VALI CONSTRUCT: 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.
What changed
VALI CONSTRUCT
NACE 43.990, Other specialised construction activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€168,424
2024 · €37,614+€130,811
Equity
€480,223
2024 · €327,989+€152,234
Cash
€81,323
2024 · €88,880-€7,557
Balance sheet total
€1.5m
2024 · €1.2m+€275,807
Largest movements
Assets
- Receivables within one year +€335,562
up €335,562 (+40.7%), from €824,178 to €1.2m
of which Trade receivables: +€327,478
- Tangible fixed assets -€55,935
down €55,935 (-18.5%), from €301,694 to €245,759
of which Leasing and similar rights: -€45,267
Equity and liabilities
- Trade debts +€181,380
up €181,380 (+35.8%), from €506,364 to €687,743
- Reserves +€152,234
up €152,234 (+47.3%), from €321,789 to €474,023
- Short-term financial debts -€60,041
down €60,041 (-89.8%), from €66,858 to €6,817
- Debts after one year -€56,225
down €56,225 (-29.9%), from €188,214 to €131,989
- Tax, wage and social debts +€46,731
up €46,731 (+320%), from €14,593 to €61,324
of which Taxes: +€52,604
Income statement
- Gross operating margin +€165,252
up €165,252 (+54.5%), from €303,119 to €468,370
- Taxes +€59,299
up €59,299 (+298%), from €19,894 to €79,193
- Write-downs -€49,300
down €49,300 (-42.1%), from €117,167 to €67,867
- Other operating charges +€33,198
up €33,198 (+170%), from €19,566 to €52,764
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.
Result 2024
€37,614
Gross operating margin
+€165,252
Staff costs
+€1,024
Depreciation
-€4,328
Write-downs
+€49,300
Other operating charges
-€33,198
Other operating items
+€8,231
Financial income
+€4,368
Financial charges
-€539
Taxes
-€59,299
Result 2025
€168,424
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€161,821
Investment
-€22,780
Financing
-€146,597
Cash 2024
€88,880
From operations (derived)
+€161,821
Net result for the year
+€168,424
Depreciation
+€78,715
Stocks and contracts
-€125
Receivables within one year
-€335,562
Deferred charges and accrued income
-€3,612
Trade debts
+€181,380
Tax, wage and social debts
+€46,731
Other debts
+€24,275
Accrued charges and deferred income
+€1,594
Investment (derived)
-€22,780
Investment in fixed assets (net)
-€22,780
Financing
-€146,597
Debts after one year
-€56,225
Current portion of long-term debt
-€14,142
Short-term financial debts
-€60,041
Contributions, distributions and other
-€16,190
Cash 2025
€81,323
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,241,327 | €1,517,134 | +€275,807 | +22.2% |
| Fixed assets | 21/28 | €301,694 | €245,759 | -€55,935 | -18.5% |
| Tangible fixed assets | 22/27 | €301,694 | €245,759 | -€55,935 | -18.5% |
| Land and buildings | 22 | €143,506 | €138,513 | -€4,993 | -3.5% |
| Plant, machinery and equipment | 23 | €3,510 | €4,205 | +€696 | +19.8% |
| Furniture and vehicles | 24 | €28,516 | €22,145 | -€6,371 | -22.3% |
| Leasing and similar rights | 25 | €126,162 | €80,895 | -€45,267 | -35.9% |
| Current assets | 29/58 | €939,633 | €1,271,375 | +€331,742 | +35.3% |
| Stocks and contracts in progress | 3 | €19,418 | €19,543 | +€125 | +0.6% |
| Stocks | 30/36 | €19,418 | €19,543 | +€125 | +0.6% |
| Amounts receivable within one year | 40/41 | €824,178 | €1,159,739 | +€335,562 | +40.7% |
| Trade receivables | 40 | €731,047 | €1,058,525 | +€327,478 | +44.8% |
| Other amounts receivable | 41 | €93,131 | €101,214 | +€8,083 | +8.7% |
| Cash at bank and in hand | 54/58 | €88,880 | €81,323 | -€7,557 | -8.5% |
| Deferred charges and accrued income | 490/1 | €7,158 | €10,770 | +€3,612 | +50.5% |
| Total equity and liabilities | 10/49 | €1,241,327 | €1,517,134 | +€275,807 | +22.2% |
| Equity | 10/15 | €327,989 | €480,223 | +€152,234 | +46.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €321,789 | €474,023 | +€152,234 | +47.3% |
| Distributable reserves | 133 | €321,789 | €474,023 | +€152,234 | +47.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €913,338 | €1,036,911 | +€123,573 | +13.5% |
| Amounts payable after more than one year | 17 | €188,214 | €131,989 | -€56,225 | -29.9% |
| Financial debts | 170/4 | €188,214 | €131,989 | -€56,225 | -29.9% |
| Amounts payable within one year | 42/48 | €720,096 | €898,299 | +€178,203 | +24.7% |
| Current portion of amounts payable after more than one year | 42 | €70,366 | €56,225 | -€14,142 | -20.1% |
| Financial debts | 43 | €66,858 | €6,817 | -€60,041 | -89.8% |
| Credit institutions | 430/8 | €66,858 | €6,817 | -€60,041 | -89.8% |
| Trade debts | 44 | €506,364 | €687,743 | +€181,380 | +35.8% |
| Suppliers | 440/4 | €506,364 | €687,743 | +€181,380 | +35.8% |
| Taxes, remuneration and social security | 45 | €14,593 | €61,324 | +€46,731 | +320% |
| Taxes | 450/3 | €7,480 | €60,084 | +€52,604 | +703% |
| Remuneration and social security | 454/9 | €7,112 | €1,240 | -€5,873 | -82.6% |
| Other amounts payable | 47/48 | €61,915 | €86,190 | +€24,275 | +39.2% |
| Accrued charges and deferred income | 492/3 | €5,029 | €6,623 | +€1,594 | +31.7% |
| Non-recurring operating income | 76A | €20,511 | €26,759 | +€6,248 | +30.5% |
| Remuneration, social security and pensions | 62 | €13,518 | €12,494 | -€1,024 | -7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,386 | €78,715 | +€4,328 | +5.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €117,167 | €67,867 | -€49,300 | -42.1% |
| Other operating charges | 640/8 | €19,566 | €52,764 | +€33,198 | +170% |
| Non-recurring operating charges | 66A | €8,731 | €500 | -€8,231 | -94.3% |
| Gross operating margin | 9900 | €303,119 | €468,370 | +€165,252 | +54.5% |
| Operating profit (loss) | 9901 | €69,751 | €256,031 | +€186,281 | +267% |
| Financial income | 75/76B | €6,278 | €10,646 | +€4,368 | +69.6% |
| Recurring financial income | 75 | €6,278 | €10,646 | +€4,368 | +69.6% |
| Financial charges | 65/66B | €18,521 | €19,060 | +€539 | +2.9% |
| Recurring financial charges | 65 | €18,521 | €19,060 | +€539 | +2.9% |
| Profit (loss) for the period before taxes | 9903 | €57,507 | €247,617 | +€190,110 | +331% |
| Income taxes | 67/77 | €19,894 | €79,193 | +€59,299 | +298% |
| Profit (loss) for the period | 9904 | €37,614 | €168,424 | +€130,811 | +348% |
| Profit (loss) for the period to be appropriated | 9905 | €37,614 | €168,424 | +€130,811 | +348% |
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 31 October 2026 via checked.be.