VALEMAX: 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.
VALEMAX
Largest movements
- Tangible fixed assets -€26,040
down €26,040 (-7.2%), from €361,562 to €335,523
of which Land and buildings: -€16,991
- Cash +€11,291
up €11,291 (+19.8%), from €56,902 to €68,193
mainly Depreciation (+€26,040) and Net result for the year (+€15,449)
- Deferred charges and accrued income -€4,503
down €4,503 (-33.8%), from €13,320 to €8,817
- Debts after one year -€16,601
no longer reported in 2025 (was €16,601)
- Reserves +€15,449
up €15,449 (+6.2%), from €250,765 to €266,214
of which Distributable reserves: +€15,449
- Current portion of long-term debt -€14,316
down €14,316 (-46.3%), from €30,917 to €16,601
- Gross operating margin -€3,546
down €3,546 (-5.7%), from €62,161 to €58,616
- Taxes -€881
down €881 (-14.6%), from €6,038 to €5,157
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 | €431,784 | €414,928 | -€16,856 | -3.9% |
| Fixed assets | 21/28 | €361,562 | €335,523 | -€26,040 | -7.2% |
| Tangible fixed assets | 22/27 | €361,562 | €335,523 | -€26,040 | -7.2% |
| Land and buildings | 22 | €315,346 | €298,355 | -€16,991 | -5.4% |
| Plant, machinery and equipment | 23 | €46,216 | €37,168 | -€9,049 | -19.6% |
| Current assets | 29/58 | €70,222 | €79,405 | +€9,183 | +13.1% |
| Amounts receivable within one year | 40/41 | - | €2,396 | +€2,396 | |
| Other amounts receivable | 41 | - | €2,396 | +€2,396 | |
| Cash at bank and in hand | 54/58 | €56,902 | €68,193 | +€11,291 | +19.8% |
| Deferred charges and accrued income | 490/1 | €13,320 | €8,817 | -€4,503 | -33.8% |
| Total equity and liabilities | 10/49 | €431,784 | €414,928 | -€16,856 | -3.9% |
| Equity | 10/15 | €312,765 | €328,214 | +€15,449 | +4.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €250,765 | €266,214 | +€15,449 | +6.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €244,565 | €260,014 | +€15,449 | +6.3% |
| Amounts payable | 17/49 | €119,020 | €86,714 | -€32,306 | -27.1% |
| Amounts payable after more than one year | 17 | €16,601 | - | -€16,601 | |
| Financial debts | 170/4 | €16,601 | - | -€16,601 | |
| Amounts payable within one year | 42/48 | €99,809 | €84,104 | -€15,705 | -15.7% |
| Current portion of amounts payable after more than one year | 42 | €30,917 | €16,601 | -€14,316 | -46.3% |
| Trade debts | 44 | €12,321 | €12,227 | -€95 | -0.8% |
| Suppliers | 440/4 | €12,321 | €12,227 | -€95 | -0.8% |
| Taxes, remuneration and social security | 45 | €961 | - | -€961 | |
| Taxes | 450/3 | €961 | - | -€961 | |
| Other amounts payable | 47/48 | €55,609 | €55,277 | -€332 | -0.6% |
| Accrued charges and deferred income | 492/3 | €2,610 | €2,610 | +€0 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,040 | €26,040 | = | 0.0% |
| Other operating charges | 640/8 | €11,687 | €11,582 | -€104 | -0.9% |
| Gross operating margin | 9900 | €62,161 | €58,616 | -€3,546 | -5.7% |
| Operating profit (loss) | 9901 | €24,435 | €20,994 | -€3,441 | -14.1% |
| Financial income | 75/76B | €426 | €174 | -€252 | -59.3% |
| Recurring financial income | 75 | €426 | €174 | -€252 | -59.3% |
| Financial charges | 65/66B | €919 | €562 | -€358 | -38.9% |
| Recurring financial charges | 65 | €919 | €552 | -€368 | -40.0% |
| Non-recurring financial charges | 66B | - | €10 | +€10 | |
| Profit (loss) for the period before taxes | 9903 | €23,942 | €20,606 | -€3,336 | -13.9% |
| Income taxes | 67/77 | €6,038 | €5,157 | -€881 | -14.6% |
| Profit (loss) for the period | 9904 | €17,904 | €15,449 | -€2,454 | -13.7% |
| Profit (loss) for the period to be appropriated | 9905 | €17,904 | €15,449 | -€2,454 | -13.7% |
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 9 October 2026 via checked.be.