VALENCO: 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
VALENCO
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€183,569
2024 · €252,774-€69,205
Equity
€1.3m
2024 · €1.3m+€76,949
Cash
€114,593
2024 · €131,109-€16,516
Balance sheet total
€4.6m
2024 · €4.5m+€142,182
Largest movements
Assets
- Tangible fixed assets +€175,870
up €175,870 (+4.5%), from €3.9m to €4.1m
of which Land and buildings: +€183,197
- Deferred charges and accrued income -€62,736
down €62,736 (-28.2%), from €222,586 to €159,850
Equity and liabilities
- Debts after one year +€210,538
up €210,538 (+11.5%), from €1.8m to €2.0m
- Accrued charges and deferred income -€147,048
down €147,048 (-59.2%), from €248,339 to €101,292
- Other debts -€81,628
down €81,628 (-9.9%), from €821,078 to €739,450
- Reserves +€76,949
up €76,949 (+6.1%), from €1.3m to €1.3m
of which Tax-exempt reserves: +€42,974
Income statement
- Gross operating margin -€101,697
down €101,697 (-14.7%), from €691,601 to €589,904
- Depreciation +€44,815
up €44,815 (+20.3%), from €220,587 to €265,402
- Taxes -€39,177
down €39,177 (-33.0%), from €118,743 to €79,566
- Financial charges -€38,737
down €38,737 (-36.6%), from €105,829 to €67,092
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
€252,774
Gross operating margin
-€101,697
Depreciation
-€44,815
Other operating charges
+€378
Financial income
-€427
Financial charges
+€38,737
Taxes
+€39,177
Deferred taxes and other
-€557
Result 2025
€183,569
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
+€285,980
Investment
-€441,272
Financing
+€138,776
Cash 2024
€131,109
From operations (derived)
+€285,980
Net result for the year
+€183,569
Depreciation
+€265,402
Receivables within one year
-€45,565
Deferred charges and accrued income
+€62,736
Provisions
-€6,483
Trade debts
+€36,598
Tax, wage and social debts
+€18,398
Other debts
-€81,628
Accrued charges and deferred income
-€147,048
Investment (derived)
-€441,272
Investment in fixed assets (net)
-€441,272
Financing
+€138,776
Debts after one year
+€210,538
Current portion of long-term debt
+€34,857
Contributions, distributions and other
-€106,620
Cash 2025
€114,593
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,482,923 | €4,625,106 | +€142,182 | +3.2% |
| Fixed assets | 21/28 | €3,902,408 | €4,078,278 | +€175,870 | +4.5% |
| Tangible fixed assets | 22/27 | €3,901,748 | €4,077,618 | +€175,870 | +4.5% |
| Land and buildings | 22 | €3,859,791 | €4,042,988 | +€183,197 | +4.7% |
| Plant, machinery and equipment | 23 | €22,489 | €22,281 | -€208 | -0.9% |
| Furniture and vehicles | 24 | €19,468 | €12,349 | -€7,119 | -36.6% |
| Financial fixed assets | 28 | €660 | €660 | = | 0.0% |
| Current assets | 29/58 | €580,515 | €546,828 | -€33,687 | -5.8% |
| Amounts receivable within one year | 40/41 | €219,081 | €264,645 | +€45,565 | +20.8% |
| Trade receivables | 40 | €111,985 | €132,204 | +€20,219 | +18.1% |
| Other amounts receivable | 41 | €107,096 | €132,441 | +€25,345 | +23.7% |
| Current investments | 50/53 | €7,740 | €7,740 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €131,109 | €114,593 | -€16,516 | -12.6% |
| Deferred charges and accrued income | 490/1 | €222,586 | €159,850 | -€62,736 | -28.2% |
| Total equity and liabilities | 10/49 | €4,482,923 | €4,625,106 | +€142,182 | +3.2% |
| Equity | 10/15 | €1,264,958 | €1,341,908 | +€76,949 | +6.1% |
| Contributions | 10/11 | €5,996 | €5,996 | = | 0.0% |
| Reserves | 13 | €1,258,963 | €1,335,912 | +€76,949 | +6.1% |
| Tax-exempt reserves | 132 | €298,267 | €341,241 | +€42,974 | +14.4% |
| Distributable reserves | 133 | €960,696 | €994,671 | +€33,975 | +3.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €61,675 | €55,193 | -€6,483 | -10.5% |
| Deferred taxes | 168 | €61,675 | €55,193 | -€6,483 | -10.5% |
| Amounts payable | 17/49 | €3,156,290 | €3,228,006 | +€71,716 | +2.3% |
| Amounts payable after more than one year | 17 | €1,822,990 | €2,033,529 | +€210,538 | +11.5% |
| Financial debts | 170/4 | €1,822,990 | €2,033,529 | +€210,538 | +11.5% |
| Amounts payable within one year | 42/48 | €1,084,960 | €1,093,185 | +€8,225 | +0.8% |
| Current portion of amounts payable after more than one year | 42 | €222,344 | €257,202 | +€34,857 | +15.7% |
| Financial debts | 43 | €5,200 | €5,200 | = | 0.0% |
| Other loans | 439 | €5,200 | €5,200 | = | 0.0% |
| Trade debts | 44 | €23,357 | €59,956 | +€36,598 | +157% |
| Suppliers | 440/4 | €23,357 | €59,956 | +€36,598 | +157% |
| Taxes, remuneration and social security | 45 | €12,980 | €31,378 | +€18,398 | +142% |
| Taxes | 450/3 | €12,607 | €30,544 | +€17,938 | +142% |
| Remuneration and social security | 454/9 | €374 | €834 | +€460 | +123% |
| Other amounts payable | 47/48 | €821,078 | €739,450 | -€81,628 | -9.9% |
| Accrued charges and deferred income | 492/3 | €248,339 | €101,292 | -€147,048 | -59.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €220,587 | €265,402 | +€44,815 | +20.3% |
| Other operating charges | 640/8 | €2,299 | €1,921 | -€378 | -16.4% |
| Gross operating margin | 9900 | €691,601 | €589,904 | -€101,697 | -14.7% |
| Operating profit (loss) | 9901 | €468,715 | €322,581 | -€146,134 | -31.2% |
| Financial income | 75/76B | €1,592 | €1,164 | -€427 | -26.9% |
| Recurring financial income | 75 | €1,592 | €1,164 | -€427 | -26.9% |
| Financial charges | 65/66B | €105,829 | €67,092 | -€38,737 | -36.6% |
| Recurring financial charges | 65 | €105,829 | €67,092 | -€38,737 | -36.6% |
| Profit (loss) for the period before taxes | 9903 | €364,478 | €256,653 | -€107,825 | -29.6% |
| Transfer from deferred taxes | 780 | €7,040 | €6,483 | -€557 | -7.9% |
| Income taxes | 67/77 | €118,743 | €79,566 | -€39,177 | -33.0% |
| Profit (loss) for the period | 9904 | €252,774 | €183,569 | -€69,205 | -27.4% |
| Transfer from tax-exempt reserves | 789 | €21,915 | €20,176 | -€1,740 | -7.9% |
| Transfer to tax-exempt reserves | 689 | €63,150 | €63,150 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €211,540 | €140,595 | -€70,945 | -33.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.