VALVECO: 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.
VALVECO
Largest movements
- Tangible fixed assets -€61,105
down €61,105 (-8.2%), from €749,207 to €688,102
- Cash +€26,933
up €26,933 (+15.2%), from €176,626 to €203,559
mainly Depreciation (+€61,105) and Receivables within one year (+€13,541)
- Receivables within one year -€13,541
down €13,541 (-76.4%), from €17,733 to €4,192
of which Other amounts receivable: -€12,949
- Debts after one year -€36,946
down €36,946 (-6.5%), from €566,707 to €529,760
- Gross operating margin -€17,493
down €17,493 (-10.0%), from €174,823 to €157,330
- Other operating charges +€8,232
up €8,232 (+676.3%), from €1,217 to €9,449
- Staff costs +€6,090
up €6,090 (+13.4%), from €45,321 to €51,411
- Financial charges -€2,473
down €2,473 (-7.7%), from €31,961 to €29,488
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 | €963,914 | €924,794 | -€39,120 | -4.1% |
| Fixed assets | 21/28 | €749,207 | €688,102 | -€61,105 | -8.2% |
| Tangible fixed assets | 22/27 | €749,207 | €688,102 | -€61,105 | -8.2% |
| Land and buildings | 22 | €644,011 | €613,495 | -€30,516 | -4.7% |
| Plant, machinery and equipment | 23 | €99,644 | €70,506 | -€29,138 | -29.2% |
| Furniture and vehicles | 24 | €5,552 | €4,101 | -€1,451 | -26.1% |
| Current assets | 29/58 | €214,708 | €236,692 | +€21,985 | +10.2% |
| Stocks and contracts in progress | 3 | €4,499 | €5,733 | +€1,235 | +27.4% |
| Stocks | 30/36 | €4,499 | €5,733 | +€1,235 | +27.4% |
| Amounts receivable within one year | 40/41 | €17,733 | €4,192 | -€13,541 | -76.4% |
| Trade receivables | 40 | €4,233 | €3,641 | -€593 | -14.0% |
| Other amounts receivable | 41 | €13,500 | €551 | -€12,949 | -95.9% |
| Current investments | 50/53 | €2,529 | €2,543 | +€13 | +0.5% |
| Cash at bank and in hand | 54/58 | €176,626 | €203,559 | +€26,933 | +15.2% |
| Deferred charges and accrued income | 490/1 | €13,321 | €20,666 | +€7,345 | +55.1% |
| Total equity and liabilities | 10/49 | €963,914 | €924,794 | -€39,120 | -4.1% |
| Equity | 10/15 | €144,347 | €144,566 | +€219 | +0.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €125,755 | €125,974 | +€219 | +0.2% |
| Tax-exempt reserves | 132 | €6,025 | €6,025 | = | 0.0% |
| Distributable reserves | 133 | €119,730 | €119,949 | +€219 | +0.2% |
| Amounts payable | 17/49 | €819,568 | €780,228 | -€39,339 | -4.8% |
| Amounts payable after more than one year | 17 | €566,707 | €529,760 | -€36,946 | -6.5% |
| Financial debts | 170/4 | €566,707 | €529,760 | -€36,946 | -6.5% |
| Amounts payable within one year | 42/48 | €252,861 | €250,468 | -€2,393 | -0.9% |
| Current portion of amounts payable after more than one year | 42 | €36,338 | €36,946 | +€609 | +1.7% |
| Trade debts | 44 | €8,432 | €11,191 | +€2,759 | +32.7% |
| Suppliers | 440/4 | €8,432 | €11,191 | +€2,759 | +32.7% |
| Taxes, remuneration and social security | 45 | €9,315 | €8,578 | -€737 | -7.9% |
| Taxes | 450/3 | €5,395 | €2,542 | -€2,853 | -52.9% |
| Remuneration and social security | 454/9 | €3,920 | €6,036 | +€2,116 | +54.0% |
| Other amounts payable | 47/48 | €198,776 | €193,753 | -€5,023 | -2.5% |
| Remuneration, social security and pensions | 62 | €45,321 | €51,411 | +€6,090 | +13.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,936 | €61,105 | +€169 | +0.3% |
| Other operating charges | 640/8 | €1,217 | €9,449 | +€8,232 | +676.3% |
| Gross operating margin | 9900 | €174,823 | €157,330 | -€17,493 | -10.0% |
| Operating profit (loss) | 9901 | €67,348 | €35,364 | -€31,984 | -47.5% |
| Financial income | 75/76B | €470 | €13 | -€458 | -97.3% |
| Recurring financial income | 75 | €470 | €13 | -€458 | -97.3% |
| Financial charges | 65/66B | €31,961 | €29,488 | -€2,473 | -7.7% |
| Recurring financial charges | 65 | €31,961 | €29,488 | -€2,473 | -7.7% |
| Profit (loss) for the period before taxes | 9903 | €35,857 | €5,889 | -€29,968 | -83.6% |
| Income taxes | 67/77 | €3,477 | €2,070 | -€1,407 | -40.5% |
| Profit (loss) for the period | 9904 | €32,380 | €3,819 | -€28,561 | -88.2% |
| Profit (loss) for the period to be appropriated | 9905 | €32,380 | €3,819 | -€28,561 | -88.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.