VALICON: 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.
VALICON
Largest movements
- Stocks and contracts +€243,730
up €243,730 (+121.4%), from €200,774 to €444,504
of which Contracts in progress: +€148,795
- Receivables within one year -€77,964
down €77,964 (-24.8%), from €314,543 to €236,578
of which Trade receivables: -€68,916
- Cash +€11,644
up €11,644 (+34.3%), from €33,943 to €45,587
mainly Debts after one year (+€105,447) and Receivables within one year (+€77,964)
- Deferred charges and accrued income -€10,374
down €10,374 (-100.0%), from €10,374 to €0
- Profit (loss) carried forward +€283,492
up €283,492 (+55.5%), from -€510,664 to -€227,173
- Reserves -€280,378
down €280,378 (-91.9%), from €305,167 to €24,789
of which Distributable reserves: -€280,378
- Debts after one year +€105,447
new in 2025: €105,447
- Short-term financial debts -€67,730
down €67,730 (-27.9%), from €242,730 to €175,000
of which Credit institutions: -€50,000
- Tax, wage and social debts +€36,058
up €36,058 (+62.9%), from €57,367 to €93,426
of which Taxes: +€22,648
- Staff costs +€53,192
up €53,192 (+16.1%), from €330,533 to €383,726
- Gross operating margin +€30,865
up €30,865 (+7.5%), from €410,055 to €440,919
- Taxes +€21,269
new in 2025: €21,269
- Financial income -€4,787
down €4,787 (-96.7%), from €4,950 to €163
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 | €563,606 | €727,383 | +€163,777 | +29.1% |
| Fixed assets | 21/28 | €3,973 | €714 | -€3,259 | -82.0% |
| Tangible fixed assets | 22/27 | €3,973 | €714 | -€3,259 | -82.0% |
| Land and buildings | 22 | €654 | €0 | -€654 | -100.0% |
| Plant, machinery and equipment | 23 | €2,489 | €714 | -€1,775 | -71.3% |
| Furniture and vehicles | 24 | €830 | €0 | -€830 | -100.0% |
| Current assets | 29/58 | €559,633 | €726,669 | +€167,036 | +29.8% |
| Stocks and contracts in progress | 3 | €200,774 | €444,504 | +€243,730 | +121.4% |
| Stocks | 30/36 | €200,774 | €295,709 | +€94,935 | +47.3% |
| Contracts in progress | 37 | - | €148,795 | +€148,795 | |
| Amounts receivable within one year | 40/41 | €314,543 | €236,578 | -€77,964 | -24.8% |
| Trade receivables | 40 | €199,613 | €130,698 | -€68,916 | -34.5% |
| Other amounts receivable | 41 | €114,929 | €105,880 | -€9,049 | -7.9% |
| Cash at bank and in hand | 54/58 | €33,943 | €45,587 | +€11,644 | +34.3% |
| Deferred charges and accrued income | 490/1 | €10,374 | €0 | -€10,374 | -100.0% |
| Total equity and liabilities | 10/49 | €563,606 | €727,383 | +€163,777 | +29.1% |
| Equity | 10/15 | €174,503 | €177,617 | +€3,114 | +1.8% |
| Contributions | 10/11 | €380,000 | €380,000 | = | 0.0% |
| Capital | 10 | €380,000 | €380,000 | = | 0.0% |
| Issued capital | 100 | €380,000 | €380,000 | = | 0.0% |
| Reserves | 13 | €305,167 | €24,789 | -€280,378 | -91.9% |
| Non-distributable reserves | 130/1 | €24,789 | €24,789 | = | 0.0% |
| Legal reserve | 130 | €24,789 | €24,789 | = | 0.0% |
| Distributable reserves | 133 | €280,378 | €0 | -€280,378 | -100.0% |
| Profit (loss) carried forward | 14 | -€510,664 | -€227,173 | +€283,492 | +55.5% |
| Amounts payable | 17/49 | €389,103 | €549,766 | +€160,663 | +41.3% |
| Amounts payable after more than one year | 17 | - | €105,447 | +€105,447 | |
| Financial debts | 170/4 | - | €105,447 | +€105,447 | |
| Amounts payable within one year | 42/48 | €389,103 | €442,070 | +€52,966 | +13.6% |
| Current portion of amounts payable after more than one year | 42 | - | €28,449 | +€28,449 | |
| Financial debts | 43 | €242,730 | €175,000 | -€67,730 | -27.9% |
| Credit institutions | 430/8 | €150,000 | €100,000 | -€50,000 | -33.3% |
| Other loans | 439 | €92,730 | €75,000 | -€17,730 | -19.1% |
| Trade debts | 44 | €89,006 | €106,344 | +€17,338 | +19.5% |
| Suppliers | 440/4 | €89,006 | €106,344 | +€17,338 | +19.5% |
| Advances received on contracts in progress | 46 | - | €8,851 | +€8,851 | |
| Taxes, remuneration and social security | 45 | €57,367 | €93,426 | +€36,058 | +62.9% |
| Taxes | 450/3 | €5,309 | €27,957 | +€22,648 | +426.6% |
| Remuneration and social security | 454/9 | €52,059 | €65,469 | +€13,410 | +25.8% |
| Other amounts payable | 47/48 | - | €30,000 | +€30,000 | |
| Accrued charges and deferred income | 492/3 | - | €2,250 | +€2,250 | |
| Remuneration, social security and pensions | 62 | €330,533 | €383,726 | +€53,192 | +16.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,603 | €3,356 | -€3,247 | -49.2% |
| Other operating charges | 640/8 | €8,667 | €8,418 | -€249 | -2.9% |
| Gross operating margin | 9900 | €410,055 | €440,919 | +€30,865 | +7.5% |
| Operating profit (loss) | 9901 | €64,252 | €45,419 | -€18,833 | -29.3% |
| Financial income | 75/76B | €4,950 | €163 | -€4,787 | -96.7% |
| Recurring financial income | 75 | €4,950 | €163 | -€4,787 | -96.7% |
| Financial charges | 65/66B | €16,936 | €21,200 | +€4,263 | +25.2% |
| Recurring financial charges | 65 | €16,936 | €21,200 | +€4,263 | +25.2% |
| Profit (loss) for the period before taxes | 9903 | €52,266 | €24,383 | -€27,883 | -53.3% |
| Income taxes | 67/77 | - | €21,269 | +€21,269 | |
| Profit (loss) for the period | 9904 | €52,266 | €3,114 | -€49,152 | -94.0% |
| Profit (loss) for the period to be appropriated | 9905 | €52,266 | €3,114 | -€49,152 | -94.0% |
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 1 October 2026 via checked.be.