Valhaeg: 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.
Valhaeg
Largest movements
- Cash +€119,521
up €119,521 (+209.4%), from €57,089 to €176,610
mainly Net result for the year (+€84,965) and Receivables within one year (+€27,603)
- Receivables within one year -€27,603
no longer reported in 2025 (was €27,603)
- Reserves +€84,965
up €84,965 (+146.1%), from €58,159 to €143,124
of which Distributable reserves: +€84,965
- Tax, wage and social debts +€9,222
up €9,222 (+200.3%), from €4,604 to €13,825
- Other debts -€2,268
down €2,268 (-67.1%), from €3,379 to €1,111
- Gross operating margin +€81,320
up €81,320 (+248.9%), from €32,677 to €113,997
- Turnover -€45,038
no longer reported in 2025 (was €45,038)
- Taxes +€27,392
up €27,392 (+2479.6%), from €1,105 to €28,497
- Financial charges -€19,995
down €19,995 (-99.9%), from €20,024 to €29
of which Non-recurring financial charges: -€20,024
- Purchases and services -€12,360
no longer reported in 2025 (was €12,360)
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 | €84,692 | €176,610 | +€91,918 | +108.5% |
| Current assets | 29/58 | €84,692 | €176,610 | +€91,918 | +108.5% |
| Amounts receivable within one year | 40/41 | €27,603 | - | -€27,603 | |
| Trade receivables | 40 | €27,603 | - | -€27,603 | |
| Cash at bank and in hand | 54/58 | €57,089 | €176,610 | +€119,521 | +209.4% |
| Total equity and liabilities | 10/49 | €84,692 | €176,610 | +€91,918 | +108.5% |
| Equity | 10/15 | €76,709 | €161,674 | +€84,965 | +110.8% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €58,159 | €143,124 | +€84,965 | +146.1% |
| Non-distributable reserves | 130/1 | €10,528 | €10,528 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,528 | €10,528 | = | 0.0% |
| Distributable reserves | 133 | €47,631 | €132,596 | +€84,965 | +178.4% |
| Amounts payable | 17/49 | €7,983 | €14,936 | +€6,953 | +87.1% |
| Amounts payable within one year | 42/48 | €7,983 | €14,936 | +€6,953 | +87.1% |
| Taxes, remuneration and social security | 45 | €4,604 | €13,825 | +€9,222 | +200.3% |
| Taxes | 450/3 | €4,604 | €13,825 | +€9,222 | +200.3% |
| Other amounts payable | 47/48 | €3,379 | €1,111 | -€2,268 | -67.1% |
| Turnover | 70 | €45,038 | - | -€45,038 | |
| Goods, raw materials, services and sundry goods | 60/61 | €12,360 | - | -€12,360 | |
| Other operating charges | 640/8 | €502 | €507 | +€5 | +1.0% |
| Gross operating margin | 9900 | €32,677 | €113,997 | +€81,320 | +248.9% |
| Operating profit (loss) | 9901 | €32,175 | €113,490 | +€81,315 | +252.7% |
| Financial charges | 65/66B | €20,024 | €29 | -€19,995 | -99.9% |
| Recurring financial charges | 65 | €20,024 | €29 | -€19,995 | -99.9% |
| Non-recurring financial charges | 66B | €20,024 | - | -€20,024 | |
| Profit (loss) for the period before taxes | 9903 | €12,151 | €113,461 | +€101,310 | +833.7% |
| Income taxes | 67/77 | €1,105 | €28,497 | +€27,392 | +2479.6% |
| Profit (loss) for the period | 9904 | €11,047 | €84,965 | +€73,918 | +669.1% |
| Profit (loss) for the period to be appropriated | 9905 | €11,047 | €84,965 | +€73,918 | +669.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.