VERABEL KVL & MS: 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.
VERABEL KVL & MS
Largest movements
- Cash +€56,839
up €56,839 (+42.6%), from €133,358 to €190,198
mainly Net result for the year (+€59,806) and Depreciation (+€38,573)
- Tangible fixed assets -€36,047
down €36,047 (-20.0%), from €180,632 to €144,585
of which Furniture and vehicles: -€35,408
- Reserves +€38,422
up €38,422 (+15.5%), from €248,124 to €286,546
- Contributions -€12,400
down €12,400 (-66.7%), from €18,600 to €6,200
- Tax, wage and social debts -€6,727
down €6,727 (-31.8%), from €21,143 to €14,416
- Depreciation +€8,783
up €8,783 (+29.5%), from €29,790 to €38,573
- Gross operating margin +€8,490
up €8,490 (+7.2%), from €118,389 to €126,878
- Taxes +€3,546
up €3,546 (+15.1%), from €23,487 to €27,033
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 | €316,130 | €336,715 | +€20,585 | +6.5% |
| Fixed assets | 21/28 | €180,632 | €144,585 | -€36,047 | -20.0% |
| Tangible fixed assets | 22/27 | €180,632 | €144,585 | -€36,047 | -20.0% |
| Land and buildings | 22 | €22,934 | €21,381 | -€1,553 | -6.8% |
| Plant, machinery and equipment | 23 | - | €913 | +€913 | |
| Furniture and vehicles | 24 | €157,698 | €122,291 | -€35,408 | -22.5% |
| Current assets | 29/58 | €135,498 | €192,130 | +€56,632 | +41.8% |
| Amounts receivable within one year | 40/41 | €1,175 | €1,040 | -€135 | -11.5% |
| Other amounts receivable | 41 | €1,175 | €1,040 | -€135 | -11.5% |
| Cash at bank and in hand | 54/58 | €133,358 | €190,198 | +€56,839 | +42.6% |
| Deferred charges and accrued income | 490/1 | €964 | €892 | -€72 | -7.5% |
| Total equity and liabilities | 10/49 | €316,130 | €336,715 | +€20,585 | +6.5% |
| Equity | 10/15 | €266,724 | €292,746 | +€26,022 | +9.8% |
| Contributions | 10/11 | €18,600 | €6,200 | -€12,400 | -66.7% |
| Reserves | 13 | €248,124 | €286,546 | +€38,422 | +15.5% |
| Distributable reserves | 133 | €248,124 | €286,546 | +€38,422 | +15.5% |
| Provisions and deferred taxes | 16 | €4,042 | €4,042 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €4,042 | €4,042 | = | 0.0% |
| Pensions and similar obligations | 160 | €4,042 | €4,042 | = | 0.0% |
| Amounts payable | 17/49 | €45,365 | €39,928 | -€5,437 | -12.0% |
| Amounts payable within one year | 42/48 | €42,462 | €37,032 | -€5,430 | -12.8% |
| Trade debts | 44 | €837 | €25 | -€812 | -97.1% |
| Suppliers | 440/4 | €837 | €25 | -€812 | -97.1% |
| Taxes, remuneration and social security | 45 | €21,143 | €14,416 | -€6,727 | -31.8% |
| Taxes | 450/3 | €21,143 | €14,416 | -€6,727 | -31.8% |
| Other amounts payable | 47/48 | €20,482 | €22,592 | +€2,110 | +10.3% |
| Accrued charges and deferred income | 492/3 | €2,903 | €2,895 | -€7 | -0.3% |
| Non-recurring operating income | 76A | €26,589 | - | -€26,589 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,790 | €38,573 | +€8,783 | +29.5% |
| Other operating charges | 640/8 | €1,073 | €777 | -€296 | -27.6% |
| Gross operating margin | 9900 | €118,389 | €126,878 | +€8,490 | +7.2% |
| Operating profit (loss) | 9901 | €87,525 | €87,528 | +€3 | 0.0% |
| Financial income | 75/76B | €492 | €759 | +€267 | +54.1% |
| Recurring financial income | 75 | €492 | €759 | +€267 | +54.1% |
| Financial charges | 65/66B | €1,452 | €1,448 | -€4 | -0.3% |
| Recurring financial charges | 65 | €1,452 | €1,448 | -€4 | -0.3% |
| Profit (loss) for the period before taxes | 9903 | €86,566 | €86,839 | +€273 | +0.3% |
| Income taxes | 67/77 | €23,487 | €27,033 | +€3,546 | +15.1% |
| Profit (loss) for the period | 9904 | €63,080 | €59,806 | -€3,273 | -5.2% |
| Profit (loss) for the period to be appropriated | 9905 | €63,080 | €59,806 | -€3,273 | -5.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.