VERBAUWHEDE: 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.
VERBAUWHEDE
Largest movements
- Tangible fixed assets -€111,983
down €111,983 (-8.6%), from €1.3m to €1.2m
of which Plant, machinery and equipment: -€64,469
- Receivables within one year -€72,149
down €72,149 (-24.9%), from €290,004 to €217,855
of which Trade receivables: -€63,105
- Stocks and contracts +€35,433
up €35,433 (+42.3%), from €83,715 to €119,148
- Reserves -€98,445
down €98,445 (-87.8%), from €112,177 to €13,731
- Current portion of long-term debt +€65,060
up €65,060 (+22.3%), from €291,620 to €356,680
- Debts after one year -€64,741
down €64,741 (-9.6%), from €674,509 to €609,768
- Short-term financial debts -€25,341
down €25,341 (-17.0%), from €149,001 to €123,660
- Other debts -€24,586
down €24,586 (-15.4%), from €159,407 to €134,821
- Gross operating margin -€98,236
down €98,236 (-15.4%), from €635,909 to €537,674
- Staff costs -€14,915
down €14,915 (-8.0%), from €185,831 to €170,916
- Taxes -€12,385
down €12,385 (-89.2%), from €13,891 to €1,506
- Financial charges -€8,371
down €8,371 (-15.3%), from €54,822 to €46,451
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 | €1,740,521 | €1,585,413 | -€155,108 | -8.9% |
| Formation expenses | 20 | €16,963 | €12,381 | -€4,582 | -27.0% |
| Fixed assets | 21/28 | €1,313,483 | €1,200,690 | -€112,793 | -8.6% |
| Intangible fixed assets | 21 | €810 | €0 | -€810 | -100% |
| Tangible fixed assets | 22/27 | €1,305,114 | €1,193,131 | -€111,983 | -8.6% |
| Plant, machinery and equipment | 23 | €274,087 | €209,618 | -€64,469 | -23.5% |
| Furniture and vehicles | 24 | €222,252 | €181,443 | -€40,809 | -18.4% |
| Leasing and similar rights | 25 | €808,775 | €802,070 | -€6,705 | -0.8% |
| Financial fixed assets | 28 | €7,559 | €7,559 | = | 0.0% |
| Current assets | 29/58 | €410,075 | €372,342 | -€37,733 | -9.2% |
| Stocks and contracts in progress | 3 | €83,715 | €119,148 | +€35,433 | +42.3% |
| Stocks | 30/36 | €83,715 | €119,148 | +€35,433 | +42.3% |
| Amounts receivable within one year | 40/41 | €290,004 | €217,855 | -€72,149 | -24.9% |
| Trade receivables | 40 | €244,740 | €181,636 | -€63,105 | -25.8% |
| Other amounts receivable | 41 | €45,264 | €36,219 | -€9,045 | -20.0% |
| Cash at bank and in hand | 54/58 | €15,018 | €8,929 | -€6,089 | -40.5% |
| Deferred charges and accrued income | 490/1 | €21,338 | €26,410 | +€5,073 | +23.8% |
| Total equity and liabilities | 10/49 | €1,740,521 | €1,585,413 | -€155,108 | -8.9% |
| Equity | 10/15 | €293,550 | €195,104 | -€98,445 | -33.5% |
| Contributions | 10/11 | €181,373 | €181,373 | = | 0.0% |
| Reserves | 13 | €112,177 | €13,731 | -€98,445 | -87.8% |
| Distributable reserves | 133 | €112,177 | €13,731 | -€98,445 | -87.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,446,972 | €1,390,309 | -€56,663 | -3.9% |
| Amounts payable after more than one year | 17 | €674,509 | €609,768 | -€64,741 | -9.6% |
| Financial debts | 170/4 | €674,509 | €609,768 | -€64,741 | -9.6% |
| Amounts payable within one year | 42/48 | €772,462 | €778,810 | +€6,348 | +0.8% |
| Current portion of amounts payable after more than one year | 42 | €291,620 | €356,680 | +€65,060 | +22.3% |
| Financial debts | 43 | €149,001 | €123,660 | -€25,341 | -17.0% |
| Credit institutions | 430/8 | €149,001 | €123,660 | -€25,341 | -17.0% |
| Trade debts | 44 | €117,041 | €126,887 | +€9,845 | +8.4% |
| Suppliers | 440/4 | €117,041 | €126,887 | +€9,845 | +8.4% |
| Advances received on contracts in progress | 46 | €17,609 | €15,786 | -€1,823 | -10.4% |
| Taxes, remuneration and social security | 45 | €37,784 | €20,976 | -€16,808 | -44.5% |
| Taxes | 450/3 | €23,601 | €11,657 | -€11,943 | -50.6% |
| Remuneration and social security | 454/9 | €14,183 | €9,319 | -€4,864 | -34.3% |
| Other amounts payable | 47/48 | €159,407 | €134,821 | -€24,586 | -15.4% |
| Accrued charges and deferred income | 492/3 | €0 | €1,731 | +€1,731 | |
| Non-recurring operating income | 76A | - | €19,000 | +€19,000 | |
| Remuneration, social security and pensions | 62 | €185,831 | €170,916 | -€14,915 | -8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €353,785 | €359,800 | +€6,015 | +1.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €848 | €1,251 | +€403 | +47.5% |
| Other operating charges | 640/8 | €5,513 | €8,838 | +€3,326 | +60.3% |
| Gross operating margin | 9900 | €635,909 | €537,674 | -€98,236 | -15.4% |
| Operating profit (loss) | 9901 | €89,932 | -€3,132 | -€93,064 | |
| Financial income | 75/76B | €3,617 | €2,644 | -€973 | -26.9% |
| Recurring financial income | 75 | €3,617 | €2,644 | -€973 | -26.9% |
| Financial charges | 65/66B | €54,822 | €46,451 | -€8,371 | -15.3% |
| Recurring financial charges | 65 | €54,822 | €46,451 | -€8,371 | -15.3% |
| Profit (loss) for the period before taxes | 9903 | €38,728 | -€46,939 | -€85,667 | |
| Income taxes | 67/77 | €13,891 | €1,506 | -€12,385 | -89.2% |
| Profit (loss) for the period | 9904 | €24,837 | -€48,445 | -€73,282 | |
| Profit (loss) for the period to be appropriated | 9905 | €24,837 | -€48,445 | -€73,282 |
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.