VALIN: 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.
VALIN
Largest movements
- Tangible fixed assets +€131,649
up €131,649 (+17.8%), from €737,988 to €869,637
of which Land and buildings: +€140,149
- Current portion of long-term debt +€200,340
up €200,340 (+113%), from €177,579 to €377,919
- Debts after one year -€51,974
down €51,974 (-8.1%), from €645,487 to €593,513
- Profit (loss) carried forward -€35,785
down €35,785 (-105%), from -€34,221 to -€70,006
- Accrued charges and deferred income +€28,562
up €28,562 (+17.7%), from €161,497 to €190,058
- Reserves -€25,079
down €25,079 (-6.8%), from €369,819 to €344,741
of which Tax-exempt reserves: -€25,079
- Gross operating margin -€32,487
down €32,487 (-42.4%), from €76,682 to €44,194
- Financial charges +€12,905
up €12,905 (+29.6%), from €43,577 to €56,482
- Other operating charges +€791
up €791 (+8.2%), from €9,653 to €10,444
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 | €1,688,570 | €1,809,445 | +€120,876 | +7.2% |
| Fixed assets | 21/28 | €1,495,988 | €1,627,637 | +€131,649 | +8.8% |
| Tangible fixed assets | 22/27 | €737,988 | €869,637 | +€131,649 | +17.8% |
| Land and buildings | 22 | €681,324 | €821,473 | +€140,149 | +20.6% |
| Plant, machinery and equipment | 23 | €56,665 | €48,165 | -€8,500 | -15.0% |
| Financial fixed assets | 28 | €758,000 | €758,000 | = | 0.0% |
| Current assets | 29/58 | €192,581 | €181,808 | -€10,773 | -5.6% |
| Amounts receivable within one year | 40/41 | €169,266 | €166,697 | -€2,569 | -1.5% |
| Trade receivables | 40 | €123 | - | -€123 | |
| Other amounts receivable | 41 | €169,143 | €166,697 | -€2,446 | -1.4% |
| Cash at bank and in hand | 54/58 | €19,247 | €11,720 | -€7,527 | -39.1% |
| Deferred charges and accrued income | 490/1 | €4,069 | €3,391 | -€678 | -16.7% |
| Total equity and liabilities | 10/49 | €1,688,570 | €1,809,445 | +€120,876 | +7.2% |
| Equity | 10/15 | €464,007 | €403,144 | -€60,863 | -13.1% |
| Contributions | 10/11 | €128,409 | €128,409 | = | 0.0% |
| Capital | 10 | €128,409 | €128,409 | = | 0.0% |
| Issued capital | 100 | €128,409 | €128,409 | = | 0.0% |
| Reserves | 13 | €369,819 | €344,741 | -€25,079 | -6.8% |
| Non-distributable reserves | 130/1 | €12,841 | €12,841 | = | 0.0% |
| Legal reserve | 130 | €12,841 | €12,841 | = | 0.0% |
| Tax-exempt reserves | 132 | €352,988 | €327,910 | -€25,079 | -7.1% |
| Distributable reserves | 133 | €3,990 | €3,990 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€34,221 | -€70,006 | -€35,785 | -105% |
| Provisions and deferred taxes | 16 | €117,663 | €109,303 | -€8,360 | -7.1% |
| Deferred taxes | 168 | €117,663 | €109,303 | -€8,360 | -7.1% |
| Amounts payable | 17/49 | €1,106,900 | €1,296,998 | +€190,098 | +17.2% |
| Amounts payable after more than one year | 17 | €645,487 | €593,513 | -€51,974 | -8.1% |
| Financial debts | 170/4 | €645,487 | €593,513 | -€51,974 | -8.1% |
| Amounts payable within one year | 42/48 | €299,916 | €513,428 | +€213,511 | +71.2% |
| Current portion of amounts payable after more than one year | 42 | €177,579 | €377,919 | +€200,340 | +113% |
| Trade debts | 44 | €1,938 | €3,127 | +€1,189 | +61.3% |
| Suppliers | 440/4 | €1,938 | €3,127 | +€1,189 | +61.3% |
| Taxes, remuneration and social security | 45 | €64,399 | €76,381 | +€11,982 | +18.6% |
| Taxes | 450/3 | €64,399 | €76,381 | +€11,982 | +18.6% |
| Other amounts payable | 47/48 | €56,000 | €56,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €161,497 | €190,058 | +€28,562 | +17.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,968 | €51,346 | +€378 | +0.7% |
| Other operating charges | 640/8 | €9,653 | €10,444 | +€791 | +8.2% |
| Gross operating margin | 9900 | €76,682 | €44,194 | -€32,487 | -42.4% |
| Operating profit (loss) | 9901 | €16,060 | -€17,596 | -€33,656 | |
| Financial income | 75/76B | €4,899 | €4,855 | -€44 | -0.9% |
| Recurring financial income | 75 | €4,899 | €4,855 | -€44 | -0.9% |
| Financial charges | 65/66B | €43,577 | €56,482 | +€12,905 | +29.6% |
| Recurring financial charges | 65 | €43,577 | €56,482 | +€12,905 | +29.6% |
| Profit (loss) for the period before taxes | 9903 | -€22,618 | -€69,223 | -€46,604 | -206% |
| Transfer from deferred taxes | 780 | €8,360 | €8,360 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€14,259 | -€60,863 | -€46,604 | -327% |
| Transfer from tax-exempt reserves | 789 | €25,079 | €25,079 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €10,820 | -€35,785 | -€46,604 |
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 19 October 2026 via checked.be.