VERBELEN: 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.
VERBELEN
Largest movements
- Tangible fixed assets -€146,398
down €146,398 (-55.6%), from €263,083 to €116,684
of which Furniture and vehicles: -€141,607
- Current investments +€100,000
up €100,000 (+33.3%), from €300,000 to €400,000
- Stocks and contracts +€62,499
up €62,499 (+92.6%), from €67,501 to €130,000
- Receivables within one year -€10,488
down €10,488 (-46.1%), from €22,761 to €12,273
of which Other amounts receivable: -€7,338
- Other debts +€57,088
up €57,088 (+264%), from €21,588 to €78,676
- Debts after one year -€32,205
down €32,205 (-15.3%), from €210,479 to €178,274
- Trade debts -€25,133
down €25,133 (-74.1%), from €33,932 to €8,799
- Profit (loss) carried forward +€14,122
up €14,122, from -€14,122 to €0
- Tax, wage and social debts -€12,392
down €12,392 (-52.8%), from €23,473 to €11,082
- Other operating charges -€41,262
down €41,262 (-75.2%), from €54,858 to €13,596
- Gross operating margin -€18,283
down €18,283 (-24.9%), from €73,525 to €55,242
- Depreciation +€11,156
up €11,156 (+134%), from €8,328 to €19,484
- Taxes +€9,155
up €9,155 (+489%), from €1,871 to €11,026
- Financial income +€7,117
up €7,117 (+81.4%), from €8,747 to €15,863
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 | €1,030,818 | €1,040,417 | +€9,599 | +0.9% |
| Fixed assets | 21/28 | €637,124 | €490,726 | -€146,398 | -23.0% |
| Tangible fixed assets | 22/27 | €263,083 | €116,684 | -€146,398 | -55.6% |
| Land and buildings | 22 | €3,849 | €2,686 | -€1,163 | -30.2% |
| Plant, machinery and equipment | 23 | €641 | €470 | -€171 | -26.6% |
| Furniture and vehicles | 24 | €244,681 | €103,074 | -€141,607 | -57.9% |
| Other tangible fixed assets | 26 | €13,911 | €10,454 | -€3,457 | -24.9% |
| Financial fixed assets | 28 | €374,041 | €374,041 | = | 0.0% |
| Current assets | 29/58 | €393,694 | €549,692 | +€155,997 | +39.6% |
| Stocks and contracts in progress | 3 | €67,501 | €130,000 | +€62,499 | +92.6% |
| Stocks | 30/36 | €67,501 | €130,000 | +€62,499 | +92.6% |
| Amounts receivable within one year | 40/41 | €22,761 | €12,273 | -€10,488 | -46.1% |
| Trade receivables | 40 | €15,000 | €11,850 | -€3,150 | -21.0% |
| Other amounts receivable | 41 | €7,761 | €423 | -€7,338 | -94.6% |
| Current investments | 50/53 | €300,000 | €400,000 | +€100,000 | +33.3% |
| Cash at bank and in hand | 54/58 | €251 | €377 | +€125 | +49.8% |
| Deferred charges and accrued income | 490/1 | €3,181 | €7,042 | +€3,861 | +121% |
| Total equity and liabilities | 10/49 | €1,030,818 | €1,040,417 | +€9,599 | +0.9% |
| Equity | 10/15 | €710,150 | €728,648 | +€18,497 | +2.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €711,873 | €716,248 | +€4,375 | +0.6% |
| Distributable reserves | 133 | €711,873 | €716,248 | +€4,375 | +0.6% |
| Profit (loss) carried forward | 14 | -€14,122 | €0 | +€14,122 | |
| Amounts payable | 17/49 | €320,667 | €311,769 | -€8,898 | -2.8% |
| Amounts payable after more than one year | 17 | €210,479 | €178,274 | -€32,205 | -15.3% |
| Financial debts | 170/4 | €210,479 | €178,274 | -€32,205 | -15.3% |
| Amounts payable within one year | 42/48 | €110,189 | €133,496 | +€23,307 | +21.2% |
| Current portion of amounts payable after more than one year | 42 | €31,196 | €32,205 | +€1,009 | +3.2% |
| Financial debts | 43 | €0 | €2,734 | +€2,734 | |
| Credit institutions | 430/8 | €0 | €2,734 | +€2,734 | |
| Trade debts | 44 | €33,932 | €8,799 | -€25,133 | -74.1% |
| Suppliers | 440/4 | €33,932 | €8,799 | -€25,133 | -74.1% |
| Taxes, remuneration and social security | 45 | €23,473 | €11,082 | -€12,392 | -52.8% |
| Taxes | 450/3 | €23,473 | €11,082 | -€12,392 | -52.8% |
| Other amounts payable | 47/48 | €21,588 | €78,676 | +€57,088 | +264% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,328 | €19,484 | +€11,156 | +134% |
| Other operating charges | 640/8 | €54,858 | €13,596 | -€41,262 | -75.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €73,525 | €55,242 | -€18,283 | -24.9% |
| Operating profit (loss) | 9901 | €10,338 | €22,162 | +€11,823 | +114% |
| Financial income | 75/76B | €8,747 | €15,863 | +€7,117 | +81.4% |
| Recurring financial income | 75 | €8,747 | €15,863 | +€7,117 | +81.4% |
| Financial charges | 65/66B | €12,378 | €8,502 | -€3,876 | -31.3% |
| Recurring financial charges | 65 | €12,378 | €8,502 | -€3,876 | -31.3% |
| Profit (loss) for the period before taxes | 9903 | €6,707 | €29,523 | +€22,816 | +340% |
| Income taxes | 67/77 | €1,871 | €11,026 | +€9,155 | +489% |
| Profit (loss) for the period | 9904 | €4,836 | €18,497 | +€13,661 | +282% |
| Profit (loss) for the period to be appropriated | 9905 | €4,836 | €18,497 | +€13,661 | +282% |
Source: filed annual accounts (NBB), financial years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.