VALKELAERE: 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.
VALKELAERE
Largest movements
- Tangible fixed assets +€3.7m
up €3.7m (+22.8%), from €16.2m to €19.9m
of which Land and buildings: +€3.7m
- Cash +€1.7m
up €1.7m (+525%), from €332,220 to €2.1m
- Receivables within one year +€281,661
up €281,661 (+91.9%), from €306,513 to €588,174
of which Trade receivables: +€157,641
- Other debts +€2.4m
up €2.4m (+37.0%), from €6.4m to €8.8m
- Reserves +€1.8m
up €1.8m (+29.7%), from €6.0m to €7.8m
of which Distributable reserves: +€2.2m
- Debts after one year +€1.1m
up €1.1m (+35.0%), from €3.0m to €4.1m
of which Financial debts: +€1.1m
- Gross operating margin +€2.6m
up €2.6m (+204%), from €1.3m to €3.8m
- Depreciation +€721,547
up €721,547 (+196%), from €368,023 to €1.1m
- Taxes +€584,928
up €584,928 (+300%), from €195,288 to €780,216
- Financial income +€138,921
up €138,921 (+565%), from €24,606 to €163,528
- Staff costs +€124,124
up €124,124 (+110%), from €113,009 to €237,133
From the 2024 result to the 2026 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €17,944,362 | €23,393,129 | +€5.4m | +30.4% |
| Fixed assets | 21/28 | €17,117,786 | €20,692,170 | +€3.6m | +20.9% |
| Tangible fixed assets | 22/27 | €16,241,432 | €19,940,211 | +€3.7m | +22.8% |
| Land and buildings | 22 | €16,193,411 | €19,881,792 | +€3.7m | +22.8% |
| Plant, machinery and equipment | 23 | €38,619 | €25,503 | -€13,116 | -34.0% |
| Furniture and vehicles | 24 | €9,402 | €32,917 | +€23,515 | +250% |
| Financial fixed assets | 28 | €876,355 | €751,959 | -€124,396 | -14.2% |
| Current assets | 29/58 | €826,576 | €2,700,960 | +€1.9m | +227% |
| Amounts receivable after more than one year | 29 | €58,125 | €15,000 | -€43,125 | -74.2% |
| Trade receivables | 290 | €58,125 | €15,000 | -€43,125 | -74.2% |
| Stocks and contracts in progress | 3 | €128,768 | €0 | -€128,768 | -100% |
| Stocks | 30/36 | €128,768 | €0 | -€128,768 | -100% |
| Amounts receivable within one year | 40/41 | €306,513 | €588,174 | +€281,661 | +91.9% |
| Trade receivables | 40 | €42,303 | €199,944 | +€157,641 | +373% |
| Other amounts receivable | 41 | €264,210 | €388,230 | +€124,020 | +46.9% |
| Cash at bank and in hand | 54/58 | €332,220 | €2,076,232 | +€1.7m | +525% |
| Deferred charges and accrued income | 490/1 | €950 | €21,553 | +€20,603 | +2,168% |
| Total equity and liabilities | 10/49 | €17,944,362 | €23,393,129 | +€5.4m | +30.4% |
| Equity | 10/15 | €7,550,801 | €9,329,375 | +€1.8m | +23.6% |
| Contributions | 10/11 | €1,567,000 | €1,567,000 | = | 0.0% |
| Capital | 10 | €1,567,000 | €1,567,000 | = | 0.0% |
| Issued capital | 100 | €1,567,000 | €1,567,000 | = | 0.0% |
| Reserves | 13 | €5,983,801 | €7,762,375 | +€1.8m | +29.7% |
| Non-distributable reserves | 130/1 | €156,700 | €156,700 | = | 0.0% |
| Legal reserve | 130 | €156,700 | €156,700 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,448,628 | €985,199 | -€463,430 | -32.0% |
| Distributable reserves | 133 | €4,378,472 | €6,620,476 | +€2.2m | +51.2% |
| Provisions and deferred taxes | 16 | €610,876 | €456,400 | -€154,477 | -25.3% |
| Provisions for liabilities and charges | 160/5 | €128,000 | €128,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €128,000 | €128,000 | = | 0.0% |
| Deferred taxes | 168 | €482,876 | €328,400 | -€154,477 | -32.0% |
| Amounts payable | 17/49 | €9,782,685 | €13,607,355 | +€3.8m | +39.1% |
| Amounts payable after more than one year | 17 | €3,045,172 | €4,110,443 | +€1.1m | +35.0% |
| Financial debts | 170/4 | €3,007,653 | €4,062,824 | +€1.1m | +35.1% |
| Other amounts payable | 178/9 | €37,519 | €47,619 | +€10,100 | +26.9% |
| Amounts payable within one year | 42/48 | €6,721,565 | €9,295,024 | +€2.6m | +38.3% |
| Current portion of amounts payable after more than one year | 42 | €159,316 | €248,437 | +€89,120 | +55.9% |
| Trade debts | 44 | €133,704 | €21,698 | -€112,006 | -83.8% |
| Suppliers | 440/4 | €133,704 | €21,698 | -€112,006 | -83.8% |
| Taxes, remuneration and social security | 45 | €31,200 | €257,588 | +€226,388 | +726% |
| Taxes | 450/3 | €25,028 | €239,457 | +€214,429 | +857% |
| Remuneration and social security | 454/9 | €6,172 | €18,131 | +€11,959 | +194% |
| Other amounts payable | 47/48 | €6,397,344 | €8,767,302 | +€2.4m | +37.0% |
| Accrued charges and deferred income | 492/3 | €15,948 | €201,887 | +€185,939 | +1,166% |
| Remuneration, social security and pensions | 62 | €113,009 | €237,133 | +€124,124 | +110% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €368,023 | €1,089,570 | +€721,547 | +196% |
| Other operating charges | 640/8 | €13,555 | €15,012 | +€1,456 | +10.7% |
| Gross operating margin | 9900 | €1,252,524 | €3,805,943 | +€2.6m | +204% |
| Operating profit (loss) | 9901 | €757,937 | €2,464,228 | +€1.7m | +225% |
| Financial income | 75/76B | €24,606 | €163,528 | +€138,921 | +565% |
| Recurring financial income | 75 | €24,606 | €163,528 | +€138,921 | +565% |
| Financial charges | 65/66B | €99,822 | €223,442 | +€123,621 | +124% |
| Recurring financial charges | 65 | €99,822 | €223,442 | +€123,621 | +124% |
| Profit (loss) for the period before taxes | 9903 | €682,722 | €2,404,313 | +€1.7m | +252% |
| Transfer from deferred taxes | 780 | €16,965 | €154,477 | +€137,512 | +811% |
| Income taxes | 67/77 | €195,288 | €780,216 | +€584,928 | +300% |
| Profit (loss) for the period | 9904 | €504,399 | €1,778,574 | +€1.3m | +253% |
| Transfer from tax-exempt reserves | 789 | €50,894 | €463,430 | +€412,536 | +811% |
| Profit (loss) for the period to be appropriated | 9905 | €555,293 | €2,242,004 | +€1.7m | +304% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 28 February 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.