VALIBEL: 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.
VALIBEL
Largest movements
- Current investments -€343,704
down €343,704 (-84.7%), from €405,725 to €62,021
- Tangible fixed assets +€248,818
up €248,818 (+135%), from €184,265 to €433,083
of which Land and buildings: +€247,749
- Receivables within one year +€29,614
up €29,614 (+14.3%), from €207,080 to €236,694
of which Other amounts receivable: +€17,959
- Cash -€24,389
down €24,389 (-90.7%), from €26,896 to €2,507
mainly Investment in fixed assets (net) (-€269,014) and Trade debts (-€78,630)
- Trade debts -€78,630
down €78,630 (-93.6%), from €83,971 to €5,341
- Reserves -€22,350
down €22,350 (-5.5%), from €403,948 to €381,598
of which Tax-exempt reserves: -€22,350
- Other debts +€15,137
new in 2024: €15,137
- Gross operating margin -€410,752
down €410,752, from €400,065 to -€10,688
From the 2023 result to the 2024 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.
Derived cash bridge
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €884,279 | €797,841 | -€86,438 | -9.8% |
| Fixed assets | 21/28 | €231,848 | €480,667 | +€248,818 | +107% |
| Tangible fixed assets | 22/27 | €184,265 | €433,083 | +€248,818 | +135% |
| Land and buildings | 22 | €177,820 | €425,569 | +€247,749 | +139% |
| Plant, machinery and equipment | 23 | €6,445 | €7,514 | +€1,069 | +16.6% |
| Financial fixed assets | 28 | €47,583 | €47,583 | = | 0.0% |
| Current assets | 29/58 | €652,431 | €317,174 | -€335,257 | -51.4% |
| Amounts receivable within one year | 40/41 | €207,080 | €236,694 | +€29,614 | +14.3% |
| Trade receivables | 40 | €40,441 | €52,096 | +€11,655 | +28.8% |
| Other amounts receivable | 41 | €166,640 | €184,598 | +€17,959 | +10.8% |
| Current investments | 50/53 | €405,725 | €62,021 | -€343,704 | -84.7% |
| Cash at bank and in hand | 54/58 | €26,896 | €2,507 | -€24,389 | -90.7% |
| Deferred charges and accrued income | 490/1 | €12,730 | €15,952 | +€3,222 | +25.3% |
| Total equity and liabilities | 10/49 | €884,279 | €797,841 | -€86,438 | -9.8% |
| Equity | 10/15 | €568,872 | €547,191 | -€21,681 | -3.8% |
| Contributions | 10/11 | €157,496 | €157,496 | = | 0.0% |
| Capital | 10 | €157,496 | €157,496 | = | 0.0% |
| Issued capital | 100 | €157,496 | €157,496 | = | 0.0% |
| Reserves | 13 | €403,948 | €381,598 | -€22,350 | -5.5% |
| Non-distributable reserves | 130/1 | €15,750 | €15,750 | = | 0.0% |
| Legal reserve | 130 | €15,750 | €15,750 | = | 0.0% |
| Tax-exempt reserves | 132 | €388,198 | €365,848 | -€22,350 | -5.8% |
| Profit (loss) carried forward | 14 | €7,428 | €8,097 | +€669 | +9.0% |
| Provisions and deferred taxes | 16 | €222,006 | €220,515 | -€1,491 | -0.7% |
| Provisions for liabilities and charges | 160/5 | €17,500 | €27,500 | +€10,000 | +57.1% |
| Major repairs and maintenance | 162 | €17,500 | €27,500 | +€10,000 | +57.1% |
| Deferred taxes | 168 | €204,506 | €193,015 | -€11,491 | -5.6% |
| Amounts payable | 17/49 | €93,401 | €30,135 | -€63,266 | -67.7% |
| Amounts payable within one year | 42/48 | €83,971 | €20,478 | -€63,493 | -75.6% |
| Trade debts | 44 | €83,971 | €5,341 | -€78,630 | -93.6% |
| Suppliers | 440/4 | €83,971 | €5,341 | -€78,630 | -93.6% |
| Other amounts payable | 47/48 | - | €15,137 | +€15,137 | |
| Accrued charges and deferred income | 492/3 | €9,431 | €9,657 | +€226 | +2.4% |
| Non-recurring operating income | 76A | €417,901 | - | -€417,901 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,585 | €20,195 | +€1,611 | +8.7% |
| Other operating charges | 640/8 | €6,756 | €2,799 | -€3,957 | -58.6% |
| Gross operating margin | 9900 | €400,065 | -€10,688 | -€410,752 | |
| Operating profit (loss) | 9901 | €374,724 | -€33,682 | -€408,406 | |
| Financial income | 75/76B | €262 | €842 | +€580 | +221% |
| Recurring financial income | 75 | €262 | €842 | +€580 | +221% |
| Financial charges | 65/66B | - | €79 | +€79 | |
| Recurring financial charges | 65 | - | €79 | +€79 | |
| Profit (loss) for the period before taxes | 9903 | €374,986 | -€32,919 | -€407,905 | |
| Transfer from deferred taxes | 780 | €16,319 | €11,491 | -€4,828 | -29.6% |
| Transfer to deferred taxes | 680 | €142,045 | - | -€142,045 | |
| Income taxes | 67/77 | €37 | €252 | +€216 | +591% |
| Profit (loss) for the period | 9904 | €249,223 | -€21,681 | -€270,904 | |
| Transfer from tax-exempt reserves | 789 | €31,726 | €22,350 | -€9,376 | -29.6% |
| Transfer to tax-exempt reserves | 689 | €275,856 | - | -€275,856 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,093 | €669 | -€4,424 | -86.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.