VERBIVAR: 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.
VERBIVAR
Largest movements
- Current investments +€503,118
up €503,118 (+250%), from €201,000 to €704,118
- Cash -€464,115
down €464,115 (-52.7%), from €880,441 to €416,326
mainly Current investments (-€503,118) and Investment in fixed assets (net) (-€354,209)
- Receivables within one year +€306,682
up €306,682 (+78.0%), from €393,339 to €700,020
of which Other amounts receivable: +€291,794
- Stocks and contracts -€177,081
down €177,081 (-18.9%), from €937,848 to €760,767
- Tangible fixed assets +€175,732
up €175,732 (+15.0%), from €1.2m to €1.3m
of which Plant, machinery and equipment: +€373,971
- Reserves +€279,509
up €279,509 (+14.1%), from €2.0m to €2.3m
of which Distributable reserves: +€339,618
- Debts after one year +€67,816
up €67,816 (+10.1%), from €674,608 to €742,424
- Trade debts -€58,990
down €58,990 (-24.3%), from €243,086 to €184,096
- Tax, wage and social debts +€44,952
up €44,952 (+82.3%), from €54,624 to €99,576
of which Taxes: +€46,385
- Gross operating margin -€138,666
down €138,666 (-16.0%), from €869,323 to €730,657
- Taxes -€51,084
down €51,084 (-30.2%), from €169,225 to €118,141
- Depreciation +€21,246
up €21,246 (+13.5%), from €157,231 to €178,477
- Financial income -€16,223
down €16,223 (-46.0%), from €35,274 to €19,051
- Staff costs +€12,553
up €12,553 (+11.1%), from €112,803 to €125,356
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 | €3,773,929 | €4,104,977 | +€331,048 | +8.8% |
| Fixed assets | 21/28 | €1,169,672 | €1,345,404 | +€175,732 | +15.0% |
| Tangible fixed assets | 22/27 | €1,168,989 | €1,344,721 | +€175,732 | +15.0% |
| Land and buildings | 22 | €624,402 | €648,637 | +€24,235 | +3.9% |
| Plant, machinery and equipment | 23 | €192,861 | €566,833 | +€373,971 | +194% |
| Furniture and vehicles | 24 | €86,605 | €129,251 | +€42,646 | +49.2% |
| Assets under construction and advance payments | 27 | €265,121 | €0 | -€265,121 | -100% |
| Financial fixed assets | 28 | €683 | €683 | = | 0.0% |
| Current assets | 29/58 | €2,604,257 | €2,759,573 | +€155,316 | +6.0% |
| Amounts receivable after more than one year | 29 | €150,000 | €150,000 | = | 0.0% |
| Other amounts receivable | 291 | €150,000 | €150,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €937,848 | €760,767 | -€177,081 | -18.9% |
| Stocks | 30/36 | €937,848 | €760,767 | -€177,081 | -18.9% |
| Amounts receivable within one year | 40/41 | €393,339 | €700,020 | +€306,682 | +78.0% |
| Trade receivables | 40 | €316,484 | €331,372 | +€14,888 | +4.7% |
| Other amounts receivable | 41 | €76,855 | €368,649 | +€291,794 | +380% |
| Current investments | 50/53 | €201,000 | €704,118 | +€503,118 | +250% |
| Cash at bank and in hand | 54/58 | €880,441 | €416,326 | -€464,115 | -52.7% |
| Deferred charges and accrued income | 490/1 | €41,629 | €28,341 | -€13,288 | -31.9% |
| Total equity and liabilities | 10/49 | €3,773,929 | €4,104,977 | +€331,048 | +8.8% |
| Equity | 10/15 | €2,455,679 | €2,735,188 | +€279,509 | +11.4% |
| Contributions | 10/11 | €469,300 | €469,300 | = | 0.0% |
| Reserves | 13 | €1,986,379 | €2,265,888 | +€279,509 | +14.1% |
| Tax-exempt reserves | 132 | €329,900 | €269,792 | -€60,108 | -18.2% |
| Distributable reserves | 133 | €1,656,479 | €1,996,097 | +€339,618 | +20.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,318,250 | €1,369,788 | +€51,538 | +3.9% |
| Amounts payable after more than one year | 17 | €674,608 | €742,424 | +€67,816 | +10.1% |
| Financial debts | 170/4 | €674,608 | €742,424 | +€67,816 | +10.1% |
| Amounts payable within one year | 42/48 | €607,447 | €592,364 | -€15,082 | -2.5% |
| Current portion of amounts payable after more than one year | 42 | €295,582 | €295,834 | +€252 | +0.1% |
| Trade debts | 44 | €243,086 | €184,096 | -€58,990 | -24.3% |
| Suppliers | 440/4 | €243,086 | €184,096 | -€58,990 | -24.3% |
| Taxes, remuneration and social security | 45 | €54,624 | €99,576 | +€44,952 | +82.3% |
| Taxes | 450/3 | €38,078 | €84,463 | +€46,385 | +122% |
| Remuneration and social security | 454/9 | €16,546 | €15,113 | -€1,433 | -8.7% |
| Other amounts payable | 47/48 | €14,154 | €12,858 | -€1,296 | -9.2% |
| Accrued charges and deferred income | 492/3 | €36,195 | €35,000 | -€1,195 | -3.3% |
| Remuneration, social security and pensions | 62 | €112,803 | €125,356 | +€12,553 | +11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €157,231 | €178,477 | +€21,246 | +13.5% |
| Other operating charges | 640/8 | €21,795 | €25,918 | +€4,123 | +18.9% |
| Gross operating margin | 9900 | €869,323 | €730,657 | -€138,666 | -16.0% |
| Operating profit (loss) | 9901 | €577,493 | €400,906 | -€176,587 | -30.6% |
| Financial income | 75/76B | €35,274 | €19,051 | -€16,223 | -46.0% |
| Recurring financial income | 75 | €35,274 | €19,051 | -€16,223 | -46.0% |
| Financial charges | 65/66B | €20,110 | €22,307 | +€2,196 | +10.9% |
| Recurring financial charges | 65 | €20,110 | €22,307 | +€2,196 | +10.9% |
| Profit (loss) for the period before taxes | 9903 | €592,657 | €397,650 | -€195,006 | -32.9% |
| Income taxes | 67/77 | €169,225 | €118,141 | -€51,084 | -30.2% |
| Profit (loss) for the period | 9904 | €423,432 | €279,509 | -€143,923 | -34.0% |
| Transfer from tax-exempt reserves | 789 | - | €60,108 | +€60,108 | |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €423,432 | €339,618 | -€83,815 | -19.8% |
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 13 October 2026 via checked.be.