VALLERY DECLERCQ: 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.
VALLERY DECLERCQ
Largest movements
- Tangible fixed assets +€322,282
up €322,282 (+167.2%), from €192,800 to €515,082
of which Land and buildings: +€325,186
- Receivables within one year +€42,587
up €42,587 (+33.1%), from €128,703 to €171,289
of which Other amounts receivable: +€40,965
- Cash -€36,868
down €36,868 (-74.9%), from €49,211 to €12,343
mainly Investment in fixed assets (net) (-€387,301) and Receivables within one year (-€42,587)
- Current investments +€16,999
new in 2025: €16,999
- Debts after one year +€260,361
up €260,361 (+319.9%), from €81,392 to €341,753
- Reserves +€66,395
up €66,395 (+12.2%), from €544,181 to €610,576
- Current portion of long-term debt +€10,812
up €10,812 (+68.3%), from €15,828 to €26,639
- Other debts +€10,624
new in 2025: €10,624
- Depreciation +€50,122
up €50,122 (+336.5%), from €14,897 to €65,019
- Financial income +€25,257
up €25,257 (+49.0%), from €51,536 to €76,793
- Taxes -€13,835
down €13,835 (-62.1%), from €22,283 to €8,448
- Gross operating margin -€748
down €748 (-1.1%), from €70,362 to €69,615
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 | €708,437 | €1,053,642 | +€345,205 | +48.7% |
| Fixed assets | 21/28 | €528,800 | €851,082 | +€322,282 | +60.9% |
| Tangible fixed assets | 22/27 | €192,800 | €515,082 | +€322,282 | +167.2% |
| Land and buildings | 22 | €178,965 | €504,151 | +€325,186 | +181.7% |
| Plant, machinery and equipment | 23 | €409 | €315 | -€94 | -23.0% |
| Furniture and vehicles | 24 | €13,426 | €10,616 | -€2,810 | -20.9% |
| Financial fixed assets | 28 | €336,000 | €336,000 | = | 0.0% |
| Current assets | 29/58 | €179,637 | €202,560 | +€22,922 | +12.8% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €128,703 | €171,289 | +€42,587 | +33.1% |
| Trade receivables | 40 | €10,898 | €12,520 | +€1,622 | +14.9% |
| Other amounts receivable | 41 | €117,805 | €158,769 | +€40,965 | +34.8% |
| Current investments | 50/53 | - | €16,999 | +€16,999 | |
| Cash at bank and in hand | 54/58 | €49,211 | €12,343 | -€36,868 | -74.9% |
| Deferred charges and accrued income | 490/1 | €1,723 | €1,928 | +€205 | +11.9% |
| Total equity and liabilities | 10/49 | €708,437 | €1,053,642 | +€345,205 | +48.7% |
| Equity | 10/15 | €584,758 | €651,153 | +€66,395 | +11.4% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €544,181 | €610,576 | +€66,395 | +12.2% |
| Distributable reserves | 133 | €544,181 | €610,576 | +€66,395 | +12.2% |
| Profit (loss) carried forward | 14 | €26,317 | €26,317 | = | 0.0% |
| Amounts payable | 17/49 | €123,679 | €402,488 | +€278,809 | +225.4% |
| Amounts payable after more than one year | 17 | €81,392 | €341,753 | +€260,361 | +319.9% |
| Financial debts | 170/4 | €81,392 | €341,753 | +€260,361 | +319.9% |
| Amounts payable within one year | 42/48 | €42,287 | €60,735 | +€18,449 | +43.6% |
| Current portion of amounts payable after more than one year | 42 | €15,828 | €26,639 | +€10,812 | +68.3% |
| Financial debts | 43 | €5,000 | €5,540 | +€540 | +10.8% |
| Credit institutions | 430/8 | €5,000 | €5,540 | +€540 | +10.8% |
| Trade debts | 44 | €5,066 | €8,649 | +€3,582 | +70.7% |
| Suppliers | 440/4 | €5,066 | €8,649 | +€3,582 | +70.7% |
| Taxes, remuneration and social security | 45 | €16,392 | €9,283 | -€7,110 | -43.4% |
| Taxes | 450/3 | €16,392 | €9,283 | -€7,110 | -43.4% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | - | €10,624 | +€10,624 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,897 | €65,019 | +€50,122 | +336.5% |
| Other operating charges | 640/8 | €918 | €1,203 | +€285 | +31.0% |
| Gross operating margin | 9900 | €70,362 | €69,615 | -€748 | -1.1% |
| Operating profit (loss) | 9901 | €54,547 | €3,393 | -€51,154 | -93.8% |
| Financial income | 75/76B | €51,536 | €76,793 | +€25,257 | +49.0% |
| Recurring financial income | 75 | €51,536 | €76,793 | +€25,257 | +49.0% |
| Financial charges | 65/66B | €5,724 | €5,343 | -€381 | -6.7% |
| Recurring financial charges | 65 | €5,724 | €5,343 | -€381 | -6.7% |
| Profit (loss) for the period before taxes | 9903 | €100,359 | €74,843 | -€25,516 | -25.4% |
| Income taxes | 67/77 | €22,283 | €8,448 | -€13,835 | -62.1% |
| Profit (loss) for the period | 9904 | €78,077 | €66,395 | -€11,681 | -15.0% |
| Profit (loss) for the period to be appropriated | 9905 | €78,077 | €66,395 | -€11,681 | -15.0% |
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 5 October 2026 via checked.be.