VALX: 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.
VALX
Largest movements
- Receivables within one year +€12,903
up €12,903 (+25.4%), from €50,786 to €63,689
of which Other amounts receivable: +€11,125
- Cash -€7,426
down €7,426 (-87.8%), from €8,453 to €1,028
mainly Receivables within one year (-€12,903) and Investment in fixed assets (net) (-€6,844)
- Tangible fixed assets +€3,586
up €3,586 (+37.2%), from €9,638 to €13,224
of which Plant, machinery and equipment: +€4,815
- Profit (loss) carried forward +€15,148
up €15,148 (+97.6%), from €15,516 to €30,664
- Tax, wage and social debts -€3,123
down €3,123 (-21.9%), from €14,284 to €11,160
- Current portion of long-term debt -€2,055
no longer reported in 2025 (was €2,055)
- Short-term financial debts -€1,041
down €1,041 (-16.7%), from €6,222 to €5,180
- Gross operating margin +€3,371
up €3,371 (+13.8%), from €24,513 to €27,884
- Financial charges +€1,976
up €1,976 (+110%), from €1,794 to €3,769
- Depreciation +€948
up €948 (+41.0%), from €2,310 to €3,258
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 | €70,174 | €79,401 | +€9,226 | +13.1% |
| Fixed assets | 21/28 | €9,638 | €13,224 | +€3,586 | +37.2% |
| Tangible fixed assets | 22/27 | €9,638 | €13,224 | +€3,586 | +37.2% |
| Plant, machinery and equipment | 23 | €7,214 | €12,029 | +€4,815 | +66.7% |
| Furniture and vehicles | 24 | €2,424 | €1,195 | -€1,229 | -50.7% |
| Current assets | 29/58 | €60,536 | €66,176 | +€5,640 | +9.3% |
| Amounts receivable within one year | 40/41 | €50,786 | €63,689 | +€12,903 | +25.4% |
| Trade receivables | 40 | €11,837 | €13,616 | +€1,779 | +15.0% |
| Other amounts receivable | 41 | €38,949 | €50,074 | +€11,125 | +28.6% |
| Cash at bank and in hand | 54/58 | €8,453 | €1,028 | -€7,426 | -87.8% |
| Deferred charges and accrued income | 490/1 | €1,297 | €1,459 | +€163 | +12.5% |
| Total equity and liabilities | 10/49 | €70,174 | €79,401 | +€9,226 | +13.1% |
| Equity | 10/15 | €34,116 | €49,264 | +€15,148 | +44.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,516 | €30,664 | +€15,148 | +97.6% |
| Amounts payable | 17/49 | €36,058 | €30,136 | -€5,922 | -16.4% |
| Amounts payable within one year | 42/48 | €34,501 | €28,717 | -€5,784 | -16.8% |
| Current portion of amounts payable after more than one year | 42 | €2,055 | - | -€2,055 | |
| Financial debts | 43 | €6,222 | €5,180 | -€1,041 | -16.7% |
| Credit institutions | 430/8 | €6,222 | €5,180 | -€1,041 | -16.7% |
| Trade debts | 44 | €11,941 | €12,377 | +€436 | +3.7% |
| Suppliers | 440/4 | €11,941 | €12,377 | +€436 | +3.7% |
| Taxes, remuneration and social security | 45 | €14,284 | €11,160 | -€3,123 | -21.9% |
| Taxes | 450/3 | €14,284 | €11,160 | -€3,123 | -21.9% |
| Accrued charges and deferred income | 492/3 | €1,557 | €1,419 | -€138 | -8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,310 | €3,258 | +€948 | +41.0% |
| Other operating charges | 640/8 | €2,021 | €2,029 | +€8 | +0.4% |
| Gross operating margin | 9900 | €24,513 | €27,884 | +€3,371 | +13.8% |
| Operating profit (loss) | 9901 | €20,182 | €22,597 | +€2,415 | +12.0% |
| Financial income | 75/76B | €2,208 | €2,436 | +€228 | +10.3% |
| Recurring financial income | 75 | €2,208 | €2,436 | +€228 | +10.3% |
| Financial charges | 65/66B | €1,794 | €3,769 | +€1,976 | +110% |
| Recurring financial charges | 65 | €1,794 | €3,769 | +€1,976 | +110% |
| Profit (loss) for the period before taxes | 9903 | €20,597 | €21,264 | +€668 | +3.2% |
| Income taxes | 67/77 | €6,123 | €6,116 | -€7 | -0.1% |
| Profit (loss) for the period | 9904 | €14,473 | €15,148 | +€675 | +4.7% |
| Profit (loss) for the period to be appropriated | 9905 | €14,473 | €15,148 | +€675 | +4.7% |
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 26 October 2026 via checked.be.