Valo Service: 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
Valo Service
NACE 47.521, Retail sale of hardware, building materials, paint and glass (general range)
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€107,411
2024 · €132,888-€25,476
Equity
€558,015
2024 · €510,603+€47,411
Cash
€105,575
2024 · €106,998-€1,423
Balance sheet total
€958,470
2024 · €1.0m-€76,339
Largest movements
Assets
- Receivables within one year -€159,581
down €159,581 (-39.8%), from €401,457 to €241,876
of which Trade receivables: -€158,223
- Stocks and contracts +€63,796
up €63,796 (+15.1%), from €421,931 to €485,727
- Tangible fixed assets +€14,846
up €14,846 (+18.0%), from €82,297 to €97,142
of which Land and buildings: +€27,197
Equity and liabilities
- Reserves +€47,411
up €47,411 (+9.4%), from €504,403 to €551,815
- Advances received -€35,050
down €35,050 (-94.6%), from €37,050 to €2,000
- Tax, wage and social debts -€31,718
down €31,718 (-63.0%), from €50,337 to €18,619
of which Taxes: -€29,260
- Other debts -€24,067
down €24,067 (-16.5%), from €146,176 to €122,109
- Accrued charges and deferred income -€23,913
down €23,913 (-98.3%), from €24,330 to €417
Income statement
- Write-downs +€32,218
up €32,218, from -€701 to €31,517
- Staff costs -€19,917
down €19,917 (-10.5%), from €189,985 to €170,068
- Gross operating margin -€19,873
down €19,873 (-4.9%), from €403,492 to €383,619
- Financial charges -€5,970
down €5,970 (-30.8%), from €19,393 to €13,423
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
€132,888
Gross operating margin
-€19,873
Staff costs
+€19,917
Depreciation
+€3,098
Write-downs
-€32,218
Other operating charges
+€109
Financial income
-€3,773
Financial charges
+€5,970
Taxes
+€1,295
Result 2025
€107,411
raises the resultlowers the result
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
+€123,221
Investment
-€54,316
Financing
-€70,328
Cash 2024
€106,998
From operations (derived)
+€123,221
Net result for the year
+€107,411
Depreciation
+€36,209
Stocks and contracts
-€63,796
Receivables within one year
+€159,581
Deferred charges and accrued income
-€2,762
Trade debts
+€1,326
Tax, wage and social debts
-€31,718
Advances received
-€35,050
Other debts
-€24,067
Accrued charges and deferred income
-€23,913
Investment (derived)
-€54,316
Investment in fixed assets (net)
-€54,316
Financing
-€70,328
Debts after one year
+€5,164
Current portion of long-term debt
-€10,458
Short-term financial debts
-€5,033
Contributions, distributions and other
-€60,000
Cash 2025
€105,575
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,034,809 | €958,470 | -€76,339 | -7.4% |
| Fixed assets | 21/28 | €90,606 | €108,713 | +€18,107 | +20.0% |
| Intangible fixed assets | 21 | - | €3,261 | +€3,261 | |
| Tangible fixed assets | 22/27 | €82,297 | €97,142 | +€14,846 | +18.0% |
| Land and buildings | 22 | - | €27,197 | +€27,197 | |
| Plant, machinery and equipment | 23 | €52,997 | €50,006 | -€2,991 | -5.6% |
| Furniture and vehicles | 24 | €27,862 | €18,995 | -€8,867 | -31.8% |
| Other tangible fixed assets | 26 | €1,438 | €944 | -€493 | -34.3% |
| Financial fixed assets | 28 | €8,310 | €8,310 | = | 0.0% |
| Current assets | 29/58 | €944,203 | €849,757 | -€94,446 | -10.0% |
| Stocks and contracts in progress | 3 | €421,931 | €485,727 | +€63,796 | +15.1% |
| Stocks | 30/36 | €421,931 | €485,727 | +€63,796 | +15.1% |
| Amounts receivable within one year | 40/41 | €401,457 | €241,876 | -€159,581 | -39.8% |
| Trade receivables | 40 | €393,197 | €234,974 | -€158,223 | -40.2% |
| Other amounts receivable | 41 | €8,260 | €6,902 | -€1,357 | -16.4% |
| Cash at bank and in hand | 54/58 | €106,998 | €105,575 | -€1,423 | -1.3% |
| Deferred charges and accrued income | 490/1 | €13,817 | €16,579 | +€2,762 | +20.0% |
| Total equity and liabilities | 10/49 | €1,034,809 | €958,470 | -€76,339 | -7.4% |
| Equity | 10/15 | €510,603 | €558,015 | +€47,411 | +9.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €504,403 | €551,815 | +€47,411 | +9.4% |
| Distributable reserves | 133 | €504,403 | €551,815 | +€47,411 | +9.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €524,206 | €400,455 | -€123,750 | -23.6% |
| Amounts payable after more than one year | 17 | €16,605 | €21,769 | +€5,164 | +31.1% |
| Financial debts | 170/4 | €16,605 | €21,769 | +€5,164 | +31.1% |
| Amounts payable within one year | 42/48 | €483,271 | €378,270 | -€105,001 | -21.7% |
| Current portion of amounts payable after more than one year | 42 | €26,457 | €15,998 | -€10,458 | -39.5% |
| Financial debts | 43 | €183,828 | €178,794 | -€5,033 | -2.7% |
| Credit institutions | 430/8 | €175,000 | €178,794 | +€3,794 | +2.2% |
| Other loans | 439 | €8,828 | €0 | -€8,828 | -100% |
| Trade debts | 44 | €39,423 | €40,749 | +€1,326 | +3.4% |
| Suppliers | 440/4 | €39,423 | €40,749 | +€1,326 | +3.4% |
| Advances received on contracts in progress | 46 | €37,050 | €2,000 | -€35,050 | -94.6% |
| Taxes, remuneration and social security | 45 | €50,337 | €18,619 | -€31,718 | -63.0% |
| Taxes | 450/3 | €36,544 | €7,285 | -€29,260 | -80.1% |
| Remuneration and social security | 454/9 | €13,792 | €11,334 | -€2,458 | -17.8% |
| Other amounts payable | 47/48 | €146,176 | €122,109 | -€24,067 | -16.5% |
| Accrued charges and deferred income | 492/3 | €24,330 | €417 | -€23,913 | -98.3% |
| Non-recurring operating income | 76A | €0 | €5,712 | +€5,712 | |
| Remuneration, social security and pensions | 62 | €189,985 | €170,068 | -€19,917 | -10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,307 | €36,209 | -€3,098 | -7.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€701 | €31,517 | +€32,218 | |
| Other operating charges | 640/8 | €9,967 | €9,858 | -€109 | -1.1% |
| Gross operating margin | 9900 | €403,492 | €383,619 | -€19,873 | -4.9% |
| Operating profit (loss) | 9901 | €164,935 | €135,968 | -€28,968 | -17.6% |
| Financial income | 75/76B | €4,009 | €236 | -€3,773 | -94.1% |
| Recurring financial income | 75 | €4,009 | €236 | -€3,773 | -94.1% |
| Financial charges | 65/66B | €19,393 | €13,423 | -€5,970 | -30.8% |
| Recurring financial charges | 65 | €19,393 | €13,423 | -€5,970 | -30.8% |
| Profit (loss) for the period before taxes | 9903 | €149,551 | €122,780 | -€26,771 | -17.9% |
| Income taxes | 67/77 | €16,664 | €15,369 | -€1,295 | -7.8% |
| Profit (loss) for the period | 9904 | €132,888 | €107,411 | -€25,476 | -19.2% |
| Profit (loss) for the period to be appropriated | 9905 | €132,888 | €107,411 | -€25,476 | -19.2% |
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 30 October 2026 via checked.be.