VALM INVEST: what changed
VALM INVEST
Largest movements
- Tangible fixed assets +€502,289
up €502,289 (+34.1%), from €1.5m to €2.0m
of which Other tangible fixed assets: +€544,543
- Receivables within one year +€70,300
up €70,300 (+58.7%), from €119,807 to €190,107
of which Trade receivables: +€46,875
- Debts after one year +€476,445
up €476,445 (+38.9%), from €1.2m to €1.7m
- Profit (loss) carried forward -€87,133
down €87,133 (-46.2%), from -€188,547 to -€275,680
- Trade debts +€85,269
up €85,269 (+109%), from €78,557 to €163,826
- Other debts +€57,526
up €57,526 (+12.9%), from €447,000 to €504,527
- Gross operating margin +€189,278
up €189,278, from -€85,059 to €104,219
- Depreciation +€51,076
up €51,076 (+138%), from €37,131 to €88,207
- Financial charges +€26,169
up €26,169 (+44.3%), from €59,032 to €85,200
- Other operating charges +€8,172
up €8,172 (+83.6%), from €9,773 to €17,945
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 | €1,604,968 | €2,170,605 | +€565,637 | +35.2% |
| Fixed assets | 21/28 | €1,473,406 | €1,975,640 | +€502,234 | +34.1% |
| Tangible fixed assets | 22/27 | €1,473,351 | €1,975,640 | +€502,289 | +34.1% |
| Land and buildings | 22 | €1,426,785 | €1,385,341 | -€41,443 | -2.9% |
| Plant, machinery and equipment | 23 | €6,410 | €5,599 | -€811 | -12.6% |
| Other tangible fixed assets | 26 | €40,156 | €584,699 | +€544,543 | +1,356% |
| Financial fixed assets | 28 | €55 | - | -€55 | |
| Current assets | 29/58 | €131,562 | €194,965 | +€63,404 | +48.2% |
| Amounts receivable within one year | 40/41 | €119,807 | €190,107 | +€70,300 | +58.7% |
| Trade receivables | 40 | €117,369 | €164,245 | +€46,875 | +39.9% |
| Other amounts receivable | 41 | €2,437 | €25,862 | +€23,425 | +961% |
| Cash at bank and in hand | 54/58 | €10,305 | €2,059 | -€8,247 | -80.0% |
| Deferred charges and accrued income | 490/1 | €1,450 | €2,800 | +€1,350 | +93.1% |
| Total equity and liabilities | 10/49 | €1,604,968 | €2,170,605 | +€565,637 | +35.2% |
| Equity | 10/15 | -€163,547 | -€250,680 | -€87,133 | -53.3% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€188,547 | -€275,680 | -€87,133 | -46.2% |
| Amounts payable | 17/49 | €1,768,515 | €2,421,285 | +€652,770 | +36.9% |
| Amounts payable after more than one year | 17 | €1,223,999 | €1,700,444 | +€476,445 | +38.9% |
| Financial debts | 170/4 | €1,223,999 | €1,700,444 | +€476,445 | +38.9% |
| Amounts payable within one year | 42/48 | €544,516 | €720,841 | +€176,325 | +32.4% |
| Current portion of amounts payable after more than one year | 42 | €18,958 | €39,543 | +€20,585 | +109% |
| Trade debts | 44 | €78,557 | €163,826 | +€85,269 | +109% |
| Suppliers | 440/4 | €78,557 | €163,826 | +€85,269 | +109% |
| Advances received on contracts in progress | 46 | - | €12,945 | +€12,945 | |
| Other amounts payable | 47/48 | €447,000 | €504,527 | +€57,526 | +12.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,131 | €88,207 | +€51,076 | +138% |
| Other operating charges | 640/8 | €9,773 | €17,945 | +€8,172 | +83.6% |
| Gross operating margin | 9900 | -€85,059 | €104,219 | +€189,278 | |
| Operating profit (loss) | 9901 | -€131,963 | -€1,933 | +€130,030 | +98.5% |
| Financial charges | 65/66B | €59,032 | €85,200 | +€26,169 | +44.3% |
| Recurring financial charges | 65 | €59,032 | €85,200 | +€26,169 | +44.3% |
| Profit (loss) for the period before taxes | 9903 | -€190,994 | -€87,133 | +€103,861 | +54.4% |
| Profit (loss) for the period | 9904 | -€190,994 | -€87,133 | +€103,861 | +54.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€190,994 | -€87,133 | +€103,861 | +54.4% |
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 8 November 2026 via checked.be.