VALKUR: 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.
VALKUR
Largest movements
- Receivables after one year -€532,159
down €532,159 (-40.5%), from €1.3m to €782,214
- Deferred charges and accrued income -€46,401
down €46,401 (-59.0%), from €78,691 to €32,290
- Cash -€34,354
down €34,354 (-52.8%), from €65,062 to €30,708
mainly Contributions, distributions and other (-€800,000) and Tax, wage and social debts (-€51,555)
- Tangible fixed assets +€29,169
up €29,169 (+44.0%), from €66,278 to €95,447
of which Furniture and vehicles: +€26,737
- Current investments +€27,975
up €27,975 (+28.0%), from €99,863 to €127,839
- Reserves -€517,835
down €517,835 (-21.1%), from €2.5m to €1.9m
of which Distributable reserves: -€517,835
- Tax, wage and social debts -€51,555
down €51,555 (-36.8%), from €139,988 to €88,433
of which Taxes: -€38,347
- Gross operating margin +€115,853
up €115,853 (+32.4%), from €357,442 to €473,295
- Financial charges -€35,161
down €35,161 (-98.9%), from €35,541 to €380
- Financial income -€35,155
down €35,155 (-37.4%), from €93,945 to €58,790
- Taxes +€22,048
up €22,048 (+20.3%), from €108,438 to €130,486
- Other operating charges +€21,327
up €21,327 (+358.6%), from €5,947 to €27,275
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 | €2,618,632 | €2,049,483 | -€569,149 | -21.7% |
| Fixed assets | 21/28 | €977,607 | €1,006,776 | +€29,169 | +3.0% |
| Tangible fixed assets | 22/27 | €66,278 | €95,447 | +€29,169 | +44.0% |
| Land and buildings | 22 | €1,738 | €4,849 | +€3,111 | +179.0% |
| Plant, machinery and equipment | 23 | €1,116 | €437 | -€679 | -60.8% |
| Furniture and vehicles | 24 | €63,423 | €90,160 | +€26,737 | +42.2% |
| Financial fixed assets | 28 | €911,330 | €911,330 | = | 0.0% |
| Current assets | 29/58 | €1,641,025 | €1,042,707 | -€598,318 | -36.5% |
| Amounts receivable after more than one year | 29 | €1,314,373 | €782,214 | -€532,159 | -40.5% |
| Other amounts receivable | 291 | €1,314,373 | €782,214 | -€532,159 | -40.5% |
| Amounts receivable within one year | 40/41 | €83,037 | €69,657 | -€13,379 | -16.1% |
| Trade receivables | 40 | €64,775 | €51,419 | -€13,357 | -20.6% |
| Other amounts receivable | 41 | €18,261 | €18,239 | -€22 | -0.1% |
| Current investments | 50/53 | €99,863 | €127,839 | +€27,975 | +28.0% |
| Cash at bank and in hand | 54/58 | €65,062 | €30,708 | -€34,354 | -52.8% |
| Deferred charges and accrued income | 490/1 | €78,691 | €32,290 | -€46,401 | -59.0% |
| Total equity and liabilities | 10/49 | €2,618,632 | €2,049,483 | -€569,149 | -21.7% |
| Equity | 10/15 | €2,477,604 | €1,959,768 | -€517,835 | -20.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €2,450,605 | €1,932,770 | -€517,835 | -21.1% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €2,448,750 | €1,930,915 | -€517,835 | -21.1% |
| Profit (loss) carried forward | 14 | €8,449 | €8,449 | = | 0.0% |
| Amounts payable | 17/49 | €141,029 | €89,715 | -€51,314 | -36.4% |
| Amounts payable within one year | 42/48 | €141,029 | €89,715 | -€51,314 | -36.4% |
| Trade debts | 44 | €1,041 | €1,282 | +€242 | +23.2% |
| Suppliers | 440/4 | €1,041 | €1,282 | +€242 | +23.2% |
| Taxes, remuneration and social security | 45 | €139,988 | €88,433 | -€51,555 | -36.8% |
| Taxes | 450/3 | €125,056 | €86,708 | -€38,347 | -30.7% |
| Remuneration and social security | 454/9 | €14,932 | €1,724 | -€13,208 | -88.5% |
| Remuneration, social security and pensions | 62 | €64,348 | €59,819 | -€4,529 | -7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,956 | €15,831 | -€10,125 | -39.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €25,000 | €16,130 | -€8,870 | -35.5% |
| Other operating charges | 640/8 | €5,947 | €27,275 | +€21,327 | +358.6% |
| Gross operating margin | 9900 | €357,442 | €473,295 | +€115,853 | +32.4% |
| Operating profit (loss) | 9901 | €236,191 | €354,241 | +€118,050 | +50.0% |
| Financial income | 75/76B | €93,945 | €58,790 | -€35,155 | -37.4% |
| Recurring financial income | 75 | €93,945 | €58,790 | -€35,155 | -37.4% |
| Financial charges | 65/66B | €35,541 | €380 | -€35,161 | -98.9% |
| Recurring financial charges | 65 | €35,541 | €380 | -€35,161 | -98.9% |
| Profit (loss) for the period before taxes | 9903 | €294,596 | €412,651 | +€118,055 | +40.1% |
| Income taxes | 67/77 | €108,438 | €130,486 | +€22,048 | +20.3% |
| Profit (loss) for the period | 9904 | €186,158 | €282,165 | +€96,006 | +51.6% |
| Profit (loss) for the period to be appropriated | 9905 | €186,158 | €282,165 | +€96,006 | +51.6% |
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 8 October 2026 via checked.be.