VALVINC: 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.
VALVINC
Largest movements
- Cash -€314,265
down €314,265 (-37.3%), from €843,291 to €529,026
mainly Accrued charges and deferred income (-€196,990) and Trade debts (-€184,792)
- Receivables within one year -€125,456
down €125,456 (-36.5%), from €343,686 to €218,230
of which Trade receivables: -€82,670
- Receivables after one year +€37,975
new in 2025: €37,975
- Tangible fixed assets -€32,408
down €32,408 (-3.6%), from €910,404 to €877,996
of which Land and buildings: -€50,722
- Accrued charges and deferred income -€196,990
down €196,990 (-84.2%), from €233,974 to €36,984
- Reserves +€184,795
up €184,795 (+105%), from €175,796 to €360,591
of which Distributable reserves: +€184,795
- Trade debts -€184,792
down €184,792 (-25.4%), from €727,985 to €543,193
- Tax, wage and social debts -€97,657
down €97,657 (-36.4%), from €268,483 to €170,825
of which Taxes: -€55,726
- Debts after one year -€92,702
down €92,702 (-14.0%), from €660,063 to €567,361
- Gross operating margin +€156,882
up €156,882 (+9.0%), from €1.7m to €1.9m
- Staff costs +€93,535
up €93,535 (+7.5%), from €1.2m to €1.3m
- Depreciation +€28,139
up €28,139 (+15.9%), from €177,302 to €205,440
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 | €2,627,047 | €2,214,924 | -€412,124 | -15.7% |
| Fixed assets | 21/28 | €950,816 | €925,951 | -€24,865 | -2.6% |
| Tangible fixed assets | 22/27 | €910,404 | €877,996 | -€32,408 | -3.6% |
| Land and buildings | 22 | €326,749 | €276,028 | -€50,722 | -15.5% |
| Plant, machinery and equipment | 23 | €339,238 | €320,445 | -€18,794 | -5.5% |
| Furniture and vehicles | 24 | €122,028 | €175,973 | +€53,946 | +44.2% |
| Leasing and similar rights | 25 | €122,389 | €105,550 | -€16,838 | -13.8% |
| Financial fixed assets | 28 | €40,412 | €47,955 | +€7,543 | +18.7% |
| Current assets | 29/58 | €1,676,232 | €1,288,973 | -€387,259 | -23.1% |
| Amounts receivable after more than one year | 29 | - | €37,975 | +€37,975 | |
| Trade receivables | 290 | - | €37,975 | +€37,975 | |
| Stocks and contracts in progress | 3 | €472,581 | €481,899 | +€9,318 | +2.0% |
| Stocks | 30/36 | €472,581 | €481,899 | +€9,318 | +2.0% |
| Amounts receivable within one year | 40/41 | €343,686 | €218,230 | -€125,456 | -36.5% |
| Trade receivables | 40 | €143,238 | €60,568 | -€82,670 | -57.7% |
| Other amounts receivable | 41 | €200,448 | €157,662 | -€42,786 | -21.3% |
| Cash at bank and in hand | 54/58 | €843,291 | €529,026 | -€314,265 | -37.3% |
| Deferred charges and accrued income | 490/1 | €16,674 | €21,843 | +€5,169 | +31.0% |
| Total equity and liabilities | 10/49 | €2,627,047 | €2,214,924 | -€412,124 | -15.7% |
| Equity | 10/15 | €431,796 | €616,591 | +€184,795 | +42.8% |
| Contributions | 10/11 | €256,000 | €256,000 | = | 0.0% |
| Capital | 10 | €256,000 | €256,000 | = | 0.0% |
| Issued capital | 100 | €256,000 | €256,000 | = | 0.0% |
| Reserves | 13 | €175,796 | €360,591 | +€184,795 | +105% |
| Non-distributable reserves | 130/1 | €25,600 | €25,600 | = | 0.0% |
| Legal reserve | 130 | €25,600 | €25,600 | = | 0.0% |
| Tax-exempt reserves | 132 | €13,771 | €13,771 | = | 0.0% |
| Distributable reserves | 133 | €136,424 | €321,219 | +€184,795 | +135% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €2,195,252 | €1,598,333 | -€596,919 | -27.2% |
| Amounts payable after more than one year | 17 | €660,063 | €567,361 | -€92,702 | -14.0% |
| Financial debts | 170/4 | €660,063 | €567,361 | -€92,702 | -14.0% |
| Amounts payable within one year | 42/48 | €1,301,215 | €993,988 | -€307,227 | -23.6% |
| Current portion of amounts payable after more than one year | 42 | €192,116 | €179,637 | -€12,478 | -6.5% |
| Financial debts | 43 | €107,500 | €95,200 | -€12,300 | -11.4% |
| Credit institutions | 430/8 | €107,500 | €95,200 | -€12,300 | -11.4% |
| Trade debts | 44 | €727,985 | €543,193 | -€184,792 | -25.4% |
| Suppliers | 440/4 | €727,985 | €543,193 | -€184,792 | -25.4% |
| Taxes, remuneration and social security | 45 | €268,483 | €170,825 | -€97,657 | -36.4% |
| Taxes | 450/3 | €71,878 | €16,152 | -€55,726 | -77.5% |
| Remuneration and social security | 454/9 | €196,605 | €154,673 | -€41,931 | -21.3% |
| Other amounts payable | 47/48 | €5,131 | €5,131 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €233,974 | €36,984 | -€196,990 | -84.2% |
| Non-recurring operating income | 76A | €4,525 | €13,065 | +€8,540 | +189% |
| Remuneration, social security and pensions | 62 | €1,242,409 | €1,335,944 | +€93,535 | +7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €177,302 | €205,440 | +€28,139 | +15.9% |
| Other operating charges | 640/8 | €43,405 | €53,393 | +€9,988 | +23.0% |
| Non-recurring operating charges | 66A | €1,430 | €3,058 | +€1,628 | +114% |
| Gross operating margin | 9900 | €1,749,942 | €1,906,824 | +€156,882 | +9.0% |
| Operating profit (loss) | 9901 | €285,396 | €308,988 | +€23,592 | +8.3% |
| Financial income | 75/76B | €39,560 | €39,066 | -€494 | -1.2% |
| Recurring financial income | 75 | €39,560 | €39,066 | -€494 | -1.2% |
| Financial charges | 65/66B | €95,345 | €89,181 | -€6,164 | -6.5% |
| Recurring financial charges | 65 | €80,049 | €82,716 | +€2,666 | +3.3% |
| Non-recurring financial charges | 66B | €15,296 | €6,466 | -€8,830 | -57.7% |
| Profit (loss) for the period before taxes | 9903 | €229,611 | €258,873 | +€29,262 | +12.7% |
| Income taxes | 67/77 | €71,870 | €74,078 | +€2,208 | +3.1% |
| Profit (loss) for the period | 9904 | €157,741 | €184,795 | +€27,054 | +17.2% |
| Profit (loss) for the period to be appropriated | 9905 | €157,741 | €184,795 | +€27,054 | +17.2% |
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 20 October 2026 via checked.be.