VERATHO: 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.
VERATHO
Largest movements
- Cash -€1.1m
down €1.1m (-41.9%), from €2.6m to €1.5m
mainly Investment in fixed assets (net) (-€4.7m) and Short-term financial debts (-€951,391)
- Tangible fixed assets +€763,795
up €763,795 (+3.2%), from €23.9m to €24.7m
of which Leasing and similar rights: +€1.1m
- Short-term financial debts -€951,391
down €951,391 (-30.9%), from €3.1m to €2.1m
of which Other loans: -€950,000
- Trade debts +€819,353
up €819,353 (+51.5%), from €1.6m to €2.4m
- Current portion of long-term debt +€781,036
up €781,036 (+14.5%), from €5.4m to €6.2m
- Debts after one year -€545,928
down €545,928 (-3.9%), from €14.1m to €13.6m
- Gross operating margin -€953,085
down €953,085 (-15.7%), from €6.1m to €5.1m
- Depreciation +€334,551
up €334,551 (+9.4%), from €3.5m to €3.9m
- Taxes -€258,786
no longer reported in 2026 (was €258,786)
- Staff costs +€139,346
up €139,346 (+94.2%), from €147,986 to €287,332
- Financial charges +€71,626
up €71,626 (+9.2%), from €776,791 to €848,417
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €30,524,119 | €30,379,657 | -€144,462 | -0.5% |
| Fixed assets | 21/28 | €23,962,120 | €24,761,098 | +€798,978 | +3.3% |
| Intangible fixed assets | 21 | €3,533 | €38,416 | +€34,883 | +987.4% |
| Tangible fixed assets | 22/27 | €23,938,001 | €24,701,796 | +€763,795 | +3.2% |
| Land and buildings | 22 | €3,430,991 | €3,342,594 | -€88,397 | -2.6% |
| Plant, machinery and equipment | 23 | €3,075,318 | €2,851,377 | -€223,940 | -7.3% |
| Furniture and vehicles | 24 | €39,844 | €64,420 | +€24,576 | +61.7% |
| Leasing and similar rights | 25 | €17,391,849 | €18,443,405 | +€1.1m | +6.0% |
| Financial fixed assets | 28 | €20,586 | €20,886 | +€300 | +1.5% |
| Current assets | 29/58 | €6,561,999 | €5,618,559 | -€943,440 | -14.4% |
| Stocks and contracts in progress | 3 | €52,429 | €53,867 | +€1,438 | +2.7% |
| Stocks | 30/36 | €52,429 | €53,867 | +€1,438 | +2.7% |
| Amounts receivable within one year | 40/41 | €3,849,164 | €4,001,345 | +€152,181 | +4.0% |
| Trade receivables | 40 | €3,842,412 | €3,983,019 | +€140,607 | +3.7% |
| Other amounts receivable | 41 | €6,752 | €18,326 | +€11,574 | +171.4% |
| Cash at bank and in hand | 54/58 | €2,626,554 | €1,524,937 | -€1.1m | -41.9% |
| Deferred charges and accrued income | 490/1 | €33,852 | €38,410 | +€4,557 | +13.5% |
| Total equity and liabilities | 10/49 | €30,524,119 | €30,379,657 | -€144,462 | -0.5% |
| Equity | 10/15 | €6,136,478 | €6,046,367 | -€90,111 | -1.5% |
| Contributions | 10/11 | €176,000 | €176,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,960,478 | €5,870,367 | -€90,111 | -1.5% |
| Amounts payable | 17/49 | €24,387,641 | €24,333,291 | -€54,351 | -0.2% |
| Amounts payable after more than one year | 17 | €14,114,743 | €13,568,815 | -€545,928 | -3.9% |
| Financial debts | 170/4 | €14,114,743 | €13,568,815 | -€545,928 | -3.9% |
| Amounts payable within one year | 42/48 | €10,263,096 | €10,764,271 | +€501,176 | +4.9% |
| Current portion of amounts payable after more than one year | 42 | €5,396,474 | €6,177,510 | +€781,036 | +14.5% |
| Financial debts | 43 | €3,081,475 | €2,130,084 | -€951,391 | -30.9% |
| Credit institutions | 430/8 | €2,131,475 | €2,130,084 | -€1,391 | -0.1% |
| Other loans | 439 | €950,000 | - | -€950,000 | |
| Trade debts | 44 | €1,590,061 | €2,409,414 | +€819,353 | +51.5% |
| Suppliers | 440/4 | €1,590,061 | €2,409,414 | +€819,353 | +51.5% |
| Taxes, remuneration and social security | 45 | €195,085 | €47,263 | -€147,823 | -75.8% |
| Taxes | 450/3 | €168,479 | €3,247 | -€165,232 | -98.1% |
| Remuneration and social security | 454/9 | €26,607 | €44,016 | +€17,409 | +65.4% |
| Accrued charges and deferred income | 492/3 | €9,803 | €204 | -€9,599 | -97.9% |
| Non-recurring operating income | 76A | €299,647 | €479,820 | +€180,173 | +60.1% |
| Remuneration, social security and pensions | 62 | €147,986 | €287,332 | +€139,346 | +94.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,540,933 | €3,875,484 | +€334,551 | +9.4% |
| Other operating charges | 640/8 | €26,268 | €33,816 | +€7,547 | +28.7% |
| Non-recurring operating charges | 66A | €6,457 | €152,047 | +€145,591 | +2255.0% |
| Gross operating margin | 9900 | €6,059,688 | €5,106,603 | -€953,085 | -15.7% |
| Operating profit (loss) | 9901 | €2,338,044 | €757,924 | -€1.6m | -67.6% |
| Financial income | 75/76B | €15,087 | €381 | -€14,706 | -97.5% |
| Recurring financial income | 75 | €15,087 | €381 | -€14,706 | -97.5% |
| Financial charges | 65/66B | €776,791 | €848,417 | +€71,626 | +9.2% |
| Recurring financial charges | 65 | €776,791 | €848,417 | +€71,626 | +9.2% |
| Profit (loss) for the period before taxes | 9903 | €1,576,340 | -€90,111 | -€1.7m | |
| Income taxes | 67/77 | €258,786 | - | -€258,786 | |
| Profit (loss) for the period | 9904 | €1,317,554 | -€90,111 | -€1.4m | |
| Profit (loss) for the period to be appropriated | 9905 | €1,317,554 | -€90,111 | -€1.4m |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.