VALOC: 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.
VALOC
Largest movements
- Tangible fixed assets -€277,381
down €277,381 (-4.8%), from €5.7m to €5.5m
of which Land and buildings: -€265,591
- Other debts -€477,456
down €477,456 (-9.2%), from €5.2m to €4.7m
- Reserves +€152,760
up €152,760 (+30.0%), from €509,468 to €662,228
- Gross operating margin -€53,136
down €53,136 (-8.1%), from €656,937 to €603,801
- Taxes +€25,332
up €25,332 (+2726.5%), from €929 to €26,261
- Financial charges -€19,391
down €19,391 (-11.8%), from €164,958 to €145,567
- Other operating charges -€18,467
down €18,467 (-86.5%), from €21,342 to €2,875
- Financial income -€6,909
down €6,909 (-86.9%), from €7,952 to €1,043
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 | €5,970,817 | €5,647,489 | -€323,328 | -5.4% |
| Fixed assets | 21/28 | €5,738,446 | €5,461,065 | -€277,381 | -4.8% |
| Tangible fixed assets | 22/27 | €5,738,446 | €5,461,065 | -€277,381 | -4.8% |
| Land and buildings | 22 | €5,723,134 | €5,457,544 | -€265,591 | -4.6% |
| Furniture and vehicles | 24 | €15,311 | €3,521 | -€11,790 | -77.0% |
| Current assets | 29/58 | €232,371 | €186,424 | -€45,947 | -19.8% |
| Amounts receivable within one year | 40/41 | €42,363 | €19,249 | -€23,114 | -54.6% |
| Trade receivables | 40 | €39,141 | €19,249 | -€19,893 | -50.8% |
| Other amounts receivable | 41 | €3,221 | €0 | -€3,221 | -100.0% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €189,126 | €166,698 | -€22,428 | -11.9% |
| Deferred charges and accrued income | 490/1 | €883 | €478 | -€404 | -45.8% |
| Total equity and liabilities | 10/49 | €5,970,817 | €5,647,489 | -€323,328 | -5.4% |
| Equity | 10/15 | €703,989 | €856,750 | +€152,760 | +21.7% |
| Contributions | 10/11 | €194,522 | €194,522 | = | 0.0% |
| Reserves | 13 | €509,468 | €662,228 | +€152,760 | +30.0% |
| Distributable reserves | 133 | €509,468 | €662,228 | +€152,760 | +30.0% |
| Amounts payable | 17/49 | €5,266,827 | €4,790,739 | -€476,088 | -9.0% |
| Amounts payable within one year | 42/48 | €5,266,827 | €4,790,739 | -€476,088 | -9.0% |
| Trade debts | 44 | €266 | €1,243 | +€976 | +366.8% |
| Suppliers | 440/4 | €266 | €1,243 | +€976 | +366.8% |
| Taxes, remuneration and social security | 45 | €52,602 | €52,993 | +€391 | +0.7% |
| Taxes | 450/3 | €52,584 | €50,738 | -€1,847 | -3.5% |
| Remuneration and social security | 454/9 | €17 | €2,255 | +€2,238 | +12995.2% |
| Other amounts payable | 47/48 | €5,213,960 | €4,736,504 | -€477,456 | -9.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €277,373 | €277,381 | +€8 | 0.0% |
| Other operating charges | 640/8 | €21,342 | €2,875 | -€18,467 | -86.5% |
| Gross operating margin | 9900 | €656,937 | €603,801 | -€53,136 | -8.1% |
| Operating profit (loss) | 9901 | €358,222 | €323,545 | -€34,677 | -9.7% |
| Financial income | 75/76B | €7,952 | €1,043 | -€6,909 | -86.9% |
| Recurring financial income | 75 | €7,952 | €1,043 | -€6,909 | -86.9% |
| Financial charges | 65/66B | €164,958 | €145,567 | -€19,391 | -11.8% |
| Recurring financial charges | 65 | €164,958 | €145,567 | -€19,391 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | €201,216 | €179,021 | -€22,195 | -11.0% |
| Income taxes | 67/77 | €929 | €26,261 | +€25,332 | +2726.5% |
| Profit (loss) for the period | 9904 | €200,287 | €152,760 | -€47,527 | -23.7% |
| Profit (loss) for the period to be appropriated | 9905 | €200,287 | €152,760 | -€47,527 | -23.7% |
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 10 October 2026 via checked.be.