Valein: 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
Valein
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€121,857
2024 · €119,228+€2,629
Equity
€1.9m
2024 · €1.8m+€121,857
Cash
€178,311
2024 · €218,374-€40,063
Balance sheet total
€5.9m
2024 · €6.0m-€126,151
Largest movements
Assets
- Tangible fixed assets -€80,994
down €80,994 (-1.4%), from €5.8m to €5.7m
of which Land and buildings: -€84,201
Equity and liabilities
- Debts after one year -€241,332
down €241,332 (-6.3%), from €3.9m to €3.6m
- Reserves +€121,857
up €121,857 (+45.4%), from €268,145 to €390,002
Income statement
- Gross operating margin +€6,437
up €6,437 (+1.5%), from €418,728 to €425,165
- Other operating charges +€4,974
up €4,974 (+29.5%), from €16,860 to €21,835
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
€119,228
Gross operating margin
+€6,437
Depreciation
-€1,417
Other operating charges
-€4,974
Financial income
-€5
Financial charges
+€3,339
Taxes
-€750
Result 2025
€121,857
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
+€282,758
Investment
-€81,489
Financing
-€241,332
Cash 2024
€218,374
From operations (derived)
+€282,758
Net result for the year
+€121,857
Depreciation
+€162,483
Receivables within one year
+€4,897
Deferred charges and accrued income
+€196
Trade debts
+€2,283
Tax, wage and social debts
+€2,711
Other debts
+€14,769
Accrued charges and deferred income
-€26,438
Investment (derived)
-€81,489
Investment in fixed assets (net)
-€81,489
Financing
-€241,332
Debts after one year
-€241,332
Cash 2025
€178,311
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,046,877 | €5,920,726 | -€126,151 | -2.1% |
| Fixed assets | 21/28 | €5,818,295 | €5,737,301 | -€80,994 | -1.4% |
| Tangible fixed assets | 22/27 | €5,818,295 | €5,737,301 | -€80,994 | -1.4% |
| Land and buildings | 22 | €5,798,522 | €5,714,320 | -€84,201 | -1.5% |
| Plant, machinery and equipment | 23 | €19,773 | €17,551 | -€2,223 | -11.2% |
| Furniture and vehicles | 24 | - | €5,429 | +€5,429 | |
| Current assets | 29/58 | €228,583 | €183,426 | -€45,157 | -19.8% |
| Amounts receivable within one year | 40/41 | €4,920 | €23 | -€4,897 | -99.5% |
| Trade receivables | 40 | €1,881 | - | -€1,881 | |
| Other amounts receivable | 41 | €3,039 | €23 | -€3,016 | -99.3% |
| Cash at bank and in hand | 54/58 | €218,374 | €178,311 | -€40,063 | -18.3% |
| Deferred charges and accrued income | 490/1 | €5,289 | €5,093 | -€196 | -3.7% |
| Total equity and liabilities | 10/49 | €6,046,877 | €5,920,726 | -€126,151 | -2.1% |
| Equity | 10/15 | €1,801,370 | €1,923,227 | +€121,857 | +6.8% |
| Contributions | 10/11 | €1,533,225 | €1,533,225 | = | 0.0% |
| Reserves | 13 | €268,145 | €390,002 | +€121,857 | +45.4% |
| Distributable reserves | 133 | €268,145 | €390,002 | +€121,857 | +45.4% |
| Amounts payable | 17/49 | €4,245,507 | €3,997,499 | -€248,008 | -5.8% |
| Amounts payable after more than one year | 17 | €3,853,441 | €3,612,109 | -€241,332 | -6.3% |
| Financial debts | 170/4 | €3,853,441 | €3,612,109 | -€241,332 | -6.3% |
| Amounts payable within one year | 42/48 | €339,018 | €358,780 | +€19,762 | +5.8% |
| Current portion of amounts payable after more than one year | 42 | €241,332 | €241,332 | = | 0.0% |
| Trade debts | 44 | €900 | €3,183 | +€2,283 | +253.5% |
| Suppliers | 440/4 | €900 | €3,183 | +€2,283 | +253.5% |
| Taxes, remuneration and social security | 45 | - | €2,711 | +€2,711 | |
| Taxes | 450/3 | - | €2,711 | +€2,711 | |
| Other amounts payable | 47/48 | €96,786 | €111,554 | +€14,769 | +15.3% |
| Accrued charges and deferred income | 492/3 | €53,048 | €26,610 | -€26,438 | -49.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €161,066 | €162,483 | +€1,417 | +0.9% |
| Other operating charges | 640/8 | €16,860 | €21,835 | +€4,974 | +29.5% |
| Gross operating margin | 9900 | €418,728 | €425,165 | +€6,437 | +1.5% |
| Operating profit (loss) | 9901 | €240,801 | €240,847 | +€45 | 0.0% |
| Financial income | 75/76B | €5 | - | -€5 | |
| Recurring financial income | 75 | €5 | - | -€5 | |
| Financial charges | 65/66B | €79,618 | €76,279 | -€3,339 | -4.2% |
| Recurring financial charges | 65 | €79,618 | €76,279 | -€3,339 | -4.2% |
| Profit (loss) for the period before taxes | 9903 | €161,189 | €164,568 | +€3,379 | +2.1% |
| Income taxes | 67/77 | €41,961 | €42,711 | +€750 | +1.8% |
| Profit (loss) for the period | 9904 | €119,228 | €121,857 | +€2,629 | +2.2% |
| Profit (loss) for the period to be appropriated | 9905 | €119,228 | €121,857 | +€2,629 | +2.2% |
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 2 October 2026 via checked.be.