VERBAU: 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.
What changed
VERBAU
NACE 10.820, Manufacture of cocoa, chocolate and sugar confectionery
fiscal year 31-12-2024 against 31-12-2025filed annual accounts (NBB)
Net result for the year
€1.8m
31-12-2024 · €2.1m-€295,718
Equity
€4.2m
31-12-2024 · €4.5m-€206,181
Cash
€1.8m
31-12-2024 · €2.3m-€471,245
Balance sheet total
€28.7m
31-12-2024 · €24.0m+€4.8m
Largest movements
Assets
- Receivables within one year +€4.9m
up €4.9m (+36.2%), from €13.6m to €18.6m
of which Trade receivables: +€5.6m
- Stocks and contracts +€764,108
up €764,108 (+20.2%), from €3.8m to €4.6m
- Cash -€471,245
down €471,245 (-20.7%), from €2.3m to €1.8m
mainly Receivables within one year (-€4.9m) and Contributions, distributions and other (-€2.0m)
Equity and liabilities
- Other debts +€3.2m
up €3.2m (+89.7%), from €3.6m to €6.8m
- Short-term financial debts +€1.2m
up €1.2m (+25.1%), from €4.6m to €5.8m
- Trade debts +€593,049
up €593,049 (+8.7%), from €6.8m to €7.4m
Income statement
- Goods and materials -€2.2m
down €2.2m (-6.9%), from €32.3m to €30.1m
of which Purchases: -€2.4m
- Turnover -€2.1m
down €2.1m (-3.9%), from €53.1m to €51.0m
- Services and other goods +€803,443
up €803,443 (+6.5%), from €12.3m to €13.1m
- Staff costs +€585,134
up €585,134 (+12.6%), from €4.6m to €5.2m
From the 31-12-2024 result to the 31-12-2025 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.
Result 31-12-2024
€2.1m
Turnover
-€2.1m
Other operating income
+€315,326
Goods and materials
+€2.2m
Services and other goods
-€803,443
Staff costs
-€585,134
Depreciation
+€229,279
Write-downs
-€4,231
Other operating charges
-€32,728
Other operating items
+€433,879
Financial income
+€109,851
Financial charges
-€37,344
Taxes
+€35,283
Deferred taxes and other
-€94,102
Result 31-12-2025
€1.8m
Cash bridge derived
Derived from the 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€1.5m
Investment
-€904,246
Financing
-€1.0m
Cash 31-12-2024
€2.3m
From operations (derived)
+€1.5m
Net result for the year
+€1.8m
Depreciation
+€1.2m
Receivables after one year
+€100,000
Stocks and contracts
-€764,108
Receivables within one year
-€4.9m
Deferred charges and accrued income
+€43,409
Provisions
+€94,102
Trade debts
+€593,049
Tax, wage and social debts
+€127,198
Other debts
+€3.2m
Accrued charges and deferred income
-€41,339
Investment (derived)
-€904,246
Investment in fixed assets (net)
-€904,246
Financing
-€1.0m
Debts after one year
-€41,263
Current portion of long-term debt
-€128,622
Short-term financial debts
+€1.2m
Contributions, distributions and other
-€2.0m
Cash 31-12-2025
€1.8m
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €23,951,776 | €28,735,598 | +€4.8m | +20.0% |
| Fixed assets | 21/28 | €3,607,547 | €3,306,302 | -€301,245 | -8.4% |
| Intangible fixed assets | 21 | €173,056 | €96,270 | -€76,786 | -44.4% |
| Tangible fixed assets | 22/27 | €3,335,122 | €3,116,755 | -€218,368 | -6.5% |
| Plant, machinery and equipment | 23 | €1,467,118 | €1,414,173 | -€52,945 | -3.6% |
| Furniture and vehicles | 24 | €162,976 | €111,089 | -€51,887 | -31.8% |
| Leasing and similar rights | 25 | €1,283,243 | €1,002,458 | -€280,785 | -21.9% |
| Other tangible fixed assets | 26 | €293,519 | €286,774 | -€6,746 | -2.3% |
| Assets under construction and advance payments | 27 | €128,266 | €302,261 | +€173,995 | +135.7% |
| Financial fixed assets | 28 | €99,369 | €93,278 | -€6,091 | -6.1% |
| Affiliated companies | 280/1 | €50,010 | €50,010 | = | 0.0% |
| Participating interests | 280 | €50,010 | €50,010 | = | 0.0% |
| Other financial fixed assets | 284/8 | €49,359 | €43,268 | -€6,091 | -12.3% |
| Amounts receivable and cash guarantees | 285/8 | €49,359 | €43,268 | -€6,091 | -12.3% |
| Current assets | 29/58 | €20,344,229 | €25,429,296 | +€5.1m | +25.0% |
| Amounts receivable after more than one year | 29 | €525,000 | €425,000 | -€100,000 | -19.0% |
| Other amounts receivable | 291 | €525,000 | €425,000 | -€100,000 | -19.0% |
| Stocks and contracts in progress | 3 | €3,786,879 | €4,550,987 | +€764,108 | +20.2% |
| Stocks | 30/36 | €3,786,879 | €4,550,987 | +€764,108 | +20.2% |
| Raw materials and consumables | 30/31 | €2,289,048 | €2,348,749 | +€59,701 | +2.6% |
| Work in progress | 32 | €240,298 | €475,821 | +€235,523 | +98.0% |
| Finished goods | 33 | €1,257,533 | €1,660,065 | +€402,532 | +32.0% |
| Goods purchased for resale | 34 | - | €66,351 | +€66,351 | |
| Amounts receivable within one year | 40/41 | €13,640,817 | €18,576,430 | +€4.9m | +36.2% |
| Trade receivables | 40 | €11,965,721 | €17,531,678 | +€5.6m | +46.5% |
| Other amounts receivable | 41 | €1,675,096 | €1,044,752 | -€630,344 | -37.6% |
| Cash at bank and in hand | 54/58 | €2,274,703 | €1,803,459 | -€471,245 | -20.7% |
| Deferred charges and accrued income | 490/1 | €116,830 | €73,421 | -€43,409 | -37.2% |
| Total equity and liabilities | 10/49 | €23,951,776 | €28,735,598 | +€4.8m | +20.0% |
| Equity | 10/15 | €4,455,953 | €4,249,773 | -€206,181 | -4.6% |
| Contributions | 10/11 | €266,560 | €266,560 | = | 0.0% |
| Capital | 10 | €266,560 | €266,560 | = | 0.0% |
| Issued capital | 100 | €266,560 | €266,560 | = | 0.0% |
| Reserves | 13 | €4,157,119 | €3,983,213 | -€173,907 | -4.2% |
| Non-distributable reserves | 130/1 | €26,656 | €26,656 | = | 0.0% |
| Legal reserve | 130 | €26,656 | €26,656 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €1,709,875 | +€1.7m | |
| Distributable reserves | 133 | €4,130,463 | €2,246,681 | -€1.9m | -45.6% |
| Investment grants | 15 | €32,274 | €0 | -€32,274 | -100.0% |
| Provisions and deferred taxes | 16 | - | €94,102 | +€94,102 | |
| Deferred taxes | 168 | - | €94,102 | +€94,102 | |
| Amounts payable | 17/49 | €19,495,823 | €24,391,723 | +€4.9m | +25.1% |
| Amounts payable after more than one year | 17 | €2,393,659 | €2,352,396 | -€41,263 | -1.7% |
| Financial debts | 170/4 | €2,029,147 | €2,097,295 | +€68,149 | +3.4% |
| Subordinated loans | 170 | €525,000 | €425,000 | -€100,000 | -19.0% |
| Leasing and similar obligations | 172 | €872,219 | €734,866 | -€137,354 | -15.7% |
| Credit institutions | 173 | €631,927 | €937,430 | +€305,502 | +48.3% |
| Other amounts payable | 178/9 | €364,513 | €255,101 | -€109,412 | -30.0% |
| Amounts payable within one year | 42/48 | €17,060,824 | €22,039,327 | +€5.0m | +29.2% |
| Current portion of amounts payable after more than one year | 42 | €808,754 | €680,132 | -€128,622 | -15.9% |
| Financial debts | 43 | €4,598,555 | €5,753,655 | +€1.2m | +25.1% |
| Credit institutions | 430/8 | €4,598,555 | €5,753,655 | +€1.2m | +25.1% |
| Trade debts | 44 | €6,800,675 | €7,393,723 | +€593,049 | +8.7% |
| Suppliers | 440/4 | €6,800,675 | €7,393,723 | +€593,049 | +8.7% |
| Taxes, remuneration and social security | 45 | €1,248,363 | €1,375,561 | +€127,198 | +10.2% |
| Taxes | 450/3 | €709,804 | €785,636 | +€75,832 | +10.7% |
| Remuneration and social security | 454/9 | €538,560 | €589,925 | +€51,365 | +9.5% |
| Other amounts payable | 47/48 | €3,604,477 | €6,836,255 | +€3.2m | +89.7% |
| Accrued charges and deferred income | 492/3 | €41,339 | €0 | -€41,339 | -100.0% |
| Operating income | 70/76A | €53,764,452 | €52,428,501 | -€1.3m | -2.5% |
| Turnover | 70 | €53,085,481 | €51,010,566 | -€2.1m | -3.9% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €563,572 | €601,273 | +€37,701 | +6.7% |
| Other operating income | 74 | €115,399 | €430,725 | +€315,326 | +273.2% |
| Non-recurring operating income | 76A | €0 | €385,937 | +€385,937 | |
| Operating charges | 60/66A | €50,642,250 | €49,615,704 | -€1.0m | -2.0% |
| Goods for resale, raw materials and consumables | 60 | €32,295,511 | €30,082,949 | -€2.2m | -6.9% |
| Purchases | 600/8 | €32,585,024 | €30,200,570 | -€2.4m | -7.3% |
| Change in stocks: decrease (increase) | 609 | -€289,513 | -€117,621 | +€171,892 | +59.4% |
| Services and other goods | 61 | €12,279,448 | €13,082,891 | +€803,443 | +6.5% |
| Remuneration, social security and pensions | 62 | €4,631,271 | €5,216,405 | +€585,134 | +12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,434,771 | €1,205,491 | -€229,279 | -16.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€49,445 | -€45,214 | +€4,231 | +8.6% |
| Other operating charges | 640/8 | €34,527 | €67,256 | +€32,728 | +94.8% |
| Non-recurring operating charges | 66A | €16,167 | €5,926 | -€10,242 | -63.3% |
| Operating profit (loss) | 9901 | €3,122,203 | €2,812,797 | -€309,405 | -9.9% |
| Financial income | 75/76B | €255,874 | €365,725 | +€109,851 | +42.9% |
| Recurring financial income | 75 | €255,874 | €365,725 | +€109,851 | +42.9% |
| Income from financial fixed assets | 750 | €26 | €37 | +€11 | +44.2% |
| Income from current assets | 751 | €75,602 | €70,938 | -€4,664 | -6.2% |
| Other financial income | 752/9 | €180,246 | €294,750 | +€114,504 | +63.5% |
| Financial charges | 65/66B | €669,266 | €706,610 | +€37,344 | +5.6% |
| Recurring financial charges | 65 | €669,266 | €706,610 | +€37,344 | +5.6% |
| Debt charges | 650 | €454,169 | €383,166 | -€71,003 | -15.6% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €0 | - | = | |
| Other financial charges | 652/9 | €215,097 | €323,444 | +€108,347 | +50.4% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €2,708,811 | €2,471,913 | -€236,898 | -8.7% |
| Transfer to deferred taxes | 680 | - | €94,102 | +€94,102 | |
| Income taxes | 67/77 | €587,000 | €551,717 | -€35,283 | -6.0% |
| Taxes | 670/3 | €587,000 | €551,999 | -€35,001 | -6.0% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | €282 | +€282 | |
| Profit (loss) for the period | 9904 | €2,121,811 | €1,826,093 | -€295,718 | -13.9% |
| Transfer to tax-exempt reserves | 689 | - | €1,709,875 | +€1.7m | |
| Profit (loss) for the period to be appropriated | 9905 | €2,121,811 | €116,218 | -€2.0m | -94.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.