VERAVERBEKE: 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.
VERAVERBEKE
Largest movements
- Cash +€336,805
up €336,805 (+251%), from €133,967 to €470,772
mainly Receivables within one year (+€186,645) and Stocks and contracts (+€172,212)
- Receivables within one year -€186,645
down €186,645 (-11.0%), from €1.7m to €1.5m
of which Trade receivables: -€163,921
- Stocks and contracts -€172,212
down €172,212 (-35.0%), from €492,097 to €319,885
- Tangible fixed assets -€64,477
down €64,477 (-32.1%), from €200,669 to €136,192
of which Furniture and vehicles: -€63,256
- Deferred charges and accrued income -€33,935
down €33,935 (-74.7%), from €45,458 to €11,523
- Trade debts -€107,110
down €107,110 (-49.0%), from €218,390 to €111,280
- Short-term financial debts -€70,000
down €70,000 (-41.2%), from €170,000 to €100,000
- Other debts +€64,008
up €64,008 (+13.4%), from €478,848 to €542,857
- Reserves +€31,000
up €31,000 (+4.3%), from €714,560 to €745,560
of which Distributable reserves: +€31,000
- Advances received -€26,764
down €26,764 (-11.4%), from €235,729 to €208,966
- Gross operating margin +€195,497
up €195,497 (+156%), from €124,927 to €320,424
- Write-downs -€80,768
down €80,768, from €46,021 to -€34,746
- Taxes +€41,684
up €41,684 (+18,872%), from €221 to €41,905
- Financial charges -€6,399
down €6,399 (-14.9%), from €42,941 to €36,543
- Financial income -€3,979
down €3,979 (-26.1%), from €15,229 to €11,250
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 | €2,577,376 | €2,457,142 | -€120,233 | -4.7% |
| Fixed assets | 21/28 | €201,749 | €137,002 | -€64,747 | -32.1% |
| Tangible fixed assets | 22/27 | €200,669 | €136,192 | -€64,477 | -32.1% |
| Plant, machinery and equipment | 23 | €1,221 | €0 | -€1,221 | -100% |
| Furniture and vehicles | 24 | €199,447 | €136,192 | -€63,256 | -31.7% |
| Financial fixed assets | 28 | €1,080 | €810 | -€270 | -25.0% |
| Current assets | 29/58 | €2,375,627 | €2,320,141 | -€55,486 | -2.3% |
| Stocks and contracts in progress | 3 | €492,097 | €319,885 | -€172,212 | -35.0% |
| Stocks | 30/36 | €492,097 | €319,885 | -€172,212 | -35.0% |
| Amounts receivable within one year | 40/41 | €1,704,105 | €1,517,460 | -€186,645 | -11.0% |
| Trade receivables | 40 | €1,621,541 | €1,457,620 | -€163,921 | -10.1% |
| Other amounts receivable | 41 | €82,564 | €59,840 | -€22,724 | -27.5% |
| Current investments | 50/53 | - | €500 | +€500 | |
| Cash at bank and in hand | 54/58 | €133,967 | €470,772 | +€336,805 | +251% |
| Deferred charges and accrued income | 490/1 | €45,458 | €11,523 | -€33,935 | -74.7% |
| Total equity and liabilities | 10/49 | €2,577,376 | €2,457,142 | -€120,233 | -4.7% |
| Equity | 10/15 | €1,387,950 | €1,421,614 | +€33,664 | +2.4% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €714,560 | €745,560 | +€31,000 | +4.3% |
| Non-distributable reserves | 130/1 | €14,970 | €14,970 | = | 0.0% |
| Legal reserve | 130 | €14,970 | €14,970 | = | 0.0% |
| Tax-exempt reserves | 132 | €43,244 | €43,244 | = | 0.0% |
| Distributable reserves | 133 | €656,346 | €687,346 | +€31,000 | +4.7% |
| Profit (loss) carried forward | 14 | €611,890 | €614,553 | +€2,664 | +0.4% |
| Amounts payable | 17/49 | €1,189,426 | €1,035,528 | -€153,897 | -12.9% |
| Amounts payable after more than one year | 17 | €14,400 | €0 | -€14,400 | -100% |
| Financial debts | 170/4 | €14,400 | €0 | -€14,400 | -100% |
| Amounts payable within one year | 42/48 | €1,128,743 | €989,115 | -€139,628 | -12.4% |
| Current portion of amounts payable after more than one year | 42 | €14,400 | €14,400 | = | 0.0% |
| Financial debts | 43 | €170,000 | €100,000 | -€70,000 | -41.2% |
| Credit institutions | 430/8 | €170,000 | €100,000 | -€70,000 | -41.2% |
| Trade debts | 44 | €218,390 | €111,280 | -€107,110 | -49.0% |
| Suppliers | 440/4 | €218,390 | €111,280 | -€107,110 | -49.0% |
| Advances received on contracts in progress | 46 | €235,729 | €208,966 | -€26,764 | -11.4% |
| Taxes, remuneration and social security | 45 | €11,375 | €11,613 | +€238 | +2.1% |
| Taxes | 450/3 | €309 | €300 | -€9 | -3.1% |
| Remuneration and social security | 454/9 | €11,066 | €11,313 | +€247 | +2.2% |
| Other amounts payable | 47/48 | €478,848 | €542,857 | +€64,008 | +13.4% |
| Accrued charges and deferred income | 492/3 | €46,283 | €46,413 | +€131 | +0.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €60,896 | €64,657 | +€3,761 | +6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,763 | €64,477 | -€3,286 | -4.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €46,021 | -€34,746 | -€80,768 | |
| Other operating charges | 640/8 | €8,745 | €6,174 | -€2,571 | -29.4% |
| Gross operating margin | 9900 | €124,927 | €320,424 | +€195,497 | +156% |
| Operating profit (loss) | 9901 | -€58,499 | €219,861 | +€278,360 | |
| Financial income | 75/76B | €15,229 | €11,250 | -€3,979 | -26.1% |
| Recurring financial income | 75 | €15,229 | €11,250 | -€3,979 | -26.1% |
| Financial charges | 65/66B | €42,941 | €36,543 | -€6,399 | -14.9% |
| Recurring financial charges | 65 | €42,941 | €36,543 | -€6,399 | -14.9% |
| Profit (loss) for the period before taxes | 9903 | -€86,211 | €194,569 | +€280,780 | |
| Income taxes | 67/77 | €221 | €41,905 | +€41,684 | +18,872% |
| Profit (loss) for the period | 9904 | -€86,432 | €152,664 | +€239,096 | |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€86,432 | €152,664 | +€239,096 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.