VERACE: what changed
Two fiscal 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.
VERACE
Largest movements
- Financial fixed assets -€161,000
down €161,000 (-80.6%), from €199,700 to €38,700
- Receivables within one year +€83,951
up €83,951 (+54.6%), from €153,860 to €237,811
of which Other amounts receivable: +€84,786
- Tangible fixed assets -€74,170
down €74,170 (-3.4%), from €2.2m to €2.1m
of which Land and buildings: -€73,421
- Cash +€35,687
up €35,687 (+82.0%), from €43,519 to €79,207
mainly Investment in fixed assets (net) (+€161,000) and Other debts (+€106,431)
- Profit (loss) carried forward -€128,674
down €128,674 (-413.9%), from -€31,090 to -€159,765
- Other debts +€106,431
up €106,431 (+43.2%), from €246,223 to €352,654
- Debts after one year -€54,425
down €54,425 (-4.2%), from €1.3m to €1.2m
- Current portion of long-term debt -€35,850
down €35,850 (-32.0%), from €112,157 to €76,307
- Financial charges +€84,200
up €84,200 (+200.6%), from €41,969 to €126,169
of which Non-recurring financial charges: +€86,735
- Gross operating margin -€45,095
down €45,095 (-35.0%), from €128,770 to €83,675
- Other operating charges -€29,719
down €29,719 (-68.4%), from €43,457 to €13,738
- Depreciation -€2,528
down €2,528 (-3.2%), from €78,787 to €76,259
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.
Cash bridge derived
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 | €2,607,244 | €2,489,690 | -€117,553 | -4.5% |
| Fixed assets | 21/28 | €2,407,835 | €2,170,576 | -€237,259 | -9.9% |
| Intangible fixed assets | 21 | €4,787 | €2,698 | -€2,089 | -43.6% |
| Tangible fixed assets | 22/27 | €2,203,348 | €2,129,178 | -€74,170 | -3.4% |
| Land and buildings | 22 | €2,201,344 | €2,127,923 | -€73,421 | -3.3% |
| Plant, machinery and equipment | 23 | €154 | €0 | -€154 | -100.0% |
| Furniture and vehicles | 24 | €1,850 | €1,255 | -€595 | -32.2% |
| Financial fixed assets | 28 | €199,700 | €38,700 | -€161,000 | -80.6% |
| Current assets | 29/58 | €199,408 | €319,114 | +€119,706 | +60.0% |
| Amounts receivable within one year | 40/41 | €153,860 | €237,811 | +€83,951 | +54.6% |
| Trade receivables | 40 | €6,700 | €5,865 | -€835 | -12.5% |
| Other amounts receivable | 41 | €147,161 | €231,946 | +€84,786 | +57.6% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €43,519 | €79,207 | +€35,687 | +82.0% |
| Deferred charges and accrued income | 490/1 | €2,029 | €2,097 | +€68 | +3.3% |
| Total equity and liabilities | 10/49 | €2,607,244 | €2,489,690 | -€117,553 | -4.5% |
| Equity | 10/15 | €919,763 | €791,088 | -€128,674 | -14.0% |
| Contributions | 10/11 | €118,600 | €118,600 | = | 0.0% |
| Reserves | 13 | €832,253 | €832,253 | = | 0.0% |
| Non-distributable reserves | 130/1 | €11,860 | €11,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €11,860 | €11,860 | = | 0.0% |
| Distributable reserves | 133 | €820,393 | €820,393 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€31,090 | -€159,765 | -€128,674 | -413.9% |
| Amounts payable | 17/49 | €1,687,481 | €1,698,602 | +€11,121 | +0.7% |
| Amounts payable after more than one year | 17 | €1,303,680 | €1,249,255 | -€54,425 | -4.2% |
| Financial debts | 170/4 | €1,303,680 | €1,249,255 | -€54,425 | -4.2% |
| Amounts payable within one year | 42/48 | €383,801 | €449,347 | +€65,546 | +17.1% |
| Current portion of amounts payable after more than one year | 42 | €112,157 | €76,307 | -€35,850 | -32.0% |
| Financial debts | 43 | €1,996 | €0 | -€1,996 | -100.0% |
| Credit institutions | 430/8 | €1,996 | €0 | -€1,996 | -100.0% |
| Trade debts | 44 | €9,342 | €10,144 | +€802 | +8.6% |
| Suppliers | 440/4 | €9,342 | €10,144 | +€802 | +8.6% |
| Taxes, remuneration and social security | 45 | €14,083 | €10,242 | -€3,841 | -27.3% |
| Taxes | 450/3 | €14,083 | €10,242 | -€3,841 | -27.3% |
| Other amounts payable | 47/48 | €246,223 | €352,654 | +€106,431 | +43.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,787 | €76,259 | -€2,528 | -3.2% |
| Other operating charges | 640/8 | €43,457 | €13,738 | -€29,719 | -68.4% |
| Gross operating margin | 9900 | €128,770 | €83,675 | -€45,095 | -35.0% |
| Operating profit (loss) | 9901 | €6,526 | -€6,323 | -€12,849 | |
| Financial income | 75/76B | €4,564 | €4,109 | -€456 | -10.0% |
| Recurring financial income | 75 | €4,564 | €4,109 | -€456 | -10.0% |
| Financial charges | 65/66B | €41,969 | €126,169 | +€84,200 | +200.6% |
| Recurring financial charges | 65 | €41,969 | €39,434 | -€2,535 | -6.0% |
| Non-recurring financial charges | 66B | - | €86,735 | +€86,735 | |
| Profit (loss) for the period before taxes | 9903 | -€30,879 | -€128,383 | -€97,504 | -315.8% |
| Income taxes | 67/77 | €212 | €291 | +€80 | +37.7% |
| Profit (loss) for the period | 9904 | -€31,090 | -€128,674 | -€97,584 | -313.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€31,090 | -€128,674 | -€97,584 | -313.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.