BERT VERBEEK: what changed
Two fiscal 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.
BERT VERBEEK
Largest movements
- Stocks and contracts +€41,323
up €41,323 (+112.1%), from €36,850 to €78,173
of which Contracts in progress: +€57,373
- Tangible fixed assets -€15,915
down €15,915 (-20.9%), from €76,006 to €60,091
of which Furniture and vehicles: -€13,216
- Receivables within one year -€13,954
down €13,954 (-15.7%), from €88,648 to €74,693
of which Trade receivables: -€12,999
- Reserves +€64,234
up €64,234 (+52.5%), from €122,401 to €186,635
- Trade debts -€41,163
down €41,163 (-45.9%), from €89,665 to €48,501
- Debts after one year -€10,072
down €10,072 (-47.2%), from €21,356 to €11,284
- Gross operating margin +€37,523
up €37,523 (+26.7%), from €140,738 to €178,261
- Staff costs +€14,188
up €14,188 (+29.7%), from €47,757 to €61,945
- Depreciation +€5,463
up €5,463 (+28.3%), from €19,319 to €24,782
- Taxes +€5,408
up €5,408 (+28.0%), from €19,304 to €24,713
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.
Cash bridge derived
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 | €270,319 | €284,671 | +€14,353 | +5.3% |
| Fixed assets | 21/28 | €76,006 | €60,091 | -€15,915 | -20.9% |
| Tangible fixed assets | 22/27 | €76,006 | €60,091 | -€15,915 | -20.9% |
| Plant, machinery and equipment | 23 | €34,526 | €32,115 | -€2,412 | -7.0% |
| Furniture and vehicles | 24 | €40,332 | €27,116 | -€13,216 | -32.8% |
| Other tangible fixed assets | 26 | €1,147 | €860 | -€287 | -25.0% |
| Current assets | 29/58 | €194,313 | €224,580 | +€30,267 | +15.6% |
| Stocks and contracts in progress | 3 | €36,850 | €78,173 | +€41,323 | +112.1% |
| Stocks | 30/36 | €16,050 | €0 | -€16,050 | -100.0% |
| Contracts in progress | 37 | €20,800 | €78,173 | +€57,373 | +275.8% |
| Amounts receivable within one year | 40/41 | €88,648 | €74,693 | -€13,954 | -15.7% |
| Trade receivables | 40 | €69,949 | €56,951 | -€12,999 | -18.6% |
| Other amounts receivable | 41 | €18,699 | €17,743 | -€956 | -5.1% |
| Cash at bank and in hand | 54/58 | €66,278 | €66,810 | +€532 | +0.8% |
| Deferred charges and accrued income | 490/1 | €2,537 | €4,904 | +€2,367 | +93.3% |
| Total equity and liabilities | 10/49 | €270,319 | €284,671 | +€14,353 | +5.3% |
| Equity | 10/15 | €140,993 | €205,227 | +€64,234 | +45.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €122,401 | €186,635 | +€64,234 | +52.5% |
| Distributable reserves | 133 | €122,401 | €186,635 | +€64,234 | +52.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €129,326 | €79,444 | -€49,881 | -38.6% |
| Amounts payable after more than one year | 17 | €21,356 | €11,284 | -€10,072 | -47.2% |
| Financial debts | 170/4 | €21,356 | €11,284 | -€10,072 | -47.2% |
| Amounts payable within one year | 42/48 | €107,970 | €68,161 | -€39,809 | -36.9% |
| Current portion of amounts payable after more than one year | 42 | €9,754 | €10,072 | +€319 | +3.3% |
| Trade debts | 44 | €89,665 | €48,501 | -€41,163 | -45.9% |
| Suppliers | 440/4 | €89,665 | €48,501 | -€41,163 | -45.9% |
| Taxes, remuneration and social security | 45 | €7,909 | €8,001 | +€92 | +1.2% |
| Taxes | 450/3 | €2,104 | €1,904 | -€200 | -9.5% |
| Remuneration and social security | 454/9 | €5,805 | €6,097 | +€292 | +5.0% |
| Other amounts payable | 47/48 | €642 | €1,586 | +€944 | +147.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €47,757 | €61,945 | +€14,188 | +29.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,319 | €24,782 | +€5,463 | +28.3% |
| Other operating charges | 640/8 | €4,144 | €3,828 | -€315 | -7.6% |
| Non-recurring operating charges | 66A | - | €251 | +€251 | |
| Gross operating margin | 9900 | €140,738 | €178,261 | +€37,523 | +26.7% |
| Operating profit (loss) | 9901 | €69,518 | €87,454 | +€17,936 | +25.8% |
| Financial income | 75/76B | €1,028 | €2,639 | +€1,611 | +156.7% |
| Recurring financial income | 75 | €1,028 | €2,639 | +€1,611 | +156.7% |
| Financial charges | 65/66B | €1,591 | €1,147 | -€444 | -27.9% |
| Recurring financial charges | 65 | €1,591 | €1,147 | -€444 | -27.9% |
| Profit (loss) for the period before taxes | 9903 | €68,956 | €88,947 | +€19,991 | +29.0% |
| Income taxes | 67/77 | €19,304 | €24,713 | +€5,408 | +28.0% |
| Profit (loss) for the period | 9904 | €49,651 | €64,234 | +€14,583 | +29.4% |
| Profit (loss) for the period to be appropriated | 9905 | €49,651 | €64,234 | +€14,583 | +29.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.