VALMAR: what changed
What changed
VALMAR
NACE 47.241, Retail sale of bread and pastry (bakery outlets)
filed annual accounts (NBB)
Net result for the year
-€10,706
2024 · €8,180-€18,886
Equity
-€57,600
2024 · -€46,895-€10,706
Cash
€1,887
2024 · €2,024-€137
Balance sheet total
€33,383
2024 · €39,301-€5,918
Largest movements
Assets
- Tangible fixed assets -€13,569
down €13,569 (-61.6%), from €22,038 to €8,470
of which Plant, machinery and equipment: -€13,277
- Receivables within one year +€9,038
up €9,038 (+720%), from €1,256 to €10,294
of which Trade receivables: +€9,266
- Stocks and contracts -€1,445
down €1,445 (-58.2%), from €2,482 to €1,037
Equity and liabilities
- Trade debts +€21,401
up €21,401 (+170%), from €12,619 to €34,021
- Profit (loss) carried forward -€10,706
down €10,706 (-15.9%), from -€67,355 to -€78,060
- Current portion of long-term debt -€7,589
down €7,589 (-83.1%), from €9,132 to €1,542
- Other debts -€6,218
down €6,218 (-12.0%), from €52,020 to €45,802
- Debts after one year -€1,542
no longer reported in 2025 (was €1,542)
Income statement
- Gross operating margin -€16,709
down €16,709 (-18.2%), from €91,964 to €75,255
- Staff costs +€1,955
up €1,955 (+3.1%), from €62,349 to €64,304
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€8,180
Gross operating margin
-€16,709
Staff costs
-€1,955
Depreciation
-€270
Other operating charges
+€291
Financial income
+€16
Financial charges
-€258
Result 2025
-€10,706
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€12,126
Investment
-€3,131
Financing
-€9,132
Cash 2024
€2,024
From operations (derived)
+€12,126
Net result for the year
-€10,706
Depreciation
+€16,700
Stocks and contracts
+€1,445
Receivables within one year
-€9,038
Deferred charges and accrued income
-€194
Trade debts
+€21,401
Tax, wage and social debts
-€1,264
Other debts
-€6,218
Investment (derived)
-€3,131
Investment in fixed assets (net)
-€3,131
Financing
-€9,132
Debts after one year
-€1,542
Current portion of long-term debt
-€7,589
Cash 2025
€1,887
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €39,301 | €33,383 | -€5,918 | -15.1% |
| Fixed assets | 21/28 | €32,999 | €19,430 | -€13,569 | -41.1% |
| Tangible fixed assets | 22/27 | €22,038 | €8,470 | -€13,569 | -61.6% |
| Plant, machinery and equipment | 23 | €21,187 | €7,910 | -€13,277 | -62.7% |
| Furniture and vehicles | 24 | €852 | €560 | -€292 | -34.3% |
| Financial fixed assets | 28 | €10,961 | €10,961 | = | 0.0% |
| Current assets | 29/58 | €6,302 | €13,953 | +€7,651 | +121% |
| Stocks and contracts in progress | 3 | €2,482 | €1,037 | -€1,445 | -58.2% |
| Stocks | 30/36 | €2,482 | €1,037 | -€1,445 | -58.2% |
| Amounts receivable within one year | 40/41 | €1,256 | €10,294 | +€9,038 | +720% |
| Trade receivables | 40 | €1,028 | €10,294 | +€9,266 | +901% |
| Other amounts receivable | 41 | €228 | - | -€228 | |
| Cash at bank and in hand | 54/58 | €2,024 | €1,887 | -€137 | -6.8% |
| Deferred charges and accrued income | 490/1 | €541 | €735 | +€194 | +35.8% |
| Total equity and liabilities | 10/49 | €39,301 | €33,383 | -€5,918 | -15.1% |
| Equity | 10/15 | -€46,895 | -€57,600 | -€10,706 | -22.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€67,355 | -€78,060 | -€10,706 | -15.9% |
| Amounts payable | 17/49 | €86,196 | €90,983 | +€4,787 | +5.6% |
| Amounts payable after more than one year | 17 | €1,542 | - | -€1,542 | |
| Financial debts | 170/4 | €1,542 | - | -€1,542 | |
| Amounts payable within one year | 42/48 | €84,654 | €90,983 | +€6,330 | +7.5% |
| Current portion of amounts payable after more than one year | 42 | €9,132 | €1,542 | -€7,589 | -83.1% |
| Trade debts | 44 | €12,619 | €34,021 | +€21,401 | +170% |
| Suppliers | 440/4 | €12,619 | €34,021 | +€21,401 | +170% |
| Taxes, remuneration and social security | 45 | €10,883 | €9,618 | -€1,264 | -11.6% |
| Taxes | 450/3 | €1,363 | €316 | -€1,048 | -76.8% |
| Remuneration and social security | 454/9 | €9,519 | €9,302 | -€217 | -2.3% |
| Other amounts payable | 47/48 | €52,020 | €45,802 | -€6,218 | -12.0% |
| Remuneration, social security and pensions | 62 | €62,349 | €64,304 | +€1,955 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,430 | €16,700 | +€270 | +1.6% |
| Other operating charges | 640/8 | €2,820 | €2,530 | -€291 | -10.3% |
| Gross operating margin | 9900 | €91,964 | €75,255 | -€16,709 | -18.2% |
| Operating profit (loss) | 9901 | €10,364 | -€8,280 | -€18,644 | |
| Financial income | 75/76B | €39 | €55 | +€16 | +40.3% |
| Recurring financial income | 75 | €39 | €55 | +€16 | +40.3% |
| Financial charges | 65/66B | €2,223 | €2,481 | +€258 | +11.6% |
| Recurring financial charges | 65 | €2,223 | €2,481 | +€258 | +11.6% |
| Profit (loss) for the period before taxes | 9903 | €8,180 | -€10,706 | -€18,886 | |
| Profit (loss) for the period | 9904 | €8,180 | -€10,706 | -€18,886 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,180 | -€10,706 | -€18,886 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.