VER ELST: 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.
VER ELST
Largest movements
- Stocks and contracts +€23,789
up €23,789 (+107%), from €22,300 to €46,089
- Tangible fixed assets -€8,260
down €8,260 (-25.3%), from €32,674 to €24,413
of which Plant, machinery and equipment: -€4,430
- Receivables within one year -€3,218
down €3,218 (-29.1%), from €11,073 to €7,855
of which Trade receivables: -€5,403
- Deferred charges and accrued income +€1,511
new in 2025: €1,511
- Other debts +€22,459
up €22,459 (+35.0%), from €64,170 to €86,629
- Profit (loss) carried forward -€6,778
down €6,778 (-10.0%), from -€67,530 to -€74,307
- Trade debts +€4,626
up €4,626 (+210%), from €2,205 to €6,830
- Debts after one year -€4,120
down €4,120 (-56.4%), from €7,310 to €3,191
- Short-term financial debts -€3,900
no longer reported in 2025 (was €3,900)
- Staff costs +€6,712
up €6,712 (+17.0%), from €39,444 to €46,156
- Gross operating margin -€2,609
down €2,609 (-4.9%), from €53,377 to €50,767
- Taxes -€943
down €943 (-77.3%), from €1,220 to €277
- Depreciation -€622
down €622 (-7.0%), from €8,882 to €8,260
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 | €97,128 | €109,923 | +€12,795 | +13.2% |
| Fixed assets | 21/28 | €32,674 | €24,413 | -€8,260 | -25.3% |
| Tangible fixed assets | 22/27 | €32,674 | €24,413 | -€8,260 | -25.3% |
| Plant, machinery and equipment | 23 | €28,662 | €24,232 | -€4,430 | -15.5% |
| Furniture and vehicles | 24 | €4,012 | €181 | -€3,830 | -95.5% |
| Current assets | 29/58 | €64,454 | €85,510 | +€21,055 | +32.7% |
| Stocks and contracts in progress | 3 | €22,300 | €46,089 | +€23,789 | +107% |
| Stocks | 30/36 | €22,300 | €46,089 | +€23,789 | +107% |
| Amounts receivable within one year | 40/41 | €11,073 | €7,855 | -€3,218 | -29.1% |
| Trade receivables | 40 | €8,666 | €3,263 | -€5,403 | -62.3% |
| Other amounts receivable | 41 | €2,407 | €4,592 | +€2,185 | +90.8% |
| Current investments | 50/53 | €23,828 | €23,825 | -€2 | 0.0% |
| Cash at bank and in hand | 54/58 | €7,255 | €6,230 | -€1,025 | -14.1% |
| Deferred charges and accrued income | 490/1 | - | €1,511 | +€1,511 | |
| Total equity and liabilities | 10/49 | €97,128 | €109,923 | +€12,795 | +13.2% |
| Equity | 10/15 | €14,238 | €7,460 | -€6,778 | -47.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €63,175 | €63,175 | = | 0.0% |
| Distributable reserves | 133 | €63,175 | €63,175 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€67,530 | -€74,307 | -€6,778 | -10.0% |
| Amounts payable | 17/49 | €82,890 | €102,463 | +€19,573 | +23.6% |
| Amounts payable after more than one year | 17 | €7,310 | €3,191 | -€4,120 | -56.4% |
| Financial debts | 170/4 | €7,310 | €3,191 | -€4,120 | -56.4% |
| Amounts payable within one year | 42/48 | €75,580 | €99,272 | +€23,692 | +31.3% |
| Current portion of amounts payable after more than one year | 42 | €4,086 | €4,316 | +€230 | +5.6% |
| Financial debts | 43 | €3,900 | - | -€3,900 | |
| Credit institutions | 430/8 | €3,900 | - | -€3,900 | |
| Trade debts | 44 | €2,205 | €6,830 | +€4,626 | +210% |
| Suppliers | 440/4 | €2,205 | €6,830 | +€4,626 | +210% |
| Taxes, remuneration and social security | 45 | €1,220 | €1,497 | +€277 | +22.7% |
| Taxes | 450/3 | €1,220 | €1,497 | +€277 | +22.7% |
| Other amounts payable | 47/48 | €64,170 | €86,629 | +€22,459 | +35.0% |
| Remuneration, social security and pensions | 62 | €39,444 | €46,156 | +€6,712 | +17.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,882 | €8,260 | -€622 | -7.0% |
| Other operating charges | 640/8 | €955 | €1,396 | +€442 | +46.2% |
| Gross operating margin | 9900 | €53,377 | €50,767 | -€2,609 | -4.9% |
| Operating profit (loss) | 9901 | €4,096 | -€5,045 | -€9,141 | |
| Financial charges | 65/66B | €1,891 | €1,456 | -€435 | -23.0% |
| Recurring financial charges | 65 | €1,891 | €1,456 | -€435 | -23.0% |
| Profit (loss) for the period before taxes | 9903 | €2,205 | -€6,501 | -€8,706 | |
| Income taxes | 67/77 | €1,220 | €277 | -€943 | -77.3% |
| Profit (loss) for the period | 9904 | €985 | -€6,778 | -€7,763 | |
| Profit (loss) for the period to be appropriated | 9905 | €985 | -€6,778 | -€7,763 |
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 27 October 2026 via checked.be.