VALMAGA: 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.
VALMAGA
Largest movements
- Tangible fixed assets -€92,677
down €92,677 (-4.1%), from €2.3m to €2.2m
of which Land and buildings: -€91,947
- Reserves -€53,540
down €53,540 (-9.0%), from €598,149 to €544,609
of which Tax-exempt reserves: -€53,540
- Debts after one year -€36,890
down €36,890 (-6.6%), from €559,349 to €522,459
- Gross operating margin +€3,111
up €3,111 (+6.4%), from €48,286 to €51,398
- Financial charges -€909
down €909 (-14.6%), from €6,215 to €5,306
- Taxes +€803
up €803 (+24.2%), from €3,323 to €4,126
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 | €2,271,017 | €2,171,524 | -€99,493 | -4.4% |
| Fixed assets | 21/28 | €2,255,722 | €2,163,045 | -€92,677 | -4.1% |
| Tangible fixed assets | 22/27 | €2,255,722 | €2,163,045 | -€92,677 | -4.1% |
| Land and buildings | 22 | €2,253,281 | €2,161,334 | -€91,947 | -4.1% |
| Plant, machinery and equipment | 23 | €2,441 | €1,711 | -€730 | -29.9% |
| Current assets | 29/58 | €15,295 | €8,480 | -€6,815 | -44.6% |
| Cash at bank and in hand | 54/58 | €15,295 | €8,480 | -€6,815 | -44.6% |
| Total equity and liabilities | 10/49 | €2,271,017 | €2,171,524 | -€99,493 | -4.4% |
| Equity | 10/15 | €737,014 | €695,546 | -€41,467 | -5.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €598,149 | €544,609 | -€53,540 | -9.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €473,096 | €419,556 | -€53,540 | -11.3% |
| Distributable reserves | 133 | €118,853 | €118,853 | = | 0.0% |
| Profit (loss) carried forward | 14 | €76,865 | €88,937 | +€12,073 | +15.7% |
| Provisions and deferred taxes | 16 | €183,789 | €162,793 | -€20,996 | -11.4% |
| Deferred taxes | 168 | €183,789 | €162,793 | -€20,996 | -11.4% |
| Amounts payable | 17/49 | €1,350,215 | €1,313,186 | -€37,029 | -2.7% |
| Amounts payable after more than one year | 17 | €559,349 | €522,459 | -€36,890 | -6.6% |
| Financial debts | 170/4 | €559,349 | €522,459 | -€36,890 | -6.6% |
| Amounts payable within one year | 42/48 | €790,866 | €790,726 | -€140 | 0.0% |
| Financial debts | 43 | €36,743 | €36,890 | +€147 | +0.4% |
| Credit institutions | 430/8 | €36,743 | €36,890 | +€147 | +0.4% |
| Trade debts | 44 | €1,212 | - | -€1,212 | |
| Suppliers | 440/4 | €1,212 | - | -€1,212 | |
| Taxes, remuneration and social security | 45 | €1,380 | €2,306 | +€926 | +67.1% |
| Taxes | 450/3 | €1,380 | €2,306 | +€926 | +67.1% |
| Other amounts payable | 47/48 | €751,531 | €751,531 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,677 | €92,677 | = | 0.0% |
| Other operating charges | 640/8 | €11,656 | €11,752 | +€96 | +0.8% |
| Gross operating margin | 9900 | €48,286 | €51,398 | +€3,111 | +6.4% |
| Operating profit (loss) | 9901 | -€56,046 | -€53,032 | +€3,015 | +5.4% |
| Financial charges | 65/66B | €6,215 | €5,306 | -€909 | -14.6% |
| Recurring financial charges | 65 | €6,215 | €5,306 | -€909 | -14.6% |
| Profit (loss) for the period before taxes | 9903 | -€62,261 | -€58,337 | +€3,924 | +6.3% |
| Transfer from deferred taxes | 780 | €20,996 | €20,996 | = | 0.0% |
| Income taxes | 67/77 | €3,323 | €4,126 | +€803 | +24.2% |
| Profit (loss) for the period | 9904 | -€44,588 | -€41,467 | +€3,121 | +7.0% |
| Transfer from tax-exempt reserves | 789 | €53,540 | €53,540 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €8,952 | €12,073 | +€3,121 | +34.9% |
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 4 October 2026 via checked.be.