VALMEA: 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.
VALMEA
Largest movements
- Tangible fixed assets -€90,081
down €90,081 (-6.0%), from €1.5m to €1.4m
of which Land and buildings: -€50,625
- Cash +€75,362
up €75,362 (+279%), from €27,022 to €102,384
mainly Depreciation (+€106,581) and Net result for the year (+€73,087)
- Profit (loss) carried forward +€73,087
up €73,087 (+46.2%), from €158,053 to €231,141
- Debts after one year -€71,467
down €71,467 (-7.5%), from €959,154 to €887,687
of which Financial debts: -€71,467
- Other debts -€40,599
down €40,599 (-11.9%), from €340,449 to €299,851
- Tax, wage and social debts +€27,709
up €27,709 (+121%), from €22,852 to €50,561
of which Taxes: +€27,709
- Gross operating margin +€111,629
up €111,629 (+71.9%), from €155,176 to €266,805
- Taxes +€24,524
up €24,524 (+498%), from €4,921 to €29,445
- Depreciation +€21,820
up €21,820 (+25.7%), from €84,761 to €106,581
- Financial charges +€4,847
up €4,847 (+10.9%), from €44,370 to €49,217
- Other operating charges -€3,821
down €3,821 (-31.1%), from €12,297 to €8,476
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 | €1,563,908 | €1,545,939 | -€17,969 | -1.1% |
| Fixed assets | 21/28 | €1,504,375 | €1,414,294 | -€90,081 | -6.0% |
| Tangible fixed assets | 22/27 | €1,504,375 | €1,414,294 | -€90,081 | -6.0% |
| Land and buildings | 22 | €1,355,653 | €1,305,028 | -€50,625 | -3.7% |
| Plant, machinery and equipment | 23 | €83,916 | €69,178 | -€14,738 | -17.6% |
| Furniture and vehicles | 24 | €64,806 | €40,088 | -€24,718 | -38.1% |
| Current assets | 29/58 | €59,532 | €131,644 | +€72,112 | +121% |
| Amounts receivable within one year | 40/41 | €29,841 | €26,761 | -€3,080 | -10.3% |
| Trade receivables | 40 | €19,920 | €19,182 | -€738 | -3.7% |
| Other amounts receivable | 41 | €9,921 | €7,579 | -€2,342 | -23.6% |
| Cash at bank and in hand | 54/58 | €27,022 | €102,384 | +€75,362 | +279% |
| Deferred charges and accrued income | 490/1 | €2,669 | €2,499 | -€170 | -6.4% |
| Total equity and liabilities | 10/49 | €1,563,908 | €1,545,939 | -€17,969 | -1.1% |
| Equity | 10/15 | €160,553 | €233,641 | +€73,087 | +45.5% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €158,053 | €231,141 | +€73,087 | +46.2% |
| Amounts payable | 17/49 | €1,403,354 | €1,312,298 | -€91,056 | -6.5% |
| Amounts payable after more than one year | 17 | €959,154 | €887,687 | -€71,467 | -7.5% |
| Financial debts | 170/4 | €955,354 | €883,887 | -€71,467 | -7.5% |
| Other amounts payable | 178/9 | €3,800 | €3,800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €444,200 | €424,611 | -€19,589 | -4.4% |
| Current portion of amounts payable after more than one year | 42 | €74,527 | €71,467 | -€3,060 | -4.1% |
| Financial debts | 43 | €2,160 | €2,196 | +€36 | +1.7% |
| Credit institutions | 430/8 | €2,160 | €2,196 | +€36 | +1.7% |
| Trade debts | 44 | €4,212 | €537 | -€3,675 | -87.3% |
| Suppliers | 440/4 | €4,212 | €537 | -€3,675 | -87.3% |
| Taxes, remuneration and social security | 45 | €22,852 | €50,561 | +€27,709 | +121% |
| Taxes | 450/3 | €22,775 | €50,484 | +€27,709 | +122% |
| Remuneration and social security | 454/9 | €77 | €77 | = | 0.0% |
| Other amounts payable | 47/48 | €340,449 | €299,851 | -€40,599 | -11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,761 | €106,581 | +€21,820 | +25.7% |
| Other operating charges | 640/8 | €12,297 | €8,476 | -€3,821 | -31.1% |
| Gross operating margin | 9900 | €155,176 | €266,805 | +€111,629 | +71.9% |
| Operating profit (loss) | 9901 | €58,118 | €151,748 | +€93,630 | +161% |
| Financial income | 75/76B | €0 | €0 | +€0 | +1,200% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +1,200% |
| Financial charges | 65/66B | €44,370 | €49,217 | +€4,847 | +10.9% |
| Recurring financial charges | 65 | €44,370 | €49,217 | +€4,847 | +10.9% |
| Profit (loss) for the period before taxes | 9903 | €13,749 | €102,532 | +€88,783 | +646% |
| Income taxes | 67/77 | €4,921 | €29,445 | +€24,524 | +498% |
| Profit (loss) for the period | 9904 | €8,828 | €73,087 | +€64,259 | +728% |
| Profit (loss) for the period to be appropriated | 9905 | €8,828 | €73,087 | +€64,259 | +728% |
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 19 October 2026 via checked.be.