DR. VERBEERST LORENTZ: what changed
DR. VERBEERST LORENTZ
Largest movements
- Tangible fixed assets +€130,748
up €130,748 (+16.0%), from €817,008 to €947,756
of which Land and buildings: +€150,374
- Intangible fixed assets -€66,500
down €66,500 (-30.8%), from €216,125 to €149,625
- Receivables within one year +€18,200
up €18,200 (+159%), from €11,434 to €29,633
of which Other amounts receivable: +€9,140
- Cash -€12,833
down €12,833 (-23.3%), from €55,182 to €42,350
mainly Investment in fixed assets (net) (-€156,079) and Receivables within one year (-€18,200)
- Debts after one year +€32,998
up €32,998 (+4.3%), from €771,850 to €804,848
of which Financial debts: +€52,998
- Reserves +€30,348
up €30,348 (+13.3%), from €228,791 to €259,139
- Depreciation -€51,631
down €51,631 (-36.0%), from €143,461 to €91,830
- Gross operating margin -€26,578
down €26,578 (-13.2%), from €200,954 to €174,376
- Financial charges +€10,568
up €10,568 (+41.7%), from €25,370 to €35,938
- Taxes +€4,514
up €4,514 (+52.7%), from €8,566 to €13,080
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 | €1,099,749 | €1,170,607 | +€70,858 | +6.4% |
| Fixed assets | 21/28 | €1,033,133 | €1,097,381 | +€64,248 | +6.2% |
| Intangible fixed assets | 21 | €216,125 | €149,625 | -€66,500 | -30.8% |
| Tangible fixed assets | 22/27 | €817,008 | €947,756 | +€130,748 | +16.0% |
| Land and buildings | 22 | €740,729 | €891,103 | +€150,374 | +20.3% |
| Plant, machinery and equipment | 23 | €4,796 | €4,129 | -€667 | -13.9% |
| Furniture and vehicles | 24 | €71,483 | €52,524 | -€18,959 | -26.5% |
| Current assets | 29/58 | €66,616 | €73,226 | +€6,610 | +9.9% |
| Amounts receivable within one year | 40/41 | €11,434 | €29,633 | +€18,200 | +159% |
| Trade receivables | 40 | - | €9,060 | +€9,060 | |
| Other amounts receivable | 41 | €11,434 | €20,574 | +€9,140 | +79.9% |
| Cash at bank and in hand | 54/58 | €55,182 | €42,350 | -€12,833 | -23.3% |
| Deferred charges and accrued income | 490/1 | - | €1,243 | +€1,243 | |
| Total equity and liabilities | 10/49 | €1,099,749 | €1,170,607 | +€70,858 | +6.4% |
| Equity | 10/15 | €247,391 | €277,739 | +€30,348 | +12.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €228,791 | €259,139 | +€30,348 | +13.3% |
| Distributable reserves | 133 | €228,791 | €259,139 | +€30,348 | +13.3% |
| Amounts payable | 17/49 | €852,358 | €892,869 | +€40,510 | +4.8% |
| Amounts payable after more than one year | 17 | €771,850 | €804,848 | +€32,998 | +4.3% |
| Financial debts | 170/4 | €626,850 | €679,848 | +€52,998 | +8.5% |
| Other amounts payable | 178/9 | €145,000 | €125,000 | -€20,000 | -13.8% |
| Amounts payable within one year | 42/48 | €80,508 | €88,020 | +€7,512 | +9.3% |
| Current portion of amounts payable after more than one year | 42 | €59,021 | €67,002 | +€7,981 | +13.5% |
| Trade debts | 44 | €1,740 | €3,645 | +€1,905 | +109% |
| Suppliers | 440/4 | €1,740 | €3,645 | +€1,905 | +109% |
| Taxes, remuneration and social security | 45 | €16,073 | €5,655 | -€10,418 | -64.8% |
| Taxes | 450/3 | €16,073 | €5,655 | -€10,418 | -64.8% |
| Other amounts payable | 47/48 | €3,674 | €11,718 | +€8,044 | +219% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €143,461 | €91,830 | -€51,631 | -36.0% |
| Other operating charges | 640/8 | €3,007 | €3,179 | +€172 | +5.7% |
| Gross operating margin | 9900 | €200,954 | €174,376 | -€26,578 | -13.2% |
| Operating profit (loss) | 9901 | €54,485 | €79,366 | +€24,881 | +45.7% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €25,370 | €35,938 | +€10,568 | +41.7% |
| Recurring financial charges | 65 | €25,370 | €35,938 | +€10,568 | +41.7% |
| Profit (loss) for the period before taxes | 9903 | €29,115 | €43,428 | +€14,313 | +49.2% |
| Income taxes | 67/77 | €8,566 | €13,080 | +€4,514 | +52.7% |
| Profit (loss) for the period | 9904 | €20,549 | €30,348 | +€9,800 | +47.7% |
| Profit (loss) for the period to be appropriated | 9905 | €20,549 | €30,348 | +€9,800 | +47.7% |
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 7 November 2026 via checked.be.