VALOPHAR: 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.
VALOPHAR
Largest movements
- Tangible fixed assets -€43,935
down €43,935 (-6.7%), from €656,818 to €612,883
of which Land and buildings: -€24,066
- Receivables within one year +€26,512
up €26,512 (+24.1%), from €110,174 to €136,686
of which Trade receivables: +€14,517
- Stocks and contracts +€11,867
up €11,867 (+7.6%), from €156,689 to €168,555
- Debts after one year -€55,258
down €55,258 (-9.7%), from €569,713 to €514,456
- Reserves +€30,000
up €30,000 (+14.9%), from €201,500 to €231,500
of which Distributable reserves: +€30,000
- Trade debts +€12,687
up €12,687 (+8.8%), from €144,442 to €157,128
- Gross operating margin -€21,917
down €21,917 (-9.7%), from €226,822 to €204,905
- Staff costs +€10,102
up €10,102 (+12.1%), from €83,328 to €93,431
- Taxes -€8,807
down €8,807 (-39.4%), from €22,342 to €13,536
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 | €1,033,901 | €1,019,078 | -€14,823 | -1.4% |
| Fixed assets | 21/28 | €656,818 | €612,883 | -€43,935 | -6.7% |
| Tangible fixed assets | 22/27 | €656,818 | €612,883 | -€43,935 | -6.7% |
| Land and buildings | 22 | €526,218 | €502,152 | -€24,066 | -4.6% |
| Plant, machinery and equipment | 23 | €106,061 | €92,808 | -€13,253 | -12.5% |
| Furniture and vehicles | 24 | €24,539 | €17,922 | -€6,617 | -27.0% |
| Current assets | 29/58 | €377,083 | €406,195 | +€29,112 | +7.7% |
| Stocks and contracts in progress | 3 | €156,689 | €168,555 | +€11,867 | +7.6% |
| Stocks | 30/36 | €156,689 | €168,555 | +€11,867 | +7.6% |
| Amounts receivable within one year | 40/41 | €110,174 | €136,686 | +€26,512 | +24.1% |
| Trade receivables | 40 | €67,840 | €82,357 | +€14,517 | +21.4% |
| Other amounts receivable | 41 | €42,334 | €54,329 | +€11,995 | +28.3% |
| Cash at bank and in hand | 54/58 | €106,964 | €96,716 | -€10,248 | -9.6% |
| Deferred charges and accrued income | 490/1 | €3,257 | €4,238 | +€981 | +30.1% |
| Total equity and liabilities | 10/49 | €1,033,901 | €1,019,078 | -€14,823 | -1.4% |
| Equity | 10/15 | €233,623 | €262,898 | +€29,275 | +12.5% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Outside capital | 11 | €30,000 | €30,000 | = | 0.0% |
| Other | 1109/19 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €201,500 | €231,500 | +€30,000 | +14.9% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €198,500 | €228,500 | +€30,000 | +15.1% |
| Profit (loss) carried forward | 14 | €2,123 | €1,398 | -€725 | -34.2% |
| Amounts payable | 17/49 | €800,278 | €756,180 | -€44,098 | -5.5% |
| Amounts payable after more than one year | 17 | €569,713 | €514,456 | -€55,258 | -9.7% |
| Financial debts | 170/4 | €569,713 | €514,456 | -€55,258 | -9.7% |
| Amounts payable within one year | 42/48 | €230,565 | €241,725 | +€11,160 | +4.8% |
| Current portion of amounts payable after more than one year | 42 | €60,695 | €55,258 | -€5,437 | -9.0% |
| Trade debts | 44 | €144,442 | €157,128 | +€12,687 | +8.8% |
| Suppliers | 440/4 | €144,442 | €157,128 | +€12,687 | +8.8% |
| Taxes, remuneration and social security | 45 | €23,828 | €27,738 | +€3,910 | +16.4% |
| Taxes | 450/3 | €5,326 | €7,550 | +€2,225 | +41.8% |
| Remuneration and social security | 454/9 | €18,503 | €20,188 | +€1,685 | +9.1% |
| Other amounts payable | 47/48 | €1,600 | €1,600 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €83,328 | €93,431 | +€10,102 | +12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,599 | €50,212 | +€1,612 | +3.3% |
| Other operating charges | 640/8 | €1 | €1 | +€0 | +36.6% |
| Gross operating margin | 9900 | €226,822 | €204,905 | -€21,917 | -9.7% |
| Operating profit (loss) | 9901 | €94,894 | €61,262 | -€33,631 | -35.4% |
| Financial charges | 65/66B | €17,578 | €16,852 | -€726 | -4.1% |
| Recurring financial charges | 65 | €17,578 | €16,852 | -€726 | -4.1% |
| Profit (loss) for the period before taxes | 9903 | €77,316 | €44,411 | -€32,905 | -42.6% |
| Income taxes | 67/77 | €22,342 | €13,536 | -€8,807 | -39.4% |
| Profit (loss) for the period | 9904 | €54,973 | €30,875 | -€24,098 | -43.8% |
| Profit (loss) for the period to be appropriated | 9905 | €54,973 | €30,875 | -€24,098 | -43.8% |
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 4 October 2026 via checked.be.