VALMAT MANAGEMENT: 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.
VALMAT MANAGEMENT
Largest movements
- Receivables within one year +€265,787
up €265,787 (+174400.8%), from €152 to €265,939
of which Other amounts receivable: +€253,416
- Cash +€83,427
up €83,427 (+262.9%), from €31,733 to €115,160
mainly Current portion of long-term debt (+€250,000) and Net result for the year (+€87,988)
- Current portion of long-term debt +€250,000
new in 2025: €250,000
- Profit (loss) carried forward +€87,988
up €87,988 (+256.8%), from €34,259 to €122,248
- Tax, wage and social debts +€8,159
up €8,159 (+22.2%), from €36,698 to €44,857
of which Taxes: +€27,243
- Other debts +€7,889
up €7,889 (+9.6%), from €82,111 to €90,000
- Gross operating margin +€113,332
up €113,332 (+193.8%), from €58,470 to €171,802
- Taxes +€23,676
up €23,676 (+324.3%), from €7,300 to €30,976
- Financial charges +€11,561
up €11,561 (+23332.9%), from €50 to €11,611
of which Non-recurring financial charges: +€10,240
- Depreciation -€7,384
down €7,384 (-20.6%), from €35,910 to €28,525
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 | €154,644 | €511,125 | +€356,480 | +230.5% |
| Fixed assets | 21/28 | €122,759 | €130,025 | +€7,266 | +5.9% |
| Tangible fixed assets | 22/27 | €122,309 | €126,475 | +€4,166 | +3.4% |
| Furniture and vehicles | 24 | €119,067 | €112,797 | -€6,270 | -5.3% |
| Other tangible fixed assets | 26 | €3,242 | €13,678 | +€10,436 | +321.9% |
| Financial fixed assets | 28 | €450 | €3,550 | +€3,100 | +688.9% |
| Current assets | 29/58 | €31,885 | €381,099 | +€349,214 | +1095.2% |
| Amounts receivable within one year | 40/41 | €152 | €265,939 | +€265,787 | +174400.8% |
| Trade receivables | 40 | - | €12,371 | +€12,371 | |
| Other amounts receivable | 41 | €152 | €253,568 | +€253,416 | +166283.4% |
| Cash at bank and in hand | 54/58 | €31,733 | €115,160 | +€83,427 | +262.9% |
| Total equity and liabilities | 10/49 | €154,644 | €511,125 | +€356,480 | +230.5% |
| Equity | 10/15 | €34,359 | €122,348 | +€87,988 | +256.1% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €34,259 | €122,248 | +€87,988 | +256.8% |
| Amounts payable | 17/49 | €120,285 | €388,777 | +€268,492 | +223.2% |
| Amounts payable within one year | 42/48 | €120,285 | €388,777 | +€268,492 | +223.2% |
| Current portion of amounts payable after more than one year | 42 | - | €250,000 | +€250,000 | |
| Trade debts | 44 | €1,476 | €1,190 | -€285 | -19.3% |
| Suppliers | 440/4 | €1,476 | €1,190 | -€285 | -19.3% |
| Advances received on contracts in progress | 46 | - | €2,730 | +€2,730 | |
| Taxes, remuneration and social security | 45 | €36,698 | €44,857 | +€8,159 | +22.2% |
| Taxes | 450/3 | €16,277 | €43,520 | +€27,243 | +167.4% |
| Remuneration and social security | 454/9 | €20,422 | €1,337 | -€19,084 | -93.5% |
| Other amounts payable | 47/48 | €82,111 | €90,000 | +€7,889 | +9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,910 | €28,525 | -€7,384 | -20.6% |
| Other operating charges | 640/8 | €1,523 | €2,167 | +€643 | +42.2% |
| Non-recurring operating charges | 66A | - | €10,535 | +€10,535 | |
| Gross operating margin | 9900 | €58,470 | €171,802 | +€113,332 | +193.8% |
| Operating profit (loss) | 9901 | €21,036 | €130,575 | +€109,539 | +520.7% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €50 | €11,611 | +€11,561 | +23332.9% |
| Recurring financial charges | 65 | €50 | €1,371 | +€1,322 | +2667.6% |
| Non-recurring financial charges | 66B | - | €10,240 | +€10,240 | |
| Profit (loss) for the period before taxes | 9903 | €20,987 | €118,964 | +€97,977 | +466.8% |
| Income taxes | 67/77 | €7,300 | €30,976 | +€23,676 | +324.3% |
| Profit (loss) for the period | 9904 | €13,687 | €87,988 | +€74,301 | +542.9% |
| Profit (loss) for the period to be appropriated | 9905 | €13,687 | €87,988 | +€74,301 | +542.9% |
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 2 October 2026 via checked.be.