VERAD: 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.
VERAD
Largest movements
- Receivables within one year +€28,540
up €28,540 (+6.6%), from €435,056 to €463,596
- Cash -€18,784
down €18,784 (-26.4%), from €71,249 to €52,465
mainly Receivables within one year (-€28,540) and Debts after one year (-€11,177)
- Tangible fixed assets -€7,698
down €7,698 (-13.1%), from €58,657 to €50,959
of which Leasing and similar rights: -€11,840
- Reserves +€22,706
up €22,706 (+4.6%), from €495,485 to €518,191
of which Distributable reserves: +€22,706
- Debts after one year -€11,177
down €11,177 (-39.5%), from €28,326 to €17,149
- Tax, wage and social debts -€9,383
down €9,383 (-39.3%), from €23,888 to €14,505
- Gross operating margin -€30,519
down €30,519 (-38.5%), from €79,247 to €48,728
- Taxes -€8,566
down €8,566 (-48.5%), from €17,651 to €9,085
- Depreciation +€1,081
up €1,081 (+8.1%), from €13,296 to €14,377
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 | €565,289 | €567,346 | +€2,058 | +0.4% |
| Fixed assets | 21/28 | €58,657 | €50,959 | -€7,698 | -13.1% |
| Tangible fixed assets | 22/27 | €58,657 | €50,959 | -€7,698 | -13.1% |
| Land and buildings | 22 | €12,452 | €11,599 | -€852 | -6.8% |
| Plant, machinery and equipment | 23 | €3,018 | €2,340 | -€677 | -22.4% |
| Furniture and vehicles | 24 | €383 | €6,054 | +€5,671 | +1482.1% |
| Leasing and similar rights | 25 | €42,805 | €30,965 | -€11,840 | -27.7% |
| Current assets | 29/58 | €506,632 | €516,387 | +€9,756 | +1.9% |
| Amounts receivable within one year | 40/41 | €435,056 | €463,596 | +€28,540 | +6.6% |
| Other amounts receivable | 41 | €435,056 | €463,596 | +€28,540 | +6.6% |
| Cash at bank and in hand | 54/58 | €71,249 | €52,465 | -€18,784 | -26.4% |
| Deferred charges and accrued income | 490/1 | €327 | €327 | = | 0.0% |
| Total equity and liabilities | 10/49 | €565,289 | €567,346 | +€2,058 | +0.4% |
| Equity | 10/15 | €501,682 | €524,388 | +€22,706 | +4.5% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Capital | 10 | €6,197 | €6,197 | = | 0.0% |
| Issued capital | 100 | €18,592 | €18,592 | = | 0.0% |
| Uncalled capital | 101 | €12,395 | €12,395 | = | 0.0% |
| Reserves | 13 | €495,485 | €518,191 | +€22,706 | +4.6% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Legal reserve | 130 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €493,625 | €516,332 | +€22,706 | +4.6% |
| Amounts payable | 17/49 | €63,607 | €42,958 | -€20,649 | -32.5% |
| Amounts payable after more than one year | 17 | €28,326 | €17,149 | -€11,177 | -39.5% |
| Financial debts | 170/4 | €28,326 | €17,149 | -€11,177 | -39.5% |
| Amounts payable within one year | 42/48 | €35,281 | €25,809 | -€9,472 | -26.8% |
| Current portion of amounts payable after more than one year | 42 | €10,977 | €11,177 | +€200 | +1.8% |
| Trade debts | 44 | €416 | €127 | -€289 | -69.4% |
| Suppliers | 440/4 | €416 | €127 | -€289 | -69.4% |
| Taxes, remuneration and social security | 45 | €23,888 | €14,505 | -€9,383 | -39.3% |
| Taxes | 450/3 | €23,888 | €14,505 | -€9,383 | -39.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,296 | €14,377 | +€1,081 | +8.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €1,560 | €1,245 | -€315 | -20.2% |
| Gross operating margin | 9900 | €79,247 | €48,728 | -€30,519 | -38.5% |
| Operating profit (loss) | 9901 | €64,390 | €33,105 | -€31,285 | -48.6% |
| Financial charges | 65/66B | €1,450 | €1,314 | -€136 | -9.4% |
| Recurring financial charges | 65 | €1,450 | €1,314 | -€136 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | €62,939 | €31,791 | -€31,148 | -49.5% |
| Income taxes | 67/77 | €17,651 | €9,085 | -€8,566 | -48.5% |
| Profit (loss) for the period | 9904 | €45,289 | €22,706 | -€22,582 | -49.9% |
| Profit (loss) for the period to be appropriated | 9905 | €45,289 | €22,706 | -€22,582 | -49.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.