VALSEBA: 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
VALSEBA
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€485,407
2024 · €300,916+€184,491
Equity
€1.8m
2024 · €1.3m+€485,407
Cash
€153,929
2024 · €129,808+€24,121
Balance sheet total
€6.9m
2024 · €6.1m+€815,834
Largest movements
Assets
- Financial fixed assets +€3.5m
new in 2025: €3.5m
- Current investments -€2.6m
down €2.6m (-100%), from €2.6m to €0
Equity and liabilities
- Other debts +€588,033
up €588,033 (+77.6%), from €758,040 to €1.3m
- Profit (loss) carried forward +€485,407
up €485,407 (+36.8%), from €1.3m to €1.8m
- Debts after one year -€271,557
down €271,557 (-7.7%), from €3.5m to €3.3m
Income statement
- Gross operating margin +€241,576
up €241,576 (+37.7%), from €640,643 to €882,220
- Taxes +€64,090
up €64,090 (+59.7%), from €107,271 to €171,361
- Financial income +€18,328
up €18,328 (+48.4%), from €37,894 to €56,222
- Financial charges +€14,000
up €14,000 (+7.2%), from €194,144 to €208,144
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
€300,916
Gross operating margin
+€241,576
Depreciation
+€35
Other operating charges
+€2,642
Financial income
+€18,328
Financial charges
-€14,000
Taxes
-€64,090
Result 2025
€485,407
raises the resultlowers the result
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
+€1.2m
Investment
-€882,600
Financing
-€261,862
Cash 2024
€129,808
From operations (derived)
+€1.2m
Net result for the year
+€485,407
Depreciation
+€66,777
Receivables within one year
+€24,111
Trade debts
-€881
Tax, wage and social debts
-€14,054
Other debts
+€588,033
Accrued charges and deferred income
+€19,191
Investment (derived)
-€882,600
Investment in fixed assets (net)
-€3.5m
Current investments
+€2.6m
Financing
-€261,862
Debts after one year
-€271,557
Current portion of long-term debt
+€9,695
Cash 2025
€153,929
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,063,868 | €6,879,702 | +€815,834 | +13.5% |
| Fixed assets | 21/28 | €2,894,692 | €6,336,641 | +€3.4m | +119% |
| Tangible fixed assets | 22/27 | €2,894,692 | €2,827,916 | -€66,777 | -2.3% |
| Land and buildings | 22 | €2,812,650 | €2,759,937 | -€52,713 | -1.9% |
| Plant, machinery and equipment | 23 | €38,048 | €30,896 | -€7,152 | -18.8% |
| Furniture and vehicles | 24 | €332 | €166 | -€166 | -50.0% |
| Other tangible fixed assets | 26 | €43,663 | €36,918 | -€6,745 | -15.4% |
| Financial fixed assets | 28 | - | €3,508,726 | +€3.5m | |
| Current assets | 29/58 | €3,169,176 | €543,061 | -€2.6m | -82.9% |
| Amounts receivable within one year | 40/41 | €413,242 | €389,131 | -€24,111 | -5.8% |
| Trade receivables | 40 | €360,660 | €383,617 | +€22,957 | +6.4% |
| Other amounts receivable | 41 | €52,582 | €5,514 | -€47,068 | -89.5% |
| Current investments | 50/53 | €2,626,126 | €0 | -€2.6m | -100% |
| Cash at bank and in hand | 54/58 | €129,808 | €153,929 | +€24,121 | +18.6% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €6,063,868 | €6,879,702 | +€815,834 | +13.5% |
| Equity | 10/15 | €1,338,510 | €1,823,916 | +€485,407 | +36.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,318,050 | €1,803,456 | +€485,407 | +36.8% |
| Amounts payable | 17/49 | €4,725,358 | €5,055,786 | +€330,427 | +7.0% |
| Amounts payable after more than one year | 17 | €3,530,634 | €3,259,077 | -€271,557 | -7.7% |
| Financial debts | 170/4 | €3,530,634 | €3,259,077 | -€271,557 | -7.7% |
| Amounts payable within one year | 42/48 | €1,089,031 | €1,671,824 | +€582,793 | +53.5% |
| Current portion of amounts payable after more than one year | 42 | €261,862 | €271,557 | +€9,695 | +3.7% |
| Trade debts | 44 | €2,932 | €2,051 | -€881 | -30.0% |
| Suppliers | 440/4 | €2,932 | €2,051 | -€881 | -30.0% |
| Taxes, remuneration and social security | 45 | €66,196 | €52,142 | -€14,054 | -21.2% |
| Taxes | 450/3 | €66,196 | €52,142 | -€14,054 | -21.2% |
| Other amounts payable | 47/48 | €758,040 | €1,346,074 | +€588,033 | +77.6% |
| Accrued charges and deferred income | 492/3 | €105,693 | €124,885 | +€19,191 | +18.2% |
| Non-recurring operating income | 76A | €42,300 | €0 | -€42,300 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,812 | €66,777 | -€35 | -0.1% |
| Other operating charges | 640/8 | €9,395 | €6,753 | -€2,642 | -28.1% |
| Gross operating margin | 9900 | €640,643 | €882,220 | +€241,576 | +37.7% |
| Operating profit (loss) | 9901 | €564,437 | €808,690 | +€244,253 | +43.3% |
| Financial income | 75/76B | €37,894 | €56,222 | +€18,328 | +48.4% |
| Recurring financial income | 75 | €37,894 | €56,222 | +€18,328 | +48.4% |
| Financial charges | 65/66B | €194,144 | €208,144 | +€14,000 | +7.2% |
| Recurring financial charges | 65 | €194,144 | €208,144 | +€14,000 | +7.2% |
| Profit (loss) for the period before taxes | 9903 | €408,187 | €656,768 | +€248,581 | +60.9% |
| Income taxes | 67/77 | €107,271 | €171,361 | +€64,090 | +59.7% |
| Profit (loss) for the period | 9904 | €300,916 | €485,407 | +€184,491 | +61.3% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €300,916 | €485,407 | +€184,491 | +61.3% |
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 15 October 2026 via checked.be.