VERBEKE D.: 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.
VERBEKE D.
Largest movements
- Receivables after one year +€180,000
up €180,000 (+56.3%), from €320,000 to €500,000
- Current investments -€175,697
down €175,697 (-46.9%), from €374,414 to €198,716
- Tangible fixed assets -€60,850
down €60,850 (-3.1%), from €2.0m to €1.9m
of which Land and buildings: -€60,850
- Cash +€31,446
up €31,446 (+54.1%), from €58,168 to €89,614
mainly Current investments (+€175,697) and Depreciation (+€79,258)
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€14,589
up €14,589 (+20.0%), from €72,925 to €87,514
- Financial charges +€13,144
up €13,144, from -€12,966 to €178
- Financial income +€11,779
up €11,779 (+70.9%), from €16,614 to €28,393
- Taxes +€7,164
up €7,164 (+61.9%), from €11,573 to €18,737
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.
Cash bridge derived
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 | €2,738,238 | €2,716,171 | -€22,067 | -0.8% |
| Fixed assets | 21/28 | €1,984,924 | €1,924,073 | -€60,850 | -3.1% |
| Tangible fixed assets | 22/27 | €1,984,924 | €1,924,073 | -€60,850 | -3.1% |
| Land and buildings | 22 | €1,973,694 | €1,912,844 | -€60,850 | -3.1% |
| Furniture and vehicles | 24 | €11,230 | €11,230 | = | 0.0% |
| Current assets | 29/58 | €753,314 | €792,098 | +€38,783 | +5.1% |
| Amounts receivable after more than one year | 29 | €320,000 | €500,000 | +€180,000 | +56.3% |
| Other amounts receivable | 291 | €320,000 | €500,000 | +€180,000 | +56.3% |
| Amounts receivable within one year | 40/41 | - | €2,956 | +€2,956 | |
| Other amounts receivable | 41 | - | €2,956 | +€2,956 | |
| Current investments | 50/53 | €374,414 | €198,716 | -€175,697 | -46.9% |
| Cash at bank and in hand | 54/58 | €58,168 | €89,614 | +€31,446 | +54.1% |
| Deferred charges and accrued income | 490/1 | €733 | €811 | +€78 | +10.7% |
| Total equity and liabilities | 10/49 | €2,738,238 | €2,716,171 | -€22,067 | -0.8% |
| Equity | 10/15 | €2,422,111 | €2,422,602 | +€491 | 0.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,402,111 | €2,402,602 | +€491 | 0.0% |
| Tax-exempt reserves | 132 | €592,296 | €570,446 | -€21,849 | -3.7% |
| Distributable reserves | 133 | €1,809,815 | €1,832,155 | +€22,340 | +1.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €262,205 | €252,400 | -€9,805 | -3.7% |
| Deferred taxes | 168 | €262,205 | €252,400 | -€9,805 | -3.7% |
| Amounts payable | 17/49 | €53,922 | €41,170 | -€12,753 | -23.7% |
| Amounts payable within one year | 42/48 | €48,372 | €36,995 | -€11,378 | -23.5% |
| Trade debts | 44 | €7,066 | €9,911 | +€2,845 | +40.3% |
| Suppliers | 440/4 | €7,066 | €9,911 | +€2,845 | +40.3% |
| Taxes, remuneration and social security | 45 | €7,627 | €7,060 | -€567 | -7.4% |
| Taxes | 450/3 | €7,627 | €7,060 | -€567 | -7.4% |
| Other amounts payable | 47/48 | €33,679 | €20,024 | -€13,655 | -40.5% |
| Accrued charges and deferred income | 492/3 | €5,550 | €4,175 | -€1,375 | -24.8% |
| Non-recurring operating income | 76A | €1,895 | €0 | -€1,895 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,125 | €79,258 | +€133 | +0.2% |
| Other operating charges | 640/8 | €12,396 | €12,441 | +€45 | +0.4% |
| Gross operating margin | 9900 | €72,925 | €87,514 | +€14,589 | +20.0% |
| Operating profit (loss) | 9901 | -€18,596 | -€4,184 | +€14,411 | +77.5% |
| Financial income | 75/76B | €16,614 | €28,393 | +€11,779 | +70.9% |
| Recurring financial income | 75 | €16,614 | €28,393 | +€11,779 | +70.9% |
| Financial charges | 65/66B | -€12,966 | €178 | +€13,144 | |
| Recurring financial charges | 65 | -€12,966 | €178 | +€13,144 | |
| Profit (loss) for the period before taxes | 9903 | €10,984 | €24,031 | +€13,046 | +118.8% |
| Transfer from deferred taxes | 780 | €9,805 | €9,805 | = | 0.0% |
| Income taxes | 67/77 | €11,573 | €18,737 | +€7,164 | +61.9% |
| Profit (loss) for the period | 9904 | €9,216 | €15,099 | +€5,883 | +63.8% |
| Transfer from tax-exempt reserves | 789 | €21,849 | €21,849 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €31,065 | €36,948 | +€5,883 | +18.9% |
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 6 October 2026 via checked.be.