VALODIRECT: 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
VALODIRECT
NACE 38.330, Waste collection, recovery and disposal activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.6m
2024 · €1.8m-€139,254
Equity
€4.6m
2024 · €3.1m+€1.6m
Cash
€700,477
2024 · €1.2m-€516,032
Balance sheet total
€10.6m
2024 · €7.3m+€3.3m
Largest movements
Assets
- Receivables within one year +€2.3m
up €2.3m (+45.1%), from €5.1m to €7.4m
of which Trade receivables: +€2.3m
- Tangible fixed assets +€1.5m
up €1.5m (+206%), from €738,371 to €2.3m
of which Land and buildings: +€1.3m
- Cash -€516,032
down €516,032 (-42.4%), from €1.2m to €700,477
mainly Receivables within one year (-€2.3m) and Investment in fixed assets (net) (-€1.8m)
Equity and liabilities
- Reserves +€1.6m
up €1.6m (+52.5%), from €3.0m to €4.6m
of which Distributable reserves: +€1.6m
- Trade debts +€1.2m
up €1.2m (+38.1%), from €3.2m to €4.4m
- Debts after one year +€1.1m
up €1.1m (+572%), from €195,307 to €1.3m
- Other debts -€348,127
down €348,127 (-92.8%), from €375,292 to €27,164
- Current portion of long-term debt -€232,220
down €232,220 (-74.7%), from €310,694 to €78,475
Income statement
- Turnover +€18.5m
new in 2025: €18.5m
- Goods and materials +€12.8m
new in 2025: €12.8m
- Gross operating margin -€2.9m
no longer reported in 2025 (was €2.9m)
- Services and other goods +€2.6m
new in 2025: €2.6m
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
€1.8m
Turnover
+€18.5m
Other operating income
+€14,512
Goods and materials
-€12.8m
Services and other goods
-€2.6m
Staff costs
-€167,102
Depreciation
-€47,009
Write-downs
-€2,642
Other operating charges
-€51,786
Other operating items
-€3.0m
Financial income
+€3,417
Financial charges
+€3,188
Taxes
+€36,183
Result 2025
€1.6m
raises the resultlowers the resultnot broken down further in the accounts
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
+€383,719
Investment
-€1.8m
Financing
+€858,141
Cash 2024
€1.2m
From operations (derived)
+€383,719
Net result for the year
+€1.6m
Depreciation
+€232,422
Receivables within one year
-€2.3m
Deferred charges and accrued income
+€4,303
Trade debts
+€1.2m
Tax, wage and social debts
-€15,162
Other debts
-€348,127
Investment (derived)
-€1.8m
Investment in fixed assets (net)
-€1.8m
Financing
+€858,141
Debts after one year
+€1.1m
Current portion of long-term debt
-€232,220
Contributions, distributions and other
-€27,164
Cash 2025
€700,477
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,274,920 | €10,592,336 | +€3.3m | +45.6% |
| Fixed assets | 21/28 | €927,282 | €2,452,752 | +€1.5m | +165% |
| Intangible fixed assets | 21 | €106,557 | €76,957 | -€29,600 | -27.8% |
| Tangible fixed assets | 22/27 | €738,371 | €2,256,077 | +€1.5m | +206% |
| Land and buildings | 22 | - | €1,349,208 | +€1.3m | |
| Plant, machinery and equipment | 23 | €599,542 | €711,686 | +€112,144 | +18.7% |
| Furniture and vehicles | 24 | €138,829 | €195,183 | +€56,354 | +40.6% |
| Financial fixed assets | 28 | €82,355 | €119,718 | +€37,363 | +45.4% |
| Other financial fixed assets | 284/8 | - | €119,718 | +€119,718 | |
| Amounts receivable and cash guarantees | 285/8 | - | €119,718 | +€119,718 | |
| Current assets | 29/58 | €6,347,638 | €8,139,584 | +€1.8m | +28.2% |
| Stocks and contracts in progress | 3 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €5,126,439 | €7,438,720 | +€2.3m | +45.1% |
| Trade receivables | 40 | €4,960,771 | €7,262,981 | +€2.3m | +46.4% |
| Other amounts receivable | 41 | €165,668 | €175,740 | +€10,072 | +6.1% |
| Cash at bank and in hand | 54/58 | €1,216,509 | €700,477 | -€516,032 | -42.4% |
| Deferred charges and accrued income | 490/1 | €4,690 | €387 | -€4,303 | -91.8% |
| Total equity and liabilities | 10/49 | €7,274,920 | €10,592,336 | +€3.3m | +45.6% |
| Equity | 10/15 | €3,052,383 | €4,644,038 | +€1.6m | +52.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €3,033,783 | €4,625,438 | +€1.6m | +52.5% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100% |
| Distributable reserves | 133 | €3,031,923 | €4,625,438 | +€1.6m | +52.6% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €4,222,537 | €5,948,298 | +€1.7m | +40.9% |
| Amounts payable after more than one year | 17 | €195,307 | €1,312,832 | +€1.1m | +572% |
| Financial debts | 170/4 | €195,307 | €1,312,832 | +€1.1m | +572% |
| Credit institutions | 173 | - | €1,312,832 | +€1.3m | |
| Amounts payable within one year | 42/48 | €4,021,707 | €4,629,943 | +€608,235 | +15.1% |
| Current portion of amounts payable after more than one year | 42 | €310,694 | €78,475 | -€232,220 | -74.7% |
| Trade debts | 44 | €3,155,495 | €4,359,239 | +€1.2m | +38.1% |
| Suppliers | 440/4 | €3,155,495 | €4,359,239 | +€1.2m | +38.1% |
| Taxes, remuneration and social security | 45 | €180,227 | €165,064 | -€15,162 | -8.4% |
| Taxes | 450/3 | €120,584 | €50,576 | -€70,007 | -58.1% |
| Remuneration and social security | 454/9 | €59,643 | €114,488 | +€54,845 | +92.0% |
| Other amounts payable | 47/48 | €375,292 | €27,164 | -€348,127 | -92.8% |
| Accrued charges and deferred income | 492/3 | €5,523 | €5,523 | = | 0.0% |
| Operating income | 70/76A | - | €18,495,276 | +€18.5m | |
| Turnover | 70 | - | €18,479,053 | +€18.5m | |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | - | €0 | = | |
| Other operating income | 74 | - | €14,512 | +€14,512 | |
| Non-recurring operating income | 76A | €0 | €1,711 | +€1,711 | |
| Operating charges | 60/66A | - | €16,305,155 | +€16.3m | |
| Goods for resale, raw materials and consumables | 60 | - | €12,808,480 | +€12.8m | |
| Purchases | 600/8 | - | €12,808,480 | +€12.8m | |
| Services and other goods | 61 | - | €2,566,149 | +€2.6m | |
| Remuneration, social security and pensions | 62 | €292,584 | €459,685 | +€167,102 | +57.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €185,413 | €232,422 | +€47,009 | +25.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,642 | +€2,642 | |
| Other operating charges | 640/8 | €21,991 | €73,777 | +€51,786 | +235% |
| Non-recurring operating charges | 66A | €0 | €162,000 | +€162,000 | |
| Gross operating margin | 9900 | €2,872,150 | - | -€2.9m | |
| Operating profit (loss) | 9901 | €2,372,162 | €2,190,121 | -€182,042 | -7.7% |
| Financial income | 75/76B | €1,771 | €5,188 | +€3,417 | +193% |
| Recurring financial income | 75 | €1,771 | €5,188 | +€3,417 | +193% |
| Income from current assets | 751 | - | €5,184 | +€5,184 | |
| Other financial income | 752/9 | - | €4 | +€4 | |
| Financial charges | 65/66B | €31,759 | €28,572 | -€3,188 | -10.0% |
| Recurring financial charges | 65 | €31,759 | €28,572 | -€3,188 | -10.0% |
| Debt charges | 650 | - | €28,572 | +€28,572 | |
| Other financial charges | 652/9 | - | €0 | = | |
| Profit (loss) for the period before taxes | 9903 | €2,342,174 | €2,166,737 | -€175,437 | -7.5% |
| Income taxes | 67/77 | €584,101 | €547,918 | -€36,183 | -6.2% |
| Taxes | 670/3 | - | €547,918 | +€547,918 | |
| Profit (loss) for the period | 9904 | €1,758,073 | €1,618,820 | -€139,254 | -7.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,758,073 | €1,618,820 | -€139,254 | -7.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.