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
- Tangible fixed assets +€144,603
up €144,603 (+46.4%), from €311,315 to €455,918
of which Land and buildings: +€146,623
- Receivables within one year +€5,000
new in 2025: €5,000
- Debts after one year +€112,243
new in 2025: €112,243
- Other debts +€28,970
up €28,970 (+16.4%), from €177,061 to €206,031
- Current portion of long-term debt +€22,348
new in 2025: €22,348
- Profit (loss) carried forward -€10,952
down €10,952 (-7.0%), from -€156,038 to -€166,990
- Gross operating margin +€30,416
up €30,416, from -€7,135 to €23,282
- Depreciation +€16,387
up €16,387 (+240.8%), from €6,806 to €23,193
- Financial charges +€4,938
up €4,938 (+3359.4%), from €147 to €5,085
- Financial income +€448
new in 2025: €448
- Other operating charges +€347
up €347 (+13.6%), from €2,545 to €2,893
From the 2023 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
A cash bridge needs two consecutive fiscal 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 | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €319,352 | €467,978 | +€148,626 | +46.5% |
| Fixed assets | 21/28 | €311,315 | €455,918 | +€144,603 | +46.4% |
| Tangible fixed assets | 22/27 | €311,315 | €455,918 | +€144,603 | +46.4% |
| Land and buildings | 22 | €304,643 | €451,265 | +€146,623 | +48.1% |
| Plant, machinery and equipment | 23 | €6,673 | €4,653 | -€2,020 | -30.3% |
| Current assets | 29/58 | €8,037 | €12,060 | +€4,023 | +50.1% |
| Amounts receivable within one year | 40/41 | - | €5,000 | +€5,000 | |
| Other amounts receivable | 41 | - | €5,000 | +€5,000 | |
| Cash at bank and in hand | 54/58 | €5,787 | €7,060 | +€1,273 | +22.0% |
| Deferred charges and accrued income | 490/1 | €2,250 | - | -€2,250 | |
| Total equity and liabilities | 10/49 | €319,352 | €467,978 | +€148,626 | +46.5% |
| Equity | 10/15 | €137,202 | €126,251 | -€10,952 | -8.0% |
| Contributions | 10/11 | €62,100 | €62,100 | = | 0.0% |
| Capital | 10 | €62,100 | €62,100 | = | 0.0% |
| Issued capital | 100 | €62,100 | €62,100 | = | 0.0% |
| Revaluation surpluses | 12 | €194,828 | €194,828 | = | 0.0% |
| Reserves | 13 | €36,312 | €36,312 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,440 | €7,440 | = | 0.0% |
| Legal reserve | 130 | €7,440 | €7,440 | = | 0.0% |
| Distributable reserves | 133 | €28,872 | €28,872 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€156,038 | -€166,990 | -€10,952 | -7.0% |
| Amounts payable | 17/49 | €182,150 | €341,728 | +€159,578 | +87.6% |
| Amounts payable after more than one year | 17 | - | €112,243 | +€112,243 | |
| Financial debts | 170/4 | - | €112,243 | +€112,243 | |
| Amounts payable within one year | 42/48 | €182,150 | €229,485 | +€47,335 | +26.0% |
| Current portion of amounts payable after more than one year | 42 | - | €22,348 | +€22,348 | |
| Trade debts | 44 | €2,085 | €1,106 | -€979 | -47.0% |
| Suppliers | 440/4 | €2,085 | €1,106 | -€979 | -47.0% |
| Taxes, remuneration and social security | 45 | €3,005 | €0 | -€3,005 | -100.0% |
| Taxes | 450/3 | €3,005 | €0 | -€3,005 | -100.0% |
| Other amounts payable | 47/48 | €177,061 | €206,031 | +€28,970 | +16.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,806 | €23,193 | +€16,387 | +240.8% |
| Other operating charges | 640/8 | €2,545 | €2,893 | +€347 | +13.6% |
| Gross operating margin | 9900 | -€7,135 | €23,282 | +€30,416 | |
| Operating profit (loss) | 9901 | -€16,486 | -€2,804 | +€13,682 | +83.0% |
| Financial income | 75/76B | - | €448 | +€448 | |
| Recurring financial income | 75 | - | €448 | +€448 | |
| Financial charges | 65/66B | €147 | €5,085 | +€4,938 | +3359.4% |
| Recurring financial charges | 65 | €147 | €5,085 | +€4,938 | +3359.4% |
| Profit (loss) for the period before taxes | 9903 | -€16,633 | -€7,441 | +€9,192 | +55.3% |
| Profit (loss) for the period | 9904 | -€16,633 | -€7,441 | +€9,192 | +55.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,633 | -€7,441 | +€9,192 | +55.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2023 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.