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
- Current investments +€207,262
up €207,262 (+83.5%), from €248,161 to €455,423
- Tangible fixed assets -€50,426
down €50,426 (-10.8%), from €465,847 to €415,421
of which Furniture and vehicles: -€34,997
- Cash +€27,736
up €27,736 (+4.2%), from €667,729 to €695,465
mainly Net result for the year (+€187,750) and Depreciation (+€130,271)
- Receivables within one year -€27,703
down €27,703 (-8.9%), from €310,628 to €282,925
of which Trade receivables: -€19,432
- Provisions +€94,666
new in 2025: €94,666
- Reserves +€44,608
up €44,608 (+2.7%), from €1.6m to €1.7m
of which Distributable reserves: +€44,608
- Trade debts -€34,330
down €34,330 (-28.5%), from €120,632 to €86,302
- Provisions +€94,666
new in 2025: €94,666
- Gross operating margin +€87,380
up €87,380 (+11.2%), from €780,882 to €868,262
- Taxes +€29,224
up €29,224 (+34.3%), from €85,148 to €114,372
- Write-downs -€13,000
down €13,000 (-46.4%), from €28,000 to €15,000
- Depreciation -€11,882
down €11,882 (-8.4%), from €142,153 to €130,271
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 | €1,836,643 | €1,948,114 | +€111,471 | +6.1% |
| Fixed assets | 21/28 | €466,302 | €415,876 | -€50,426 | -10.8% |
| Tangible fixed assets | 22/27 | €465,847 | €415,421 | -€50,426 | -10.8% |
| Land and buildings | 22 | €174,917 | €165,540 | -€9,377 | -5.4% |
| Plant, machinery and equipment | 23 | €92,993 | €86,942 | -€6,051 | -6.5% |
| Furniture and vehicles | 24 | €197,936 | €162,939 | -€34,997 | -17.7% |
| Financial fixed assets | 28 | €455 | €455 | = | 0.0% |
| Current assets | 29/58 | €1,370,341 | €1,532,238 | +€161,897 | +11.8% |
| Amounts receivable after more than one year | 29 | €37,514 | €19,243 | -€18,272 | -48.7% |
| Other amounts receivable | 291 | €37,514 | €19,243 | -€18,272 | -48.7% |
| Stocks and contracts in progress | 3 | €78,340 | €59,952 | -€18,388 | -23.5% |
| Stocks | 30/36 | €78,340 | €59,952 | -€18,388 | -23.5% |
| Amounts receivable within one year | 40/41 | €310,628 | €282,925 | -€27,703 | -8.9% |
| Trade receivables | 40 | €295,332 | €275,900 | -€19,432 | -6.6% |
| Other amounts receivable | 41 | €15,296 | €7,025 | -€8,271 | -54.1% |
| Current investments | 50/53 | €248,161 | €455,423 | +€207,262 | +83.5% |
| Cash at bank and in hand | 54/58 | €667,729 | €695,465 | +€27,736 | +4.2% |
| Deferred charges and accrued income | 490/1 | €27,969 | €19,230 | -€8,739 | -31.2% |
| Total equity and liabilities | 10/49 | €1,836,643 | €1,948,114 | +€111,471 | +6.1% |
| Equity | 10/15 | €1,670,521 | €1,715,129 | +€44,608 | +2.7% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €1,635,521 | €1,680,129 | +€44,608 | +2.7% |
| Tax-exempt reserves | 132 | €8,000 | €8,000 | = | 0.0% |
| Distributable reserves | 133 | €1,627,521 | €1,672,129 | +€44,608 | +2.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | - | €94,666 | +€94,666 | |
| Provisions for liabilities and charges | 160/5 | - | €94,666 | +€94,666 | |
| Other liabilities and charges | 164/5 | - | €94,666 | +€94,666 | |
| Amounts payable | 17/49 | €166,122 | €138,320 | -€27,802 | -16.7% |
| Amounts payable within one year | 42/48 | €166,122 | €138,320 | -€27,802 | -16.7% |
| Financial debts | 43 | €0 | €874 | +€874 | |
| Other loans | 439 | €0 | €874 | +€874 | |
| Trade debts | 44 | €120,632 | €86,302 | -€34,330 | -28.5% |
| Suppliers | 440/4 | €120,632 | €86,302 | -€34,330 | -28.5% |
| Taxes, remuneration and social security | 45 | €34,337 | €39,652 | +€5,315 | +15.5% |
| Taxes | 450/3 | €1,324 | €4,477 | +€3,153 | +238% |
| Remuneration and social security | 454/9 | €33,012 | €35,174 | +€2,162 | +6.5% |
| Other amounts payable | 47/48 | €11,153 | €11,493 | +€340 | +3.0% |
| Non-recurring operating income | 76A | €26,000 | €4,759 | -€21,241 | -81.7% |
| Remuneration, social security and pensions | 62 | €328,005 | €318,405 | -€9,600 | -2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €142,153 | €130,271 | -€11,882 | -8.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €28,000 | €15,000 | -€13,000 | -46.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €94,666 | +€94,666 | |
| Other operating charges | 640/8 | €7,447 | €7,593 | +€146 | +2.0% |
| Non-recurring operating charges | 66A | €0 | €1,841 | +€1,841 | |
| Gross operating margin | 9900 | €780,882 | €868,262 | +€87,380 | +11.2% |
| Operating profit (loss) | 9901 | €275,277 | €300,487 | +€25,210 | +9.2% |
| Financial income | 75/76B | €2,016 | €1,815 | -€201 | -10.0% |
| Recurring financial income | 75 | €2,016 | €1,815 | -€201 | -10.0% |
| Financial charges | 65/66B | €803 | €180 | -€623 | -77.6% |
| Recurring financial charges | 65 | €803 | €180 | -€623 | -77.6% |
| Profit (loss) for the period before taxes | 9903 | €276,490 | €302,122 | +€25,632 | +9.3% |
| Income taxes | 67/77 | €85,148 | €114,372 | +€29,224 | +34.3% |
| Profit (loss) for the period | 9904 | €191,342 | €187,750 | -€3,592 | -1.9% |
| Profit (loss) for the period to be appropriated | 9905 | €191,342 | €187,750 | -€3,592 | -1.9% |
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 17 October 2026 via checked.be.