VALTAC: 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.
VALTAC
Largest movements
- Receivables within one year +€20,441
up €20,441 (+49.9%), from €40,946 to €61,387
- Deferred charges and accrued income +€3,018
up €3,018 (+13.1%), from €22,980 to €25,998
- Tangible fixed assets -€2,918
down €2,918 (-17.8%), from €16,391 to €13,473
of which Plant, machinery and equipment: -€1,941
- Cash -€1,545
down €1,545 (-24.7%), from €6,259 to €4,715
mainly Receivables within one year (-€20,441) and Debts after one year (-€5,048)
- Trade debts +€18,187
up €18,187 (+57.3%), from €31,768 to €49,954
- Other debts +€5,756
up €5,756 (+45.5%), from €12,646 to €18,402
- Debts after one year -€5,048
down €5,048 (-56.3%), from €8,968 to €3,920
- Write-downs +€8,074
new in 2025: €8,074
- Taxes -€1,526
no longer reported in 2025 (was €1,526)
- Other operating charges -€655
down €655 (-41.9%), from €1,564 to €909
- Gross operating margin -€532
down €532 (-4.2%), from €12,665 to €12,133
- Financial charges -€448
down €448 (-36.6%), from €1,224 to €776
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 | €86,577 | €105,573 | +€18,997 | +21.9% |
| Fixed assets | 21/28 | €16,391 | €13,473 | -€2,918 | -17.8% |
| Tangible fixed assets | 22/27 | €16,391 | €13,473 | -€2,918 | -17.8% |
| Plant, machinery and equipment | 23 | €8,216 | €6,275 | -€1,941 | -23.6% |
| Furniture and vehicles | 24 | €8,175 | €7,198 | -€977 | -12.0% |
| Current assets | 29/58 | €70,186 | €92,100 | +€21,915 | +31.2% |
| Amounts receivable within one year | 40/41 | €40,946 | €61,387 | +€20,441 | +49.9% |
| Trade receivables | 40 | €40,946 | €61,387 | +€20,441 | +49.9% |
| Cash at bank and in hand | 54/58 | €6,259 | €4,715 | -€1,545 | -24.7% |
| Deferred charges and accrued income | 490/1 | €22,980 | €25,998 | +€3,018 | +13.1% |
| Total equity and liabilities | 10/49 | €86,577 | €105,573 | +€18,997 | +21.9% |
| Equity | 10/15 | €25,340 | €24,784 | -€556 | -2.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €5,340 | €4,784 | -€556 | -10.4% |
| Distributable reserves | 133 | €5,340 | €4,784 | -€556 | -10.4% |
| Amounts payable | 17/49 | €61,237 | €80,790 | +€19,553 | +31.9% |
| Amounts payable after more than one year | 17 | €8,968 | €3,920 | -€5,048 | -56.3% |
| Financial debts | 170/4 | €8,968 | €3,920 | -€5,048 | -56.3% |
| Amounts payable within one year | 42/48 | €52,269 | €76,869 | +€24,600 | +47.1% |
| Current portion of amounts payable after more than one year | 42 | €4,850 | €5,048 | +€198 | +4.1% |
| Trade debts | 44 | €31,768 | €49,954 | +€18,187 | +57.3% |
| Suppliers | 440/4 | €31,768 | €49,954 | +€18,187 | +57.3% |
| Taxes, remuneration and social security | 45 | €3,005 | €3,465 | +€460 | +15.3% |
| Taxes | 450/3 | €3,005 | €3,465 | +€460 | +15.3% |
| Other amounts payable | 47/48 | €12,646 | €18,402 | +€5,756 | +45.5% |
| Remuneration, social security and pensions | 62 | - | €12 | +€12 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,086 | €2,918 | -€168 | -5.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €8,074 | +€8,074 | |
| Other operating charges | 640/8 | €1,564 | €909 | -€655 | -41.9% |
| Gross operating margin | 9900 | €12,665 | €12,133 | -€532 | -4.2% |
| Operating profit (loss) | 9901 | €8,014 | €219 | -€7,795 | -97.3% |
| Financial income | 75/76B | €75 | €0 | -€75 | -100.0% |
| Recurring financial income | 75 | €75 | €0 | -€75 | -100.0% |
| Financial charges | 65/66B | €1,224 | €776 | -€448 | -36.6% |
| Recurring financial charges | 65 | €1,224 | €776 | -€448 | -36.6% |
| Profit (loss) for the period before taxes | 9903 | €6,866 | -€556 | -€7,422 | |
| Income taxes | 67/77 | €1,526 | - | -€1,526 | |
| Profit (loss) for the period | 9904 | €5,340 | -€556 | -€5,896 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,340 | -€556 | -€5,896 |
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 8 October 2026 via checked.be.