VALERY SCHELFOUT: 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.
VALERY SCHELFOUT
Largest movements
- Receivables within one year +€132,188
up €132,188 (+35.3%), from €374,071 to €506,259
of which Other amounts receivable: +€106,878
- Cash -€124,426
down €124,426 (-68.1%), from €182,817 to €58,391
mainly Receivables within one year (-€132,188) and Stocks and contracts (-€29,835)
- Stocks and contracts +€29,835
up €29,835 (+44.1%), from €67,700 to €97,535
- Tangible fixed assets +€6,822
up €6,822 (+135.5%), from €5,033 to €11,855
of which Furniture and vehicles: +€7,309
- Profit (loss) carried forward +€30,347
up €30,347 (+28.9%), from €104,926 to €135,273
- Tax, wage and social debts +€13,731
up €13,731 (+56.0%), from €24,532 to €38,263
of which Taxes: +€10,610
- Staff costs +€4,511
up €4,511 (+6.2%), from €72,749 to €77,260
- Taxes -€2,232
down €2,232 (-16.5%), from €13,486 to €11,254
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 | €633,277 | €678,615 | +€45,338 | +7.2% |
| Fixed assets | 21/28 | €5,033 | €11,855 | +€6,822 | +135.5% |
| Tangible fixed assets | 22/27 | €5,033 | €11,855 | +€6,822 | +135.5% |
| Plant, machinery and equipment | 23 | €2,024 | €1,537 | -€487 | -24.1% |
| Furniture and vehicles | 24 | €3,009 | €10,318 | +€7,309 | +242.9% |
| Current assets | 29/58 | €628,244 | €666,760 | +€38,516 | +6.1% |
| Stocks and contracts in progress | 3 | €67,700 | €97,535 | +€29,835 | +44.1% |
| Stocks | 30/36 | €67,700 | €97,535 | +€29,835 | +44.1% |
| Amounts receivable within one year | 40/41 | €374,071 | €506,259 | +€132,188 | +35.3% |
| Trade receivables | 40 | €56,599 | €81,909 | +€25,310 | +44.7% |
| Other amounts receivable | 41 | €317,472 | €424,350 | +€106,878 | +33.7% |
| Cash at bank and in hand | 54/58 | €182,817 | €58,391 | -€124,426 | -68.1% |
| Deferred charges and accrued income | 490/1 | €3,656 | €4,575 | +€919 | +25.1% |
| Total equity and liabilities | 10/49 | €633,277 | €678,615 | +€45,338 | +7.2% |
| Equity | 10/15 | €481,609 | €511,956 | +€30,347 | +6.3% |
| Contributions | 10/11 | €151,894 | €151,894 | = | 0.0% |
| Reserves | 13 | €224,789 | €224,789 | = | 0.0% |
| Distributable reserves | 133 | €224,789 | €224,789 | = | 0.0% |
| Profit (loss) carried forward | 14 | €104,926 | €135,273 | +€30,347 | +28.9% |
| Amounts payable | 17/49 | €151,668 | €166,659 | +€14,991 | +9.9% |
| Amounts payable within one year | 42/48 | €151,668 | €166,659 | +€14,991 | +9.9% |
| Trade debts | 44 | €124,999 | €126,005 | +€1,005 | +0.8% |
| Suppliers | 440/4 | €124,999 | €126,005 | +€1,005 | +0.8% |
| Taxes, remuneration and social security | 45 | €24,532 | €38,263 | +€13,731 | +56.0% |
| Taxes | 450/3 | €21,356 | €31,966 | +€10,610 | +49.7% |
| Remuneration and social security | 454/9 | €3,176 | €6,297 | +€3,122 | +98.3% |
| Other amounts payable | 47/48 | €2,137 | €2,391 | +€254 | +11.9% |
| Remuneration, social security and pensions | 62 | €72,749 | €77,260 | +€4,511 | +6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,479 | €2,338 | +€859 | +58.1% |
| Other operating charges | 640/8 | €4,992 | €6,070 | +€1,077 | +21.6% |
| Gross operating margin | 9900 | €130,914 | €130,332 | -€582 | -0.4% |
| Operating profit (loss) | 9901 | €51,695 | €44,665 | -€7,030 | -13.6% |
| Financial income | 75/76B | €1,204 | €764 | -€440 | -36.6% |
| Recurring financial income | 75 | €1,204 | €764 | -€440 | -36.6% |
| Financial charges | 65/66B | €3,793 | €3,827 | +€35 | +0.9% |
| Recurring financial charges | 65 | €3,793 | €3,827 | +€35 | +0.9% |
| Profit (loss) for the period before taxes | 9903 | €49,106 | €41,601 | -€7,504 | -15.3% |
| Income taxes | 67/77 | €13,486 | €11,254 | -€2,232 | -16.5% |
| Profit (loss) for the period | 9904 | €35,620 | €30,347 | -€5,272 | -14.8% |
| Profit (loss) for the period to be appropriated | 9905 | €35,620 | €30,347 | -€5,272 | -14.8% |
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 8 October 2026 via checked.be.