VALTEX: 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.
VALTEX
Largest movements
- Cash +€2.4m
up €2.4m (+8,775%), from €27,655 to €2.5m
mainly Net result for the year (+€2.2m) and Current investments (+€1.5m)
- Current investments -€1.5m
down €1.5m (-13.1%), from €11.4m to €9.9m
- Profit (loss) carried forward +€2.2m
up €2.2m (+45.7%), from €4.7m to €6.9m
- Financial income +€408,429
up €408,429 (+19.9%), from €2.1m to €2.5m
- Depreciation +€126,459
new in 2025: €126,459
- Taxes -€48,200
no longer reported in 2025 (was €48,200)
- Gross operating margin -€38,362
down €38,362 (-51.9%), from -€73,863 to -€112,225
- Financial charges +€16,258
up €16,258 (+57.7%), from €28,157 to €44,415
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 | €111,207,031 | €113,006,683 | +€1.8m | +1.6% |
| Fixed assets | 21/28 | €99,165,117 | €100,246,339 | +€1.1m | +1.1% |
| Tangible fixed assets | 22/27 | - | €935,623 | +€935,623 | |
| Land and buildings | 22 | - | €935,623 | +€935,623 | |
| Financial fixed assets | 28 | €99,165,117 | €99,310,717 | +€145,600 | +0.1% |
| Current assets | 29/58 | €12,041,915 | €12,760,344 | +€718,429 | +6.0% |
| Amounts receivable within one year | 40/41 | €649,107 | €422,494 | -€226,613 | -34.9% |
| Trade receivables | 40 | €9,540 | €9,032 | -€508 | -5.3% |
| Other amounts receivable | 41 | €639,567 | €413,462 | -€226,105 | -35.4% |
| Current investments | 50/53 | €11,365,152 | €9,877,941 | -€1.5m | -13.1% |
| Cash at bank and in hand | 54/58 | €27,655 | €2,454,518 | +€2.4m | +8,775% |
| Deferred charges and accrued income | 490/1 | - | €5,390 | +€5,390 | |
| Total equity and liabilities | 10/49 | €111,207,031 | €113,006,683 | +€1.8m | +1.6% |
| Equity | 10/15 | €4,836,720 | €6,999,087 | +€2.2m | +44.7% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | - | -€100,000 | |
| Issued capital | 100 | €100,000 | - | -€100,000 | |
| Profit (loss) carried forward | 14 | €4,736,720 | €6,899,087 | +€2.2m | +45.7% |
| Amounts payable | 17/49 | €106,370,311 | €106,007,596 | -€362,716 | -0.3% |
| Amounts payable after more than one year | 17 | €85,000,000 | €85,000,000 | = | 0.0% |
| Financial debts | 170/4 | €85,000,000 | €85,000,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €21,370,311 | €21,007,596 | -€362,716 | -1.7% |
| Financial debts | 43 | €432 | - | -€432 | |
| Credit institutions | 430/8 | €432 | - | -€432 | |
| Trade debts | 44 | - | €27,986 | +€27,986 | |
| Suppliers | 440/4 | - | €27,986 | +€27,986 | |
| Other amounts payable | 47/48 | €21,369,880 | €20,979,610 | -€390,270 | -1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €126,459 | +€126,459 | |
| Other operating charges | 640/8 | €1,351 | €11,030 | +€9,679 | +716% |
| Gross operating margin | 9900 | -€73,863 | -€112,225 | -€38,362 | -51.9% |
| Operating profit (loss) | 9901 | -€75,214 | -€249,714 | -€174,500 | -232% |
| Financial income | 75/76B | €2,053,067 | €2,461,496 | +€408,429 | +19.9% |
| Recurring financial income | 75 | €2,053,067 | €2,461,496 | +€408,429 | +19.9% |
| Financial charges | 65/66B | €28,157 | €44,415 | +€16,258 | +57.7% |
| Recurring financial charges | 65 | €28,157 | €44,415 | +€16,258 | +57.7% |
| Profit (loss) for the period before taxes | 9903 | €1,949,696 | €2,167,367 | +€217,671 | +11.2% |
| Income taxes | 67/77 | €48,200 | - | -€48,200 | |
| Profit (loss) for the period | 9904 | €1,901,496 | €2,167,367 | +€265,871 | +14.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,901,496 | €2,167,367 | +€265,871 | +14.0% |
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 27 October 2026 via checked.be.