VALMAX: 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.
What changed
VALMAX
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€45,549
2024 · -€162,756+€208,305
Equity
€2.8m
2024 · €2.7m+€45,549
Cash
€13,554
2024 · €19,732-€6,178
Balance sheet total
€6.2m
2024 · €6.0m+€227,541
Largest movements
Assets
- Tangible fixed assets +€702,642
up €702,642 (+12.8%), from €5.5m to €6.2m
of which Land and buildings: +€730,311
- Current investments -€450,000
down €450,000 (-100%), from €450,000 to €0
Equity and liabilities
- Short-term financial debts +€150,000
new in 2025: €150,000
Income statement
- Depreciation +€33,654
up €33,654 (+9.9%), from €340,474 to €374,128
- Gross operating margin +€28,313
up €28,313 (+5.1%), from €552,398 to €580,710
- Financial income -€5,814
down €5,814 (-39.2%), from €14,819 to €9,005
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.
Result 2024
-€162,756
Gross operating margin
+€28,313
Depreciation
-€33,654
Other operating charges
+€3,734
Other operating items
+€215,766
Financial income
-€5,814
Financial charges
-€105
Taxes
+€66
Result 2025
€45,549
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€470,592
Investment
-€626,770
Financing
+€150,000
Cash 2024
€19,732
From operations (derived)
+€470,592
Net result for the year
+€45,549
Depreciation
+€374,128
Receivables within one year
+€21,176
Smaller working-capital items
-€949
Trade debts
+€35,595
Tax, wage and social debts
+€27,673
Other debts
-€32,579
Investment (derived)
-€626,770
Investment in fixed assets (net)
-€1.1m
Current investments
+€450,000
Financing
+€150,000
Short-term financial debts
+€150,000
Cash 2025
€13,554
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,982,674 | €6,210,215 | +€227,541 | +3.8% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €5,483,178 | €6,185,820 | +€702,642 | +12.8% |
| Tangible fixed assets | 22/27 | €5,483,178 | €6,185,820 | +€702,642 | +12.8% |
| Land and buildings | 22 | €5,365,235 | €6,095,546 | +€730,311 | +13.6% |
| Plant, machinery and equipment | 23 | €838 | €571 | -€267 | -31.8% |
| Furniture and vehicles | 24 | €117,105 | €89,703 | -€27,402 | -23.4% |
| Current assets | 29/58 | €499,496 | €24,395 | -€475,101 | -95.1% |
| Amounts receivable within one year | 40/41 | €29,764 | €8,588 | -€21,176 | -71.1% |
| Trade receivables | 40 | €23,918 | €3,762 | -€20,157 | -84.3% |
| Other amounts receivable | 41 | €5,846 | €4,827 | -€1,019 | -17.4% |
| Current investments | 50/53 | €450,000 | €0 | -€450,000 | -100% |
| Cash at bank and in hand | 54/58 | €19,732 | €13,554 | -€6,178 | -31.3% |
| Deferred charges and accrued income | 490/1 | €0 | €2,252 | +€2,252 | |
| Total equity and liabilities | 10/49 | €5,982,674 | €6,210,215 | +€227,541 | +3.8% |
| Equity | 10/15 | €2,712,623 | €2,758,172 | +€45,549 | +1.7% |
| Contributions | 10/11 | €1,499,286 | €1,499,286 | = | 0.0% |
| Reserves | 13 | €65,369 | €65,369 | = | 0.0% |
| Distributable reserves | 133 | €65,369 | €65,369 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,147,969 | €1,193,518 | +€45,549 | +4.0% |
| Amounts payable | 17/49 | €3,270,050 | €3,452,042 | +€181,992 | +5.6% |
| Amounts payable within one year | 42/48 | €3,258,716 | €3,439,405 | +€180,689 | +5.5% |
| Financial debts | 43 | - | €150,000 | +€150,000 | |
| Credit institutions | 430/8 | - | €150,000 | +€150,000 | |
| Trade debts | 44 | €14,166 | €49,762 | +€35,595 | +251% |
| Suppliers | 440/4 | €14,166 | €49,762 | +€35,595 | +251% |
| Taxes, remuneration and social security | 45 | €7,806 | €35,479 | +€27,673 | +355% |
| Taxes | 450/3 | €7,806 | €35,479 | +€27,673 | +355% |
| Remuneration and social security | 454/9 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €3,236,744 | €3,204,165 | -€32,579 | -1.0% |
| Accrued charges and deferred income | 492/3 | €11,334 | €12,637 | +€1,303 | +11.5% |
| Turnover | 70 | €0 | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €340,474 | €374,128 | +€33,654 | +9.9% |
| Other operating charges | 640/8 | €58,398 | €54,664 | -€3,734 | -6.4% |
| Non-recurring operating charges | 66A | €329,676 | €113,910 | -€215,766 | -65.4% |
| Gross operating margin | 9900 | €552,398 | €580,710 | +€28,313 | +5.1% |
| Operating profit (loss) | 9901 | -€176,150 | €38,008 | +€214,158 | |
| Financial income | 75/76B | €14,819 | €9,005 | -€5,814 | -39.2% |
| Recurring financial income | 75 | €14,819 | €9,005 | -€5,814 | -39.2% |
| Financial charges | 65/66B | €971 | €1,076 | +€105 | +10.8% |
| Recurring financial charges | 65 | €971 | €1,076 | +€105 | +10.8% |
| Profit (loss) for the period before taxes | 9903 | -€162,302 | €45,937 | +€208,239 | |
| Income taxes | 67/77 | €454 | €388 | -€66 | -14.6% |
| Profit (loss) for the period | 9904 | -€162,756 | €45,549 | +€208,305 | |
| Profit (loss) for the period to be appropriated | 9905 | -€162,756 | €45,549 | +€208,305 |
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 18 October 2026 via checked.be.