VALKUREN: what changed
VALKUREN
Largest movements
- Receivables within one year -€122,250
down €122,250 (-71.7%), from €170,589 to €48,339
of which Trade receivables: -€118,750
- Cash -€97,770
down €97,770 (-43.4%), from €225,217 to €127,447
mainly Investment in fixed assets (net) (-€98,983) and Trade debts (-€61,945)
- Intangible fixed assets +€88,798
new in 2025: €88,798
- Current investments +€24,059
up €24,059 (+172%), from €14,000 to €38,059
- Tangible fixed assets +€11,639
up €11,639 (+557%), from €2,088 to €13,727
- Trade debts -€61,945
down €61,945 (-88.6%), from €69,941 to €7,996
- Profit (loss) carried forward -€30,575
down €30,575 (-12.2%), from €250,842 to €220,267
- Tax, wage and social debts -€29,017
down €29,017 (-36.0%), from €80,589 to €51,572
of which Taxes: -€20,517
- Debts after one year +€9,174
new in 2025: €9,174
- Gross operating margin -€45,876
down €45,876 (-15.0%), from €306,524 to €260,647
- Staff costs +€40,696
up €40,696 (+17.5%), from €232,760 to €273,456
- Taxes -€17,567
down €17,567 (-98.7%), from €17,791 to €224
- Depreciation +€5,170
up €5,170 (+305%), from €1,696 to €6,866
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €427,632 | €318,027 | -€109,605 | -25.6% |
| Fixed assets | 21/28 | €10,407 | €102,525 | +€92,118 | +885% |
| Intangible fixed assets | 21 | - | €88,798 | +€88,798 | |
| Tangible fixed assets | 22/27 | €2,088 | €13,727 | +€11,639 | +557% |
| Furniture and vehicles | 24 | €2,088 | €13,727 | +€11,639 | +557% |
| Financial fixed assets | 28 | €8,319 | - | -€8,319 | |
| Current assets | 29/58 | €417,225 | €215,502 | -€201,723 | -48.3% |
| Amounts receivable within one year | 40/41 | €170,589 | €48,339 | -€122,250 | -71.7% |
| Trade receivables | 40 | €164,089 | €45,339 | -€118,750 | -72.4% |
| Other amounts receivable | 41 | €6,500 | €3,000 | -€3,500 | -53.8% |
| Current investments | 50/53 | €14,000 | €38,059 | +€24,059 | +172% |
| Cash at bank and in hand | 54/58 | €225,217 | €127,447 | -€97,770 | -43.4% |
| Deferred charges and accrued income | 490/1 | €7,418 | €1,657 | -€5,761 | -77.7% |
| Total equity and liabilities | 10/49 | €427,632 | €318,027 | -€109,605 | -25.6% |
| Equity | 10/15 | €271,302 | €240,727 | -€30,575 | -11.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €250,842 | €220,267 | -€30,575 | -12.2% |
| Amounts payable | 17/49 | €156,330 | €77,300 | -€79,029 | -50.6% |
| Amounts payable after more than one year | 17 | - | €9,174 | +€9,174 | |
| Financial debts | 170/4 | - | €9,174 | +€9,174 | |
| Amounts payable within one year | 42/48 | €156,330 | €68,126 | -€88,203 | -56.4% |
| Current portion of amounts payable after more than one year | 42 | - | €4,154 | +€4,154 | |
| Trade debts | 44 | €69,941 | €7,996 | -€61,945 | -88.6% |
| Suppliers | 440/4 | €69,941 | €7,996 | -€61,945 | -88.6% |
| Taxes, remuneration and social security | 45 | €80,589 | €51,572 | -€29,017 | -36.0% |
| Taxes | 450/3 | €42,108 | €21,592 | -€20,517 | -48.7% |
| Remuneration and social security | 454/9 | €38,481 | €29,981 | -€8,500 | -22.1% |
| Other amounts payable | 47/48 | €5,800 | €4,405 | -€1,396 | -24.1% |
| Remuneration, social security and pensions | 62 | €232,760 | €273,456 | +€40,696 | +17.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,696 | €6,866 | +€5,170 | +305% |
| Other operating charges | 640/8 | €561 | €1,527 | +€966 | +172% |
| Non-recurring operating charges | 66A | - | €8,319 | +€8,319 | |
| Gross operating margin | 9900 | €306,524 | €260,647 | -€45,876 | -15.0% |
| Operating profit (loss) | 9901 | €71,507 | -€29,520 | -€101,027 | |
| Financial income | 75/76B | €0 | €68 | +€67 | +32,129% |
| Recurring financial income | 75 | €0 | €68 | +€67 | +32,129% |
| Financial charges | 65/66B | €148 | €899 | +€752 | +509% |
| Recurring financial charges | 65 | €148 | €899 | +€752 | +509% |
| Profit (loss) for the period before taxes | 9903 | €71,359 | -€30,352 | -€101,711 | |
| Income taxes | 67/77 | €17,791 | €224 | -€17,567 | -98.7% |
| Profit (loss) for the period | 9904 | €53,568 | -€30,575 | -€84,143 | |
| Profit (loss) for the period to be appropriated | 9905 | €53,568 | -€30,575 | -€84,143 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.