J. Verbeeck: 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.
J. Verbeeck
Largest movements
- Deferred charges and accrued income -€22,721
down €22,721 (-79.0%), from €28,758 to €6,037
- Stocks and contracts -€12,794
down €12,794 (-11.0%), from €115,974 to €103,180
- Receivables within one year -€12,546
down €12,546 (-80.4%), from €15,604 to €3,058
of which Trade receivables: -€13,159
- Cash +€12,259
up €12,259 (+45.4%), from €26,987 to €39,246
mainly Deferred charges and accrued income (+€22,721) and Other debts (+€13,342)
- Tangible fixed assets -€3,872
down €3,872 (-13.3%), from €29,135 to €25,264
- Advances received -€64,100
down €64,100 (-96.2%), from €66,625 to €2,525
- Other debts +€13,342
up €13,342 (+33.2%), from €40,224 to €53,566
- Reserves +€12,921
up €12,921 (+16.2%), from €79,938 to €92,859
- Gross operating margin +€8,634
up €8,634 (+60.5%), from €14,278 to €22,911
- Taxes +€1,292
new in 2025: €1,292
- Financial charges +€935
up €935 (+323.1%), from €290 to €1,225
- Financial income -€451
no longer reported in 2025 (was €451)
- Depreciation +€311
up €311 (+4.6%), from €6,737 to €7,048
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 | €219,512 | €179,839 | -€39,674 | -18.1% |
| Fixed assets | 21/28 | €32,190 | €28,318 | -€3,872 | -12.0% |
| Tangible fixed assets | 22/27 | €29,135 | €25,264 | -€3,872 | -13.3% |
| Land and buildings | 22 | €16,575 | €15,359 | -€1,216 | -7.3% |
| Plant, machinery and equipment | 23 | €9,747 | €8,677 | -€1,070 | -11.0% |
| Furniture and vehicles | 24 | €2,814 | €1,228 | -€1,586 | -56.4% |
| Financial fixed assets | 28 | €3,055 | €3,055 | = | 0.0% |
| Current assets | 29/58 | €187,323 | €151,520 | -€35,802 | -19.1% |
| Stocks and contracts in progress | 3 | €115,974 | €103,180 | -€12,794 | -11.0% |
| Stocks | 30/36 | €115,974 | €103,180 | -€12,794 | -11.0% |
| Amounts receivable within one year | 40/41 | €15,604 | €3,058 | -€12,546 | -80.4% |
| Trade receivables | 40 | €15,604 | €2,445 | -€13,159 | -84.3% |
| Other amounts receivable | 41 | - | €613 | +€613 | |
| Cash at bank and in hand | 54/58 | €26,987 | €39,246 | +€12,259 | +45.4% |
| Deferred charges and accrued income | 490/1 | €28,758 | €6,037 | -€22,721 | -79.0% |
| Total equity and liabilities | 10/49 | €219,512 | €179,839 | -€39,674 | -18.1% |
| Equity | 10/15 | €98,530 | €111,451 | +€12,921 | +13.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €79,938 | €92,859 | +€12,921 | +16.2% |
| Distributable reserves | 133 | €79,938 | €92,859 | +€12,921 | +16.2% |
| Amounts payable | 17/49 | €120,982 | €68,388 | -€52,594 | -43.5% |
| Amounts payable within one year | 42/48 | €119,732 | €68,388 | -€51,344 | -42.9% |
| Trade debts | 44 | €12,883 | €11,005 | -€1,878 | -14.6% |
| Suppliers | 440/4 | €12,883 | €11,005 | -€1,878 | -14.6% |
| Advances received on contracts in progress | 46 | €66,625 | €2,525 | -€64,100 | -96.2% |
| Taxes, remuneration and social security | 45 | - | €1,292 | +€1,292 | |
| Taxes | 450/3 | - | €1,292 | +€1,292 | |
| Other amounts payable | 47/48 | €40,224 | €53,566 | +€13,342 | +33.2% |
| Accrued charges and deferred income | 492/3 | €1,250 | - | -€1,250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,737 | €7,048 | +€311 | +4.6% |
| Other operating charges | 640/8 | €416 | €426 | +€10 | +2.3% |
| Gross operating margin | 9900 | €14,278 | €22,911 | +€8,634 | +60.5% |
| Operating profit (loss) | 9901 | €7,125 | €15,438 | +€8,313 | +116.7% |
| Financial income | 75/76B | €451 | - | -€451 | |
| Recurring financial income | 75 | €451 | - | -€451 | |
| Financial charges | 65/66B | €290 | €1,225 | +€935 | +323.1% |
| Recurring financial charges | 65 | €290 | €1,225 | +€935 | +323.1% |
| Profit (loss) for the period before taxes | 9903 | €7,287 | €14,213 | +€6,926 | +95.1% |
| Income taxes | 67/77 | - | €1,292 | +€1,292 | |
| Profit (loss) for the period | 9904 | €7,287 | €12,921 | +€5,634 | +77.3% |
| Profit (loss) for the period to be appropriated | 9905 | €7,287 | €12,921 | +€5,634 | +77.3% |
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 11 October 2026 via checked.be.