VALEXON: 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.
VALEXON
Largest movements
- Stocks and contracts -€619,346
no longer reported in 2025 (was €619,346)
- Deferred charges and accrued income +€205,559
up €205,559 (+42749.2%), from €481 to €206,040
- Cash +€152,804
up €152,804 (+4954.7%), from €3,084 to €155,888
mainly Stocks and contracts (+€619,346) and Other debts (+€226,783)
- Receivables after one year -€62,637
no longer reported in 2025 (was €62,637)
- Receivables within one year -€33,387
down €33,387 (-74.1%), from €45,039 to €11,652
- Debts after one year -€617,269
down €617,269 (-73.1%), from €844,102 to €226,833
of which Financial debts: -€616,731
- Other debts +€226,783
up €226,783 (+460.2%), from €49,283 to €276,066
- Profit (loss) carried forward +€61,814
up €61,814 (+20.1%), from -€308,074 to -€246,260
- Tax, wage and social debts -€18,721
down €18,721 (-88.7%), from €21,100 to €2,379
- Trade debts -€12,345
down €12,345 (-57.4%), from €21,519 to €9,174
- Gross operating margin +€144,668
up €144,668, from -€31,303 to €113,366
- Write-downs -€55,500
no longer reported in 2025 (was €55,500)
- Financial charges -€20,046
down €20,046 (-39.1%), from €51,301 to €31,255
- Financial income -€3,323
down €3,323 (-82.7%), from €4,016 to €693
- Other operating charges -€3,040
down €3,040 (-46.7%), from €6,511 to €3,471
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 | €1,078,914 | €703,250 | -€375,663 | -34.8% |
| Fixed assets | 21/28 | €348,327 | €329,670 | -€18,656 | -5.4% |
| Tangible fixed assets | 22/27 | €347,852 | €329,195 | -€18,656 | -5.4% |
| Land and buildings | 22 | €282,124 | €271,161 | -€10,963 | -3.9% |
| Furniture and vehicles | 24 | €11,157 | €1,500 | -€9,657 | -86.6% |
| Other tangible fixed assets | 26 | €54,571 | €56,535 | +€1,964 | +3.6% |
| Financial fixed assets | 28 | €475 | €475 | = | 0.0% |
| Current assets | 29/58 | €730,587 | €373,580 | -€357,007 | -48.9% |
| Amounts receivable after more than one year | 29 | €62,637 | - | -€62,637 | |
| Other amounts receivable | 291 | €62,637 | - | -€62,637 | |
| Stocks and contracts in progress | 3 | €619,346 | - | -€619,346 | |
| Stocks | 30/36 | €619,346 | - | -€619,346 | |
| Amounts receivable within one year | 40/41 | €45,039 | €11,652 | -€33,387 | -74.1% |
| Other amounts receivable | 41 | €45,039 | €11,652 | -€33,387 | -74.1% |
| Cash at bank and in hand | 54/58 | €3,084 | €155,888 | +€152,804 | +4954.7% |
| Deferred charges and accrued income | 490/1 | €481 | €206,040 | +€205,559 | +42749.2% |
| Total equity and liabilities | 10/49 | €1,078,914 | €703,250 | -€375,663 | -34.8% |
| Equity | 10/15 | €71,815 | €128,688 | +€56,874 | +79.2% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €266,396 | €261,979 | -€4,417 | -1.7% |
| Tax-exempt reserves | 132 | €113,659 | €109,242 | -€4,417 | -3.9% |
| Distributable reserves | 133 | €152,736 | €152,736 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€308,074 | -€246,260 | +€61,814 | +20.1% |
| Investment grants | 15 | €13,493 | €12,969 | -€524 | -3.9% |
| Provisions and deferred taxes | 16 | €37,886 | €36,414 | -€1,472 | -3.9% |
| Deferred taxes | 168 | €37,886 | €36,414 | -€1,472 | -3.9% |
| Amounts payable | 17/49 | €969,212 | €538,148 | -€431,065 | -44.5% |
| Amounts payable after more than one year | 17 | €844,102 | €226,833 | -€617,269 | -73.1% |
| Financial debts | 170/4 | €837,417 | €220,686 | -€616,731 | -73.6% |
| Other amounts payable | 178/9 | €6,685 | €6,147 | -€538 | -8.0% |
| Amounts payable within one year | 42/48 | €124,806 | €311,315 | +€186,509 | +149.4% |
| Current portion of amounts payable after more than one year | 42 | €22,509 | €23,696 | +€1,187 | +5.3% |
| Financial debts | 43 | €10,394 | - | -€10,394 | |
| Credit institutions | 430/8 | €10,394 | - | -€10,394 | |
| Trade debts | 44 | €21,519 | €9,174 | -€12,345 | -57.4% |
| Suppliers | 440/4 | €21,519 | €9,174 | -€12,345 | -57.4% |
| Taxes, remuneration and social security | 45 | €21,100 | €2,379 | -€18,721 | -88.7% |
| Taxes | 450/3 | €21,100 | €2,379 | -€18,721 | -88.7% |
| Other amounts payable | 47/48 | €49,283 | €276,066 | +€226,783 | +460.2% |
| Accrued charges and deferred income | 492/3 | €305 | - | -€305 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,211 | €22,865 | -€346 | -1.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €55,500 | - | -€55,500 | |
| Other operating charges | 640/8 | €6,511 | €3,471 | -€3,040 | -46.7% |
| Gross operating margin | 9900 | -€31,303 | €113,366 | +€144,668 | |
| Operating profit (loss) | 9901 | -€116,524 | €87,030 | +€203,554 | |
| Financial income | 75/76B | €4,016 | €693 | -€3,323 | -82.7% |
| Recurring financial income | 75 | €4,016 | €693 | -€3,323 | -82.7% |
| Financial charges | 65/66B | €51,301 | €31,255 | -€20,046 | -39.1% |
| Recurring financial charges | 65 | €51,301 | €31,255 | -€20,046 | -39.1% |
| Profit (loss) for the period before taxes | 9903 | -€163,810 | €56,468 | +€220,278 | |
| Transfer from deferred taxes | 780 | €1,472 | €1,472 | = | 0.0% |
| Income taxes | 67/77 | €1,444 | €543 | -€901 | -62.4% |
| Profit (loss) for the period | 9904 | -€163,781 | €57,398 | +€221,179 | |
| Transfer from tax-exempt reserves | 789 | €4,417 | €4,417 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€159,364 | €61,814 | +€221,179 |
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 7 October 2026 via checked.be.