VALKO: 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.
VALKO
Largest movements
- Cash -€42,008
down €42,008 (-20.0%), from €210,076 to €168,068
mainly Receivables within one year (-€29,684) and Net result for the year (-€12,233)
- Receivables within one year +€29,684
up €29,684 (+26.1%), from €113,887 to €143,571
- Profit (loss) carried forward -€12,233
down €12,233 (-99.5%), from €12,290 to €58
- Gross operating margin +€29,915
up €29,915 (+25.8%), from €115,756 to €145,671
- Staff costs +€28,441
up €28,441 (+26.0%), from €109,484 to €137,925
- Financial charges +€12,819
up €12,819 (+43408.5%), from €30 to €12,848
- Taxes -€3,027
no longer reported in 2025 (was €3,027)
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 | €754,757 | €741,425 | -€13,333 | -1.8% |
| Fixed assets | 21/28 | €420,164 | €413,023 | -€7,141 | -1.7% |
| Tangible fixed assets | 22/27 | €418,488 | €411,348 | -€7,141 | -1.7% |
| Land and buildings | 22 | €418,488 | €411,348 | -€7,141 | -1.7% |
| Financial fixed assets | 28 | €1,675 | €1,675 | = | 0.0% |
| Current assets | 29/58 | €334,594 | €328,402 | -€6,192 | -1.9% |
| Stocks and contracts in progress | 3 | €10,630 | €16,762 | +€6,132 | +57.7% |
| Stocks | 30/36 | €10,630 | €16,762 | +€6,132 | +57.7% |
| Amounts receivable within one year | 40/41 | €113,887 | €143,571 | +€29,684 | +26.1% |
| Trade receivables | 40 | €113,887 | €143,571 | +€29,684 | +26.1% |
| Cash at bank and in hand | 54/58 | €210,076 | €168,068 | -€42,008 | -20.0% |
| Total equity and liabilities | 10/49 | €754,757 | €741,425 | -€13,333 | -1.8% |
| Equity | 10/15 | €576,926 | €564,693 | -€12,233 | -2.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Outside capital | 11 | €18,592 | €18,592 | = | 0.0% |
| Other | 1109/19 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €546,043 | €546,043 | = | 0.0% |
| Non-distributable reserves | 130/1 | €23,085 | €23,085 | = | 0.0% |
| Legal reserve | 130 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €21,226 | €21,226 | = | 0.0% |
| Distributable reserves | 133 | €522,958 | €522,958 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,290 | €58 | -€12,233 | -99.5% |
| Amounts payable | 17/49 | €177,832 | €176,732 | -€1,100 | -0.6% |
| Amounts payable within one year | 42/48 | €177,832 | €176,732 | -€1,100 | -0.6% |
| Trade debts | 44 | €10,526 | €3,668 | -€6,858 | -65.2% |
| Suppliers | 440/4 | €10,526 | €3,668 | -€6,858 | -65.2% |
| Taxes, remuneration and social security | 45 | €16,306 | €22,064 | +€5,758 | +35.3% |
| Taxes | 450/3 | €1,252 | €3,351 | +€2,099 | +167.6% |
| Remuneration and social security | 454/9 | €15,054 | €18,713 | +€3,659 | +24.3% |
| Other amounts payable | 47/48 | €151,000 | €151,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €109,484 | €137,925 | +€28,441 | +26.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,141 | €7,141 | = | 0.0% |
| Gross operating margin | 9900 | €115,756 | €145,671 | +€29,915 | +25.8% |
| Operating profit (loss) | 9901 | -€869 | €605 | +€1,474 | |
| Financial income | 75/76B | - | €10 | +€10 | |
| Recurring financial income | 75 | - | €10 | +€10 | |
| Financial charges | 65/66B | €30 | €12,848 | +€12,819 | +43408.5% |
| Recurring financial charges | 65 | €30 | €12,848 | +€12,819 | +43408.5% |
| Profit (loss) for the period before taxes | 9903 | -€898 | -€12,233 | -€11,334 | -1261.6% |
| Income taxes | 67/77 | €3,027 | - | -€3,027 | |
| Profit (loss) for the period | 9904 | -€3,926 | -€12,233 | -€8,307 | -211.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,926 | -€12,233 | -€8,307 | -211.6% |
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 9 October 2026 via checked.be.