STEFAN VERWERFT: 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.
STEFAN VERWERFT
Largest movements
- Receivables within one year +€59,279
up €59,279 (+11.8%), from €501,412 to €560,690
of which Other amounts receivable: +€59,392
- Receivables after one year -€12,254
down €12,254 (-47.1%), from €26,043 to €13,789
- Cash +€7,443
up €7,443 (+3,898%), from €191 to €7,634
mainly Net result for the year (+€73,881) and Receivables after one year (+€12,254)
- Reserves +€53,881
up €53,881 (+12.7%), from €423,413 to €477,294
of which Distributable reserves: +€53,881
- Gross operating margin -€52,429
down €52,429 (-41.6%), from €125,944 to €73,515
- Taxes -€11,825
down €11,825 (-34.5%), from €34,281 to €22,456
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 | €528,423 | €584,794 | +€56,370 | +10.7% |
| Fixed assets | 21/28 | €778 | €2,113 | +€1,335 | +172% |
| Tangible fixed assets | 22/27 | €778 | €2,113 | +€1,335 | +172% |
| Plant, machinery and equipment | 23 | €778 | €2,113 | +€1,335 | +172% |
| Current assets | 29/58 | €527,645 | €582,680 | +€55,035 | +10.4% |
| Amounts receivable after more than one year | 29 | €26,043 | €13,789 | -€12,254 | -47.1% |
| Other amounts receivable | 291 | €26,043 | €13,789 | -€12,254 | -47.1% |
| Amounts receivable within one year | 40/41 | €501,412 | €560,690 | +€59,279 | +11.8% |
| Trade receivables | 40 | €64,813 | €64,700 | -€113 | -0.2% |
| Other amounts receivable | 41 | €436,598 | €495,990 | +€59,392 | +13.6% |
| Cash at bank and in hand | 54/58 | €191 | €7,634 | +€7,443 | +3,898% |
| Deferred charges and accrued income | 490/1 | €0 | €567 | +€567 | |
| Total equity and liabilities | 10/49 | €528,423 | €584,794 | +€56,370 | +10.7% |
| Equity | 10/15 | €435,813 | €489,694 | +€53,881 | +12.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €423,413 | €477,294 | +€53,881 | +12.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €421,553 | €475,434 | +€53,881 | +12.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €92,610 | €95,100 | +€2,489 | +2.7% |
| Amounts payable within one year | 42/48 | €92,610 | €95,100 | +€2,489 | +2.7% |
| Trade debts | 44 | €7,442 | €7,415 | -€27 | -0.4% |
| Suppliers | 440/4 | €7,442 | €7,415 | -€27 | -0.4% |
| Taxes, remuneration and social security | 45 | €65,168 | €67,685 | +€2,517 | +3.9% |
| Taxes | 450/3 | €65,168 | €67,685 | +€2,517 | +3.9% |
| Other amounts payable | 47/48 | €20,000 | €20,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €301 | €474 | +€173 | +57.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €1,256 | €916 | -€340 | -27.1% |
| Gross operating margin | 9900 | €125,944 | €73,515 | -€52,429 | -41.6% |
| Operating profit (loss) | 9901 | €124,387 | €72,126 | -€52,261 | -42.0% |
| Financial income | 75/76B | €23,287 | €24,384 | +€1,097 | +4.7% |
| Recurring financial income | 75 | €23,287 | €24,384 | +€1,097 | +4.7% |
| Financial charges | 65/66B | €852 | €172 | -€679 | -79.8% |
| Recurring financial charges | 65 | €852 | €172 | -€679 | -79.8% |
| Profit (loss) for the period before taxes | 9903 | €146,823 | €96,337 | -€50,485 | -34.4% |
| Income taxes | 67/77 | €34,281 | €22,456 | -€11,825 | -34.5% |
| Profit (loss) for the period | 9904 | €112,541 | €73,881 | -€38,660 | -34.4% |
| Profit (loss) for the period to be appropriated | 9905 | €112,541 | €73,881 | -€38,660 | -34.4% |
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 14 October 2026 via checked.be.