Vallée du Treko: 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.
What changed
Vallée du Treko
NACE 43.990, Other specialised construction activities
financial year 2026 compared with 2025filed annual accounts (NBB)
Net result for the year
€25,629
2025 · €21,420+€4,209
Equity
€687,763
2025 · €13,569+€674,193
Cash
€19,964
2025 · €3,142+€16,822
Balance sheet total
€2.7m
2025 · €2.0m+€717,503
Largest movements
Assets
- Tangible fixed assets +€667,362
up €667,362 (+35.2%), from €1.9m to €2.6m
of which Land and buildings: +€614,271
- Receivables within one year +€45,314
up €45,314 (+286%), from €15,863 to €61,177
of which Trade receivables: +€41,900
Equity and liabilities
- Revaluation surpluses +€648,564
new in 2026: €648,564
- Accrued charges and deferred income +€62,954
up €62,954 (+2,292%), from €2,746 to €65,701
- Debts after one year -€58,200
down €58,200 (-3.3%), from €1.8m to €1.7m
of which Financial debts: -€84,300
- Trade debts +€34,930
up €34,930 (+91.8%), from €38,069 to €72,999
Income statement
- Gross operating margin +€144,067
up €144,067 (+61.6%), from €233,860 to €377,926
- Financial income -€117,995
down €117,995 (-99.4%), from €118,651 to €656
of which Non-recurring financial income: -€118,329
- Depreciation -€92,420
down €92,420 (-42.9%), from €215,512 to €123,092
- Staff costs +€58,768
up €58,768 (+75.5%), from €77,844 to €136,613
- Financial charges +€58,472
up €58,472 (+414%), from €14,117 to €72,589
From the 2025 result to the 2026 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.
Result 2025
€21,420
Gross operating margin
+€144,067
Staff costs
-€58,768
Depreciation
+€92,420
Other operating charges
-€6,844
Other operating items
+€9,802
Financial income
-€117,995
Financial charges
-€58,472
Result 2026
€25,629
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€205,696
Investment
-€788,809
Financing
+€599,935
Cash 2025
€3,142
From operations (derived)
+€205,696
Net result for the year
+€25,629
Depreciation
+€123,092
Stocks and contracts
-€13,487
Receivables within one year
-€45,314
Deferred charges and accrued income
+€23,838
Trade debts
+€34,930
Tax, wage and social debts
-€667
Advances received
-€2,603
Other debts
-€2,675
Accrued charges and deferred income
+€62,954
Investment (derived)
-€788,809
Investment in fixed assets (net)
-€788,809
Financing
+€599,935
Debts after one year
-€58,200
Current portion of long-term debt
+€9,570
Contributions, distributions and other
+€648,564
Cash 2026
€19,964
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,954,380 | €2,671,883 | +€717,503 | +36.7% |
| Fixed assets | 21/28 | €1,899,255 | €2,564,973 | +€665,718 | +35.1% |
| Intangible fixed assets | 21 | €5,979 | €4,335 | -€1,644 | -27.5% |
| Tangible fixed assets | 22/27 | €1,893,277 | €2,560,638 | +€667,362 | +35.2% |
| Land and buildings | 22 | €1,748,127 | €2,362,398 | +€614,271 | +35.1% |
| Plant, machinery and equipment | 23 | €65,735 | €72,239 | +€6,504 | +9.9% |
| Furniture and vehicles | 24 | €16,054 | €8,277 | -€7,777 | -48.4% |
| Leasing and similar rights | 25 | €63,360 | €48,300 | -€15,060 | -23.8% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Assets under construction and advance payments | 27 | - | €69,425 | +€69,425 | |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €55,125 | €106,910 | +€51,785 | +93.9% |
| Stocks and contracts in progress | 3 | €6,560 | €20,047 | +€13,487 | +206% |
| Stocks | 30/36 | €6,560 | €20,047 | +€13,487 | +206% |
| Amounts receivable within one year | 40/41 | €15,863 | €61,177 | +€45,314 | +286% |
| Trade receivables | 40 | €15,863 | €57,763 | +€41,900 | +264% |
| Other amounts receivable | 41 | - | €3,415 | +€3,415 | |
| Cash at bank and in hand | 54/58 | €3,142 | €19,964 | +€16,822 | +535% |
| Deferred charges and accrued income | 490/1 | €29,560 | €5,722 | -€23,838 | -80.6% |
| Total equity and liabilities | 10/49 | €1,954,380 | €2,671,883 | +€717,503 | +36.7% |
| Equity | 10/15 | €13,569 | €687,763 | +€674,193 | +4,968% |
| Contributions | 10/11 | €60,078 | €60,078 | = | 0.0% |
| Revaluation surpluses | 12 | - | €648,564 | +€648,564 | |
| Reserves | 13 | €23,759 | €23,759 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €5,009 | €5,009 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€70,268 | -€44,639 | +€25,629 | +36.5% |
| Amounts payable | 17/49 | €1,940,811 | €1,984,120 | +€43,310 | +2.2% |
| Amounts payable after more than one year | 17 | €1,779,009 | €1,720,809 | -€58,200 | -3.3% |
| Financial debts | 170/4 | €1,778,019 | €1,693,719 | -€84,300 | -4.7% |
| Other amounts payable | 178/9 | €990 | €27,090 | +€26,100 | +2,636% |
| Amounts payable within one year | 42/48 | €159,055 | €197,610 | +€38,555 | +24.2% |
| Current portion of amounts payable after more than one year | 42 | €79,729 | €89,300 | +€9,570 | +12.0% |
| Trade debts | 44 | €38,069 | €72,999 | +€34,930 | +91.8% |
| Suppliers | 440/4 | €38,069 | €72,999 | +€34,930 | +91.8% |
| Advances received on contracts in progress | 46 | €4,573 | €1,970 | -€2,603 | -56.9% |
| Taxes, remuneration and social security | 45 | €34,009 | €33,342 | -€667 | -2.0% |
| Taxes | 450/3 | €10,445 | €4,910 | -€5,535 | -53.0% |
| Remuneration and social security | 454/9 | €23,564 | €28,432 | +€4,867 | +20.7% |
| Other amounts payable | 47/48 | €2,675 | €0 | -€2,675 | -100% |
| Accrued charges and deferred income | 492/3 | €2,746 | €65,701 | +€62,954 | +2,292% |
| Remuneration, social security and pensions | 62 | €77,844 | €136,613 | +€58,768 | +75.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €215,512 | €123,092 | -€92,420 | -42.9% |
| Other operating charges | 640/8 | €7,052 | €13,896 | +€6,844 | +97.1% |
| Non-recurring operating charges | 66A | €16,565 | €6,763 | -€9,802 | -59.2% |
| Gross operating margin | 9900 | €233,860 | €377,926 | +€144,067 | +61.6% |
| Operating profit (loss) | 9901 | -€83,114 | €97,563 | +€180,676 | |
| Financial income | 75/76B | €118,651 | €656 | -€117,995 | -99.4% |
| Recurring financial income | 75 | €322 | €656 | +€334 | +104% |
| Non-recurring financial income | 76B | €118,329 | €0 | -€118,329 | -100% |
| Financial charges | 65/66B | €14,117 | €72,589 | +€58,472 | +414% |
| Recurring financial charges | 65 | €14,117 | €72,589 | +€58,472 | +414% |
| Profit (loss) for the period before taxes | 9903 | €21,420 | €25,629 | +€4,209 | +19.6% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €21,420 | €25,629 | +€4,209 | +19.6% |
| Profit (loss) for the period to be appropriated | 9905 | €21,420 | €25,629 | +€4,209 | +19.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.