VALUMAR: 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.
VALUMAR
Largest movements
- Tangible fixed assets +€665,086
up €665,086 (+29.4%), from €2.3m to €2.9m
of which Land and buildings: +€661,307
- Financial fixed assets -€512,940
no longer reported in 2025 (was €512,940)
- Intangible fixed assets +€266,934
new in 2025: €266,934
- Other debts +€287,380
up €287,380 (+73.3%), from €392,140 to €679,520
- Contributions +€127,500
up €127,500 (+207.3%), from €61,500 to €189,000
- Debts after one year -€65,368
down €65,368 (-3.6%), from €1.8m to €1.8m
- Reserves +€43,081
up €43,081 (+10.2%), from €421,380 to €464,461
of which Distributable reserves: +€51,040
- Depreciation +€97,555
up €97,555 (+90.6%), from €107,723 to €205,278
- Gross operating margin +€90,446
up €90,446 (+38.1%), from €237,309 to €327,755
- Provisions +€34,667
no longer reported in 2025 (was -€34,667)
- Financial charges +€19,520
up €19,520 (+25.6%), from €76,305 to €95,826
- Other operating charges +€11,593
up €11,593 (+45.7%), from €25,343 to €36,936
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 | €2,814,551 | €3,234,718 | +€420,166 | +14.9% |
| Fixed assets | 21/28 | €2,775,258 | €3,194,337 | +€419,080 | +15.1% |
| Intangible fixed assets | 21 | - | €266,934 | +€266,934 | |
| Tangible fixed assets | 22/27 | €2,262,318 | €2,927,404 | +€665,086 | +29.4% |
| Land and buildings | 22 | €2,262,318 | €2,923,625 | +€661,307 | +29.2% |
| Furniture and vehicles | 24 | - | €3,779 | +€3,779 | |
| Financial fixed assets | 28 | €512,940 | - | -€512,940 | |
| Current assets | 29/58 | €39,293 | €40,380 | +€1,087 | +2.8% |
| Amounts receivable within one year | 40/41 | €14,706 | €14,288 | -€417 | -2.8% |
| Trade receivables | 40 | €1,206 | €788 | -€417 | -34.6% |
| Other amounts receivable | 41 | €13,500 | €13,500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €24,588 | €26,092 | +€1,504 | +6.1% |
| Total equity and liabilities | 10/49 | €2,814,551 | €3,234,718 | +€420,166 | +14.9% |
| Equity | 10/15 | €482,880 | €653,461 | +€170,581 | +35.3% |
| Contributions | 10/11 | €61,500 | €189,000 | +€127,500 | +207.3% |
| Capital | 10 | €61,500 | €189,000 | +€127,500 | +207.3% |
| Issued capital | 100 | €61,500 | €189,000 | +€127,500 | +207.3% |
| Reserves | 13 | €421,380 | €464,461 | +€43,081 | +10.2% |
| Non-distributable reserves | 130/1 | €23,390 | €23,390 | = | 0.0% |
| Legal reserve | 130 | €23,390 | €23,390 | = | 0.0% |
| Tax-exempt reserves | 132 | €71,044 | €63,086 | -€7,959 | -11.2% |
| Distributable reserves | 133 | €326,946 | €377,986 | +€51,040 | +15.6% |
| Amounts payable | 17/49 | €2,331,671 | €2,581,256 | +€249,585 | +10.7% |
| Amounts payable after more than one year | 17 | €1,832,278 | €1,766,911 | -€65,368 | -3.6% |
| Financial debts | 170/4 | €1,832,278 | €1,766,911 | -€65,368 | -3.6% |
| Amounts payable within one year | 42/48 | €471,260 | €785,666 | +€314,406 | +66.7% |
| Current portion of amounts payable after more than one year | 42 | €43,179 | €70,935 | +€27,756 | +64.3% |
| Trade debts | 44 | €11,269 | €13,591 | +€2,322 | +20.6% |
| Suppliers | 440/4 | €11,269 | €13,591 | +€2,322 | +20.6% |
| Taxes, remuneration and social security | 45 | €24,672 | €21,620 | -€3,053 | -12.4% |
| Taxes | 450/3 | €24,672 | €21,620 | -€3,053 | -12.4% |
| Other amounts payable | 47/48 | €392,140 | €679,520 | +€287,380 | +73.3% |
| Accrued charges and deferred income | 492/3 | €28,132 | €28,680 | +€547 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €107,723 | €205,278 | +€97,555 | +90.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€34,667 | - | +€34,667 | |
| Other operating charges | 640/8 | €25,343 | €36,936 | +€11,593 | +45.7% |
| Gross operating margin | 9900 | €237,309 | €327,755 | +€90,446 | +38.1% |
| Operating profit (loss) | 9901 | €138,911 | €85,541 | -€53,369 | -38.4% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €76,305 | €95,826 | +€19,520 | +25.6% |
| Recurring financial charges | 65 | €76,305 | €95,826 | +€19,520 | +25.6% |
| Profit (loss) for the period before taxes | 9903 | €62,606 | -€10,284 | -€72,890 | |
| Income taxes | 67/77 | €4,429 | -€0 | -€4,429 | |
| Profit (loss) for the period | 9904 | €58,177 | -€10,284 | -€68,461 | |
| Transfer from tax-exempt reserves | 789 | €7,959 | €7,959 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €66,135 | -€2,326 | -€68,461 |
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 11 October 2026 via checked.be.