VALKENBORGH: 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.
VALKENBORGH
Largest movements
- Receivables after one year -€21,857
down €21,857 (-40.4%), from €54,123 to €32,266
- Deferred charges and accrued income +€7,165
up €7,165 (+525.3%), from €1,364 to €8,529
- Cash -€6,687
down €6,687 (-8.4%), from €79,641 to €72,954
mainly Contributions, distributions and other (-€23,007) and Deferred charges and accrued income (-€7,165)
- Receivables within one year +€3,708
up €3,708 (+14.6%), from €25,335 to €29,044
of which Other amounts receivable: +€12,119
- Tangible fixed assets -€2,004
down €2,004 (-9.0%), from €22,293 to €20,289
of which Plant, machinery and equipment: -€3,214
- Reserves -€20,001
down €20,001 (-17.1%), from €116,990 to €96,989
of which Distributable reserves: -€20,001
- Gross operating margin -€26,120
down €26,120 (-74.4%), from €35,116 to €8,996
- Taxes -€6,905
down €6,905 (-75.9%), from €9,102 to €2,197
- Depreciation +€1,053
up €1,053 (+33.4%), from €3,150 to €4,203
- Financial income -€721
down €721 (-17.1%), from €4,228 to €3,506
- Other operating charges -€362
down €362 (-15.9%), from €2,281 to €1,919
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 | €185,256 | €165,583 | -€19,674 | -10.6% |
| Fixed assets | 21/28 | €24,793 | €22,789 | -€2,004 | -8.1% |
| Tangible fixed assets | 22/27 | €22,293 | €20,289 | -€2,004 | -9.0% |
| Plant, machinery and equipment | 23 | €20,904 | €17,690 | -€3,214 | -15.4% |
| Furniture and vehicles | 24 | €1,389 | €2,599 | +€1,210 | +87.1% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €160,464 | €142,794 | -€17,670 | -11.0% |
| Amounts receivable after more than one year | 29 | €54,123 | €32,266 | -€21,857 | -40.4% |
| Other amounts receivable | 291 | €54,123 | €32,266 | -€21,857 | -40.4% |
| Amounts receivable within one year | 40/41 | €25,335 | €29,044 | +€3,708 | +14.6% |
| Trade receivables | 40 | €10,442 | €2,032 | -€8,410 | -80.5% |
| Other amounts receivable | 41 | €14,893 | €27,012 | +€12,119 | +81.4% |
| Cash at bank and in hand | 54/58 | €79,641 | €72,954 | -€6,687 | -8.4% |
| Deferred charges and accrued income | 490/1 | €1,364 | €8,529 | +€7,165 | +525.3% |
| Total equity and liabilities | 10/49 | €185,256 | €165,583 | -€19,674 | -10.6% |
| Equity | 10/15 | €176,734 | €156,733 | -€20,001 | -11.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €116,990 | €96,989 | -€20,001 | -17.1% |
| Tax-exempt reserves | 132 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €114,990 | €94,989 | -€20,001 | -17.4% |
| Profit (loss) carried forward | 14 | €41,153 | €41,153 | = | 0.0% |
| Amounts payable | 17/49 | €8,522 | €8,849 | +€327 | +3.8% |
| Amounts payable within one year | 42/48 | €8,522 | €8,849 | +€327 | +3.8% |
| Current portion of amounts payable after more than one year | 42 | €3,600 | €3,326 | -€274 | -7.6% |
| Trade debts | 44 | €2,861 | €3,427 | +€566 | +19.8% |
| Suppliers | 440/4 | €2,861 | €3,427 | +€566 | +19.8% |
| Taxes, remuneration and social security | 45 | €2,061 | €2,096 | +€35 | +1.7% |
| Taxes | 450/3 | €2,061 | €2,096 | +€35 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,150 | €4,203 | +€1,053 | +33.4% |
| Other operating charges | 640/8 | €2,281 | €1,919 | -€362 | -15.9% |
| Gross operating margin | 9900 | €35,116 | €8,996 | -€26,120 | -74.4% |
| Operating profit (loss) | 9901 | €29,686 | €2,874 | -€26,812 | -90.3% |
| Financial income | 75/76B | €4,228 | €3,506 | -€721 | -17.1% |
| Recurring financial income | 75 | €4,228 | €3,506 | -€721 | -17.1% |
| Financial charges | 65/66B | €1,402 | €1,177 | -€225 | -16.0% |
| Recurring financial charges | 65 | €1,402 | €1,177 | -€225 | -16.0% |
| Profit (loss) for the period before taxes | 9903 | €32,511 | €5,203 | -€27,308 | -84.0% |
| Income taxes | 67/77 | €9,102 | €2,197 | -€6,905 | -75.9% |
| Profit (loss) for the period | 9904 | €23,409 | €3,006 | -€20,403 | -87.2% |
| Profit (loss) for the period to be appropriated | 9905 | €23,409 | €3,006 | -€20,403 | -87.2% |
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 4 October 2026 via checked.be.