VALPEO: 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.
VALPEO
Largest movements
- Receivables within one year +€98,904
up €98,904 (+54.3%), from €182,295 to €281,199
of which Other amounts receivable: +€131,540
- Cash -€9,058
down €9,058 (-85.8%), from €10,561 to €1,502
mainly Investment in fixed assets (net) (-€142,498) and Receivables within one year (-€98,904)
- Intangible fixed assets -€7,792
down €7,792 (-3.2%), from €244,880 to €237,088
- Profit (loss) carried forward +€60,020
up €60,020 (+155%), from €38,651 to €98,671
- Other debts +€20,898
up €20,898, from €0 to €20,898
- Gross operating margin +€11,609
up €11,609 (+5.6%), from €206,130 to €217,739
- Depreciation -€9,386
down €9,386 (-5.9%), from €157,833 to €148,447
- Staff costs +€5,836
new in 2025: €5,836
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €437,736 | €521,632 | +€83,896 | +19.2% |
| Fixed assets | 21/28 | €244,880 | €238,930 | -€5,949 | -2.4% |
| Intangible fixed assets | 21 | €244,880 | €237,088 | -€7,792 | -3.2% |
| Tangible fixed assets | 22/27 | - | €1,842 | +€1,842 | |
| Furniture and vehicles | 24 | - | €1,842 | +€1,842 | |
| Current assets | 29/58 | €192,856 | €282,702 | +€89,846 | +46.6% |
| Amounts receivable within one year | 40/41 | €182,295 | €281,199 | +€98,904 | +54.3% |
| Trade receivables | 40 | €117,912 | €85,276 | -€32,636 | -27.7% |
| Other amounts receivable | 41 | €64,383 | €195,923 | +€131,540 | +204% |
| Cash at bank and in hand | 54/58 | €10,561 | €1,502 | -€9,058 | -85.8% |
| Total equity and liabilities | 10/49 | €437,736 | €521,632 | +€83,896 | +19.2% |
| Equity | 10/15 | €400,865 | €464,044 | +€63,179 | +15.8% |
| Contributions | 10/11 | €360,180 | €360,180 | = | 0.0% |
| Capital | 10 | €360,180 | €360,180 | = | 0.0% |
| Issued capital | 100 | €360,180 | €360,180 | = | 0.0% |
| Reserves | 13 | €2,034 | €5,193 | +€3,159 | +155% |
| Non-distributable reserves | 130/1 | €2,034 | €5,193 | +€3,159 | +155% |
| Legal reserve | 130 | €2,034 | €5,193 | +€3,159 | +155% |
| Profit (loss) carried forward | 14 | €38,651 | €98,671 | +€60,020 | +155% |
| Amounts payable | 17/49 | €36,870 | €57,588 | +€20,717 | +56.2% |
| Amounts payable within one year | 42/48 | €36,870 | €57,588 | +€20,717 | +56.2% |
| Financial debts | 43 | €1,395 | €1,325 | -€70 | -5.0% |
| Credit institutions | 430/8 | €1,395 | €1,325 | -€70 | -5.0% |
| Trade debts | 44 | €28,989 | €26,383 | -€2,606 | -9.0% |
| Suppliers | 440/4 | €28,989 | €26,383 | -€2,606 | -9.0% |
| Taxes, remuneration and social security | 45 | €6,487 | €8,982 | +€2,495 | +38.5% |
| Taxes | 450/3 | €6,487 | €6,341 | -€146 | -2.3% |
| Remuneration and social security | 454/9 | - | €2,641 | +€2,641 | |
| Other amounts payable | 47/48 | €0 | €20,898 | +€20,898 | |
| Remuneration, social security and pensions | 62 | - | €5,836 | +€5,836 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €157,833 | €148,447 | -€9,386 | -5.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €816 | €1,145 | +€329 | +40.3% |
| Gross operating margin | 9900 | €206,130 | €217,739 | +€11,609 | +5.6% |
| Operating profit (loss) | 9901 | €47,481 | €62,312 | +€14,831 | +31.2% |
| Financial income | 75/76B | €1,255 | €1,644 | +€389 | +31.0% |
| Recurring financial income | 75 | €1,255 | €1,644 | +€389 | +31.0% |
| Financial charges | 65/66B | €430 | €777 | +€347 | +80.8% |
| Recurring financial charges | 65 | €430 | €777 | +€347 | +80.8% |
| Profit (loss) for the period before taxes | 9903 | €48,306 | €63,179 | +€14,873 | +30.8% |
| Profit (loss) for the period | 9904 | €48,306 | €63,179 | +€14,873 | +30.8% |
| Profit (loss) for the period to be appropriated | 9905 | €48,306 | €63,179 | +€14,873 | +30.8% |
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 17 October 2026 via checked.be.