VALMON: 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.
VALMON
Largest movements
- Cash -€115,521
down €115,521 (-44.0%), from €262,314 to €146,792
mainly Receivables within one year (-€75,219) and Investment in fixed assets (net) (-€62,239)
- Receivables within one year +€75,219
up €75,219 (+102.7%), from €73,208 to €148,427
of which Other amounts receivable: +€79,561
- Tangible fixed assets +€32,809
up €32,809 (+71.1%), from €46,127 to €78,936
of which Land and buildings: +€47,350
- Financial fixed assets +€6,000
up €6,000 (+31.6%), from €19,005 to €25,005
- Profit (loss) carried forward -€43,601
down €43,601 (-416.6%), from -€10,465 to -€54,066
- Tax, wage and social debts +€38,010
up €38,010 (+18.9%), from €201,547 to €239,557
of which Remuneration and social security: +€31,782
- Short-term financial debts +€18,510
new in 2025: €18,510
- Current portion of long-term debt -€16,202
down €16,202 (-50.7%), from €31,978 to €15,776
- Debts after one year -€15,776
no longer reported in 2025 (was €15,776)
- Gross operating margin -€172,934
down €172,934 (-17.0%), from €1.0m to €846,286
- Financial income -€93,831
down €93,831 (-95.2%), from €98,595 to €4,764
- Staff costs +€65,040
up €65,040 (+8.6%), from €758,142 to €823,182
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 | €423,316 | €420,908 | -€2,408 | -0.6% |
| Fixed assets | 21/28 | €65,132 | €103,941 | +€38,809 | +59.6% |
| Tangible fixed assets | 22/27 | €46,127 | €78,936 | +€32,809 | +71.1% |
| Land and buildings | 22 | €28,357 | €75,707 | +€47,350 | +167.0% |
| Plant, machinery and equipment | 23 | €12,042 | - | -€12,042 | |
| Furniture and vehicles | 24 | €5,729 | €3,229 | -€2,500 | -43.6% |
| Financial fixed assets | 28 | €19,005 | €25,005 | +€6,000 | +31.6% |
| Current assets | 29/58 | €358,183 | €316,967 | -€41,216 | -11.5% |
| Stocks and contracts in progress | 3 | €20,750 | €17,791 | -€2,960 | -14.3% |
| Stocks | 30/36 | €20,750 | €17,791 | -€2,960 | -14.3% |
| Amounts receivable within one year | 40/41 | €73,208 | €148,427 | +€75,219 | +102.7% |
| Trade receivables | 40 | €21,729 | €17,387 | -€4,342 | -20.0% |
| Other amounts receivable | 41 | €51,480 | €131,040 | +€79,561 | +154.5% |
| Cash at bank and in hand | 54/58 | €262,314 | €146,792 | -€115,521 | -44.0% |
| Deferred charges and accrued income | 490/1 | €1,911 | €3,957 | +€2,046 | +107.1% |
| Total equity and liabilities | 10/49 | €423,316 | €420,908 | -€2,408 | -0.6% |
| Equity | 10/15 | €57,706 | €14,105 | -€43,601 | -75.6% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €6,197 | €6,197 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€10,465 | -€54,066 | -€43,601 | -416.6% |
| Amounts payable | 17/49 | €365,610 | €406,803 | +€41,193 | +11.3% |
| Amounts payable after more than one year | 17 | €15,776 | - | -€15,776 | |
| Financial debts | 170/4 | €15,776 | - | -€15,776 | |
| Amounts payable within one year | 42/48 | €343,216 | €394,035 | +€50,820 | +14.8% |
| Current portion of amounts payable after more than one year | 42 | €31,978 | €15,776 | -€16,202 | -50.7% |
| Financial debts | 43 | - | €18,510 | +€18,510 | |
| Credit institutions | 430/8 | - | €18,510 | +€18,510 | |
| Trade debts | 44 | €108,277 | €120,191 | +€11,915 | +11.0% |
| Suppliers | 440/4 | €108,277 | €120,191 | +€11,915 | +11.0% |
| Taxes, remuneration and social security | 45 | €201,547 | €239,557 | +€38,010 | +18.9% |
| Taxes | 450/3 | €66,361 | €72,590 | +€6,228 | +9.4% |
| Remuneration and social security | 454/9 | €135,186 | €166,968 | +€31,782 | +23.5% |
| Other amounts payable | 47/48 | €1,413 | - | -€1,413 | |
| Accrued charges and deferred income | 492/3 | €6,618 | €12,768 | +€6,150 | +92.9% |
| Remuneration, social security and pensions | 62 | €758,142 | €823,182 | +€65,040 | +8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,600 | €23,430 | +€1,830 | +8.5% |
| Other operating charges | 640/8 | €3,206 | €4,449 | +€1,243 | +38.8% |
| Gross operating margin | 9900 | €1,019,221 | €846,286 | -€172,934 | -17.0% |
| Operating profit (loss) | 9901 | €236,272 | -€4,775 | -€241,047 | |
| Financial income | 75/76B | €98,595 | €4,764 | -€93,831 | -95.2% |
| Recurring financial income | 75 | €98,595 | €4,764 | -€93,831 | -95.2% |
| Financial charges | 65/66B | €45,136 | €43,590 | -€1,546 | -3.4% |
| Recurring financial charges | 65 | €45,136 | €43,590 | -€1,546 | -3.4% |
| Profit (loss) for the period before taxes | 9903 | €289,730 | -€43,601 | -€333,331 | |
| Profit (loss) for the period | 9904 | €289,730 | -€43,601 | -€333,331 | |
| Profit (loss) for the period to be appropriated | 9905 | €289,730 | -€43,601 | -€333,331 |
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 6 October 2026 via checked.be.