VALVAN: 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.
What changed
VALVAN
NACE 28.990, Manufacture of machinery and equipment not elsewhere classified
fiscal year 2024 against 2025not consecutivefiled annual accounts (NBB)
Net result for the year
€2.5m
2024 · €2.5m-€55,356
Equity
€7.4m
2024 · €5.3m+€2.1m
Cash
€20,200
2024 · €79,903-€59,703
Balance sheet total
€39.0m
2024 · €26.9m+€12.1m
Largest movements
Assets
- Stocks and contracts +€6.2m
up €6.2m (+51.4%), from €12.1m to €18.3m
of which Contracts in progress: +€6.2m
- Receivables within one year +€5.5m
up €5.5m (+41.3%), from €13.2m to €18.7m
of which Trade receivables: +€4.2m
- Tangible fixed assets +€714,044
up €714,044 (+63.8%), from €1.1m to €1.8m
of which Plant, machinery and equipment: +€578,297
Equity and liabilities
- Advances received +€12.1m
up €12.1m (+83.5%), from €14.5m to €26.5m
- Reserves +€2.1m
up €2.1m (+41.1%), from €5.2m to €7.3m
of which Distributable reserves: +€2.7m
- Trade debts -€1.9m
down €1.9m (-39.3%), from €5.0m to €3.0m
Income statement
- Turnover +€12.2m
up €12.2m (+37.5%), from €32.4m to €44.5m
- Goods and materials +€7.4m
up €7.4m (+49.6%), from €14.8m to €22.2m
of which Purchases: +€7.6m
- Staff costs +€4.9m
up €4.9m (+65.2%), from €7.5m to €12.4m
- Services and other goods +€3.8m
up €3.8m (+70.6%), from €5.4m to €9.1m
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
€2.5m
Turnover
+€12.2m
Other operating income
+€225,985
Goods and materials
-€7.4m
Services and other goods
-€3.8m
Staff costs
-€4.9m
Depreciation
-€366,207
Write-downs
-€57,971
Provisions
+€157,030
Other operating charges
-€17,648
Other operating items
+€4.2m
Financial income
+€22,156
Financial charges
-€133,773
Taxes
-€177,940
Result 2025
€2.5m
Cash bridge derived
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €26,907,540 | €38,970,341 | +€12.1m | +44.8% |
| Fixed assets | 21/28 | €1,135,513 | €1,845,409 | +€709,896 | +62.5% |
| Intangible fixed assets | 21 | €4,148 | €0 | -€4,148 | -100.0% |
| Tangible fixed assets | 22/27 | €1,118,932 | €1,832,975 | +€714,044 | +63.8% |
| Land and buildings | 22 | €261,248 | €0 | -€261,248 | -100.0% |
| Plant, machinery and equipment | 23 | €286,254 | €864,551 | +€578,297 | +202.0% |
| Furniture and vehicles | 24 | €571,429 | €968,424 | +€396,995 | +69.5% |
| Financial fixed assets | 28 | €12,433 | €12,433 | = | 0.0% |
| Other financial fixed assets | 284/8 | €12,433 | €12,433 | = | 0.0% |
| Shares | 284 | €5,265 | €5,265 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €7,168 | €7,168 | = | 0.0% |
| Current assets | 29/58 | €25,772,028 | €37,124,932 | +€11.4m | +44.1% |
| Stocks and contracts in progress | 3 | €12,112,661 | €18,336,399 | +€6.2m | +51.4% |
| Stocks | 30/36 | €1,943,406 | €2,004,851 | +€61,445 | +3.2% |
| Raw materials and consumables | 30/31 | €1,943,406 | €2,004,851 | +€61,445 | +3.2% |
| Contracts in progress | 37 | €10,169,255 | €16,331,548 | +€6.2m | +60.6% |
| Amounts receivable within one year | 40/41 | €13,204,457 | €18,660,808 | +€5.5m | +41.3% |
| Trade receivables | 40 | €5,064,004 | €9,292,522 | +€4.2m | +83.5% |
| Other amounts receivable | 41 | €8,140,453 | €9,368,286 | +€1.2m | +15.1% |
| Cash at bank and in hand | 54/58 | €79,903 | €20,200 | -€59,703 | -74.7% |
| Deferred charges and accrued income | 490/1 | €375,007 | €107,525 | -€267,482 | -71.3% |
| Total equity and liabilities | 10/49 | €26,907,540 | €38,970,341 | +€12.1m | +44.8% |
| Equity | 10/15 | €5,298,909 | €7,424,715 | +€2.1m | +40.1% |
| Contributions | 10/11 | €132,871 | €132,871 | = | 0.0% |
| Capital | 10 | €132,871 | €132,871 | = | 0.0% |
| Issued capital | 100 | €132,871 | €132,871 | = | 0.0% |
| Reserves | 13 | €5,166,038 | €7,291,844 | +€2.1m | +41.1% |
| Non-distributable reserves | 130/1 | €13,287 | €13,287 | = | 0.0% |
| Legal reserve | 130 | €13,287 | €13,287 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,766,706 | €4,154,975 | -€611,731 | -12.8% |
| Distributable reserves | 133 | €386,046 | €3,123,583 | +€2.7m | +709.1% |
| Provisions and deferred taxes | 16 | €354,727 | €450,907 | +€96,179 | +27.1% |
| Provisions for liabilities and charges | 160/5 | €354,727 | €450,907 | +€96,179 | +27.1% |
| Other liabilities and charges | 164/5 | €354,727 | €450,907 | +€96,179 | +27.1% |
| Amounts payable | 17/49 | €21,253,904 | €31,094,719 | +€9.8m | +46.3% |
| Amounts payable within one year | 42/48 | €21,116,520 | €31,081,458 | +€10.0m | +47.2% |
| Trade debts | 44 | €4,956,282 | €3,008,657 | -€1.9m | -39.3% |
| Suppliers | 440/4 | €4,956,282 | €3,008,657 | -€1.9m | -39.3% |
| Advances received on contracts in progress | 46 | €14,458,592 | €26,526,536 | +€12.1m | +83.5% |
| Taxes, remuneration and social security | 45 | €1,341,646 | €1,421,494 | +€79,848 | +6.0% |
| Taxes | 450/3 | €34,115 | €57,195 | +€23,079 | +67.7% |
| Remuneration and social security | 454/9 | €1,307,530 | €1,364,300 | +€56,769 | +4.3% |
| Other amounts payable | 47/48 | €360,000 | €124,771 | -€235,229 | -65.3% |
| Accrued charges and deferred income | 492/3 | €137,385 | €13,261 | -€124,123 | -90.3% |
| Operating income | 70/76A | €30,913,225 | €47,490,582 | +€16.6m | +53.6% |
| Turnover | 70 | €32,371,998 | €44,525,279 | +€12.2m | +37.5% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€2,822,582 | €1,361,114 | +€4.2m | |
| Other operating income | 74 | €1,363,809 | €1,589,794 | +€225,985 | +16.6% |
| Non-recurring operating income | 76A | - | €14,396 | +€14,396 | |
| Operating charges | 60/66A | €28,155,817 | €44,498,974 | +€16.3m | +58.0% |
| Goods for resale, raw materials and consumables | 60 | €14,848,725 | €22,211,650 | +€7.4m | +49.6% |
| Purchases | 600/8 | €14,740,898 | €22,299,429 | +€7.6m | +51.3% |
| Change in stocks: decrease (increase) | 609 | €107,827 | -€87,779 | -€195,606 | |
| Services and other goods | 61 | €5,361,074 | €9,147,570 | +€3.8m | +70.6% |
| Remuneration, social security and pensions | 62 | €7,506,688 | €12,403,169 | +€4.9m | +65.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €337,402 | €703,609 | +€366,207 | +108.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €57,971 | +€57,971 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €84,647 | -€72,383 | -€157,030 | |
| Other operating charges | 640/8 | €16,354 | €34,002 | +€17,648 | +107.9% |
| Non-recurring operating charges | 66A | €926 | €13,386 | +€12,460 | +1345.2% |
| Operating profit (loss) | 9901 | €2,757,407 | €2,991,609 | +€234,201 | +8.5% |
| Financial income | 75/76B | €337,243 | €359,398 | +€22,156 | +6.6% |
| Recurring financial income | 75 | €337,243 | €318,544 | -€18,699 | -5.5% |
| Income from current assets | 751 | €173,361 | €277,748 | +€104,387 | +60.2% |
| Other financial income | 752/9 | €163,882 | €40,796 | -€123,086 | -75.1% |
| Non-recurring financial income | 76B | - | €40,855 | +€40,855 | |
| Financial charges | 65/66B | €70,017 | €203,790 | +€133,773 | +191.1% |
| Recurring financial charges | 65 | €70,017 | €203,790 | +€133,773 | +191.1% |
| Debt charges | 650 | €43,582 | €50,201 | +€6,619 | +15.2% |
| Other financial charges | 652/9 | €26,435 | €153,589 | +€127,154 | +481.0% |
| Profit (loss) for the period before taxes | 9903 | €3,024,633 | €3,147,217 | +€122,584 | +4.1% |
| Income taxes | 67/77 | €493,470 | €671,411 | +€177,940 | +36.1% |
| Taxes | 670/3 | €493,470 | €671,411 | +€177,940 | +36.1% |
| Profit (loss) for the period | 9904 | €2,531,162 | €2,475,806 | -€55,356 | -2.2% |
| Transfer from tax-exempt reserves | 789 | - | €779,320 | +€779,320 | |
| Transfer to tax-exempt reserves | 689 | €1,858,534 | €167,589 | -€1.7m | -91.0% |
| Profit (loss) for the period to be appropriated | 9905 | €672,628 | €3,087,537 | +€2.4m | +359.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.