VERBO: 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.
VERBO
Largest movements
- Receivables within one year -€178,599
down €178,599 (-32.4%), from €550,719 to €372,119
of which Trade receivables: -€113,885
- Cash -€41,358
down €41,358 (-17.5%), from €236,135 to €194,777
mainly Debts after one year (-€500,000) and Contributions, distributions and other (-€150,000)
- Tangible fixed assets -€22,242
down €22,242 (-44.2%), from €50,303 to €28,060
- Stocks and contracts -€19,523
down €19,523 (-18.4%), from €106,148 to €86,625
- Debts after one year -€500,000
down €500,000 (-90.5%), from €552,500 to €52,500
- Other debts +€150,000
new in 2025: €150,000
- Trade debts +€78,427
up €78,427 (+187.0%), from €41,929 to €120,355
- Reserves +€25,258
up €25,258 (+14.2%), from €177,793 to €203,051
of which Distributable reserves: +€25,258
- Provisions -€12,219
down €12,219 (-18.8%), from €64,826 to €52,607
- Staff costs -€42,604
down €42,604 (-15.5%), from €275,734 to €233,130
- Taxes -€31,594
down €31,594 (-77.1%), from €40,986 to €9,392
- Financial income -€31,410
down €31,410 (-69.7%), from €45,088 to €13,678
- Provisions -€20,943
down €20,943, from €8,724 to -€12,219
- Depreciation -€11,417
down €11,417 (-26.3%), from €43,484 to €32,066
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 | €958,827 | €698,583 | -€260,244 | -27.1% |
| Fixed assets | 21/28 | €50,303 | €28,060 | -€22,242 | -44.2% |
| Tangible fixed assets | 22/27 | €50,303 | €28,060 | -€22,242 | -44.2% |
| Plant, machinery and equipment | 23 | €12,827 | €7,886 | -€4,941 | -38.5% |
| Furniture and vehicles | 24 | €27,889 | €20,175 | -€7,714 | -27.7% |
| Other tangible fixed assets | 26 | €9,587 | - | -€9,587 | |
| Current assets | 29/58 | €908,524 | €670,523 | -€238,001 | -26.2% |
| Stocks and contracts in progress | 3 | €106,148 | €86,625 | -€19,523 | -18.4% |
| Stocks | 30/36 | €106,148 | €86,625 | -€19,523 | -18.4% |
| Amounts receivable within one year | 40/41 | €550,719 | €372,119 | -€178,599 | -32.4% |
| Trade receivables | 40 | €459,088 | €345,203 | -€113,885 | -24.8% |
| Other amounts receivable | 41 | €91,631 | €26,917 | -€64,714 | -70.6% |
| Cash at bank and in hand | 54/58 | €236,135 | €194,777 | -€41,358 | -17.5% |
| Deferred charges and accrued income | 490/1 | €15,522 | €17,001 | +€1,479 | +9.5% |
| Total equity and liabilities | 10/49 | €958,827 | €698,583 | -€260,244 | -27.1% |
| Equity | 10/15 | €239,793 | €265,051 | +€25,258 | +10.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €177,793 | €203,051 | +€25,258 | +14.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €48,560 | €48,560 | = | 0.0% |
| Distributable reserves | 133 | €123,033 | €148,290 | +€25,258 | +20.5% |
| Provisions and deferred taxes | 16 | €64,826 | €52,607 | -€12,219 | -18.8% |
| Provisions for liabilities and charges | 160/5 | €64,826 | €52,607 | -€12,219 | -18.8% |
| Other liabilities and charges | 164/5 | €64,826 | €52,607 | -€12,219 | -18.8% |
| Amounts payable | 17/49 | €654,207 | €380,925 | -€273,282 | -41.8% |
| Amounts payable after more than one year | 17 | €552,500 | €52,500 | -€500,000 | -90.5% |
| Other amounts payable | 178/9 | €552,500 | €52,500 | -€500,000 | -90.5% |
| Amounts payable within one year | 42/48 | €101,451 | €328,425 | +€226,975 | +223.7% |
| Trade debts | 44 | €41,929 | €120,355 | +€78,427 | +187.0% |
| Suppliers | 440/4 | €41,929 | €120,355 | +€78,427 | +187.0% |
| Taxes, remuneration and social security | 45 | €59,522 | €58,070 | -€1,452 | -2.4% |
| Taxes | 450/3 | €40,796 | €44,450 | +€3,654 | +9.0% |
| Remuneration and social security | 454/9 | €18,726 | €13,620 | -€5,106 | -27.3% |
| Other amounts payable | 47/48 | - | €150,000 | +€150,000 | |
| Accrued charges and deferred income | 492/3 | €256 | - | -€256 | |
| Remuneration, social security and pensions | 62 | €275,734 | €233,130 | -€42,604 | -15.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,484 | €32,066 | -€11,417 | -26.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €145 | €3,940 | +€3,795 | +2617.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €8,724 | -€12,219 | -€20,943 | |
| Other operating charges | 640/8 | €2,373 | €5,505 | +€3,132 | +132.0% |
| Gross operating margin | 9900 | €434,718 | €433,955 | -€763 | -0.2% |
| Operating profit (loss) | 9901 | €104,258 | €171,533 | +€67,275 | +64.5% |
| Financial income | 75/76B | €45,088 | €13,678 | -€31,410 | -69.7% |
| Recurring financial income | 75 | €45,088 | €13,678 | -€31,410 | -69.7% |
| Financial charges | 65/66B | €524 | €560 | +€37 | +7.0% |
| Recurring financial charges | 65 | €524 | €560 | +€37 | +7.0% |
| Profit (loss) for the period before taxes | 9903 | €148,822 | €184,650 | +€35,828 | +24.1% |
| Income taxes | 67/77 | €40,986 | €9,392 | -€31,594 | -77.1% |
| Profit (loss) for the period | 9904 | €107,836 | €175,258 | +€67,422 | +62.5% |
| Profit (loss) for the period to be appropriated | 9905 | €107,836 | €175,258 | +€67,422 | +62.5% |
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 5 October 2026 via checked.be.