VALEX: 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.
VALEX
Largest movements
- Cash +€19,264
up €19,264 (+75.8%), from €25,417 to €44,681
mainly Net result for the year (+€16,720) and Depreciation (+€2,544)
- Tangible fixed assets -€2,544
down €2,544 (-1.6%), from €158,736 to €156,192
of which Plant, machinery and equipment: -€2,544
- Profit (loss) carried forward +€16,720
up €16,720 (+40.9%), from €40,888 to €57,608
- Gross operating margin +€12,892
up €12,892 (+99.6%), from €12,950 to €25,842
- Other operating charges +€4,374
up €4,374 (+2,232%), from €196 to €4,570
- Taxes -€3,378
down €3,378 (-63.9%), from €5,283 to €1,905
- Depreciation -€1,166
down €1,166 (-31.4%), from €3,710 to €2,544
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €185,660 | €202,380 | +€16,720 | +9.0% |
| Fixed assets | 21/28 | €159,033 | €156,489 | -€2,544 | -1.6% |
| Tangible fixed assets | 22/27 | €158,736 | €156,192 | -€2,544 | -1.6% |
| Land and buildings | 22 | €148,560 | €148,560 | = | 0.0% |
| Plant, machinery and equipment | 23 | €10,176 | €7,632 | -€2,544 | -25.0% |
| Financial fixed assets | 28 | €297 | €297 | = | 0.0% |
| Current assets | 29/58 | €26,627 | €45,891 | +€19,264 | +72.3% |
| Amounts receivable within one year | 40/41 | €1,210 | €1,210 | = | 0.0% |
| Other amounts receivable | 41 | €1,210 | €1,210 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €25,417 | €44,681 | +€19,264 | +75.8% |
| Total equity and liabilities | 10/49 | €185,660 | €202,380 | +€16,720 | +9.0% |
| Equity | 10/15 | €185,660 | €202,380 | +€16,720 | +9.0% |
| Contributions | 10/11 | €88,270 | €88,270 | = | 0.0% |
| Capital | 10 | €88,270 | €88,270 | = | 0.0% |
| Issued capital | 100 | €88,270 | €88,270 | = | 0.0% |
| Revaluation surpluses | 12 | €47,675 | €47,675 | = | 0.0% |
| Reserves | 13 | €8,827 | €8,827 | = | 0.0% |
| Non-distributable reserves | 130/1 | €8,827 | €8,827 | = | 0.0% |
| Legal reserve | 130 | €8,827 | €8,827 | = | 0.0% |
| Profit (loss) carried forward | 14 | €40,888 | €57,608 | +€16,720 | +40.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,710 | €2,544 | -€1,166 | -31.4% |
| Other operating charges | 640/8 | €196 | €4,570 | +€4,374 | +2,232% |
| Gross operating margin | 9900 | €12,950 | €25,842 | +€12,892 | +99.6% |
| Operating profit (loss) | 9901 | €9,044 | €18,728 | +€9,684 | +107% |
| Financial charges | 65/66B | €119 | €103 | -€16 | -13.4% |
| Recurring financial charges | 65 | €119 | €103 | -€16 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | €8,925 | €18,625 | +€9,700 | +109% |
| Income taxes | 67/77 | €5,283 | €1,905 | -€3,378 | -63.9% |
| Profit (loss) for the period | 9904 | €3,642 | €16,720 | +€13,078 | +359% |
| Profit (loss) for the period to be appropriated | 9905 | €3,642 | €16,720 | +€13,078 | +359% |
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 20 October 2026 via checked.be.