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
- Receivables within one year +€195,000
up €195,000 (+3900.0%), from €5,000 to €200,000
of which Trade receivables: +€200,000
- Cash +€156,844
up €156,844 (+1920.6%), from €8,166 to €165,011
mainly Other debts (+€170,100) and Net result for the year (+€99,231)
- Current investments -€40,202
no longer reported in 2025 (was €40,202)
- Other debts +€170,100
up €170,100 (+320.5%), from €53,070 to €223,170
- Reserves +€71,899
up €71,899 (+113.8%), from €63,200 to €135,099
of which Tax-exempt reserves: +€71,899
- Profit (loss) carried forward +€27,332
up €27,332 (+3953.7%), from €691 to €28,024
- Provisions +€23,966
new in 2025: €23,966
- Gross operating margin +€88,791
up €88,791 (+129.0%), from €68,812 to €157,602
- Depreciation -€3,457
down €3,457 (-25.8%), from €13,376 to €9,918
- Financial charges +€3,201
up €3,201 (+562.2%), from €569 to €3,770
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 | €1,827,903 | €2,125,860 | +€297,957 | +16.3% |
| Fixed assets | 21/28 | €1,774,535 | €1,760,344 | -€14,191 | -0.8% |
| Tangible fixed assets | 22/27 | €1,774,535 | €1,760,344 | -€14,191 | -0.8% |
| Land and buildings | 22 | €1,694,446 | €1,760,145 | +€65,699 | +3.9% |
| Plant, machinery and equipment | 23 | €79,798 | - | -€79,798 | |
| Furniture and vehicles | 24 | €291 | €199 | -€92 | -31.7% |
| Current assets | 29/58 | €53,368 | €365,517 | +€312,149 | +584.9% |
| Amounts receivable within one year | 40/41 | €5,000 | €200,000 | +€195,000 | +3900.0% |
| Trade receivables | 40 | - | €200,000 | +€200,000 | |
| Other amounts receivable | 41 | €5,000 | - | -€5,000 | |
| Current investments | 50/53 | €40,202 | - | -€40,202 | |
| Cash at bank and in hand | 54/58 | €8,166 | €165,011 | +€156,844 | +1920.6% |
| Deferred charges and accrued income | 490/1 | - | €506 | +€506 | |
| Total equity and liabilities | 10/49 | €1,827,903 | €2,125,860 | +€297,957 | +16.3% |
| Equity | 10/15 | €1,758,895 | €1,858,126 | +€99,231 | +5.6% |
| 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% |
| Revaluation surpluses | 12 | €1,633,003 | €1,633,003 | = | 0.0% |
| Reserves | 13 | €63,200 | €135,099 | +€71,899 | +113.8% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €71,899 | +€71,899 | |
| Distributable reserves | 133 | €57,000 | €57,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €691 | €28,024 | +€27,332 | +3953.7% |
| Provisions and deferred taxes | 16 | - | €23,966 | +€23,966 | |
| Deferred taxes | 168 | - | €23,966 | +€23,966 | |
| Amounts payable | 17/49 | €69,009 | €243,769 | +€174,760 | +253.2% |
| Amounts payable within one year | 42/48 | €69,009 | €237,116 | +€168,107 | +243.6% |
| Current portion of amounts payable after more than one year | 42 | - | €1,699 | +€1,699 | |
| Financial debts | 43 | €3,414 | - | -€3,414 | |
| Credit institutions | 430/8 | €3,414 | - | -€3,414 | |
| Trade debts | 44 | €8,737 | €7,328 | -€1,409 | -16.1% |
| Suppliers | 440/4 | €8,737 | €7,328 | -€1,409 | -16.1% |
| Taxes, remuneration and social security | 45 | €3,787 | €4,918 | +€1,131 | +29.9% |
| Taxes | 450/3 | €3,787 | €4,918 | +€1,131 | +29.9% |
| Other amounts payable | 47/48 | €53,070 | €223,170 | +€170,100 | +320.5% |
| Accrued charges and deferred income | 492/3 | - | €6,653 | +€6,653 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,376 | €9,918 | -€3,457 | -25.8% |
| Other operating charges | 640/8 | €14,042 | €12,485 | -€1,557 | -11.1% |
| Gross operating margin | 9900 | €68,812 | €157,602 | +€88,791 | +129.0% |
| Operating profit (loss) | 9901 | €41,394 | €135,199 | +€93,805 | +226.6% |
| Financial income | 75/76B | €347 | €1,349 | +€1,002 | +288.2% |
| Recurring financial income | 75 | €347 | €1,349 | +€1,002 | +288.2% |
| Financial charges | 65/66B | €569 | €3,770 | +€3,201 | +562.2% |
| Recurring financial charges | 65 | €569 | €3,770 | +€3,201 | +562.2% |
| Profit (loss) for the period before taxes | 9903 | €41,172 | €132,778 | +€91,606 | +222.5% |
| Transfer to deferred taxes | 680 | - | €23,966 | +€23,966 | |
| Income taxes | 67/77 | €10,605 | €9,581 | -€1,024 | -9.7% |
| Profit (loss) for the period | 9904 | €30,568 | €99,231 | +€68,663 | +224.6% |
| Transfer to tax-exempt reserves | 689 | - | €71,899 | +€71,899 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,568 | €27,332 | -€3,235 | -10.6% |
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 9 October 2026 via checked.be.