VALVEKENS: 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.
VALVEKENS
Largest movements
- Tangible fixed assets -€55,769
down €55,769 (-5.8%), from €959,852 to €904,084
of which Land and buildings: -€48,640
- Receivables within one year -€24,563
down €24,563 (-54.8%), from €44,841 to €20,279
of which Trade receivables: -€13,062
- Reserves +€111,755
up €111,755 (+37.7%), from €296,400 to €408,154
of which Distributable reserves: +€116,568
- Debts after one year -€96,888
down €96,888 (-14.1%), from €684,905 to €588,018
- Other debts -€61,591
down €61,591 (-20.9%), from €294,440 to €232,849
- Trade debts -€48,951
down €48,951 (-78.8%), from €62,083 to €13,133
- Gross operating margin +€160,842
up €160,842 (+196%), from €82,025 to €242,867
- Taxes +€38,598
up €38,598 (+1,754%), from €2,201 to €40,799
- Financial charges +€4,572
up €4,572 (+23.2%), from €19,713 to €24,285
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 | €1,580,311 | €1,487,792 | -€92,519 | -5.9% |
| Fixed assets | 21/28 | €1,509,852 | €1,454,084 | -€55,769 | -3.7% |
| Tangible fixed assets | 22/27 | €959,852 | €904,084 | -€55,769 | -5.8% |
| Land and buildings | 22 | €827,623 | €778,982 | -€48,640 | -5.9% |
| Plant, machinery and equipment | 23 | €101,783 | €99,211 | -€2,572 | -2.5% |
| Furniture and vehicles | 24 | €30,447 | €25,891 | -€4,556 | -15.0% |
| Financial fixed assets | 28 | €550,000 | €550,000 | = | 0.0% |
| Current assets | 29/58 | €70,459 | €33,708 | -€36,750 | -52.2% |
| Amounts receivable within one year | 40/41 | €44,841 | €20,279 | -€24,563 | -54.8% |
| Trade receivables | 40 | €24,161 | €11,100 | -€13,062 | -54.1% |
| Other amounts receivable | 41 | €20,680 | €9,179 | -€11,501 | -55.6% |
| Cash at bank and in hand | 54/58 | €21,475 | €9,323 | -€12,152 | -56.6% |
| Deferred charges and accrued income | 490/1 | €4,143 | €4,107 | -€36 | -0.9% |
| Total equity and liabilities | 10/49 | €1,580,311 | €1,487,792 | -€92,519 | -5.9% |
| Equity | 10/15 | €396,289 | €508,044 | +€111,755 | +28.2% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Revaluation surpluses | 12 | €80,889 | €80,889 | = | 0.0% |
| Reserves | 13 | €296,400 | €408,154 | +€111,755 | +37.7% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Tax-exempt reserves | 132 | €129,959 | €125,146 | -€4,813 | -3.7% |
| Distributable reserves | 133 | €164,540 | €281,108 | +€116,568 | +70.8% |
| Provisions and deferred taxes | 16 | €32,490 | €31,287 | -€1,203 | -3.7% |
| Deferred taxes | 168 | €32,490 | €31,287 | -€1,203 | -3.7% |
| Amounts payable | 17/49 | €1,151,532 | €948,461 | -€203,071 | -17.6% |
| Amounts payable after more than one year | 17 | €684,905 | €588,018 | -€96,888 | -14.1% |
| Financial debts | 170/4 | €684,905 | €588,018 | -€96,888 | -14.1% |
| Amounts payable within one year | 42/48 | €455,200 | €345,142 | -€110,057 | -24.2% |
| Current portion of amounts payable after more than one year | 42 | €90,212 | €90,888 | +€676 | +0.7% |
| Trade debts | 44 | €62,083 | €13,133 | -€48,951 | -78.8% |
| Suppliers | 440/4 | €62,083 | €13,133 | -€48,951 | -78.8% |
| Taxes, remuneration and social security | 45 | €8,464 | €8,273 | -€191 | -2.3% |
| Taxes | 450/3 | €7,464 | €8,273 | +€809 | +10.8% |
| Remuneration and social security | 454/9 | €1,000 | €0 | -€1,000 | -100% |
| Other amounts payable | 47/48 | €294,440 | €232,849 | -€61,591 | -20.9% |
| Accrued charges and deferred income | 492/3 | €11,427 | €15,301 | +€3,874 | +33.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,362 | €61,583 | +€2,221 | +3.7% |
| Other operating charges | 640/8 | €4,913 | €5,786 | +€874 | +17.8% |
| Gross operating margin | 9900 | €82,025 | €242,867 | +€160,842 | +196% |
| Operating profit (loss) | 9901 | €17,750 | €175,498 | +€157,747 | +889% |
| Financial income | 75/76B | €138 | €138 | = | 0.0% |
| Recurring financial income | 75 | €138 | €138 | = | 0.0% |
| Financial charges | 65/66B | €19,713 | €24,285 | +€4,572 | +23.2% |
| Recurring financial charges | 65 | €19,713 | €24,285 | +€4,572 | +23.2% |
| Profit (loss) for the period before taxes | 9903 | -€1,825 | €151,351 | +€153,175 | |
| Transfer from deferred taxes | 780 | €1,203 | €1,203 | = | 0.0% |
| Income taxes | 67/77 | €2,201 | €40,799 | +€38,598 | +1,754% |
| Profit (loss) for the period | 9904 | -€2,822 | €111,755 | +€114,577 | |
| Transfer from tax-exempt reserves | 789 | €4,813 | €4,813 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,991 | €116,568 | +€114,577 | +5,755% |
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 14 October 2026 via checked.be.