VALEE: what changed
VALEE
Largest movements
- Current investments +€109,950
up €109,950 (+1,165,960%), from €9 to €109,959
- Tangible fixed assets -€107,306
down €107,306 (-98.9%), from €108,449 to €1,144
of which Land and buildings: -€105,642
- Receivables within one year +€32,906
up €32,906 (+281%), from €11,703 to €44,609
of which Other amounts receivable: +€23,651
- Financial fixed assets +€3,983
up €3,983 (+4.1%), from €96,793 to €100,777
- Cash -€2,671
down €2,671 (-39.0%), from €6,849 to €4,178
mainly Current investments (-€109,950) and Debts after one year (-€87,673)
- Debts after one year -€87,673
down €87,673 (-87.6%), from €100,097 to €12,424
- Other debts +€84,427
up €84,427 (+862%), from €9,791 to €94,217
- Profit (loss) carried forward +€15,670
no longer reported in 2025 (was -€15,670)
- Short-term financial debts +€14,577
up €14,577 (+360%), from €4,045 to €18,623
- Reserves +€10,214
up €10,214 (+685%), from €1,491 to €11,705
- Gross operating margin +€60,066
up €60,066, from -€1,487 to €58,579
- Other operating charges +€43,369
up €43,369 (+3,272%), from €1,325 to €44,694
- Financial income +€36,181
up €36,181 (+873%), from €4,143 to €40,325
of which Non-recurring financial income: +€31,483
- Financial charges +€16,793
up €16,793 (+198%), from €8,464 to €25,257
- Depreciation -€3,026
down €3,026 (-64.5%), from €4,690 to €1,664
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €224,830 | €261,876 | +€37,046 | +16.5% |
| Fixed assets | 21/28 | €205,242 | €101,920 | -€103,322 | -50.3% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €108,449 | €1,144 | -€107,306 | -98.9% |
| Land and buildings | 22 | €105,642 | - | -€105,642 | |
| Furniture and vehicles | 24 | €2,807 | €1,144 | -€1,664 | -59.3% |
| Financial fixed assets | 28 | €96,793 | €100,777 | +€3,983 | +4.1% |
| Current assets | 29/58 | €19,587 | €159,956 | +€140,368 | +717% |
| Amounts receivable within one year | 40/41 | €11,703 | €44,609 | +€32,906 | +281% |
| Trade receivables | 40 | €1,851 | €11,106 | +€9,254 | +500% |
| Other amounts receivable | 41 | €9,852 | €33,503 | +€23,651 | +240% |
| Current investments | 50/53 | €9 | €109,959 | +€109,950 | +1,165,960% |
| Cash at bank and in hand | 54/58 | €6,849 | €4,178 | -€2,671 | -39.0% |
| Deferred charges and accrued income | 490/1 | €1,025 | €1,209 | +€184 | +17.9% |
| Total equity and liabilities | 10/49 | €224,830 | €261,876 | +€37,046 | +16.5% |
| Equity | 10/15 | €85,821 | €111,705 | +€25,884 | +30.2% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €1,491 | €11,705 | +€10,214 | +685% |
| Distributable reserves | 133 | €1,491 | €11,705 | +€10,214 | +685% |
| Profit (loss) carried forward | 14 | -€15,670 | - | +€15,670 | |
| Amounts payable | 17/49 | €139,008 | €150,170 | +€11,162 | +8.0% |
| Amounts payable after more than one year | 17 | €100,097 | €12,424 | -€87,673 | -87.6% |
| Financial debts | 170/4 | €100,097 | €12,424 | -€87,673 | -87.6% |
| Amounts payable within one year | 42/48 | €38,257 | €133,064 | +€94,807 | +248% |
| Current portion of amounts payable after more than one year | 42 | €12,736 | €8,775 | -€3,961 | -31.1% |
| Financial debts | 43 | €4,045 | €18,623 | +€14,577 | +360% |
| Credit institutions | 430/8 | €4,045 | €18,623 | +€14,577 | +360% |
| Trade debts | 44 | €8,377 | €5,153 | -€3,223 | -38.5% |
| Suppliers | 440/4 | €8,377 | €5,153 | -€3,223 | -38.5% |
| Taxes, remuneration and social security | 45 | €3,308 | €6,295 | +€2,987 | +90.3% |
| Taxes | 450/3 | €3,308 | €6,295 | +€2,987 | +90.3% |
| Other amounts payable | 47/48 | €9,791 | €94,217 | +€84,427 | +862% |
| Accrued charges and deferred income | 492/3 | €655 | €4,683 | +€4,028 | +615% |
| Non-recurring operating income | 76A | - | €6,858 | +€6,858 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,690 | €1,664 | -€3,026 | -64.5% |
| Other operating charges | 640/8 | €1,325 | €44,694 | +€43,369 | +3,272% |
| Non-recurring operating charges | 66A | €303 | - | -€303 | |
| Gross operating margin | 9900 | -€1,487 | €58,579 | +€60,066 | |
| Operating profit (loss) | 9901 | -€7,805 | €12,220 | +€20,025 | |
| Financial income | 75/76B | €4,143 | €40,325 | +€36,181 | +873% |
| Recurring financial income | 75 | €4,143 | €8,841 | +€4,698 | +113% |
| Non-recurring financial income | 76B | - | €31,483 | +€31,483 | |
| Financial charges | 65/66B | €8,464 | €25,257 | +€16,793 | +198% |
| Recurring financial charges | 65 | €8,464 | €25,257 | +€16,793 | +198% |
| Profit (loss) for the period before taxes | 9903 | -€12,126 | €27,287 | +€39,413 | |
| Income taxes | 67/77 | - | €1,403 | +€1,403 | |
| Profit (loss) for the period | 9904 | -€12,126 | €25,884 | +€38,010 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,126 | €25,884 | +€38,010 |
Next steps
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.