VALCEMA: what changed
VALCEMA
Largest movements
- Cash +€73,768
up €73,768 (+290%), from €25,402 to €99,170
mainly Other debts (+€224,139) and Accrued charges and deferred income (+€78,376)
- Receivables within one year -€47,273
down €47,273 (-39.6%), from €119,374 to €72,101
of which Other amounts receivable: -€26,352
- Deferred charges and accrued income -€12,825
down €12,825 (-85.3%), from €15,027 to €2,202
- Reserves -€253,052
down €253,052 (-72.8%), from €347,802 to €94,749
- Other debts +€224,139
up €224,139 (+2,802%), from €8,000 to €232,139
- Accrued charges and deferred income +€78,376
up €78,376 (+1,959%), from €4,000 to €82,376
- Debts after one year -€64,373
down €64,373 (-11.9%), from €540,072 to €475,700
- Tax, wage and social debts +€29,122
up €29,122 (+177%), from €16,443 to €45,565
- Taxes -€27,538
down €27,538 (-96.8%), from €28,446 to €908
- Financial charges +€16,456
up €16,456 (+174%), from €9,447 to €25,903
- Depreciation -€16,091
down €16,091 (-49.5%), from €32,540 to €16,449
- Gross operating margin -€11,665
down €11,665 (-15.3%), from €76,388 to €64,723
- Other operating charges +€8,161
up €8,161 (+193%), from €4,221 to €12,383
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 | €1,137,114 | €1,149,172 | +€12,058 | +1.1% |
| Fixed assets | 21/28 | €977,312 | €975,700 | -€1,612 | -0.2% |
| Tangible fixed assets | 22/27 | €977,312 | €975,700 | -€1,612 | -0.2% |
| Land and buildings | 22 | €962,275 | €950,017 | -€12,258 | -1.3% |
| Plant, machinery and equipment | 23 | €7,513 | €9,611 | +€2,098 | +27.9% |
| Furniture and vehicles | 24 | €7,524 | €16,072 | +€8,548 | +114% |
| Current assets | 29/58 | €159,802 | €173,472 | +€13,670 | +8.6% |
| Amounts receivable within one year | 40/41 | €119,374 | €72,101 | -€47,273 | -39.6% |
| Trade receivables | 40 | €23,902 | €2,980 | -€20,921 | -87.5% |
| Other amounts receivable | 41 | €95,472 | €69,120 | -€26,352 | -27.6% |
| Cash at bank and in hand | 54/58 | €25,402 | €99,170 | +€73,768 | +290% |
| Deferred charges and accrued income | 490/1 | €15,027 | €2,202 | -€12,825 | -85.3% |
| Total equity and liabilities | 10/49 | €1,137,114 | €1,149,172 | +€12,058 | +1.1% |
| Equity | 10/15 | €486,944 | €233,892 | -€253,052 | -52.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €347,802 | €94,749 | -€253,052 | -72.8% |
| Distributable reserves | 133 | €347,802 | €94,749 | -€253,052 | -72.8% |
| Profit (loss) carried forward | 14 | €39,142 | €39,142 | = | 0.0% |
| Amounts payable | 17/49 | €650,170 | €915,280 | +€265,110 | +40.8% |
| Amounts payable after more than one year | 17 | €540,072 | €475,700 | -€64,373 | -11.9% |
| Financial debts | 170/4 | €540,072 | €475,700 | -€64,373 | -11.9% |
| Amounts payable within one year | 42/48 | €106,098 | €357,205 | +€251,107 | +237% |
| Current portion of amounts payable after more than one year | 42 | €63,433 | €64,373 | +€939 | +1.5% |
| Financial debts | 43 | €857 | €0 | -€857 | -100% |
| Credit institutions | 430/8 | €857 | €0 | -€857 | -100% |
| Trade debts | 44 | €17,365 | €15,128 | -€2,237 | -12.9% |
| Suppliers | 440/4 | €17,365 | €15,128 | -€2,237 | -12.9% |
| Taxes, remuneration and social security | 45 | €16,443 | €45,565 | +€29,122 | +177% |
| Taxes | 450/3 | €16,443 | €45,565 | +€29,122 | +177% |
| Other amounts payable | 47/48 | €8,000 | €232,139 | +€224,139 | +2,802% |
| Accrued charges and deferred income | 492/3 | €4,000 | €82,376 | +€78,376 | +1,959% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,540 | €16,449 | -€16,091 | -49.5% |
| Other operating charges | 640/8 | €4,221 | €12,383 | +€8,161 | +193% |
| Gross operating margin | 9900 | €76,388 | €64,723 | -€11,665 | -15.3% |
| Operating profit (loss) | 9901 | €39,627 | €35,891 | -€3,735 | -9.4% |
| Financial income | 75/76B | €1,765 | €0 | -€1,765 | -100.0% |
| Recurring financial income | 75 | €1,765 | €0 | -€1,765 | -100.0% |
| Financial charges | 65/66B | €9,447 | €25,903 | +€16,456 | +174% |
| Recurring financial charges | 65 | €9,447 | €25,903 | +€16,456 | +174% |
| Profit (loss) for the period before taxes | 9903 | €31,944 | €9,988 | -€21,956 | -68.7% |
| Income taxes | 67/77 | €28,446 | €908 | -€27,538 | -96.8% |
| Profit (loss) for the period | 9904 | €3,499 | €9,080 | +€5,582 | +160% |
| Profit (loss) for the period to be appropriated | 9905 | €3,499 | €9,080 | +€5,582 | +160% |
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 2 November 2026 via checked.be.