VALEM: 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.
VALEM
Largest movements
- Tangible fixed assets -€56,447
down €56,447 (-2.7%), from €2.1m to €2.0m
- Cash -€34,055
down €34,055 (-80.5%), from €42,326 to €8,272
mainly Net result for the year (-€32,587) and Debts after one year (-€29,259)
- Debts after one year -€29,259
down €29,259 (-9.3%), from €315,192 to €285,933
- Reserves -€27,720
down €27,720 (-3.4%), from €818,579 to €790,859
- Trade debts -€21,375
down €21,375 (-39.6%), from €53,936 to €32,561
- Gross operating margin -€8,715
down €8,715 (-26.9%), from €32,441 to €23,726
- Depreciation +€1,203
up €1,203 (+2.2%), from €55,244 to €56,447
- Financial charges -€326
down €326 (-7.5%), from €4,363 to €4,038
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 | €2,121,965 | €2,034,497 | -€87,468 | -4.1% |
| Fixed assets | 21/28 | €2,079,239 | €2,022,792 | -€56,447 | -2.7% |
| Tangible fixed assets | 22/27 | €2,078,485 | €2,022,038 | -€56,447 | -2.7% |
| Land and buildings | 22 | €2,078,485 | €2,022,038 | -€56,447 | -2.7% |
| Financial fixed assets | 28 | €754 | €754 | = | 0.0% |
| Current assets | 29/58 | €42,726 | €11,706 | -€31,021 | -72.6% |
| Amounts receivable within one year | 40/41 | - | €3,029 | +€3,029 | |
| Trade receivables | 40 | - | €3,029 | +€3,029 | |
| Cash at bank and in hand | 54/58 | €42,326 | €8,272 | -€34,055 | -80.5% |
| Deferred charges and accrued income | 490/1 | €400 | €405 | +€5 | +1.3% |
| Total equity and liabilities | 10/49 | €2,121,965 | €2,034,497 | -€87,468 | -4.1% |
| Equity | 10/15 | €746,973 | €714,386 | -€32,587 | -4.4% |
| Contributions | 10/11 | €198,315 | €198,315 | = | 0.0% |
| Capital | 10 | €198,315 | €198,315 | = | 0.0% |
| Issued capital | 100 | €198,315 | €198,315 | = | 0.0% |
| Reserves | 13 | €818,579 | €790,859 | -€27,720 | -3.4% |
| Tax-exempt reserves | 132 | €818,579 | €790,859 | -€27,720 | -3.4% |
| Profit (loss) carried forward | 14 | -€269,921 | -€274,788 | -€4,868 | -1.8% |
| Provisions and deferred taxes | 16 | €272,860 | €263,620 | -€9,240 | -3.4% |
| Deferred taxes | 168 | €272,860 | €263,620 | -€9,240 | -3.4% |
| Amounts payable | 17/49 | €1,102,132 | €1,056,492 | -€45,641 | -4.1% |
| Amounts payable after more than one year | 17 | €315,192 | €285,933 | -€29,259 | -9.3% |
| Financial debts | 170/4 | €315,192 | €285,933 | -€29,259 | -9.3% |
| Amounts payable within one year | 42/48 | €786,940 | €766,989 | -€19,952 | -2.5% |
| Current portion of amounts payable after more than one year | 42 | €28,950 | €29,259 | +€310 | +1.1% |
| Trade debts | 44 | €53,936 | €32,561 | -€21,375 | -39.6% |
| Suppliers | 440/4 | €53,936 | €32,561 | -€21,375 | -39.6% |
| Other amounts payable | 47/48 | €704,054 | €705,168 | +€1,114 | +0.2% |
| Accrued charges and deferred income | 492/3 | - | €3,570 | +€3,570 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,244 | €56,447 | +€1,203 | +2.2% |
| Other operating charges | 640/8 | €4,757 | €5,069 | +€311 | +6.5% |
| Gross operating margin | 9900 | €32,441 | €23,726 | -€8,715 | -26.9% |
| Operating profit (loss) | 9901 | -€27,560 | -€37,790 | -€10,229 | -37.1% |
| Financial charges | 65/66B | €4,363 | €4,038 | -€326 | -7.5% |
| Recurring financial charges | 65 | €4,363 | €4,038 | -€326 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | -€31,924 | -€41,827 | -€9,904 | -31.0% |
| Transfer from deferred taxes | 780 | €9,240 | €9,240 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€22,684 | -€32,587 | -€9,904 | -43.7% |
| Transfer from tax-exempt reserves | 789 | €27,720 | €27,720 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €5,036 | -€4,868 | -€9,904 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.