C. Verbist: what changed
Two financial 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.
C. Verbist
Largest movements
- Tangible fixed assets -€55,971
down €55,971 (-8.4%), from €669,481 to €613,510
of which Land and buildings: -€36,648
- Cash +€39,967
up €39,967 (+110%), from €36,446 to €76,413
mainly Depreciation (+€56,884) and Receivables within one year (+€20,413)
- Deferred charges and accrued income +€37,197
up €37,197 (+412%), from €9,038 to €46,234
- Receivables within one year -€20,413
down €20,413 (-14.9%), from €137,196 to €116,783
of which Trade receivables: -€34,806
- Debts after one year -€24,996
down €24,996 (-7.9%), from €317,888 to €292,892
of which Financial debts: -€26,496
- Staff costs +€19,920
up €19,920 (+13.7%), from €145,908 to €165,828
- Write-downs +€10,994
new in 2025: €10,994
- Gross operating margin -€5,420
down €5,420 (-2.0%), from €273,160 to €267,740
- Taxes -€3,954
down €3,954 (-38.4%), from €10,296 to €6,342
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.
Derived cash bridge
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 | €877,161 | €877,941 | +€780 | +0.1% |
| Fixed assets | 21/28 | €669,481 | €613,510 | -€55,971 | -8.4% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €669,481 | €613,510 | -€55,971 | -8.4% |
| Land and buildings | 22 | €625,975 | €589,327 | -€36,648 | -5.9% |
| Plant, machinery and equipment | 23 | €29,820 | €16,771 | -€13,049 | -43.8% |
| Furniture and vehicles | 24 | €3,596 | €1,934 | -€1,663 | -46.2% |
| Other tangible fixed assets | 26 | €10,090 | €5,478 | -€4,611 | -45.7% |
| Current assets | 29/58 | €207,680 | €264,431 | +€56,751 | +27.3% |
| Amounts receivable after more than one year | 29 | €25,000 | €25,000 | = | 0.0% |
| Other amounts receivable | 291 | €25,000 | €25,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €137,196 | €116,783 | -€20,413 | -14.9% |
| Trade receivables | 40 | €88,235 | €53,429 | -€34,806 | -39.4% |
| Other amounts receivable | 41 | €48,961 | €63,355 | +€14,393 | +29.4% |
| Cash at bank and in hand | 54/58 | €36,446 | €76,413 | +€39,967 | +110% |
| Deferred charges and accrued income | 490/1 | €9,038 | €46,234 | +€37,197 | +412% |
| Total equity and liabilities | 10/49 | €877,161 | €877,941 | +€780 | +0.1% |
| Equity | 10/15 | €484,488 | €493,082 | +€8,593 | +1.8% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Reserves | 13 | €463,075 | €471,575 | +€8,500 | +1.8% |
| Non-distributable reserves | 130/1 | €1,875 | €1,875 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,875 | €1,875 | = | 0.0% |
| Distributable reserves | 133 | €461,200 | €469,700 | +€8,500 | +1.8% |
| Profit (loss) carried forward | 14 | €2,663 | €2,756 | +€93 | +3.5% |
| Amounts payable | 17/49 | €392,673 | €384,859 | -€7,814 | -2.0% |
| Amounts payable after more than one year | 17 | €317,888 | €292,892 | -€24,996 | -7.9% |
| Financial debts | 170/4 | €283,007 | €256,511 | -€26,496 | -9.4% |
| Other amounts payable | 178/9 | €34,881 | €36,381 | +€1,500 | +4.3% |
| Amounts payable within one year | 42/48 | €72,055 | €88,753 | +€16,698 | +23.2% |
| Current portion of amounts payable after more than one year | 42 | €25,940 | €26,496 | +€556 | +2.1% |
| Trade debts | 44 | €24,470 | €32,978 | +€8,507 | +34.8% |
| Suppliers | 440/4 | €24,470 | €32,978 | +€8,507 | +34.8% |
| Taxes, remuneration and social security | 45 | €15,254 | €20,670 | +€5,416 | +35.5% |
| Taxes | 450/3 | €2,877 | €3,260 | +€383 | +13.3% |
| Remuneration and social security | 454/9 | €12,377 | €17,410 | +€5,033 | +40.7% |
| Other amounts payable | 47/48 | €6,391 | €8,610 | +€2,219 | +34.7% |
| Accrued charges and deferred income | 492/3 | €2,730 | €3,214 | +€484 | +17.7% |
| Remuneration, social security and pensions | 62 | €145,908 | €165,828 | +€19,920 | +13.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,200 | €56,884 | -€2,316 | -3.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €10,994 | +€10,994 | |
| Other operating charges | 640/8 | €9,862 | €9,477 | -€385 | -3.9% |
| Gross operating margin | 9900 | €273,160 | €267,740 | -€5,420 | -2.0% |
| Operating profit (loss) | 9901 | €58,191 | €24,558 | -€33,633 | -57.8% |
| Financial income | 75/76B | €1,650 | €2,329 | +€680 | +41.2% |
| Recurring financial income | 75 | €1,650 | €2,329 | +€680 | +41.2% |
| Financial charges | 65/66B | €9,359 | €11,952 | +€2,593 | +27.7% |
| Recurring financial charges | 65 | €9,359 | €11,952 | +€2,593 | +27.7% |
| Profit (loss) for the period before taxes | 9903 | €50,481 | €14,936 | -€35,546 | -70.4% |
| Income taxes | 67/77 | €10,296 | €6,342 | -€3,954 | -38.4% |
| Profit (loss) for the period | 9904 | €40,185 | €8,593 | -€31,592 | -78.6% |
| Profit (loss) for the period to be appropriated | 9905 | €40,185 | €8,593 | -€31,592 | -78.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.