VERBEKE BRUNO: 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 BRUNO
Largest movements
- Tangible fixed assets +€403,104
up €403,104 (+152%), from €265,645 to €668,749
of which Land and buildings: +€370,007
- Current investments -€72,878
down €72,878 (-55.1%), from €132,217 to €59,339
- Cash -€28,877
down €28,877 (-30.7%), from €94,023 to €65,146
mainly Investment in fixed assets (net) (-€481,336) and Net result for the year (-€63,674)
- Debts after one year +€331,738
new in 2025: €331,738
- Profit (loss) carried forward -€63,674
down €63,674, from €1,566 to -€62,108
- Trade debts +€33,458
up €33,458 (+267%), from €12,514 to €45,972
- Current portion of long-term debt +€18,262
new in 2025: €18,262
- Tax, wage and social debts -€16,229
down €16,229 (-61.6%), from €26,328 to €10,099
of which Taxes: -€18,010
- Depreciation +€48,200
up €48,200 (+160%), from €30,032 to €78,232
- Gross operating margin -€40,910
down €40,910 (-26.4%), from €155,250 to €114,340
- Staff costs +€26,426
up €26,426 (+40.2%), from €65,667 to €92,093
- Taxes -€17,285
down €17,285 (-100%), from €17,285 to €0
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 | €685,567 | €987,783 | +€302,217 | +44.1% |
| Fixed assets | 21/28 | €265,645 | €668,749 | +€403,104 | +152% |
| Tangible fixed assets | 22/27 | €265,645 | €668,749 | +€403,104 | +152% |
| Land and buildings | 22 | €247,738 | €617,745 | +€370,007 | +149% |
| Plant, machinery and equipment | 23 | €11,342 | €46,160 | +€34,818 | +307% |
| Furniture and vehicles | 24 | €6,565 | €4,843 | -€1,721 | -26.2% |
| Current assets | 29/58 | €419,922 | €319,034 | -€100,887 | -24.0% |
| Stocks and contracts in progress | 3 | €82,370 | €82,151 | -€219 | -0.3% |
| Stocks | 30/36 | €82,370 | €82,151 | -€219 | -0.3% |
| Amounts receivable within one year | 40/41 | €104,708 | €104,445 | -€263 | -0.3% |
| Trade receivables | 40 | €103,320 | €84,570 | -€18,750 | -18.1% |
| Other amounts receivable | 41 | €1,388 | €19,875 | +€18,487 | +1,332% |
| Current investments | 50/53 | €132,217 | €59,339 | -€72,878 | -55.1% |
| Cash at bank and in hand | 54/58 | €94,023 | €65,146 | -€28,877 | -30.7% |
| Deferred charges and accrued income | 490/1 | €6,604 | €7,953 | +€1,349 | +20.4% |
| Total equity and liabilities | 10/49 | €685,567 | €987,783 | +€302,217 | +44.1% |
| Equity | 10/15 | €586,561 | €522,887 | -€63,674 | -10.9% |
| Contributions | 10/11 | €450,000 | €450,000 | = | 0.0% |
| Reserves | 13 | €134,995 | €134,995 | = | 0.0% |
| Distributable reserves | 133 | €134,995 | €134,995 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,566 | -€62,108 | -€63,674 | |
| Amounts payable | 17/49 | €99,006 | €464,896 | +€365,890 | +370% |
| Amounts payable after more than one year | 17 | - | €331,738 | +€331,738 | |
| Financial debts | 170/4 | - | €331,738 | +€331,738 | |
| Amounts payable within one year | 42/48 | €95,489 | €133,158 | +€37,670 | +39.4% |
| Current portion of amounts payable after more than one year | 42 | - | €18,262 | +€18,262 | |
| Trade debts | 44 | €12,514 | €45,972 | +€33,458 | +267% |
| Suppliers | 440/4 | €12,514 | €45,972 | +€33,458 | +267% |
| Taxes, remuneration and social security | 45 | €26,328 | €10,099 | -€16,229 | -61.6% |
| Taxes | 450/3 | €18,010 | €0 | -€18,010 | -100% |
| Remuneration and social security | 454/9 | €8,318 | €10,099 | +€1,781 | +21.4% |
| Other amounts payable | 47/48 | €56,647 | €58,825 | +€2,178 | +3.8% |
| Accrued charges and deferred income | 492/3 | €3,517 | €0 | -€3,517 | -100% |
| Non-recurring operating income | 76A | €175 | €4,223 | +€4,048 | +2,313% |
| Remuneration, social security and pensions | 62 | €65,667 | €92,093 | +€26,426 | +40.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,032 | €78,232 | +€48,200 | +160% |
| Other operating charges | 640/8 | €4,618 | €3,926 | -€692 | -15.0% |
| Non-recurring operating charges | 66A | - | €218 | +€218 | |
| Gross operating margin | 9900 | €155,250 | €114,340 | -€40,910 | -26.4% |
| Operating profit (loss) | 9901 | €54,932 | -€60,129 | -€115,060 | |
| Financial income | 75/76B | €430 | €940 | +€510 | +119% |
| Recurring financial income | 75 | €430 | €940 | +€510 | +119% |
| Financial charges | 65/66B | €3,634 | €4,485 | +€851 | +23.4% |
| Recurring financial charges | 65 | €3,634 | €4,485 | +€851 | +23.4% |
| Profit (loss) for the period before taxes | 9903 | €51,727 | -€63,674 | -€115,401 | |
| Income taxes | 67/77 | €17,285 | €0 | -€17,285 | -100% |
| Profit (loss) for the period | 9904 | €34,442 | -€63,674 | -€98,116 | |
| Profit (loss) for the period to be appropriated | 9905 | €34,442 | -€63,674 | -€98,116 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.