VALVEST MANAGEMENT: 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.
What changed
VALVEST MANAGEMENT
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€151,855
2024 · -€65,314-€86,541
Equity
€2.7m
2024 · €2.9m-€151,855
Cash
€51,554
2024 · €43,722+€7,832
Balance sheet total
€5.1m
2024 · €6.8m-€1.6m
Largest movements
Assets
- Receivables after one year -€905,533
no longer reported in 2025 (was €905,533)
- Receivables within one year -€432,078
no longer reported in 2025 (was €432,078)
of which Trade receivables: -€429,202
- Tangible fixed assets -€353,864
down €353,864 (-7.5%), from €4.7m to €4.4m
of which Land and buildings: -€346,253
Equity and liabilities
- Other debts -€1.1m
down €1.1m (-42.4%), from €2.6m to €1.5m
- Debts after one year -€374,636
down €374,636 (-40.2%), from €931,322 to €556,687
of which Financial debts: -€374,636
- Profit (loss) carried forward -€97,397
down €97,397 (-13.0%), from €749,651 to €652,254
Income statement
- Gross operating margin -€55,647
down €55,647 (-35.8%), from €155,435 to €99,788
- Financial income -€26,017
down €26,017 (-100.0%), from €26,017 to €0
- Financial charges -€14,106
down €14,106 (-51.5%), from €27,403 to €13,297
- Depreciation -€8,888
down €8,888 (-3.7%), from €241,786 to €232,899
- Other operating charges -€1,795
down €1,795 (-7.1%), from €25,253 to €23,459
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
-€65,314
Gross operating margin
-€55,647
Depreciation
+€8,888
Other operating charges
+€1,795
Financial income
-€26,017
Financial charges
+€14,106
Taxes
-€1
Deferred taxes and other
-€29,663
Result 2025
-€151,855
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€294,674
Investment
+€88,354
Financing
-€375,196
Cash 2024
€43,722
From operations (derived)
+€294,674
Net result for the year
-€151,855
Depreciation
+€232,899
Receivables after one year
+€905,533
Receivables within one year
+€432,078
Deferred charges and accrued income
-€5,657
Provisions
-€18,153
Trade debts
+€10,025
Tax, wage and social debts
+€12,775
Other debts
-€1.1m
Accrued charges and deferred income
-€4,383
Investment (derived)
+€88,354
Investment in fixed assets (net)
+€120,965
Current investments
-€32,611
Financing
-€375,196
Debts after one year
-€374,636
Current portion of long-term debt
-€1,011
Short-term financial debts
+€450
Cash 2025
€51,554
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,788,057 | €5,142,682 | -€1.6m | -24.2% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €4,740,459 | €4,386,595 | -€353,864 | -7.5% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €4,740,309 | €4,386,445 | -€353,864 | -7.5% |
| Land and buildings | 22 | €4,548,126 | €4,201,874 | -€346,253 | -7.6% |
| Furniture and vehicles | 24 | €192,182 | €184,571 | -€7,612 | -4.0% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €2,047,599 | €756,087 | -€1.3m | -63.1% |
| Amounts receivable after more than one year | 29 | €905,533 | - | -€905,533 | |
| Other amounts receivable | 291 | €905,533 | - | -€905,533 | |
| Amounts receivable within one year | 40/41 | €432,078 | - | -€432,078 | |
| Trade receivables | 40 | €429,202 | - | -€429,202 | |
| Other amounts receivable | 41 | €2,876 | - | -€2,876 | |
| Current investments | 50/53 | €666,266 | €698,877 | +€32,611 | +4.9% |
| Cash at bank and in hand | 54/58 | €43,722 | €51,554 | +€7,832 | +17.9% |
| Deferred charges and accrued income | 490/1 | - | €5,657 | +€5,657 | |
| Total equity and liabilities | 10/49 | €6,788,057 | €5,142,682 | -€1.6m | -24.2% |
| Equity | 10/15 | €2,866,792 | €2,714,937 | -€151,855 | -5.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Contributions outside capital | 11 | - | €12,400 | +€12,400 | |
| Other | 1109/19 | - | €12,400 | +€12,400 | |
| Reserves | 13 | €2,104,741 | €2,050,283 | -€54,458 | -2.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €649,881 | €595,423 | -€54,458 | -8.4% |
| Distributable reserves | 133 | €1,453,000 | €1,453,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €749,651 | €652,254 | -€97,397 | -13.0% |
| Provisions and deferred taxes | 16 | €216,627 | €198,474 | -€18,153 | -8.4% |
| Deferred taxes | 168 | €216,627 | €198,474 | -€18,153 | -8.4% |
| Amounts payable | 17/49 | €3,704,639 | €2,229,271 | -€1.5m | -39.8% |
| Amounts payable after more than one year | 17 | €931,322 | €556,687 | -€374,636 | -40.2% |
| Financial debts | 170/4 | €923,322 | €548,687 | -€374,636 | -40.6% |
| Other amounts payable | 178/9 | €8,000 | €8,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,768,933 | €1,672,585 | -€1.1m | -39.6% |
| Current portion of amounts payable after more than one year | 42 | €122,032 | €121,022 | -€1,011 | -0.8% |
| Financial debts | 43 | - | €450 | +€450 | |
| Credit institutions | 430/8 | - | €450 | +€450 | |
| Trade debts | 44 | €9,469 | €19,494 | +€10,025 | +106% |
| Suppliers | 440/4 | €9,469 | €19,494 | +€10,025 | +106% |
| Taxes, remuneration and social security | 45 | €1,122 | €13,897 | +€12,775 | +1,138% |
| Taxes | 450/3 | €140 | €141 | +€1 | +1.0% |
| Remuneration and social security | 454/9 | €983 | €13,756 | +€12,773 | +1,300% |
| Other amounts payable | 47/48 | €2,636,310 | €1,517,723 | -€1.1m | -42.4% |
| Accrued charges and deferred income | 492/3 | €4,383 | - | -€4,383 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €241,786 | €232,899 | -€8,888 | -3.7% |
| Other operating charges | 640/8 | €25,253 | €23,459 | -€1,795 | -7.1% |
| Gross operating margin | 9900 | €155,435 | €99,788 | -€55,647 | -35.8% |
| Operating profit (loss) | 9901 | -€111,604 | -€156,569 | -€44,965 | -40.3% |
| Financial income | 75/76B | €26,017 | €0 | -€26,017 | -100.0% |
| Recurring financial income | 75 | €26,017 | €0 | -€26,017 | -100.0% |
| Financial charges | 65/66B | €27,403 | €13,297 | -€14,106 | -51.5% |
| Recurring financial charges | 65 | €27,403 | €13,297 | -€14,106 | -51.5% |
| Profit (loss) for the period before taxes | 9903 | -€112,991 | -€169,867 | -€56,876 | -50.3% |
| Transfer from deferred taxes | 780 | €47,816 | €18,153 | -€29,663 | -62.0% |
| Income taxes | 67/77 | €140 | €141 | +€1 | +1.0% |
| Profit (loss) for the period | 9904 | -€65,314 | -€151,855 | -€86,541 | -133% |
| Transfer from tax-exempt reserves | 789 | €143,448 | €54,458 | -€88,990 | -62.0% |
| Profit (loss) for the period to be appropriated | 9905 | €78,135 | -€97,397 | -€175,531 |
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 30 October 2026 via checked.be.