VERBAETEN: 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.
VERBAETEN
Largest movements
- Receivables within one year +€41,659
up €41,659 (+90.3%), from €46,131 to €87,790
of which Trade receivables: +€26,403
- Tangible fixed assets -€27,732
down €27,732 (-10.1%), from €275,705 to €247,973
of which Land and buildings: -€16,181
- Deferred charges and accrued income -€14,271
down €14,271 (-71.4%), from €19,986 to €5,715
- Cash -€6,616
no longer reported in 2025 (was €6,616)
mainly Receivables within one year (-€41,659) and Trade debts (-€22,797)
- Reserves +€36,999
up €36,999 (+25.1%), from €147,698 to €184,697
of which Distributable reserves: +€36,999
- Trade debts -€22,797
down €22,797 (-77.3%), from €29,498 to €6,701
- Debts after one year -€19,333
down €19,333 (-17.4%), from €111,075 to €91,742
- Tax, wage and social debts -€5,193
down €5,193 (-13.6%), from €38,072 to €32,879
of which Taxes: -€3,828
- Gross operating margin +€33,452
up €33,452 (+15.7%), from €213,270 to €246,722
- Staff costs -€15,411
down €15,411 (-8.8%), from €175,838 to €160,427
- Taxes +€12,496
up €12,496 (+332%), from €3,759 to €16,256
- Financial charges +€4,040
up €4,040 (+182%), from €2,216 to €6,256
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 | €348,438 | €341,486 | -€6,951 | -2.0% |
| Fixed assets | 21/28 | €275,705 | €247,973 | -€27,732 | -10.1% |
| Tangible fixed assets | 22/27 | €275,705 | €247,973 | -€27,732 | -10.1% |
| Land and buildings | 22 | €229,302 | €213,121 | -€16,181 | -7.1% |
| Plant, machinery and equipment | 23 | €35,491 | €25,595 | -€9,896 | -27.9% |
| Furniture and vehicles | 24 | €10,912 | €9,257 | -€1,655 | -15.2% |
| Current assets | 29/58 | €72,733 | €93,514 | +€20,780 | +28.6% |
| Amounts receivable within one year | 40/41 | €46,131 | €87,790 | +€41,659 | +90.3% |
| Trade receivables | 40 | €33,762 | €60,165 | +€26,403 | +78.2% |
| Other amounts receivable | 41 | €12,368 | €27,625 | +€15,257 | +123% |
| Current investments | 50/53 | - | €8 | +€8 | |
| Cash at bank and in hand | 54/58 | €6,616 | - | -€6,616 | |
| Deferred charges and accrued income | 490/1 | €19,986 | €5,715 | -€14,271 | -71.4% |
| Total equity and liabilities | 10/49 | €348,438 | €341,486 | -€6,951 | -2.0% |
| Equity | 10/15 | €150,698 | €187,991 | +€37,293 | +24.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €147,698 | €184,697 | +€36,999 | +25.1% |
| Non-distributable reserves | 130/1 | €300 | €300 | = | 0.0% |
| Reserves not available under the articles | 1311 | €300 | €300 | = | 0.0% |
| Distributable reserves | 133 | €147,398 | €184,397 | +€36,999 | +25.1% |
| Profit (loss) carried forward | 14 | - | €294 | +€294 | |
| Amounts payable | 17/49 | €197,740 | €153,496 | -€44,244 | -22.4% |
| Amounts payable after more than one year | 17 | €111,075 | €91,742 | -€19,333 | -17.4% |
| Financial debts | 170/4 | €111,075 | €91,742 | -€19,333 | -17.4% |
| Amounts payable within one year | 42/48 | €86,664 | €58,913 | -€27,752 | -32.0% |
| Current portion of amounts payable after more than one year | 42 | €19,094 | €19,333 | +€239 | +1.2% |
| Trade debts | 44 | €29,498 | €6,701 | -€22,797 | -77.3% |
| Suppliers | 440/4 | €29,498 | €6,701 | -€22,797 | -77.3% |
| Taxes, remuneration and social security | 45 | €38,072 | €32,879 | -€5,193 | -13.6% |
| Taxes | 450/3 | €22,152 | €18,324 | -€3,828 | -17.3% |
| Remuneration and social security | 454/9 | €15,920 | €14,555 | -€1,365 | -8.6% |
| Accrued charges and deferred income | 492/3 | - | €2,841 | +€2,841 | |
| Remuneration, social security and pensions | 62 | €175,838 | €160,427 | -€15,411 | -8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,279 | €27,732 | +€1,453 | +5.5% |
| Other operating charges | 640/8 | €1,738 | €1,863 | +€125 | +7.2% |
| Gross operating margin | 9900 | €213,270 | €246,722 | +€33,452 | +15.7% |
| Operating profit (loss) | 9901 | €9,415 | €56,700 | +€47,285 | +502% |
| Financial income | 75/76B | €1,865 | €3,105 | +€1,240 | +66.5% |
| Recurring financial income | 75 | €1,865 | €3,105 | +€1,240 | +66.5% |
| Financial charges | 65/66B | €2,216 | €6,256 | +€4,040 | +182% |
| Recurring financial charges | 65 | €2,216 | €6,256 | +€4,040 | +182% |
| Profit (loss) for the period before taxes | 9903 | €9,064 | €53,549 | +€44,486 | +491% |
| Income taxes | 67/77 | €3,759 | €16,256 | +€12,496 | +332% |
| Profit (loss) for the period | 9904 | €5,304 | €37,294 | +€31,989 | +603% |
| Profit (loss) for the period to be appropriated | 9905 | €5,304 | €37,294 | +€31,989 | +603% |
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 20 October 2026 via checked.be.