VALESCA: what changed
VALESCA
Largest movements
- Stocks and contracts +€65,776
up €65,776 (+240%), from €27,352 to €93,128
- Receivables within one year +€22,496
up €22,496 (+32.4%), from €69,442 to €91,938
of which Other amounts receivable: +€27,800
- Cash -€13,838
down €13,838 (-100%), from €13,838 to €0
mainly Stocks and contracts (-€65,776) and Receivables within one year (-€22,496)
- Reserves +€54,475
up €54,475 (+249%), from €21,860 to €76,335
of which Distributable reserves: +€54,475
- Trade debts +€47,320
up €47,320 (+2,107%), from €2,246 to €49,566
- Profit (loss) carried forward -€26,890
down €26,890 (-100%), from €26,890 to €0
- Current portion of long-term debt -€9,285
down €9,285 (-63.2%), from €14,688 to €5,403
- Tax, wage and social debts +€5,823
up €5,823 (+47.8%), from €12,188 to €18,011
- Depreciation -€12,878
down €12,878 (-88.7%), from €14,511 to €1,633
- Taxes +€4,613
up €4,613 (+77.3%), from €5,969 to €10,582
- Gross operating margin -€1,986
down €1,986 (-4.5%), from €44,067 to €42,081
- Financial charges +€1,059
up €1,059 (+46.0%), from €2,301 to €3,360
- Other operating charges +€505
up €505 (+96.6%), from €523 to €1,028
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €113,972 | €187,913 | +€73,941 | +64.9% |
| Fixed assets | 21/28 | €3,340 | €2,847 | -€494 | -14.8% |
| Tangible fixed assets | 22/27 | €3,340 | €2,847 | -€494 | -14.8% |
| Land and buildings | 22 | €667 | €580 | -€87 | -13.0% |
| Plant, machinery and equipment | 23 | €616 | €489 | -€126 | -20.5% |
| Furniture and vehicles | 24 | €1,651 | €1,777 | +€126 | +7.7% |
| Leasing and similar rights | 25 | €407 | €0 | -€407 | -100% |
| Current assets | 29/58 | €110,631 | €185,066 | +€74,435 | +67.3% |
| Stocks and contracts in progress | 3 | €27,352 | €93,128 | +€65,776 | +240% |
| Stocks | 30/36 | €27,352 | €93,128 | +€65,776 | +240% |
| Amounts receivable within one year | 40/41 | €69,442 | €91,938 | +€22,496 | +32.4% |
| Trade receivables | 40 | €37,051 | €31,748 | -€5,303 | -14.3% |
| Other amounts receivable | 41 | €32,390 | €60,190 | +€27,800 | +85.8% |
| Cash at bank and in hand | 54/58 | €13,838 | €0 | -€13,838 | -100% |
| Total equity and liabilities | 10/49 | €113,972 | €187,913 | +€73,941 | +64.9% |
| Equity | 10/15 | €67,350 | €94,935 | +€27,585 | +41.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €21,860 | €76,335 | +€54,475 | +249% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €20,000 | €74,475 | +€54,475 | +272% |
| Profit (loss) carried forward | 14 | €26,890 | €0 | -€26,890 | -100% |
| Amounts payable | 17/49 | €46,622 | €92,977 | +€46,355 | +99.4% |
| Amounts payable within one year | 42/48 | €46,622 | €92,977 | +€46,355 | +99.4% |
| Current portion of amounts payable after more than one year | 42 | €14,688 | €5,403 | -€9,285 | -63.2% |
| Financial debts | 43 | - | €2,498 | +€2,498 | |
| Credit institutions | 430/8 | - | €2,498 | +€2,498 | |
| Trade debts | 44 | €2,246 | €49,566 | +€47,320 | +2,107% |
| Suppliers | 440/4 | €2,246 | €49,566 | +€47,320 | +2,107% |
| Taxes, remuneration and social security | 45 | €12,188 | €18,011 | +€5,823 | +47.8% |
| Taxes | 450/3 | €12,188 | €18,011 | +€5,823 | +47.8% |
| Other amounts payable | 47/48 | €17,500 | €17,500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,511 | €1,633 | -€12,878 | -88.7% |
| Other operating charges | 640/8 | €523 | €1,028 | +€505 | +96.6% |
| Gross operating margin | 9900 | €44,067 | €42,081 | -€1,986 | -4.5% |
| Operating profit (loss) | 9901 | €29,032 | €39,420 | +€10,387 | +35.8% |
| Financial income | 75/76B | €1,963 | €2,108 | +€145 | +7.4% |
| Recurring financial income | 75 | €1,963 | €2,108 | +€145 | +7.4% |
| Financial charges | 65/66B | €2,301 | €3,360 | +€1,059 | +46.0% |
| Recurring financial charges | 65 | €2,301 | €3,360 | +€1,059 | +46.0% |
| Profit (loss) for the period before taxes | 9903 | €28,695 | €38,167 | +€9,473 | +33.0% |
| Income taxes | 67/77 | €5,969 | €10,582 | +€4,613 | +77.3% |
| Profit (loss) for the period | 9904 | €22,726 | €27,585 | +€4,859 | +21.4% |
| Profit (loss) for the period to be appropriated | 9905 | €22,726 | €27,585 | +€4,859 | +21.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.