Valeico: 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.
What changed
Valeico
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€38,326
2024 · €3,130+€35,196
Equity
€3.0m
2024 · €3.0m+€38,326
Cash
€1,591
2024 · €4,983-€3,392
Balance sheet total
€4.0m
2024 · €4.3m-€279,620
Largest movements
Assets
- Receivables within one year -€317,159
down €317,159 (-30.2%), from €1.0m to €731,760
of which Trade receivables: -€193,365
Equity and liabilities
- Other debts -€416,764
down €416,764 (-73.4%), from €567,531 to €150,767
- Trade debts +€92,213
up €92,213 (+12.1%), from €759,394 to €851,607
Income statement
- Turnover +€1.5m
new in 2025: €1.5m
- Services and other goods +€1.2m
new in 2025: €1.2m
- Gross operating margin -€322,033
no longer reported in 2025 (was €322,033)
- Staff costs -€62,834
down €62,834 (-19.9%), from €315,298 to €252,464
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
€3,130
Turnover
+€1.5m
Other operating income
+€4,390
Services and other goods
-€1.2m
Staff costs
+€62,834
Depreciation
-€3,447
Other operating charges
-€1,056
Other operating items
-€322,033
Financial charges
-€64
Taxes
-€12,554
Result 2025
€38,326
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€39,991
Investment
-€43,383
Financing
€0
Cash 2024
€4,983
From operations (derived)
+€39,991
Net result for the year
+€38,326
Depreciation
+€3,447
Receivables within one year
+€317,159
Deferred charges and accrued income
-€995
Trade debts
+€92,213
Tax, wage and social debts
+€6,605
Other debts
-€416,764
Investment (derived)
-€43,383
Investment in fixed assets (net)
-€43,383
Cash 2025
€1,591
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,328,036 | €4,048,416 | -€279,620 | -6.5% |
| Fixed assets | 21/28 | €3,274,134 | €3,314,070 | +€39,936 | +1.2% |
| Tangible fixed assets | 22/27 | - | €39,936 | +€39,936 | |
| Furniture and vehicles | 24 | - | €39,936 | +€39,936 | |
| Financial fixed assets | 28 | €3,274,134 | €3,274,134 | = | 0.0% |
| Affiliated companies | 280/1 | - | €3,274,074 | +€3.3m | |
| Participating interests | 280 | - | €3,274,074 | +€3.3m | |
| Other financial fixed assets | 284/8 | - | €60 | +€60 | |
| Amounts receivable and cash guarantees | 285/8 | - | €60 | +€60 | |
| Current assets | 29/58 | €1,053,902 | €734,346 | -€319,556 | -30.3% |
| Stocks and contracts in progress | 3 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €1,048,920 | €731,760 | -€317,159 | -30.2% |
| Trade receivables | 40 | €690,634 | €497,269 | -€193,365 | -28.0% |
| Other amounts receivable | 41 | €358,286 | €234,492 | -€123,794 | -34.6% |
| Cash at bank and in hand | 54/58 | €4,983 | €1,591 | -€3,392 | -68.1% |
| Deferred charges and accrued income | 490/1 | - | €995 | +€995 | |
| Total equity and liabilities | 10/49 | €4,328,036 | €4,048,416 | -€279,620 | -6.5% |
| Equity | 10/15 | €2,951,249 | €2,989,576 | +€38,326 | +1.3% |
| Contributions | 10/11 | €2,940,510 | €2,940,510 | = | 0.0% |
| Capital | 10 | €2,940,510 | €2,940,510 | = | 0.0% |
| Issued capital | 100 | €2,940,510 | €2,940,510 | = | 0.0% |
| Reserves | 13 | €10,739 | €49,066 | +€38,326 | +357% |
| Non-distributable reserves | 130/1 | €537 | €2,453 | +€1,916 | +357% |
| Legal reserve | 130 | €537 | €2,453 | +€1,916 | +357% |
| Distributable reserves | 133 | €10,202 | €46,612 | +€36,410 | +357% |
| Amounts payable | 17/49 | €1,376,786 | €1,058,840 | -€317,946 | -23.1% |
| Amounts payable within one year | 42/48 | €1,376,786 | €1,058,840 | -€317,946 | -23.1% |
| Trade debts | 44 | €759,394 | €851,607 | +€92,213 | +12.1% |
| Suppliers | 440/4 | €759,394 | €851,607 | +€92,213 | +12.1% |
| Taxes, remuneration and social security | 45 | €49,862 | €56,467 | +€6,605 | +13.2% |
| Taxes | 450/3 | €16,418 | €27,005 | +€10,587 | +64.5% |
| Remuneration and social security | 454/9 | €33,444 | €29,462 | -€3,982 | -11.9% |
| Other amounts payable | 47/48 | €567,531 | €150,767 | -€416,764 | -73.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Operating income | 70/76A | - | €1,491,735 | +€1.5m | |
| Turnover | 70 | - | €1,487,345 | +€1.5m | |
| Other operating income | 74 | - | €4,390 | +€4,390 | |
| Operating charges | 60/66A | - | €1,437,548 | +€1.4m | |
| Services and other goods | 61 | - | €1,180,220 | +€1.2m | |
| Remuneration, social security and pensions | 62 | €315,298 | €252,464 | -€62,834 | -19.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €3,447 | +€3,447 | |
| Other operating charges | 640/8 | €361 | €1,417 | +€1,056 | +292% |
| Gross operating margin | 9900 | €322,033 | - | -€322,033 | |
| Operating profit (loss) | 9901 | €6,373 | €54,187 | +€47,814 | +750% |
| Financial charges | 65/66B | €51 | €115 | +€64 | +124% |
| Recurring financial charges | 65 | €51 | €115 | +€64 | +124% |
| Debt charges | 650 | - | €115 | +€115 | |
| Profit (loss) for the period before taxes | 9903 | €6,322 | €54,072 | +€47,750 | +755% |
| Income taxes | 67/77 | €3,191 | €15,746 | +€12,554 | +393% |
| Taxes | 670/3 | - | €15,791 | +€15,791 | |
| Tax adjustments and reversals of tax provisions | 77 | - | €45 | +€45 | |
| Profit (loss) for the period | 9904 | €3,130 | €38,326 | +€35,196 | +1,124% |
| Profit (loss) for the period to be appropriated | 9905 | €3,130 | €38,326 | +€35,196 | +1,124% |
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 18 October 2026 via checked.be.