E. VERFAILLIE: 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.
E. VERFAILLIE
Largest movements
- Stocks and contracts +€65,410
up €65,410 (+14.3%), from €457,587 to €522,997
- Receivables within one year -€42,513
down €42,513 (-39.7%), from €107,177 to €64,664
of which Trade receivables: -€44,427
- Tangible fixed assets +€38,829
up €38,829 (+559%), from €6,946 to €45,775
of which Furniture and vehicles: +€39,916
- Cash -€18,198
no longer reported in 2025 (was €18,198)
mainly Net result for the year (-€83,002) and Stocks and contracts (-€65,410)
- Reserves -€83,002
down €83,002 (-36.7%), from €226,031 to €143,029
of which Distributable reserves: -€83,002
- Other debts +€60,764
up €60,764 (+37.9%), from €160,240 to €221,004
- Trade debts +€51,335
up €51,335 (+66.2%), from €77,565 to €128,900
- Debts after one year +€8,096
up €8,096 (+34.3%), from €23,625 to €31,721
- Gross operating margin -€23,576
down €23,576 (-16.1%), from €146,523 to €122,947
- Staff costs +€16,409
up €16,409 (+10.2%), from €160,862 to €177,271
- Depreciation +€4,156
up €4,156 (+40.5%), from €10,254 to €14,411
- Financial charges -€3,117
down €3,117 (-33.1%), from €9,427 to €6,310
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 | €604,464 | €643,625 | +€39,161 | +6.5% |
| Fixed assets | 21/28 | €19,802 | €52,284 | +€32,481 | +164% |
| Intangible fixed assets | 21 | €12,857 | €6,509 | -€6,348 | -49.4% |
| Tangible fixed assets | 22/27 | €6,946 | €45,775 | +€38,829 | +559% |
| Plant, machinery and equipment | 23 | €5,227 | €4,140 | -€1,087 | -20.8% |
| Furniture and vehicles | 24 | €1,719 | €41,635 | +€39,916 | +2,322% |
| Current assets | 29/58 | €584,662 | €591,342 | +€6,680 | +1.1% |
| Stocks and contracts in progress | 3 | €457,587 | €522,997 | +€65,410 | +14.3% |
| Stocks | 30/36 | €457,587 | €522,997 | +€65,410 | +14.3% |
| Amounts receivable within one year | 40/41 | €107,177 | €64,664 | -€42,513 | -39.7% |
| Trade receivables | 40 | €100,154 | €55,728 | -€44,427 | -44.4% |
| Other amounts receivable | 41 | €7,023 | €8,937 | +€1,914 | +27.2% |
| Cash at bank and in hand | 54/58 | €18,198 | - | -€18,198 | |
| Deferred charges and accrued income | 490/1 | €1,700 | €3,681 | +€1,980 | +116% |
| Total equity and liabilities | 10/49 | €604,464 | €643,625 | +€39,161 | +6.5% |
| Equity | 10/15 | €288,031 | €205,029 | -€83,002 | -28.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €226,031 | €143,029 | -€83,002 | -36.7% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | - | -€6,200 | |
| Reserves not available under the articles | 1311 | - | €6,200 | +€6,200 | |
| Tax-exempt reserves | 132 | €17,373 | €17,373 | = | 0.0% |
| Distributable reserves | 133 | €202,457 | €119,456 | -€83,002 | -41.0% |
| Amounts payable | 17/49 | €316,434 | €438,597 | +€122,163 | +38.6% |
| Amounts payable after more than one year | 17 | €23,625 | €31,721 | +€8,096 | +34.3% |
| Financial debts | 170/4 | €23,625 | €31,721 | +€8,096 | +34.3% |
| Amounts payable within one year | 42/48 | €292,809 | €406,875 | +€114,067 | +39.0% |
| Financial debts | 43 | €32,786 | €35,255 | +€2,469 | +7.5% |
| Credit institutions | 430/8 | €32,786 | €35,255 | +€2,469 | +7.5% |
| Trade debts | 44 | €77,565 | €128,900 | +€51,335 | +66.2% |
| Suppliers | 440/4 | €77,565 | €128,900 | +€51,335 | +66.2% |
| Taxes, remuneration and social security | 45 | €22,217 | €21,716 | -€501 | -2.3% |
| Taxes | 450/3 | €7,985 | €6,213 | -€1,772 | -22.2% |
| Remuneration and social security | 454/9 | €14,232 | €15,503 | +€1,271 | +8.9% |
| Other amounts payable | 47/48 | €160,240 | €221,004 | +€60,764 | +37.9% |
| Non-recurring operating income | 76A | €6,849 | - | -€6,849 | |
| Remuneration, social security and pensions | 62 | €160,862 | €177,271 | +€16,409 | +10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,254 | €14,411 | +€4,156 | +40.5% |
| Other operating charges | 640/8 | €9,886 | €8,816 | -€1,071 | -10.8% |
| Gross operating margin | 9900 | €146,523 | €122,947 | -€23,576 | -16.1% |
| Operating profit (loss) | 9901 | -€34,480 | -€77,550 | -€43,070 | -125% |
| Financial income | 75/76B | €608 | €858 | +€250 | +41.1% |
| Recurring financial income | 75 | €608 | €858 | +€250 | +41.1% |
| Financial charges | 65/66B | €9,427 | €6,310 | -€3,117 | -33.1% |
| Recurring financial charges | 65 | €9,427 | €6,310 | -€3,117 | -33.1% |
| Profit (loss) for the period before taxes | 9903 | -€43,299 | -€83,002 | -€39,703 | -91.7% |
| Income taxes | 67/77 | -€128 | - | +€128 | |
| Profit (loss) for the period | 9904 | -€43,171 | -€83,002 | -€39,831 | -92.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€43,171 | -€83,002 | -€39,831 | -92.3% |
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 18 October 2026 via checked.be.