Verbeke & Vennoten: 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 & Vennoten
Largest movements
- Receivables within one year +€106,395
up €106,395 (+392%), from €27,129 to €133,524
of which Other amounts receivable: +€108,630
- Cash -€26,634
down €26,634 (-30.6%), from €87,045 to €60,411
mainly Receivables within one year (-€106,395) and Current investments (-€22,000)
- Current investments +€22,000
new in 2025: €22,000
- Tangible fixed assets -€12,089
down €12,089 (-26.0%), from €46,461 to €34,373
- Reserves +€103,710
up €103,710 (+106%), from €97,966 to €201,676
- Debts after one year -€7,491
down €7,491 (-38.6%), from €19,383 to €11,892
- Short-term financial debts -€3,214
no longer reported in 2025 (was €3,214)
- Tax, wage and social debts -€3,063
down €3,063 (-11.8%), from €25,989 to €22,925
of which Remuneration and social security: -€4,000
- Gross operating margin +€12,076
up €12,076 (+8.6%), from €140,821 to €152,897
- Depreciation +€6,567
up €6,567 (+94.1%), from €6,981 to €13,548
- Financial income +€2,091
up €2,091 (+289%), from €725 to €2,816
- Taxes +€1,553
up €1,553 (+4.4%), from €35,291 to €36,844
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 | €161,892 | €251,381 | +€89,490 | +55.3% |
| Fixed assets | 21/28 | €46,461 | €34,373 | -€12,089 | -26.0% |
| Tangible fixed assets | 22/27 | €46,461 | €34,373 | -€12,089 | -26.0% |
| Furniture and vehicles | 24 | €46,461 | €34,373 | -€12,089 | -26.0% |
| Current assets | 29/58 | €115,430 | €217,009 | +€101,578 | +88.0% |
| Amounts receivable within one year | 40/41 | €27,129 | €133,524 | +€106,395 | +392% |
| Trade receivables | 40 | €21,837 | €19,602 | -€2,235 | -10.2% |
| Other amounts receivable | 41 | €5,292 | €113,922 | +€108,630 | +2,053% |
| Current investments | 50/53 | - | €22,000 | +€22,000 | |
| Cash at bank and in hand | 54/58 | €87,045 | €60,411 | -€26,634 | -30.6% |
| Deferred charges and accrued income | 490/1 | €1,256 | €1,074 | -€182 | -14.5% |
| Total equity and liabilities | 10/49 | €161,892 | €251,381 | +€89,490 | +55.3% |
| Equity | 10/15 | €99,966 | €203,676 | +€103,710 | +104% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €97,966 | €201,676 | +€103,710 | +106% |
| Distributable reserves | 133 | €97,966 | €201,676 | +€103,710 | +106% |
| Amounts payable | 17/49 | €61,926 | €47,706 | -€14,220 | -23.0% |
| Amounts payable after more than one year | 17 | €19,383 | €11,892 | -€7,491 | -38.6% |
| Financial debts | 170/4 | €19,383 | €11,892 | -€7,491 | -38.6% |
| Amounts payable within one year | 42/48 | €41,235 | €35,813 | -€5,422 | -13.1% |
| Current portion of amounts payable after more than one year | 42 | €7,159 | €7,491 | +€332 | +4.6% |
| Financial debts | 43 | €3,214 | - | -€3,214 | |
| Other loans | 439 | €3,214 | - | -€3,214 | |
| Trade debts | 44 | €1,429 | €1,953 | +€524 | +36.6% |
| Suppliers | 440/4 | €1,429 | €1,953 | +€524 | +36.6% |
| Taxes, remuneration and social security | 45 | €25,989 | €22,925 | -€3,063 | -11.8% |
| Taxes | 450/3 | €21,989 | €22,925 | +€937 | +4.3% |
| Remuneration and social security | 454/9 | €4,000 | - | -€4,000 | |
| Other amounts payable | 47/48 | €3,444 | €3,444 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,307 | - | -€1,307 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,981 | €13,548 | +€6,567 | +94.1% |
| Other operating charges | 640/8 | €275 | €190 | -€84 | -30.7% |
| Gross operating margin | 9900 | €140,821 | €152,897 | +€12,076 | +8.6% |
| Operating profit (loss) | 9901 | €133,565 | €139,158 | +€5,593 | +4.2% |
| Financial income | 75/76B | €725 | €2,816 | +€2,091 | +289% |
| Recurring financial income | 75 | €725 | €2,816 | +€2,091 | +289% |
| Financial charges | 65/66B | €1,033 | €1,420 | +€387 | +37.4% |
| Recurring financial charges | 65 | €1,033 | €1,420 | +€387 | +37.4% |
| Profit (loss) for the period before taxes | 9903 | €133,257 | €140,554 | +€7,298 | +5.5% |
| Income taxes | 67/77 | €35,291 | €36,844 | +€1,553 | +4.4% |
| Profit (loss) for the period | 9904 | €97,966 | €103,710 | +€5,744 | +5.9% |
| Profit (loss) for the period to be appropriated | 9905 | €97,966 | €103,710 | +€5,744 | +5.9% |
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.