VERBEKE: 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.
VERBEKE
Largest movements
- Tangible fixed assets +€43,732
up €43,732 (+2.5%), from €1.8m to €1.8m
of which Plant, machinery and equipment: +€100,000
- Cash -€31,371
down €31,371 (-79.2%), from €39,597 to €8,226
mainly Investment in fixed assets (net) (-€151,417) and Other debts (-€12,701)
- Stocks and contracts -€29,053
down €29,053 (-43.0%), from €67,509 to €38,457
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€52,571
down €52,571 (-22.3%), from €236,066 to €183,495
- Taxes -€28,966
down €28,966 (-92.0%), from €31,494 to €2,527
- Depreciation +€11,069
up €11,069 (+11.5%), from €96,617 to €107,685
- Financial charges -€7,401
down €7,401 (-11.0%), from €67,330 to €59,929
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 | €1,906,874 | €1,895,539 | -€11,335 | -0.6% |
| Fixed assets | 21/28 | €1,758,297 | €1,802,029 | +€43,732 | +2.5% |
| Tangible fixed assets | 22/27 | €1,758,297 | €1,802,029 | +€43,732 | +2.5% |
| Land and buildings | 22 | €1,326,741 | €1,271,723 | -€55,018 | -4.1% |
| Plant, machinery and equipment | 23 | €427,016 | €527,017 | +€100,000 | +23.4% |
| Furniture and vehicles | 24 | €4,540 | €3,289 | -€1,250 | -27.5% |
| Current assets | 29/58 | €148,577 | €93,510 | -€55,067 | -37.1% |
| Stocks and contracts in progress | 3 | €67,509 | €38,457 | -€29,053 | -43.0% |
| Stocks | 30/36 | €67,509 | €38,457 | -€29,053 | -43.0% |
| Amounts receivable within one year | 40/41 | €34,191 | €41,686 | +€7,495 | +21.9% |
| Trade receivables | 40 | €19,628 | €41,276 | +€21,647 | +110% |
| Other amounts receivable | 41 | €14,562 | €410 | -€14,152 | -97.2% |
| Cash at bank and in hand | 54/58 | €39,597 | €8,226 | -€31,371 | -79.2% |
| Deferred charges and accrued income | 490/1 | €7,280 | €5,141 | -€2,139 | -29.4% |
| Total equity and liabilities | 10/49 | €1,906,874 | €1,895,539 | -€11,335 | -0.6% |
| Equity | 10/15 | €978,768 | €979,933 | +€1,165 | +0.1% |
| Contributions | 10/11 | €666,215 | €666,215 | = | 0.0% |
| Capital | 10 | €666,215 | €666,215 | = | 0.0% |
| Issued capital | 100 | €666,215 | €666,215 | = | 0.0% |
| Reserves | 13 | €416,658 | €416,658 | = | 0.0% |
| Non-distributable reserves | 130/1 | €8,093 | €8,093 | = | 0.0% |
| Legal reserve | 130 | €8,093 | €8,093 | = | 0.0% |
| Distributable reserves | 133 | €408,565 | €408,565 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€130,820 | -€129,655 | +€1,165 | +0.9% |
| Investment grants | 15 | €26,715 | €26,715 | = | 0.0% |
| Provisions and deferred taxes | 16 | €19,086 | €19,086 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €19,086 | €19,086 | = | 0.0% |
| Environmental obligations | 163 | €19,086 | €19,086 | = | 0.0% |
| Amounts payable | 17/49 | €909,020 | €896,520 | -€12,500 | -1.4% |
| Amounts payable within one year | 42/48 | €909,020 | €895,770 | -€13,250 | -1.5% |
| Trade debts | 44 | €6,060 | €15,782 | +€9,722 | +160% |
| Suppliers | 440/4 | €6,060 | €15,782 | +€9,722 | +160% |
| Taxes, remuneration and social security | 45 | €33,596 | €23,323 | -€10,272 | -30.6% |
| Taxes | 450/3 | €33,596 | €23,323 | -€10,272 | -30.6% |
| Other amounts payable | 47/48 | €869,365 | €856,664 | -€12,701 | -1.5% |
| Accrued charges and deferred income | 492/3 | - | €750 | +€750 | |
| Non-recurring operating income | 76A | €52,366 | - | -€52,366 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,617 | €107,685 | +€11,069 | +11.5% |
| Other operating charges | 640/8 | €13,539 | €14,322 | +€784 | +5.8% |
| Gross operating margin | 9900 | €236,066 | €183,495 | -€52,571 | -22.3% |
| Operating profit (loss) | 9901 | €125,911 | €61,487 | -€64,424 | -51.2% |
| Financial income | 75/76B | €2,462 | €2,134 | -€328 | -13.3% |
| Recurring financial income | 75 | €2,462 | €2,134 | -€328 | -13.3% |
| Financial charges | 65/66B | €67,330 | €59,929 | -€7,401 | -11.0% |
| Recurring financial charges | 65 | €67,330 | €59,929 | -€7,401 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | €61,044 | €3,693 | -€57,351 | -94.0% |
| Transfer from deferred taxes | 780 | €22,355 | - | -€22,355 | |
| Income taxes | 67/77 | €31,494 | €2,527 | -€28,966 | -92.0% |
| Profit (loss) for the period | 9904 | €51,905 | €1,165 | -€50,740 | -97.8% |
| Transfer from tax-exempt reserves | 789 | €43,414 | - | -€43,414 | |
| Profit (loss) for the period to be appropriated | 9905 | €95,319 | €1,165 | -€94,154 | -98.8% |
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 19 October 2026 via checked.be.