| Operating profit (loss) | 9901 | €69,274 | €57,079 | -€12,195 | -17.6% |
| Financial income | 75/76B | - | €418 | +€418 | |
| Recurring financial income | 75 | - | €418 | +€418 | |
| Financial charges | 65/66B | €49,144 | €76,843 | +€27,699 | +56.4% |
| Recurring financial charges | 65 | €49,144 | €76,843 | +€27,699 | +56.4% |
| Profit (loss) for the period before taxes | 9903 | €20,130 | -€19,346 | -€39,476 | |
| Income taxes | 67/77 | €1,830 | €0 | -€1,830 | -100.0% |
| Profit (loss) for the period | 9904 | €18,300 | -€19,346 | -€37,646 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,300 | -€19,346 | -€37,646 |
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.