SVEN VERELST: 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.
SVEN VERELST
Largest movements
- Receivables within one year -€70,898
down €70,898 (-93.7%), from €75,684 to €4,786
of which Trade receivables: -€40,952
- Stocks and contracts -€49,742
no longer reported in 2025 (was €49,742)
- Tangible fixed assets -€28,877
down €28,877 (-12.8%), from €224,856 to €195,979
of which Furniture and vehicles: -€14,494
- Cash +€16,128
up €16,128 (+35.9%), from €44,970 to €61,098
mainly Receivables within one year (+€70,898) and Stocks and contracts (+€49,742)
- Deferred charges and accrued income -€4,154
no longer reported in 2025 (was €4,154)
- Profit (loss) carried forward -€59,830
down €59,830 (-48.8%), from €122,641 to €62,811
- Trade debts -€29,416
down €29,416 (-97.5%), from €30,155 to €739
- Other debts -€22,287
down €22,287 (-88.4%), from €25,213 to €2,926
- Debts after one year -€19,321
down €19,321 (-15.7%), from €123,139 to €103,819
- Current portion of long-term debt -€11,952
down €11,952 (-76.6%), from €15,605 to €3,653
- Gross operating margin -€51,475
down €51,475 (-98.0%), from €52,546 to €1,071
- Provisions +€8,800
new in 2025: €8,800
- Staff costs -€3,654
down €3,654 (-90.4%), from €4,043 to €389
- Depreciation -€2,102
down €2,102 (-7.0%), from €30,214 to €28,112
- Financial charges -€1,653
down €1,653 (-15.4%), from €10,742 to €9,089
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 | €399,970 | €262,101 | -€137,868 | -34.5% |
| Fixed assets | 21/28 | €225,420 | €196,218 | -€29,202 | -13.0% |
| Intangible fixed assets | 21 | €564 | €239 | -€325 | -57.7% |
| Tangible fixed assets | 22/27 | €224,856 | €195,979 | -€28,877 | -12.8% |
| Land and buildings | 22 | €190,453 | €177,925 | -€12,528 | -6.6% |
| Plant, machinery and equipment | 23 | €2,162 | €559 | -€1,603 | -74.1% |
| Furniture and vehicles | 24 | €30,194 | €15,700 | -€14,494 | -48.0% |
| Other tangible fixed assets | 26 | €2,047 | €1,795 | -€252 | -12.3% |
| Current assets | 29/58 | €174,550 | €65,884 | -€108,666 | -62.3% |
| Stocks and contracts in progress | 3 | €49,742 | - | -€49,742 | |
| Stocks | 30/36 | €49,742 | - | -€49,742 | |
| Amounts receivable within one year | 40/41 | €75,684 | €4,786 | -€70,898 | -93.7% |
| Trade receivables | 40 | €40,952 | - | -€40,952 | |
| Other amounts receivable | 41 | €34,732 | €4,786 | -€29,946 | -86.2% |
| Cash at bank and in hand | 54/58 | €44,970 | €61,098 | +€16,128 | +35.9% |
| Deferred charges and accrued income | 490/1 | €4,154 | - | -€4,154 | |
| Total equity and liabilities | 10/49 | €399,970 | €262,101 | -€137,868 | -34.5% |
| Equity | 10/15 | €199,861 | €140,030 | -€59,830 | -29.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €58,619 | €58,619 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €58,619 | +€56,759 | +3,052% |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Other | 1319 | - | €58,619 | +€58,619 | |
| Distributable reserves | 133 | €56,759 | - | -€56,759 | |
| Profit (loss) carried forward | 14 | €122,641 | €62,811 | -€59,830 | -48.8% |
| Provisions and deferred taxes | 16 | - | €8,800 | +€8,800 | |
| Provisions for liabilities and charges | 160/5 | - | €8,800 | +€8,800 | |
| Other liabilities and charges | 164/5 | - | €8,800 | +€8,800 | |
| Amounts payable | 17/49 | €200,109 | €113,271 | -€86,838 | -43.4% |
| Amounts payable after more than one year | 17 | €123,139 | €103,819 | -€19,321 | -15.7% |
| Financial debts | 170/4 | €123,139 | €103,819 | -€19,321 | -15.7% |
| Amounts payable within one year | 42/48 | €76,970 | €9,452 | -€67,517 | -87.7% |
| Current portion of amounts payable after more than one year | 42 | €15,605 | €3,653 | -€11,952 | -76.6% |
| Trade debts | 44 | €30,155 | €739 | -€29,416 | -97.5% |
| Suppliers | 440/4 | €30,155 | €739 | -€29,416 | -97.5% |
| Advances received on contracts in progress | 46 | €2,347 | - | -€2,347 | |
| Taxes, remuneration and social security | 45 | €3,650 | €2,134 | -€1,516 | -41.5% |
| Taxes | 450/3 | €1,150 | €2,134 | +€984 | +85.6% |
| Remuneration and social security | 454/9 | €2,500 | - | -€2,500 | |
| Other amounts payable | 47/48 | €25,213 | €2,926 | -€22,287 | -88.4% |
| Non-recurring operating income | 76A | €685 | €12,000 | +€11,315 | +1,651% |
| Remuneration, social security and pensions | 62 | €4,043 | €389 | -€3,654 | -90.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,214 | €28,112 | -€2,102 | -7.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €505 | - | -€505 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €8,800 | +€8,800 | |
| Other operating charges | 640/8 | €3,290 | €1,725 | -€1,565 | -47.6% |
| Non-recurring operating charges | 66A | €30,023 | €11,824 | -€18,199 | -60.6% |
| Gross operating margin | 9900 | €52,546 | €1,071 | -€51,475 | -98.0% |
| Operating profit (loss) | 9901 | -€15,529 | -€49,779 | -€34,250 | -221% |
| Financial income | 75/76B | €407 | €44 | -€363 | -89.2% |
| Recurring financial income | 75 | €407 | €44 | -€363 | -89.2% |
| Financial charges | 65/66B | €10,742 | €9,089 | -€1,653 | -15.4% |
| Recurring financial charges | 65 | €10,742 | €9,089 | -€1,653 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | -€25,864 | -€58,824 | -€32,960 | -127% |
| Income taxes | 67/77 | €214 | €1,007 | +€792 | +370% |
| Profit (loss) for the period | 9904 | -€26,078 | -€59,830 | -€33,752 | -129% |
| Profit (loss) for the period to be appropriated | 9905 | -€26,078 | -€59,830 | -€33,752 | -129% |
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 13 October 2026 via checked.be.