Verbaert: 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.
Verbaert
Largest movements
- Receivables within one year +€57,036
up €57,036 (+52.2%), from €109,274 to €166,309
of which Other amounts receivable: +€33,541
- Tangible fixed assets +€18,302
up €18,302 (+37.5%), from €48,826 to €67,128
of which Other tangible fixed assets: +€24,569
- Deferred charges and accrued income +€10,089
new in 2025: €10,089
- Cash +€8,667
up €8,667 (+18.3%), from €47,258 to €55,926
mainly Short-term financial debts (+€125,000) and Trade debts (+€15,564)
- Stocks and contracts +€4,210
up €4,210 (+42.6%), from €9,874 to €14,084
- Short-term financial debts +€125,000
new in 2025: €125,000
- Profit (loss) carried forward -€45,010
down €45,010, from €13,415 to -€31,595
- Trade debts +€15,564
up €15,564 (+145.8%), from €10,674 to €26,237
- Advances received -€15,350
down €15,350 (-19.3%), from €79,599 to €64,249
- Debts after one year +€13,858
up €13,858 (+23.9%), from €57,966 to €71,825
- Staff costs +€28,951
up €28,951 (+424.5%), from €6,820 to €35,770
- Gross operating margin -€21,150
down €21,150 (-54.2%), from €39,011 to €17,860
- Other operating charges +€5,855
up €5,855 (+61.3%), from €9,547 to €15,403
- Financial charges +€4,857
up €4,857 (+269.8%), from €1,800 to €6,657
- Depreciation +€3,902
up €3,902 (+83.6%), from €4,666 to €8,568
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 | €216,896 | €315,000 | +€98,104 | +45.2% |
| Formation expenses | 20 | €800 | €600 | -€200 | -25.0% |
| Fixed assets | 21/28 | €49,690 | €67,992 | +€18,302 | +36.8% |
| Tangible fixed assets | 22/27 | €48,826 | €67,128 | +€18,302 | +37.5% |
| Plant, machinery and equipment | 23 | €48,826 | €42,559 | -€6,267 | -12.8% |
| Other tangible fixed assets | 26 | - | €24,569 | +€24,569 | |
| Financial fixed assets | 28 | €864 | €864 | = | 0.0% |
| Current assets | 29/58 | €166,406 | €246,408 | +€80,002 | +48.1% |
| Stocks and contracts in progress | 3 | €9,874 | €14,084 | +€4,210 | +42.6% |
| Stocks | 30/36 | €9,874 | €14,084 | +€4,210 | +42.6% |
| Amounts receivable within one year | 40/41 | €109,274 | €166,309 | +€57,036 | +52.2% |
| Trade receivables | 40 | €77,607 | €101,101 | +€23,494 | +30.3% |
| Other amounts receivable | 41 | €31,667 | €65,208 | +€33,541 | +105.9% |
| Cash at bank and in hand | 54/58 | €47,258 | €55,926 | +€8,667 | +18.3% |
| Deferred charges and accrued income | 490/1 | - | €10,089 | +€10,089 | |
| Total equity and liabilities | 10/49 | €216,896 | €315,000 | +€98,104 | +45.2% |
| Equity | 10/15 | €18,415 | -€26,595 | -€45,010 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,415 | -€31,595 | -€45,010 | |
| Amounts payable | 17/49 | €198,481 | €341,595 | +€143,114 | +72.1% |
| Amounts payable after more than one year | 17 | €57,966 | €71,825 | +€13,858 | +23.9% |
| Financial debts | 170/4 | €57,966 | €71,825 | +€13,858 | +23.9% |
| Amounts payable within one year | 42/48 | €140,514 | €269,770 | +€129,256 | +92.0% |
| Current portion of amounts payable after more than one year | 42 | €27,527 | €36,209 | +€8,683 | +31.5% |
| Financial debts | 43 | - | €125,000 | +€125,000 | |
| Credit institutions | 430/8 | - | €125,000 | +€125,000 | |
| Trade debts | 44 | €10,674 | €26,237 | +€15,564 | +145.8% |
| Suppliers | 440/4 | €10,674 | €26,237 | +€15,564 | +145.8% |
| Advances received on contracts in progress | 46 | €79,599 | €64,249 | -€15,350 | -19.3% |
| Taxes, remuneration and social security | 45 | €22,715 | €18,075 | -€4,641 | -20.4% |
| Taxes | 450/3 | €18,443 | €15,975 | -€2,468 | -13.4% |
| Remuneration and social security | 454/9 | €4,272 | €2,099 | -€2,173 | -50.9% |
| Remuneration, social security and pensions | 62 | €6,820 | €35,770 | +€28,951 | +424.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,666 | €8,568 | +€3,902 | +83.6% |
| Other operating charges | 640/8 | €9,547 | €15,403 | +€5,855 | +61.3% |
| Gross operating margin | 9900 | €39,011 | €17,860 | -€21,150 | -54.2% |
| Operating profit (loss) | 9901 | €17,978 | -€41,880 | -€59,858 | |
| Financial income | 75/76B | €1,098 | €3,564 | +€2,466 | +224.6% |
| Recurring financial income | 75 | €1,098 | €3,564 | +€2,466 | +224.6% |
| Financial charges | 65/66B | €1,800 | €6,657 | +€4,857 | +269.8% |
| Recurring financial charges | 65 | €1,800 | €6,657 | +€4,857 | +269.8% |
| Profit (loss) for the period before taxes | 9903 | €17,276 | -€44,973 | -€62,249 | |
| Income taxes | 67/77 | €3,861 | €37 | -€3,824 | -99.0% |
| Profit (loss) for the period | 9904 | €13,415 | -€45,010 | -€58,425 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,415 | -€45,010 | -€58,425 |
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.