VALEMBERG: 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.
VALEMBERG
Largest movements
- Intangible fixed assets +€934,267
new in 2025: €934,267
- Receivables within one year -€584,544
down €584,544 (-73.0%), from €800,440 to €215,896
of which Trade receivables: -€396,673
- Cash -€164,151
down €164,151 (-16.0%), from €1.0m to €860,607
mainly Investment in fixed assets (net) (-€1.1m) and Debts after one year (-€98,751)
- Receivables after one year +€89,253
new in 2025: €89,253
- Profit (loss) carried forward +€359,667
up €359,667 (+168.6%), from €213,276 to €572,944
- Debts after one year -€98,751
down €98,751 (-8.0%), from €1.2m to €1.1m
- Trade debts +€76,912
up €76,912 (+205.0%), from €37,515 to €114,427
- Other debts -€47,295
down €47,295 (-9.4%), from €505,600 to €458,305
- Gross operating margin +€346,983
up €346,983 (+45.0%), from €771,090 to €1.1m
- Depreciation +€120,011
up €120,011 (+187.9%), from €63,879 to €183,890
- Taxes +€48,206
up €48,206 (+55.6%), from €86,713 to €134,919
- Financial charges +€36,550
up €36,550 (+301.1%), from €12,139 to €48,688
- Other operating charges -€15,279
down €15,279 (-59.9%), from €25,518 to €10,239
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 | €2,270,667 | €2,582,435 | +€311,769 | +13.7% |
| Fixed assets | 21/28 | €328,805 | €1,277,421 | +€948,616 | +288.5% |
| Intangible fixed assets | 21 | - | €934,267 | +€934,267 | |
| Tangible fixed assets | 22/27 | €327,982 | €342,330 | +€14,348 | +4.4% |
| Land and buildings | 22 | €184,556 | €235,331 | +€50,775 | +27.5% |
| Furniture and vehicles | 24 | €143,426 | €106,999 | -€36,427 | -25.4% |
| Financial fixed assets | 28 | €824 | €824 | = | 0.0% |
| Current assets | 29/58 | €1,941,861 | €1,305,015 | -€636,847 | -32.8% |
| Amounts receivable after more than one year | 29 | - | €89,253 | +€89,253 | |
| Other amounts receivable | 291 | - | €89,253 | +€89,253 | |
| Amounts receivable within one year | 40/41 | €800,440 | €215,896 | -€584,544 | -73.0% |
| Trade receivables | 40 | €397,217 | €543 | -€396,673 | -99.9% |
| Other amounts receivable | 41 | €403,224 | €215,352 | -€187,871 | -46.6% |
| Cash at bank and in hand | 54/58 | €1,024,758 | €860,607 | -€164,151 | -16.0% |
| Deferred charges and accrued income | 490/1 | €116,663 | €139,259 | +€22,596 | +19.4% |
| Total equity and liabilities | 10/49 | €2,270,667 | €2,582,435 | +€311,769 | +13.7% |
| Equity | 10/15 | €281,476 | €641,144 | +€359,667 | +127.8% |
| 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 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €213,276 | €572,944 | +€359,667 | +168.6% |
| Amounts payable | 17/49 | €1,989,190 | €1,941,292 | -€47,899 | -2.4% |
| Amounts payable after more than one year | 17 | €1,239,616 | €1,140,866 | -€98,751 | -8.0% |
| Financial debts | 170/4 | €1,239,616 | €1,140,866 | -€98,751 | -8.0% |
| Amounts payable within one year | 42/48 | €749,553 | €800,426 | +€50,873 | +6.8% |
| Current portion of amounts payable after more than one year | 42 | €158,115 | €179,520 | +€21,405 | +13.5% |
| Financial debts | 43 | €8 | €0 | -€8 | -100.0% |
| Credit institutions | 430/8 | €8 | €0 | -€8 | -100.0% |
| Trade debts | 44 | €37,515 | €114,427 | +€76,912 | +205.0% |
| Suppliers | 440/4 | €37,515 | €114,427 | +€76,912 | +205.0% |
| Taxes, remuneration and social security | 45 | €48,316 | €48,174 | -€142 | -0.3% |
| Taxes | 450/3 | €2,803 | €4,919 | +€2,116 | +75.5% |
| Remuneration and social security | 454/9 | €45,513 | €43,255 | -€2,257 | -5.0% |
| Other amounts payable | 47/48 | €505,600 | €458,305 | -€47,295 | -9.4% |
| Accrued charges and deferred income | 492/3 | €21 | €0 | -€21 | -100.0% |
| Remuneration, social security and pensions | 62 | €377,298 | €391,097 | +€13,799 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,879 | €183,890 | +€120,011 | +187.9% |
| Other operating charges | 640/8 | €25,518 | €10,239 | -€15,279 | -59.9% |
| Gross operating margin | 9900 | €771,090 | €1,118,073 | +€346,983 | +45.0% |
| Operating profit (loss) | 9901 | €304,395 | €532,847 | +€228,452 | +75.1% |
| Financial income | 75/76B | €7,733 | €10,427 | +€2,694 | +34.8% |
| Recurring financial income | 75 | €7,733 | €10,427 | +€2,694 | +34.8% |
| Financial charges | 65/66B | €12,139 | €48,688 | +€36,550 | +301.1% |
| Recurring financial charges | 65 | €12,139 | €48,688 | +€36,550 | +301.1% |
| Profit (loss) for the period before taxes | 9903 | €299,989 | €494,586 | +€194,597 | +64.9% |
| Income taxes | 67/77 | €86,713 | €134,919 | +€48,206 | +55.6% |
| Profit (loss) for the period | 9904 | €213,276 | €359,667 | +€146,391 | +68.6% |
| Profit (loss) for the period to be appropriated | 9905 | €213,276 | €359,667 | +€146,391 | +68.6% |
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 12 October 2026 via checked.be.