VALMAR: 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.
VALMAR
Largest movements
- Receivables within one year -€117,593
down €117,593 (-68.3%), from €172,169 to €54,575
- Tangible fixed assets -€9,859
down €9,859 (-6.0%), from €164,524 to €154,665
- Deferred charges and accrued income -€8,654
down €8,654 (-27.3%), from €31,677 to €23,023
- Current portion of long-term debt -€72,672
no longer reported in 2025 (was €72,672)
- Debts after one year -€36,320
no longer reported in 2025 (was €36,320)
- Trade debts -€18,629
down €18,629 (-73.0%), from €25,508 to €6,879
- Other debts -€11,699
down €11,699 (-15.4%), from €76,116 to €64,417
- Gross operating margin -€11,922
down €11,922 (-9.9%), from €120,371 to €108,449
- Financial income -€8,061
down €8,061 (-51.0%), from €15,802 to €7,741
- Financial charges -€4,696
down €4,696 (-59.1%), from €7,951 to €3,255
- Taxes -€3,796
down €3,796 (-14.7%), from €25,888 to €22,092
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 | €375,164 | €236,998 | -€138,166 | -36.8% |
| Fixed assets | 21/28 | €164,524 | €154,665 | -€9,859 | -6.0% |
| Tangible fixed assets | 22/27 | €164,524 | €154,665 | -€9,859 | -6.0% |
| Land and buildings | 22 | €164,524 | €154,665 | -€9,859 | -6.0% |
| Current assets | 29/58 | €210,640 | €82,333 | -€128,307 | -60.9% |
| Amounts receivable within one year | 40/41 | €172,169 | €54,575 | -€117,593 | -68.3% |
| Other amounts receivable | 41 | €172,169 | €54,575 | -€117,593 | -68.3% |
| Cash at bank and in hand | 54/58 | €6,794 | €4,734 | -€2,060 | -30.3% |
| Deferred charges and accrued income | 490/1 | €31,677 | €23,023 | -€8,654 | -27.3% |
| Total equity and liabilities | 10/49 | €375,164 | €236,998 | -€138,166 | -36.8% |
| Equity | 10/15 | €163,610 | €163,610 | = | 0.0% |
| Contributions | 10/11 | €148,736 | €148,736 | = | 0.0% |
| Capital | 10 | €148,736 | €148,736 | = | 0.0% |
| Issued capital | 100 | €148,736 | €148,736 | = | 0.0% |
| Reserves | 13 | €14,874 | €14,874 | = | 0.0% |
| Non-distributable reserves | 130/1 | €14,874 | €14,874 | = | 0.0% |
| Legal reserve | 130 | €14,874 | - | -€14,874 | |
| Reserves not available under the articles | 1311 | - | €14,874 | +€14,874 | |
| Amounts payable | 17/49 | €211,554 | €73,388 | -€138,166 | -65.3% |
| Amounts payable after more than one year | 17 | €36,320 | - | -€36,320 | |
| Financial debts | 170/4 | €36,320 | - | -€36,320 | |
| Amounts payable within one year | 42/48 | €175,184 | €73,388 | -€101,796 | -58.1% |
| Current portion of amounts payable after more than one year | 42 | €72,672 | - | -€72,672 | |
| Trade debts | 44 | €25,508 | €6,879 | -€18,629 | -73.0% |
| Suppliers | 440/4 | €25,508 | €6,879 | -€18,629 | -73.0% |
| Taxes, remuneration and social security | 45 | €888 | €2,092 | +€1,204 | +136% |
| Taxes | 450/3 | €888 | €2,092 | +€1,204 | +136% |
| Other amounts payable | 47/48 | €76,116 | €64,417 | -€11,699 | -15.4% |
| Accrued charges and deferred income | 492/3 | €50 | - | -€50 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,909 | €16,811 | -€98 | -0.6% |
| Other operating charges | 640/8 | €9,309 | €9,616 | +€306 | +3.3% |
| Gross operating margin | 9900 | €120,371 | €108,449 | -€11,922 | -9.9% |
| Operating profit (loss) | 9901 | €94,153 | €82,022 | -€12,130 | -12.9% |
| Financial income | 75/76B | €15,802 | €7,741 | -€8,061 | -51.0% |
| Recurring financial income | 75 | €15,802 | €7,741 | -€8,061 | -51.0% |
| Financial charges | 65/66B | €7,951 | €3,255 | -€4,696 | -59.1% |
| Recurring financial charges | 65 | €7,951 | €3,255 | -€4,696 | -59.1% |
| Profit (loss) for the period before taxes | 9903 | €102,004 | €86,509 | -€15,495 | -15.2% |
| Income taxes | 67/77 | €25,888 | €22,092 | -€3,796 | -14.7% |
| Profit (loss) for the period | 9904 | €76,116 | €64,417 | -€11,699 | -15.4% |
| Profit (loss) for the period to be appropriated | 9905 | €76,116 | €64,417 | -€11,699 | -15.4% |
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 14 October 2026 via checked.be.