Verbeke Reizen: 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 Reizen
Largest movements
- Intangible fixed assets +€194,565
up €194,565 (+182%), from €106,940 to €301,505
- Deferred charges and accrued income -€159,251
down €159,251 (-59.6%), from €267,413 to €108,163
- Stocks and contracts +€66,050
up €66,050 (+37.8%), from €174,692 to €240,742
- Cash -€18,894
down €18,894 (-13.6%), from €138,479 to €119,585
mainly Investment in fixed assets (net) (-€240,234) and Stocks and contracts (-€66,050)
- Tangible fixed assets -€16,665
down €16,665 (-7.4%), from €225,583 to €208,918
of which Land and buildings: -€14,664
- Accrued charges and deferred income +€38,648
new in 2025: €38,648
- Trade debts +€37,127
up €37,127 (+459%), from €8,083 to €45,210
- Reserves +€30,266
up €30,266 (+30.9%), from €98,049 to €128,315
- Debts after one year -€18,578
down €18,578 (-5.2%), from €354,378 to €335,800
- Tax, wage and social debts -€15,062
down €15,062 (-99.2%), from €15,182 to €120
- Gross operating margin +€59,825
up €59,825 (+72.8%), from €82,207 to €142,032
- Depreciation +€24,008
up €24,008 (+62.6%), from €38,326 to €62,334
- Financial charges -€12,015
down €12,015 (-43.3%), from €27,721 to €15,706
- Taxes +€10,077
up €10,077 (+442%), from €2,281 to €12,358
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 | €1,152,728 | €1,221,671 | +€68,943 | +6.0% |
| Fixed assets | 21/28 | €332,523 | €510,423 | +€177,900 | +53.5% |
| Intangible fixed assets | 21 | €106,940 | €301,505 | +€194,565 | +182% |
| Tangible fixed assets | 22/27 | €225,583 | €208,918 | -€16,665 | -7.4% |
| Land and buildings | 22 | €214,839 | €200,174 | -€14,664 | -6.8% |
| Plant, machinery and equipment | 23 | €5,522 | €3,689 | -€1,832 | -33.2% |
| Furniture and vehicles | 24 | €5,223 | €5,054 | -€168 | -3.2% |
| Current assets | 29/58 | €820,205 | €711,248 | -€108,957 | -13.3% |
| Stocks and contracts in progress | 3 | €174,692 | €240,742 | +€66,050 | +37.8% |
| Stocks | 30/36 | €174,692 | €240,742 | +€66,050 | +37.8% |
| Amounts receivable within one year | 40/41 | €239,620 | €242,758 | +€3,138 | +1.3% |
| Trade receivables | 40 | €18,060 | €13,617 | -€4,443 | -24.6% |
| Other amounts receivable | 41 | €221,561 | €229,141 | +€7,580 | +3.4% |
| Cash at bank and in hand | 54/58 | €138,479 | €119,585 | -€18,894 | -13.6% |
| Deferred charges and accrued income | 490/1 | €267,413 | €108,163 | -€159,251 | -59.6% |
| Total equity and liabilities | 10/49 | €1,152,728 | €1,221,671 | +€68,943 | +6.0% |
| Equity | 10/15 | €123,049 | €153,315 | +€30,266 | +24.6% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €98,049 | €128,315 | +€30,266 | +30.9% |
| Distributable reserves | 133 | €98,049 | €128,315 | +€30,266 | +30.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,029,679 | €1,068,356 | +€38,677 | +3.8% |
| Amounts payable after more than one year | 17 | €354,378 | €335,800 | -€18,578 | -5.2% |
| Financial debts | 170/4 | €354,378 | €335,800 | -€18,578 | -5.2% |
| Amounts payable within one year | 42/48 | €675,301 | €693,908 | +€18,607 | +2.8% |
| Current portion of amounts payable after more than one year | 42 | €181,643 | €189,611 | +€7,968 | +4.4% |
| Trade debts | 44 | €8,083 | €45,210 | +€37,127 | +459% |
| Suppliers | 440/4 | €8,083 | €45,210 | +€37,127 | +459% |
| Advances received on contracts in progress | 46 | €463,909 | €453,882 | -€10,027 | -2.2% |
| Taxes, remuneration and social security | 45 | €15,182 | €120 | -€15,062 | -99.2% |
| Taxes | 450/3 | €15,182 | €120 | -€15,062 | -99.2% |
| Other amounts payable | 47/48 | €6,484 | €5,085 | -€1,399 | -21.6% |
| Accrued charges and deferred income | 492/3 | - | €38,648 | +€38,648 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,326 | €62,334 | +€24,008 | +62.6% |
| Other operating charges | 640/8 | €4,612 | €3,871 | -€741 | -16.1% |
| Non-recurring operating charges | 66A | €8,854 | €5,268 | -€3,586 | -40.5% |
| Gross operating margin | 9900 | €82,207 | €142,032 | +€59,825 | +72.8% |
| Operating profit (loss) | 9901 | €30,415 | €70,558 | +€40,144 | +132% |
| Financial income | 75/76B | €648 | €1,771 | +€1,123 | +173% |
| Recurring financial income | 75 | €648 | €1,771 | +€1,123 | +173% |
| Financial charges | 65/66B | €27,721 | €15,706 | -€12,015 | -43.3% |
| Recurring financial charges | 65 | €27,721 | €15,706 | -€12,015 | -43.3% |
| Profit (loss) for the period before taxes | 9903 | €3,342 | €56,624 | +€53,282 | +1,594% |
| Income taxes | 67/77 | €2,281 | €12,358 | +€10,077 | +442% |
| Profit (loss) for the period | 9904 | €1,061 | €44,266 | +€43,205 | +4,072% |
| Profit (loss) for the period to be appropriated | 9905 | €1,061 | €44,266 | +€43,205 | +4,072% |
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 23 October 2026 via checked.be.