'T VERFSPOOR: 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.
'T VERFSPOOR
Largest movements
- Tangible fixed assets +€137,499
up €137,499 (+15.4%), from €890,765 to €1.0m
of which Assets under construction and advance payments: +€125,062
- Cash +€38,862
up €38,862 (+15.0%), from €259,739 to €298,601
mainly Net result for the year (+€138,556) and Depreciation (+€91,597)
- Receivables within one year -€36,771
down €36,771 (-31.7%), from €116,061 to €79,291
of which Trade receivables: -€39,487
- Reserves +€137,723
up €137,723 (+18.2%), from €756,804 to €894,527
- Debts after one year -€44,528
down €44,528 (-8.7%), from €512,369 to €467,841
- Trade debts +€25,912
up €25,912 (+23.0%), from €112,778 to €138,690
- Gross operating margin +€66,292
up €66,292 (+20.9%), from €317,627 to €383,919
- Staff costs +€46,275
up €46,275 (+52.1%), from €88,779 to €135,054
- Financial income +€46,136
up €46,136 (+1,416%), from €3,258 to €49,393
of which Non-recurring financial income: +€43,501
- Depreciation +€14,784
up €14,784 (+19.2%), from €76,813 to €91,597
- Other operating charges +€5,262
up €5,262 (+90.4%), from €5,822 to €11,084
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 | €1,496,949 | €1,625,022 | +€128,073 | +8.6% |
| Fixed assets | 21/28 | €890,982 | €1,028,481 | +€137,499 | +15.4% |
| Tangible fixed assets | 22/27 | €890,765 | €1,028,264 | +€137,499 | +15.4% |
| Land and buildings | 22 | €565,472 | €524,808 | -€40,664 | -7.2% |
| Plant, machinery and equipment | 23 | €14,738 | €15,934 | +€1,196 | +8.1% |
| Furniture and vehicles | 24 | €82,783 | €130,057 | +€47,274 | +57.1% |
| Other tangible fixed assets | 26 | - | €4,631 | +€4,631 | |
| Assets under construction and advance payments | 27 | €227,772 | €352,835 | +€125,062 | +54.9% |
| Financial fixed assets | 28 | €217 | €217 | = | 0.0% |
| Current assets | 29/58 | €605,967 | €596,541 | -€9,426 | -1.6% |
| Stocks and contracts in progress | 3 | €222,733 | €213,104 | -€9,629 | -4.3% |
| Stocks | 30/36 | €222,733 | €213,104 | -€9,629 | -4.3% |
| Amounts receivable within one year | 40/41 | €116,061 | €79,291 | -€36,771 | -31.7% |
| Trade receivables | 40 | €115,892 | €76,405 | -€39,487 | -34.1% |
| Other amounts receivable | 41 | €170 | €2,886 | +€2,716 | +1,602% |
| Cash at bank and in hand | 54/58 | €259,739 | €298,601 | +€38,862 | +15.0% |
| Deferred charges and accrued income | 490/1 | €7,434 | €5,546 | -€1,888 | -25.4% |
| Total equity and liabilities | 10/49 | €1,496,949 | €1,625,022 | +€128,073 | +8.6% |
| Equity | 10/15 | €769,204 | €906,927 | +€137,723 | +17.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €756,804 | €894,527 | +€137,723 | +18.2% |
| Distributable reserves | 133 | €756,804 | €894,527 | +€137,723 | +18.2% |
| Amounts payable | 17/49 | €727,745 | €718,095 | -€9,649 | -1.3% |
| Amounts payable after more than one year | 17 | €512,369 | €467,841 | -€44,528 | -8.7% |
| Financial debts | 170/4 | €512,369 | €467,841 | -€44,528 | -8.7% |
| Amounts payable within one year | 42/48 | €215,375 | €250,254 | +€34,879 | +16.2% |
| Current portion of amounts payable after more than one year | 42 | €55,167 | €60,571 | +€5,405 | +9.8% |
| Trade debts | 44 | €112,778 | €138,690 | +€25,912 | +23.0% |
| Suppliers | 440/4 | €112,778 | €138,690 | +€25,912 | +23.0% |
| Taxes, remuneration and social security | 45 | €39,733 | €48,061 | +€8,328 | +21.0% |
| Taxes | 450/3 | €12,179 | €17,265 | +€5,086 | +41.8% |
| Remuneration and social security | 454/9 | €27,553 | €30,796 | +€3,242 | +11.8% |
| Other amounts payable | 47/48 | €7,698 | €2,931 | -€4,767 | -61.9% |
| Remuneration, social security and pensions | 62 | €88,779 | €135,054 | +€46,275 | +52.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,813 | €91,597 | +€14,784 | +19.2% |
| Other operating charges | 640/8 | €5,822 | €11,084 | +€5,262 | +90.4% |
| Gross operating margin | 9900 | €317,627 | €383,919 | +€66,292 | +20.9% |
| Operating profit (loss) | 9901 | €146,214 | €146,185 | -€29 | 0.0% |
| Financial income | 75/76B | €3,258 | €49,393 | +€46,136 | +1,416% |
| Recurring financial income | 75 | €3,258 | €5,892 | +€2,634 | +80.9% |
| Non-recurring financial income | 76B | - | €43,501 | +€43,501 | |
| Financial charges | 65/66B | €13,490 | €14,704 | +€1,214 | +9.0% |
| Recurring financial charges | 65 | €13,490 | €14,704 | +€1,214 | +9.0% |
| Profit (loss) for the period before taxes | 9903 | €135,981 | €180,874 | +€44,893 | +33.0% |
| Income taxes | 67/77 | €39,115 | €42,318 | +€3,203 | +8.2% |
| Profit (loss) for the period | 9904 | €96,867 | €138,556 | +€41,689 | +43.0% |
| Profit (loss) for the period to be appropriated | 9905 | €96,867 | €138,556 | +€41,689 | +43.0% |
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 1 November 2026 via checked.be.