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
- Financial fixed assets +€108,290
new in 2025: €108,290
- Tangible fixed assets -€12,964
down €12,964 (-2.7%), from €480,815 to €467,850
of which Land and buildings: -€12,894
- Current investments +€10,000
new in 2025: €10,000
- Reserves +€108,742
up €108,742 (+178.9%), from €60,767 to €169,508
- Debts after one year -€22,381
down €22,381 (-10.6%), from €211,176 to €188,795
- Other debts +€12,851
up €12,851 (+6.8%), from €189,630 to €202,481
- Financial income +€86,615
up €86,615 (+99238.5%), from €87 to €86,703
- Gross operating margin +€4,039
up €4,039 (+6.7%), from €59,870 to €63,910
- Depreciation +€3,836
up €3,836 (+39.3%), from €9,773 to €13,609
- Other operating charges +€3,316
up €3,316 (+33.3%), from €9,965 to €13,280
- Taxes -€2,868
down €2,868 (-33.8%), from €8,499 to €5,630
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 | €527,891 | €633,499 | +€105,609 | +20.0% |
| Formation expenses | 20 | €644 | - | -€644 | |
| Fixed assets | 21/28 | €480,815 | €576,140 | +€95,326 | +19.8% |
| Tangible fixed assets | 22/27 | €480,815 | €467,850 | -€12,964 | -2.7% |
| Land and buildings | 22 | €480,173 | €467,278 | -€12,894 | -2.7% |
| Furniture and vehicles | 24 | €642 | €572 | -€70 | -10.9% |
| Financial fixed assets | 28 | - | €108,290 | +€108,290 | |
| Current assets | 29/58 | €46,432 | €57,359 | +€10,927 | +23.5% |
| Amounts receivable within one year | 40/41 | €33,740 | €36,282 | +€2,542 | +7.5% |
| Trade receivables | 40 | €32,831 | €36,282 | +€3,451 | +10.5% |
| Other amounts receivable | 41 | €909 | - | -€909 | |
| Current investments | 50/53 | - | €10,000 | +€10,000 | |
| Cash at bank and in hand | 54/58 | €12,692 | €11,077 | -€1,615 | -12.7% |
| Total equity and liabilities | 10/49 | €527,891 | €633,499 | +€105,609 | +20.0% |
| Equity | 10/15 | €70,767 | €179,508 | +€108,742 | +153.7% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €60,767 | €169,508 | +€108,742 | +178.9% |
| Distributable reserves | 133 | €60,767 | €169,508 | +€108,742 | +178.9% |
| Amounts payable | 17/49 | €457,124 | €453,991 | -€3,133 | -0.7% |
| Amounts payable after more than one year | 17 | €211,176 | €188,795 | -€22,381 | -10.6% |
| Financial debts | 170/4 | €211,176 | €188,795 | -€22,381 | -10.6% |
| Amounts payable within one year | 42/48 | €245,948 | €265,196 | +€19,248 | +7.8% |
| Current portion of amounts payable after more than one year | 42 | €23,272 | €24,189 | +€917 | +3.9% |
| Trade debts | 44 | - | €3,020 | +€3,020 | |
| Suppliers | 440/4 | - | €3,020 | +€3,020 | |
| Taxes, remuneration and social security | 45 | €33,046 | €35,505 | +€2,459 | +7.4% |
| Taxes | 450/3 | €26,481 | €34,362 | +€7,881 | +29.8% |
| Remuneration and social security | 454/9 | €6,566 | €1,144 | -€5,422 | -82.6% |
| Other amounts payable | 47/48 | €189,630 | €202,481 | +€12,851 | +6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,773 | €13,609 | +€3,836 | +39.3% |
| Other operating charges | 640/8 | €9,965 | €13,280 | +€3,316 | +33.3% |
| Gross operating margin | 9900 | €59,870 | €63,910 | +€4,039 | +6.7% |
| Operating profit (loss) | 9901 | €40,133 | €37,021 | -€3,112 | -7.8% |
| Financial income | 75/76B | €87 | €86,703 | +€86,615 | +99238.5% |
| Recurring financial income | 75 | €87 | €86,703 | +€86,615 | +99238.5% |
| Financial charges | 65/66B | €8,072 | €9,352 | +€1,280 | +15.9% |
| Recurring financial charges | 65 | €8,072 | €9,352 | +€1,280 | +15.9% |
| Profit (loss) for the period before taxes | 9903 | €32,149 | €114,372 | +€82,223 | +255.8% |
| Income taxes | 67/77 | €8,499 | €5,630 | -€2,868 | -33.8% |
| Profit (loss) for the period | 9904 | €23,650 | €108,742 | +€85,091 | +359.8% |
| Profit (loss) for the period to be appropriated | 9905 | €23,650 | €108,742 | +€85,091 | +359.8% |
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 9 October 2026 via checked.be.