VALOBS: 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.
VALOBS
Largest movements
- Receivables within one year +€233,902
up €233,902 (+8035.2%), from €2,911 to €236,813
of which Other amounts receivable: +€234,902
- Current investments -€150,000
down €150,000 (-100.0%), from €150,000 to €0
- Cash +€78,663
up €78,663 (+16.7%), from €469,640 to €548,303
mainly Net result for the year (+€170,327) and Current investments (+€150,000)
- Reserves +€170,327
up €170,327 (+26.9%), from €632,228 to €802,555
of which Distributable reserves: +€172,187
- Debts after one year -€38,209
down €38,209 (-14.8%), from €258,378 to €220,169
- Tax, wage and social debts +€35,510
up €35,510 (+76.0%), from €46,715 to €82,226
of which Taxes: +€35,490
- Gross operating margin +€23,636
up €23,636 (+9.9%), from €239,166 to €262,802
- Taxes +€11,483
up €11,483 (+18.5%), from €62,066 to €73,548
- Financial income +€11,305
up €11,305 (+529.4%), from €2,135 to €13,441
- Financial charges -€3,867
down €3,867 (-27.7%), from €13,980 to €10,113
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 | €985,592 | €1,159,959 | +€174,368 | +17.7% |
| Fixed assets | 21/28 | €363,040 | €374,054 | +€11,014 | +3.0% |
| Tangible fixed assets | 22/27 | €363,040 | €374,054 | +€11,014 | +3.0% |
| Land and buildings | 22 | €355,752 | €339,314 | -€16,439 | -4.6% |
| Plant, machinery and equipment | 23 | €1,218 | €811 | -€407 | -33.4% |
| Furniture and vehicles | 24 | €5,056 | €3,156 | -€1,900 | -37.6% |
| Other tangible fixed assets | 26 | €1,014 | €30,773 | +€29,759 | +2935.7% |
| Current assets | 29/58 | €622,551 | €785,905 | +€163,354 | +26.2% |
| Amounts receivable within one year | 40/41 | €2,911 | €236,813 | +€233,902 | +8035.2% |
| Trade receivables | 40 | €2,580 | €1,580 | -€1,000 | -38.8% |
| Other amounts receivable | 41 | €331 | €235,234 | +€234,902 | +70924.6% |
| Current investments | 50/53 | €150,000 | €0 | -€150,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €469,640 | €548,303 | +€78,663 | +16.7% |
| Deferred charges and accrued income | 490/1 | €0 | €789 | +€789 | |
| Total equity and liabilities | 10/49 | €985,592 | €1,159,959 | +€174,368 | +17.7% |
| Equity | 10/15 | €638,428 | €808,755 | +€170,327 | +26.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €632,228 | €802,555 | +€170,327 | +26.9% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100.0% |
| Distributable reserves | 133 | €630,368 | €802,555 | +€172,187 | +27.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €347,163 | €351,204 | +€4,041 | +1.2% |
| Amounts payable after more than one year | 17 | €258,378 | €220,169 | -€38,209 | -14.8% |
| Financial debts | 170/4 | €258,378 | €220,169 | -€38,209 | -14.8% |
| Amounts payable within one year | 42/48 | €87,804 | €131,036 | +€43,232 | +49.2% |
| Current portion of amounts payable after more than one year | 42 | €34,099 | €36,917 | +€2,819 | +8.3% |
| Trade debts | 44 | €4,968 | €11,893 | +€6,925 | +139.4% |
| Suppliers | 440/4 | €4,968 | €11,893 | +€6,925 | +139.4% |
| Taxes, remuneration and social security | 45 | €46,715 | €82,226 | +€35,510 | +76.0% |
| Taxes | 450/3 | €39,862 | €75,353 | +€35,490 | +89.0% |
| Remuneration and social security | 454/9 | €6,853 | €6,873 | +€20 | +0.3% |
| Other amounts payable | 47/48 | €2,022 | €0 | -€2,022 | -100.0% |
| Accrued charges and deferred income | 492/3 | €982 | €0 | -€982 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,601 | €19,420 | -€181 | -0.9% |
| Other operating charges | 640/8 | €1,810 | €2,835 | +€1,025 | +56.6% |
| Gross operating margin | 9900 | €239,166 | €262,802 | +€23,636 | +9.9% |
| Operating profit (loss) | 9901 | €217,755 | €240,547 | +€22,793 | +10.5% |
| Financial income | 75/76B | €2,135 | €13,441 | +€11,305 | +529.4% |
| Recurring financial income | 75 | €2,135 | €13,441 | +€11,305 | +529.4% |
| Financial charges | 65/66B | €13,980 | €10,113 | -€3,867 | -27.7% |
| Recurring financial charges | 65 | €13,980 | €10,113 | -€3,867 | -27.7% |
| Profit (loss) for the period before taxes | 9903 | €205,910 | €243,875 | +€37,965 | +18.4% |
| Income taxes | 67/77 | €62,066 | €73,548 | +€11,483 | +18.5% |
| Profit (loss) for the period | 9904 | €143,844 | €170,327 | +€26,483 | +18.4% |
| Profit (loss) for the period to be appropriated | 9905 | €143,844 | €170,327 | +€26,483 | +18.4% |
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.