Vallée 138: what changed
Two financial 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.
Vallée 138
Largest movements
- Cash +€44,136
up €44,136 (+25.3%), from €174,108 to €218,244
mainly Net result for the year (+€71,270) and Depreciation (+€22,677)
- Receivables within one year +€25,355
up €25,355 (+61.4%), from €41,308 to €66,663
- Intangible fixed assets -€15,000
down €15,000 (-20.0%), from €75,000 to €60,000
- Tangible fixed assets -€7,677
down €7,677 (-54.1%), from €14,187 to €6,509
of which Furniture and vehicles: -€6,879
- Reserves +€71,270
up €71,270 (+34.0%), from €209,740 to €281,010
- Other debts -€17,107
down €17,107 (-25.8%), from €66,381 to €49,274
- Tax, wage and social debts -€4,900
down €4,900 (-32.6%), from €15,028 to €10,127
- Gross operating margin +€9,082
up €9,082 (+7.9%), from €115,311 to €124,393
- Taxes +€3,194
up €3,194 (+11.9%), from €26,948 to €30,142
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.
Derived cash bridge
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 | €304,603 | €351,416 | +€46,813 | +15.4% |
| Fixed assets | 21/28 | €89,187 | €66,509 | -€22,677 | -25.4% |
| Intangible fixed assets | 21 | €75,000 | €60,000 | -€15,000 | -20.0% |
| Tangible fixed assets | 22/27 | €14,187 | €6,509 | -€7,677 | -54.1% |
| Furniture and vehicles | 24 | €13,290 | €6,411 | -€6,879 | -51.8% |
| Other tangible fixed assets | 26 | €896 | €98 | -€798 | -89.0% |
| Current assets | 29/58 | €215,416 | €284,907 | +€69,491 | +32.3% |
| Amounts receivable within one year | 40/41 | €41,308 | €66,663 | +€25,355 | +61.4% |
| Trade receivables | 40 | €41,308 | €66,663 | +€25,355 | +61.4% |
| Cash at bank and in hand | 54/58 | €174,108 | €218,244 | +€44,136 | +25.3% |
| Total equity and liabilities | 10/49 | €304,603 | €351,416 | +€46,813 | +15.4% |
| Equity | 10/15 | €220,716 | €291,986 | +€71,270 | +32.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €209,740 | €281,010 | +€71,270 | +34.0% |
| Distributable reserves | 133 | €209,740 | €281,010 | +€71,270 | +34.0% |
| Profit (loss) carried forward | 14 | €976 | €976 | = | 0.0% |
| Amounts payable | 17/49 | €83,887 | €59,430 | -€24,457 | -29.2% |
| Amounts payable within one year | 42/48 | €83,887 | €59,430 | -€24,457 | -29.2% |
| Trade debts | 44 | €2,478 | €29 | -€2,449 | -98.8% |
| Suppliers | 440/4 | €2,478 | €29 | -€2,449 | -98.8% |
| Taxes, remuneration and social security | 45 | €15,028 | €10,127 | -€4,900 | -32.6% |
| Taxes | 450/3 | €15,028 | €10,127 | -€4,900 | -32.6% |
| Other amounts payable | 47/48 | €66,381 | €49,274 | -€17,107 | -25.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,637 | €22,677 | +€41 | +0.2% |
| Other operating charges | 640/8 | €285 | €295 | +€10 | +3.4% |
| Gross operating margin | 9900 | €115,311 | €124,393 | +€9,082 | +7.9% |
| Operating profit (loss) | 9901 | €92,388 | €101,421 | +€9,032 | +9.8% |
| Financial income | 75/76B | €0 | €202 | +€201 | +50,313% |
| Recurring financial income | 75 | €0 | €202 | +€201 | +50,313% |
| Financial charges | 65/66B | €201 | €210 | +€10 | +4.8% |
| Recurring financial charges | 65 | €201 | €210 | +€10 | +4.8% |
| Profit (loss) for the period before taxes | 9903 | €92,188 | €101,412 | +€9,224 | +10.0% |
| Income taxes | 67/77 | €26,948 | €30,142 | +€3,194 | +11.9% |
| Profit (loss) for the period | 9904 | €65,240 | €71,270 | +€6,030 | +9.2% |
| Profit (loss) for the period to be appropriated | 9905 | €65,240 | €71,270 | +€6,030 | +9.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.