VERALEX: 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.
VERALEX
Largest movements
- Tangible fixed assets +€874,236
up €874,236 (+161.8%), from €540,381 to €1.4m
of which Land and buildings: +€814,443
- Cash -€132,960
down €132,960 (-39.8%), from €333,921 to €200,961
mainly Investment in fixed assets (net) (-€1.0m) and Other debts (-€88,079)
- Debts after one year +€748,037
up €748,037 (+429.7%), from €174,068 to €922,105
- Other debts -€88,079
down €88,079 (-91.1%), from €96,679 to €8,601
- Reserves +€51,877
up €51,877 (+9.3%), from €554,962 to €606,839
of which Distributable reserves: +€52,045
- Current portion of long-term debt +€45,584
up €45,584 (+162.0%), from €28,135 to €73,719
- Depreciation +€128,065
up €128,065 (+427.2%), from €29,975 to €158,040
- Gross operating margin +€116,528
up €116,528 (+86.3%), from €134,967 to €251,494
- Financial charges -€4,646
down €4,646 (-37.4%), from €12,425 to €7,779
- Other operating charges +€3,332
up €3,332 (+71.0%), from €4,695 to €8,027
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 | €936,611 | €1,679,267 | +€742,655 | +79.3% |
| Fixed assets | 21/28 | €540,381 | €1,414,618 | +€874,236 | +161.8% |
| Tangible fixed assets | 22/27 | €540,381 | €1,414,618 | +€874,236 | +161.8% |
| Land and buildings | 22 | €501,030 | €1,315,473 | +€814,443 | +162.6% |
| Furniture and vehicles | 24 | €38,799 | €16,193 | -€22,606 | -58.3% |
| Leasing and similar rights | 25 | - | €82,800 | +€82,800 | |
| Other tangible fixed assets | 26 | €552 | €151 | -€401 | -72.6% |
| Current assets | 29/58 | €396,230 | €264,649 | -€131,581 | -33.2% |
| Amounts receivable within one year | 40/41 | €49,059 | €48,063 | -€996 | -2.0% |
| Trade receivables | 40 | €49,059 | €33,906 | -€15,153 | -30.9% |
| Other amounts receivable | 41 | - | €14,157 | +€14,157 | |
| Current investments | 50/53 | €5,508 | €5,508 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €333,921 | €200,961 | -€132,960 | -39.8% |
| Deferred charges and accrued income | 490/1 | €7,742 | €10,117 | +€2,375 | +30.7% |
| Total equity and liabilities | 10/49 | €936,611 | €1,679,267 | +€742,655 | +79.3% |
| Equity | 10/15 | €561,162 | €613,039 | +€51,877 | +9.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €554,962 | €606,839 | +€51,877 | +9.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €127,394 | €127,227 | -€168 | -0.1% |
| Distributable reserves | 133 | €427,568 | €479,613 | +€52,045 | +12.2% |
| Provisions and deferred taxes | 16 | €42,465 | €42,409 | -€56 | -0.1% |
| Deferred taxes | 168 | €42,465 | €42,409 | -€56 | -0.1% |
| Amounts payable | 17/49 | €332,984 | €1,023,818 | +€690,834 | +207.5% |
| Amounts payable after more than one year | 17 | €174,068 | €922,105 | +€748,037 | +429.7% |
| Financial debts | 170/4 | €174,068 | €922,105 | +€748,037 | +429.7% |
| Amounts payable within one year | 42/48 | €149,702 | €98,971 | -€50,731 | -33.9% |
| Current portion of amounts payable after more than one year | 42 | €28,135 | €73,719 | +€45,584 | +162.0% |
| Trade debts | 44 | €10,767 | €4,743 | -€6,024 | -56.0% |
| Suppliers | 440/4 | €10,767 | €4,743 | -€6,024 | -56.0% |
| Taxes, remuneration and social security | 45 | €14,121 | €11,908 | -€2,213 | -15.7% |
| Taxes | 450/3 | €11,621 | €9,408 | -€2,213 | -19.0% |
| Remuneration and social security | 454/9 | €2,500 | €2,500 | = | 0.0% |
| Other amounts payable | 47/48 | €96,679 | €8,601 | -€88,079 | -91.1% |
| Accrued charges and deferred income | 492/3 | €9,214 | €2,742 | -€6,472 | -70.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,975 | €158,040 | +€128,065 | +427.2% |
| Other operating charges | 640/8 | €4,695 | €8,027 | +€3,332 | +71.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €134,967 | €251,494 | +€116,528 | +86.3% |
| Operating profit (loss) | 9901 | €100,297 | €85,427 | -€14,869 | -14.8% |
| Financial income | 75/76B | €15 | €22 | +€7 | +44.8% |
| Recurring financial income | 75 | €15 | €22 | +€7 | +44.8% |
| Financial charges | 65/66B | €12,425 | €7,779 | -€4,646 | -37.4% |
| Recurring financial charges | 65 | €12,425 | €7,779 | -€4,646 | -37.4% |
| Profit (loss) for the period before taxes | 9903 | €87,887 | €77,671 | -€10,216 | -11.6% |
| Transfer from deferred taxes | 780 | €0 | €56 | +€56 | |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €28,292 | €25,850 | -€2,443 | -8.6% |
| Profit (loss) for the period | 9904 | €59,595 | €51,877 | -€7,718 | -13.0% |
| Transfer from tax-exempt reserves | 789 | €0 | €168 | +€168 | |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €59,595 | €52,045 | -€7,550 | -12.7% |
Source: filed annual accounts (NBB), fiscal 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 September 2026 via checked.be.