Actually for 260k km that looks pretty clean! Not very much carbon build up at all, at least on the head.
Depending on what the valve seat shows, I'd say bad valve. If the seat has a chinger in it, then maybe foreign object. Maybe a chunk of carbon. What's the top of the pistons/cylinder look like? Was the ring intact?
After looking at it more; looks like incomplete burn or oil build up.
What did the spark plug look like? was the electrode intact?
What's that cylinder look like?
Did the gasket survive enough to take pics?