VALGA DISTRIBUTION: 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.
VALGA DISTRIBUTION
Largest movements
- Receivables within one year -€45,522
down €45,522 (-45.5%), from €100,006 to €54,485
of which Trade receivables: -€43,602
- Tangible fixed assets +€32,221
up €32,221 (+11359.9%), from €284 to €32,505
- Stocks and contracts +€22,254
up €22,254 (+28.6%), from €77,719 to €99,973
- Cash -€3,866
down €3,866 (-17.1%), from €22,630 to €18,764
mainly Net result for the year (-€77,599) and Investment in fixed assets (net) (-€33,848)
- Profit (loss) carried forward -€77,599
down €77,599, from €26,530 to -€51,069
- Short-term financial debts +€75,000
up €75,000 (+100.0%), from €75,000 to €150,000
- Debts after one year +€9,874
new in 2025: €9,874
- Trade debts -€5,012
down €5,012 (-25.2%), from €19,859 to €14,847
- Gross operating margin -€96,600
down €96,600, from €40,336 to -€56,264
- Taxes -€7,821
down €7,821 (-99.0%), from €7,898 to €77
- Depreciation +€1,682
up €1,682 (+124.3%), from €1,353 to €3,035
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 | €203,860 | €207,538 | +€3,679 | +1.8% |
| Fixed assets | 21/28 | €3,504 | €34,317 | +€30,813 | +879.3% |
| Intangible fixed assets | 21 | €2,021 | €612 | -€1,409 | -69.7% |
| Tangible fixed assets | 22/27 | €284 | €32,505 | +€32,221 | +11359.9% |
| Plant, machinery and equipment | 23 | €284 | €12,473 | +€12,189 | +4297.5% |
| Furniture and vehicles | 24 | - | €8,321 | +€8,321 | |
| Other tangible fixed assets | 26 | - | €11,711 | +€11,711 | |
| Financial fixed assets | 28 | €1,200 | €1,200 | = | 0.0% |
| Current assets | 29/58 | €200,355 | €173,221 | -€27,134 | -13.5% |
| Stocks and contracts in progress | 3 | €77,719 | €99,973 | +€22,254 | +28.6% |
| Stocks | 30/36 | €77,719 | €99,973 | +€22,254 | +28.6% |
| Amounts receivable within one year | 40/41 | €100,006 | €54,485 | -€45,522 | -45.5% |
| Trade receivables | 40 | €98,087 | €54,485 | -€43,602 | -44.5% |
| Other amounts receivable | 41 | €1,920 | - | -€1,920 | |
| Cash at bank and in hand | 54/58 | €22,630 | €18,764 | -€3,866 | -17.1% |
| Total equity and liabilities | 10/49 | €203,860 | €207,538 | +€3,679 | +1.8% |
| Equity | 10/15 | €81,530 | €3,931 | -€77,599 | -95.2% |
| Contributions | 10/11 | €55,000 | €55,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €26,530 | -€51,069 | -€77,599 | |
| Amounts payable | 17/49 | €122,329 | €203,607 | +€81,278 | +66.4% |
| Amounts payable after more than one year | 17 | - | €9,874 | +€9,874 | |
| Financial debts | 170/4 | - | €9,874 | +€9,874 | |
| Amounts payable within one year | 42/48 | €122,329 | €193,733 | +€71,404 | +58.4% |
| Financial debts | 43 | €75,000 | €150,000 | +€75,000 | +100.0% |
| Credit institutions | 430/8 | €75,000 | €150,000 | +€75,000 | +100.0% |
| Trade debts | 44 | €19,859 | €14,847 | -€5,012 | -25.2% |
| Suppliers | 440/4 | €19,859 | €14,847 | -€5,012 | -25.2% |
| Taxes, remuneration and social security | 45 | €12,487 | €13,843 | +€1,356 | +10.9% |
| Taxes | 450/3 | €12,487 | €13,843 | +€1,356 | +10.9% |
| Other amounts payable | 47/48 | €14,984 | €15,044 | +€60 | +0.4% |
| Remuneration, social security and pensions | 62 | - | €135 | +€135 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,353 | €3,035 | +€1,682 | +124.3% |
| Other operating charges | 640/8 | €6,178 | €6,509 | +€331 | +5.4% |
| Gross operating margin | 9900 | €40,336 | -€56,264 | -€96,600 | |
| Operating profit (loss) | 9901 | €32,804 | -€65,943 | -€98,747 | |
| Financial income | 75/76B | €7 | €3 | -€4 | -62.0% |
| Recurring financial income | 75 | €7 | €3 | -€4 | -62.0% |
| Financial charges | 65/66B | €11,180 | €11,583 | +€403 | +3.6% |
| Recurring financial charges | 65 | €11,180 | €11,583 | +€403 | +3.6% |
| Profit (loss) for the period before taxes | 9903 | €21,631 | -€77,523 | -€99,154 | |
| Income taxes | 67/77 | €7,898 | €77 | -€7,821 | -99.0% |
| Profit (loss) for the period | 9904 | €13,733 | -€77,599 | -€91,333 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,733 | -€77,599 | -€91,333 |
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 6 October 2026 via checked.be.