Valkerij: 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.
Valkerij
Largest movements
- Tangible fixed assets +€591,278
up €591,278 (+262.8%), from €224,996 to €816,275
- Cash -€315,755
down €315,755 (-73.5%), from €429,572 to €113,816
mainly Investment in fixed assets (net) (-€618,068) and Receivables within one year (-€10,240)
- Receivables within one year +€10,240
up €10,240 (+215.1%), from €4,760 to €15,000
of which Other amounts receivable: +€10,857
- Contributions +€109,525
up €109,525 (+209.5%), from €52,275 to €161,800
- Trade debts +€106,504
up €106,504 (+1193.9%), from €8,920 to €115,425
- Profit (loss) carried forward +€35,068
up €35,068 (+7.7%), from €454,012 to €489,080
- Accrued charges and deferred income +€29,610
up €29,610 (+7588.2%), from €390 to €30,000
- Gross operating margin +€12,956
up €12,956 (+23.9%), from €54,282 to €67,239
- Depreciation +€10,011
up €10,011 (+59.7%), from €16,779 to €26,790
- Taxes +€1,255
up €1,255 (+16.6%), from €7,581 to €8,837
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 | €660,491 | €945,393 | +€284,902 | +43.1% |
| Fixed assets | 21/28 | €224,996 | €816,275 | +€591,278 | +262.8% |
| Tangible fixed assets | 22/27 | €224,996 | €816,275 | +€591,278 | +262.8% |
| Land and buildings | 22 | €224,996 | €816,275 | +€591,278 | +262.8% |
| Current assets | 29/58 | €435,494 | €129,118 | -€306,376 | -70.4% |
| Amounts receivable within one year | 40/41 | €4,760 | €15,000 | +€10,240 | +215.1% |
| Trade receivables | 40 | €617 | - | -€617 | |
| Other amounts receivable | 41 | €4,143 | €15,000 | +€10,857 | +262.1% |
| Current investments | 50/53 | €250 | €250 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €429,572 | €113,816 | -€315,755 | -73.5% |
| Deferred charges and accrued income | 490/1 | €912 | €52 | -€860 | -94.3% |
| Total equity and liabilities | 10/49 | €660,491 | €945,393 | +€284,902 | +43.1% |
| Equity | 10/15 | €623,806 | €771,370 | +€147,564 | +23.7% |
| Contributions | 10/11 | €52,275 | €161,800 | +€109,525 | +209.5% |
| Reserves | 13 | €19,631 | €17,594 | -€2,038 | -10.4% |
| Tax-exempt reserves | 132 | €8,152 | €6,114 | -€2,038 | -25.0% |
| Distributable reserves | 133 | €11,480 | €11,480 | = | 0.0% |
| Profit (loss) carried forward | 14 | €454,012 | €489,080 | +€35,068 | +7.7% |
| Investment grants | 15 | €97,888 | €102,896 | +€5,008 | +5.1% |
| Provisions and deferred taxes | 16 | €27,189 | €27,762 | +€573 | +2.1% |
| Deferred taxes | 168 | €27,189 | €27,762 | +€573 | +2.1% |
| Amounts payable | 17/49 | €9,495 | €146,262 | +€136,766 | +1440.3% |
| Amounts payable within one year | 42/48 | €9,105 | €116,262 | +€107,156 | +1176.9% |
| Trade debts | 44 | €8,920 | €115,425 | +€106,504 | +1193.9% |
| Suppliers | 440/4 | €8,920 | €115,425 | +€106,504 | +1193.9% |
| Taxes, remuneration and social security | 45 | €185 | €837 | +€652 | +352.8% |
| Taxes | 450/3 | €185 | €837 | +€652 | +352.8% |
| Accrued charges and deferred income | 492/3 | €390 | €30,000 | +€29,610 | +7588.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,779 | €26,790 | +€10,011 | +59.7% |
| Other operating charges | 640/8 | €410 | €400 | -€10 | -2.5% |
| Non-recurring operating charges | 66A | €1,785 | - | -€1,785 | |
| Gross operating margin | 9900 | €54,282 | €67,239 | +€12,956 | +23.9% |
| Operating profit (loss) | 9901 | €35,309 | €40,049 | +€4,740 | +13.4% |
| Financial income | 75/76B | €2,237 | €1,570 | -€667 | -29.8% |
| Recurring financial income | 75 | €1,980 | €1,570 | -€410 | -20.7% |
| Non-recurring financial income | 76B | €257 | - | -€257 | |
| Financial charges | 65/66B | €224 | €183 | -€41 | -18.2% |
| Recurring financial charges | 65 | €224 | €183 | -€41 | -18.2% |
| Profit (loss) for the period before taxes | 9903 | €37,322 | €41,436 | +€4,114 | +11.0% |
| Transfer from deferred taxes | 780 | €927 | €431 | -€496 | -53.5% |
| Income taxes | 67/77 | €7,581 | €8,837 | +€1,255 | +16.6% |
| Profit (loss) for the period | 9904 | €30,668 | €33,031 | +€2,363 | +7.7% |
| Transfer from tax-exempt reserves | 789 | €2,038 | €2,038 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €32,706 | €35,068 | +€2,363 | +7.2% |
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 6 October 2026 via checked.be.