VALUMAT: 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.
VALUMAT
Largest movements
- Cash +€134,205
up €134,205 (+32.1%), from €418,260 to €552,466
mainly Depreciation (+€193,831) and Net result for the year (+€121,323)
- Receivables within one year -€111,803
down €111,803 (-17.6%), from €634,417 to €522,614
of which Trade receivables: -€60,659
- Tangible fixed assets -€90,168
down €90,168 (-5.5%), from €1.6m to €1.6m
of which Other tangible fixed assets: -€98,469
- Debts after one year -€143,043
down €143,043 (-17.4%), from €821,118 to €678,075
of which Financial debts: -€143,043
- Reserves +€61,323
up €61,323 (+7.5%), from €823,109 to €884,432
of which Distributable reserves: +€61,323
- Trade debts -€53,497
down €53,497 (-37.7%), from €141,871 to €88,374
- Other debts +€34,241
up €34,241 (+5.0%), from €685,197 to €719,437
- Gross operating margin +€175,043
up €175,043 (+16.0%), from €1.1m to €1.3m
- Staff costs +€147,345
up €147,345 (+21.0%), from €702,149 to €849,494
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 | €2,741,274 | €2,653,787 | -€87,487 | -3.2% |
| Fixed assets | 21/28 | €1,650,667 | €1,559,371 | -€91,297 | -5.5% |
| Intangible fixed assets | 21 | €4,909 | €3,780 | -€1,129 | -23.0% |
| Tangible fixed assets | 22/27 | €1,645,758 | €1,555,591 | -€90,168 | -5.5% |
| Plant, machinery and equipment | 23 | €80,046 | €91,196 | +€11,150 | +13.9% |
| Furniture and vehicles | 24 | €63,726 | €60,877 | -€2,849 | -4.5% |
| Other tangible fixed assets | 26 | €1,501,987 | €1,403,518 | -€98,469 | -6.6% |
| Current assets | 29/58 | €1,090,606 | €1,094,416 | +€3,810 | +0.3% |
| Stocks and contracts in progress | 3 | €30,160 | €11,897 | -€18,263 | -60.6% |
| Stocks | 30/36 | €30,160 | €11,897 | -€18,263 | -60.6% |
| Amounts receivable within one year | 40/41 | €634,417 | €522,614 | -€111,803 | -17.6% |
| Trade receivables | 40 | €146,361 | €85,702 | -€60,659 | -41.4% |
| Other amounts receivable | 41 | €488,057 | €436,913 | -€51,144 | -10.5% |
| Cash at bank and in hand | 54/58 | €418,260 | €552,466 | +€134,205 | +32.1% |
| Deferred charges and accrued income | 490/1 | €7,769 | €7,439 | -€329 | -4.2% |
| Total equity and liabilities | 10/49 | €2,741,274 | €2,653,787 | -€87,487 | -3.2% |
| Equity | 10/15 | €843,109 | €904,432 | +€61,323 | +7.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €823,109 | €884,432 | +€61,323 | +7.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €42,100 | €42,100 | = | 0.0% |
| Distributable reserves | 133 | €781,009 | €842,332 | +€61,323 | +7.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,898,165 | €1,749,355 | -€148,810 | -7.8% |
| Amounts payable after more than one year | 17 | €821,118 | €678,075 | -€143,043 | -17.4% |
| Financial debts | 170/4 | €821,118 | €678,075 | -€143,043 | -17.4% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €1,077,048 | €1,071,281 | -€5,767 | -0.5% |
| Current portion of amounts payable after more than one year | 42 | €142,577 | €143,043 | +€466 | +0.3% |
| Trade debts | 44 | €141,871 | €88,374 | -€53,497 | -37.7% |
| Suppliers | 440/4 | €141,871 | €88,374 | -€53,497 | -37.7% |
| Advances received on contracts in progress | 46 | €20,454 | €13,636 | -€6,818 | -33.3% |
| Taxes, remuneration and social security | 45 | €86,948 | €106,790 | +€19,842 | +22.8% |
| Taxes | 450/3 | €16,958 | €25,486 | +€8,527 | +50.3% |
| Remuneration and social security | 454/9 | €69,990 | €81,304 | +€11,315 | +16.2% |
| Other amounts payable | 47/48 | €685,197 | €719,437 | +€34,241 | +5.0% |
| Non-recurring operating income | 76A | - | €500 | +€500 | |
| Remuneration, social security and pensions | 62 | €702,149 | €849,494 | +€147,345 | +21.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €193,075 | €193,831 | +€755 | +0.4% |
| Other operating charges | 640/8 | €14,456 | €14,177 | -€279 | -1.9% |
| Gross operating margin | 9900 | €1,093,092 | €1,268,135 | +€175,043 | +16.0% |
| Operating profit (loss) | 9901 | €183,412 | €210,633 | +€27,222 | +14.8% |
| Financial income | 75/76B | €11,303 | €11,820 | +€517 | +4.6% |
| Recurring financial income | 75 | €11,303 | €11,820 | +€517 | +4.6% |
| Financial charges | 65/66B | €72,810 | €73,290 | +€480 | +0.7% |
| Recurring financial charges | 65 | €72,810 | €73,290 | +€480 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | €121,905 | €149,163 | +€27,258 | +22.4% |
| Income taxes | 67/77 | €24,918 | €27,840 | +€2,922 | +11.7% |
| Profit (loss) for the period | 9904 | €96,987 | €121,323 | +€24,336 | +25.1% |
| Transfer to tax-exempt reserves | 689 | €42,100 | €0 | -€42,100 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €54,887 | €121,323 | +€66,436 | +121.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.