VALKE: 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.
VALKE
Largest movements
- Receivables within one year +€22,240
up €22,240 (+43.4%), from €51,280 to €73,520
of which Trade receivables: +€22,240
- Tangible fixed assets -€21,912
down €21,912 (-10.5%), from €207,784 to €185,871
of which Other tangible fixed assets: -€14,585
- Stocks and contracts +€20,509
up €20,509 (+457%), from €4,491 to €25,000
- Other debts -€75,706
down €75,706 (-50.8%), from €149,115 to €73,409
- Reserves +€67,680
new in 2025: €67,680
- Debts after one year -€41,219
down €41,219 (-45.3%), from €90,994 to €49,776
- Profit (loss) carried forward +€38,407
no longer reported in 2025 (was -€38,407)
- Trade debts +€22,251
up €22,251 (+120%), from €18,609 to €40,859
- Gross operating margin +€88,216
up €88,216 (+129%), from €68,312 to €156,528
- Taxes +€9,904
new in 2025: €9,904
- Financial charges -€8,284
down €8,284 (-67.3%), from €12,316 to €4,033
- Depreciation -€7,962
down €7,962 (-18.3%), from €43,458 to €35,496
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 | €264,081 | €287,222 | +€23,141 | +8.8% |
| Fixed assets | 21/28 | €207,784 | €185,871 | -€21,912 | -10.5% |
| Tangible fixed assets | 22/27 | €207,784 | €185,871 | -€21,912 | -10.5% |
| Land and buildings | 22 | €6,115 | €4,910 | -€1,205 | -19.7% |
| Plant, machinery and equipment | 23 | €91,468 | €83,336 | -€8,131 | -8.9% |
| Furniture and vehicles | 24 | - | €2,009 | +€2,009 | |
| Other tangible fixed assets | 26 | €110,202 | €95,616 | -€14,585 | -13.2% |
| Current assets | 29/58 | €56,297 | €101,351 | +€45,054 | +80.0% |
| Stocks and contracts in progress | 3 | €4,491 | €25,000 | +€20,509 | +457% |
| Stocks | 30/36 | €4,491 | €25,000 | +€20,509 | +457% |
| Amounts receivable within one year | 40/41 | €51,280 | €73,520 | +€22,240 | +43.4% |
| Trade receivables | 40 | €50,958 | €73,199 | +€22,240 | +43.6% |
| Other amounts receivable | 41 | €321 | €321 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €527 | €2,831 | +€2,304 | +438% |
| Total equity and liabilities | 10/49 | €264,081 | €287,222 | +€23,141 | +8.8% |
| Equity | 10/15 | -€18,407 | €87,680 | +€106,087 | |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | - | €67,680 | +€67,680 | |
| Distributable reserves | 133 | - | €67,680 | +€67,680 | |
| Profit (loss) carried forward | 14 | -€38,407 | - | +€38,407 | |
| Amounts payable | 17/49 | €282,488 | €199,542 | -€82,946 | -29.4% |
| Amounts payable after more than one year | 17 | €90,994 | €49,776 | -€41,219 | -45.3% |
| Financial debts | 170/4 | €90,994 | €49,776 | -€41,219 | -45.3% |
| Amounts payable within one year | 42/48 | €191,493 | €149,766 | -€41,727 | -21.8% |
| Current portion of amounts payable after more than one year | 42 | €18,623 | €11,016 | -€7,606 | -40.8% |
| Trade debts | 44 | €18,609 | €40,859 | +€22,251 | +120% |
| Suppliers | 440/4 | €18,609 | €40,859 | +€22,251 | +120% |
| Taxes, remuneration and social security | 45 | €5,147 | €24,482 | +€19,335 | +376% |
| Taxes | 450/3 | €5,147 | €24,482 | +€19,335 | +376% |
| Other amounts payable | 47/48 | €149,115 | €73,409 | -€75,706 | -50.8% |
| Non-recurring operating income | 76A | €5,400 | €51,095 | +€45,695 | +846% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,458 | €35,496 | -€7,962 | -18.3% |
| Other operating charges | 640/8 | €693 | €1,008 | +€315 | +45.4% |
| Non-recurring operating charges | 66A | €7,042 | - | -€7,042 | |
| Gross operating margin | 9900 | €68,312 | €156,528 | +€88,216 | +129% |
| Operating profit (loss) | 9901 | €17,119 | €120,024 | +€102,905 | +601% |
| Financial income | 75/76B | €4 | - | -€4 | |
| Recurring financial income | 75 | €4 | - | -€4 | |
| Financial charges | 65/66B | €12,316 | €4,033 | -€8,284 | -67.3% |
| Recurring financial charges | 65 | €12,316 | €4,033 | -€8,284 | -67.3% |
| Profit (loss) for the period before taxes | 9903 | €4,806 | €115,991 | +€111,185 | +2,313% |
| Income taxes | 67/77 | - | €9,904 | +€9,904 | |
| Profit (loss) for the period | 9904 | €4,806 | €106,087 | +€101,281 | +2,107% |
| Profit (loss) for the period to be appropriated | 9905 | €4,806 | €106,087 | +€101,281 | +2,107% |
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 17 October 2026 via checked.be.