VALTECH: 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
VALTECH
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€7.6m
2024 · €8.2m-€637,411
Equity
€97.8m
2024 · €90.3m+€7.6m
Cash
€5.9m
2024 · €4.2m+€1.6m
Balance sheet total
€141.6m
2024 · €122.9m+€18.7m
Largest movements
Assets
- Financial fixed assets +€14.3m
up €14.3m (+19.6%), from €72.8m to €87.1m
of which Affiliated companies: +€10.5m
- Tangible fixed assets +€3.4m
up €3.4m (+24.1%), from €14.1m to €17.5m
of which Land and buildings: +€2.3m
- Current investments -€2.9m
down €2.9m (-41.3%), from €6.9m to €4.1m
- Receivables within one year +€2.8m
up €2.8m (+11.6%), from €23.8m to €26.6m
of which Other amounts receivable: +€4.3m
- Cash +€1.6m
up €1.6m (+38.9%), from €4.2m to €5.9m
mainly Other debts (+€11.9m) and Net result for the year (+€7.6m)
Equity and liabilities
- Other debts +€11.9m
up €11.9m (+38.5%), from €30.8m to €42.7m
- Reserves +€7.6m
up €7.6m (+10.7%), from €70.7m to €78.3m
of which Distributable reserves: +€7.4m
Income statement
- Turnover -€2.0m
down €2.0m (-26.1%), from €7.5m to €5.6m
- Staff costs +€558,208
up €558,208 (+111.4%), from €501,303 to €1.1m
- Services and other goods -€441,833
down €441,833 (-14.5%), from €3.1m to €2.6m
- Taxes -€399,137
down €399,137 (-47.5%), from €840,421 to €441,284
of which Taxes: -€389,837
- Financial charges +€353,694
up €353,694 (+32.3%), from €1.1m to €1.4m
of which Non-recurring financial charges: +€472,688
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
€8.2m
Turnover
-€2.0m
Other operating income
+€255,730
Services and other goods
+€441,833
Staff costs
-€558,208
Depreciation
-€328,222
Other operating charges
-€12,194
Other operating items
+€1.1m
Financial income
+€339,629
Financial charges
-€353,694
Taxes
+€399,137
Result 2025
€7.6m
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.
From operations
+€17.3m
Investment
-€15.6m
Financing
€0
Cash 2024
€4.2m
From operations (derived)
+€17.3m
Net result for the year
+€7.6m
Depreciation
+€839,063
Receivables after one year
-€150,300
Receivables within one year
-€2.8m
Deferred charges and accrued income
+€688,482
Trade debts
+€143,681
Tax, wage and social debts
-€551,402
Other debts
+€11.9m
Accrued charges and deferred income
-€332,088
Investment (derived)
-€15.6m
Investment in fixed assets (net)
-€18.5m
Current investments
+€2.9m
Cash 2025
€5.9m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €122,892,925 | €141,578,246 | +€18.7m | +15.2% |
| Fixed assets | 21/28 | €86,872,260 | €104,541,757 | +€17.7m | +20.3% |
| Tangible fixed assets | 22/27 | €14,087,741 | €17,486,237 | +€3.4m | +24.1% |
| Land and buildings | 22 | €11,987,666 | €14,324,979 | +€2.3m | +19.5% |
| Plant, machinery and equipment | 23 | €63,315 | €548,116 | +€484,800 | +765.7% |
| Furniture and vehicles | 24 | €353,077 | €1,028,660 | +€675,583 | +191.3% |
| Other tangible fixed assets | 26 | €1,683,682 | €1,584,482 | -€99,200 | -5.9% |
| Financial fixed assets | 28 | €72,784,519 | €87,055,520 | +€14.3m | +19.6% |
| Affiliated companies | 280/1 | €52,054,751 | €62,575,752 | +€10.5m | +20.2% |
| Participating interests | 280 | €52,054,751 | €62,575,752 | +€10.5m | +20.2% |
| Companies linked by participating interests | 282/3 | €20,724,768 | €24,474,768 | +€3.8m | +18.1% |
| Participating interests | 282 | €20,724,768 | €24,474,768 | +€3.8m | +18.1% |
| Other financial fixed assets | 284/8 | €5,000 | €5,000 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €36,020,665 | €37,036,489 | +€1.0m | +2.8% |
| Amounts receivable after more than one year | 29 | €90,900 | €241,200 | +€150,300 | +165.3% |
| Other amounts receivable | 291 | €90,900 | €241,200 | +€150,300 | +165.3% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €23,848,139 | €26,615,660 | +€2.8m | +11.6% |
| Trade receivables | 40 | €3,573,540 | €2,087,603 | -€1.5m | -41.6% |
| Other amounts receivable | 41 | €20,274,600 | €24,528,057 | +€4.3m | +21.0% |
| Current investments | 50/53 | €6,931,966 | €4,072,512 | -€2.9m | -41.3% |
| Other investments | 51/53 | €6,931,966 | €4,072,512 | -€2.9m | -41.3% |
| Cash at bank and in hand | 54/58 | €4,231,061 | €5,877,000 | +€1.6m | +38.9% |
| Deferred charges and accrued income | 490/1 | €918,598 | €230,117 | -€688,482 | -74.9% |
| Total equity and liabilities | 10/49 | €122,892,925 | €141,578,246 | +€18.7m | +15.2% |
| Equity | 10/15 | €90,258,629 | €97,813,560 | +€7.6m | +8.4% |
| Contributions | 10/11 | €19,526,283 | €19,526,283 | = | 0.0% |
| Capital | 10 | €19,526,283 | €19,526,283 | = | 0.0% |
| Issued capital | 100 | €19,526,283 | €19,526,283 | = | 0.0% |
| Reserves | 13 | €70,732,346 | €78,287,277 | +€7.6m | +10.7% |
| Non-distributable reserves | 130/1 | €1,952,628 | €1,952,628 | = | 0.0% |
| Legal reserve | 130 | €1,952,628 | €1,952,628 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,025,227 | €1,139,019 | +€113,792 | +11.1% |
| Distributable reserves | 133 | €67,754,490 | €75,195,629 | +€7.4m | +11.0% |
| Amounts payable | 17/49 | €32,634,296 | €43,764,686 | +€11.1m | +34.1% |
| Amounts payable within one year | 42/48 | €32,140,386 | €43,602,864 | +€11.5m | +35.7% |
| Trade debts | 44 | €593,673 | €737,354 | +€143,681 | +24.2% |
| Suppliers | 440/4 | €593,673 | €737,354 | +€143,681 | +24.2% |
| Taxes, remuneration and social security | 45 | €744,185 | €192,783 | -€551,402 | -74.1% |
| Taxes | 450/3 | €650,446 | €17,177 | -€633,269 | -97.4% |
| Remuneration and social security | 454/9 | €93,739 | €175,606 | +€81,867 | +87.3% |
| Other amounts payable | 47/48 | €30,802,528 | €42,672,728 | +€11.9m | +38.5% |
| Accrued charges and deferred income | 492/3 | €493,909 | €161,821 | -€332,088 | -67.2% |
| Operating income | 70/76A | €7,875,181 | €7,309,489 | -€565,692 | -7.2% |
| Turnover | 70 | €7,532,656 | €5,563,796 | -€2.0m | -26.1% |
| Other operating income | 74 | €268,942 | €524,673 | +€255,730 | +95.1% |
| Non-recurring operating income | 76A | €73,583 | €1,221,020 | +€1.1m | +1559.4% |
| Operating charges | 60/66A | €4,100,066 | €4,556,857 | +€456,791 | +11.1% |
| Services and other goods | 61 | €3,053,965 | €2,612,132 | -€441,833 | -14.5% |
| Remuneration, social security and pensions | 62 | €501,303 | €1,059,511 | +€558,208 | +111.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €510,841 | €839,063 | +€328,222 | +64.3% |
| Other operating charges | 640/8 | €33,956 | €46,150 | +€12,194 | +35.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Operating profit (loss) | 9901 | €3,775,116 | €2,752,632 | -€1.0m | -27.1% |
| Financial income | 75/76B | €6,352,642 | €6,692,272 | +€339,629 | +5.3% |
| Recurring financial income | 75 | €6,352,642 | €6,692,272 | +€339,629 | +5.3% |
| Income from financial fixed assets | 750 | €5,232,172 | €5,604,928 | +€372,757 | +7.1% |
| Income from current assets | 751 | €1,103,155 | €769,610 | -€333,546 | -30.2% |
| Other financial income | 752/9 | €17,316 | €317,734 | +€300,418 | +1735.0% |
| Financial charges | 65/66B | €1,094,995 | €1,448,689 | +€353,694 | +32.3% |
| Recurring financial charges | 65 | €1,094,995 | €976,001 | -€118,994 | -10.9% |
| Debt charges | 650 | €1,083,540 | €645,603 | -€437,937 | -40.4% |
| Other financial charges | 652/9 | €11,455 | €330,398 | +€318,943 | +2784.3% |
| Non-recurring financial charges | 66B | - | €472,688 | +€472,688 | |
| Profit (loss) for the period before taxes | 9903 | €9,032,763 | €7,996,215 | -€1.0m | -11.5% |
| Income taxes | 67/77 | €840,421 | €441,284 | -€399,137 | -47.5% |
| Taxes | 670/3 | €840,421 | €450,584 | -€389,837 | -46.4% |
| Tax adjustments and reversals of tax provisions | 77 | - | €9,300 | +€9,300 | |
| Profit (loss) for the period | 9904 | €8,192,342 | €7,554,931 | -€637,411 | -7.8% |
| Transfer to tax-exempt reserves | 689 | €999,997 | €113,792 | -€886,205 | -88.6% |
| Profit (loss) for the period to be appropriated | 9905 | €7,192,345 | €7,441,139 | +€248,794 | +3.5% |
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 12 October 2026 via checked.be.