VALKA: 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.
VALKA
Largest movements
- Receivables after one year +€240,000
new in 2025: €240,000
- Receivables within one year -€230,516
down €230,516 (-82.4%), from €279,614 to €49,098
of which Other amounts receivable: -€226,539
- Cash +€21,497
up €21,497 (+8,112%), from €265 to €21,762
mainly Receivables within one year (+€230,516) and Net result for the year (+€53,019)
- Tangible fixed assets +€9,916
up €9,916 (+81.7%), from €12,138 to €22,054
of which Furniture and vehicles: +€9,176
- Reserves +€53,019
up €53,019 (+20.7%), from €255,748 to €308,767
of which Distributable reserves: +€53,019
- Other debts -€6,033
down €6,033 (-95.6%), from €6,311 to €278
- Short-term financial debts -€4,465
down €4,465 (-100%), from €4,465 to €0
- Gross operating margin -€13,583
down €13,583 (-14.6%), from €93,139 to €79,556
- Taxes -€3,797
down €3,797 (-15.1%), from €25,226 to €21,429
- Depreciation +€1,088
up €1,088 (+34.6%), from €3,146 to €4,234
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €292,556 | €333,313 | +€40,757 | +13.9% |
| Fixed assets | 21/28 | €12,138 | €22,054 | +€9,916 | +81.7% |
| Tangible fixed assets | 22/27 | €12,138 | €22,054 | +€9,916 | +81.7% |
| Plant, machinery and equipment | 23 | €6,489 | €7,229 | +€740 | +11.4% |
| Furniture and vehicles | 24 | €5,649 | €14,825 | +€9,176 | +162% |
| Current assets | 29/58 | €280,418 | €311,259 | +€30,841 | +11.0% |
| Amounts receivable after more than one year | 29 | - | €240,000 | +€240,000 | |
| Other amounts receivable | 291 | - | €240,000 | +€240,000 | |
| Amounts receivable within one year | 40/41 | €279,614 | €49,098 | -€230,516 | -82.4% |
| Trade receivables | 40 | €29,913 | €25,936 | -€3,977 | -13.3% |
| Other amounts receivable | 41 | €249,701 | €23,162 | -€226,539 | -90.7% |
| Cash at bank and in hand | 54/58 | €265 | €21,762 | +€21,497 | +8,112% |
| Deferred charges and accrued income | 490/1 | €539 | €399 | -€140 | -25.9% |
| Total equity and liabilities | 10/49 | €292,556 | €333,313 | +€40,757 | +13.9% |
| Equity | 10/15 | €275,068 | €328,087 | +€53,019 | +19.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €255,748 | €308,767 | +€53,019 | +20.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €253,888 | €306,907 | +€53,019 | +20.9% |
| Profit (loss) carried forward | 14 | €720 | €720 | +€0 | 0.0% |
| Amounts payable | 17/49 | €17,488 | €5,226 | -€12,262 | -70.1% |
| Amounts payable within one year | 42/48 | €17,362 | €5,226 | -€12,136 | -69.9% |
| Current portion of amounts payable after more than one year | 42 | €1,712 | €0 | -€1,712 | -100% |
| Financial debts | 43 | €4,465 | €0 | -€4,465 | -100% |
| Credit institutions | 430/8 | €4,465 | €0 | -€4,465 | -100% |
| Trade debts | 44 | €1,138 | €2,233 | +€1,095 | +96.2% |
| Suppliers | 440/4 | €1,138 | €2,233 | +€1,095 | +96.2% |
| Taxes, remuneration and social security | 45 | €3,736 | €2,715 | -€1,021 | -27.3% |
| Taxes | 450/3 | €3,736 | €2,715 | -€1,021 | -27.3% |
| Other amounts payable | 47/48 | €6,311 | €278 | -€6,033 | -95.6% |
| Accrued charges and deferred income | 492/3 | €126 | €0 | -€126 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,146 | €4,234 | +€1,088 | +34.6% |
| Other operating charges | 640/8 | €241 | €128 | -€113 | -46.9% |
| Non-recurring operating charges | 66A | €83 | €356 | +€273 | +328% |
| Gross operating margin | 9900 | €93,139 | €79,556 | -€13,583 | -14.6% |
| Operating profit (loss) | 9901 | €89,669 | €74,839 | -€14,830 | -16.5% |
| Financial income | 75/76B | €12 | €73 | +€61 | +511% |
| Recurring financial income | 75 | €12 | €73 | +€61 | +511% |
| Financial charges | 65/66B | €1,124 | €464 | -€660 | -58.7% |
| Recurring financial charges | 65 | €1,124 | €464 | -€660 | -58.7% |
| Profit (loss) for the period before taxes | 9903 | €88,557 | €74,448 | -€14,109 | -15.9% |
| Income taxes | 67/77 | €25,226 | €21,429 | -€3,797 | -15.1% |
| Profit (loss) for the period | 9904 | €63,331 | €53,019 | -€10,312 | -16.3% |
| Profit (loss) for the period to be appropriated | 9905 | €63,331 | €53,019 | -€10,312 | -16.3% |
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 21 October 2026 via checked.be.