Verbocon: 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.
Verbocon
Largest movements
- Current investments -€100,803
no longer reported in 2025 (was €100,803)
- Receivables within one year +€43,310
up €43,310 (+20.3%), from €213,389 to €256,699
of which Trade receivables: +€104,798
- Receivables after one year +€40,479
up €40,479 (+17.0%), from €237,806 to €278,285
- Cash -€31,927
down €31,927 (-67.0%), from €47,638 to €15,710
mainly Debts after one year (-€194,182) and Contributions, distributions and other (-€66,901)
- Debts after one year -€194,182
down €194,182 (-40.3%), from €481,392 to €287,210
- Reserves +€81,055
up €81,055 (+16.9%), from €478,454 to €559,508
of which Non-distributable reserves: +€86,428
- Trade debts +€65,954
up €65,954 (+4,554%), from €1,448 to €67,403
- Gross operating margin +€37,894
up €37,894 (+22.3%), from €169,837 to €207,731
- Financial income +€31,576
up €31,576 (+271%), from €11,665 to €43,240
- Taxes +€15,208
up €15,208 (+32.1%), from €47,358 to €62,566
- Depreciation -€2,647
down €2,647 (-13.5%), from €19,596 to €16,949
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 | €1,189,495 | €1,148,911 | -€40,584 | -3.4% |
| Fixed assets | 21/28 | €581,745 | €579,925 | -€1,820 | -0.3% |
| Tangible fixed assets | 22/27 | €77,682 | €69,112 | -€8,569 | -11.0% |
| Plant, machinery and equipment | 23 | €6,132 | €3,857 | -€2,275 | -37.1% |
| Furniture and vehicles | 24 | €12,104 | €14,652 | +€2,548 | +21.1% |
| Other tangible fixed assets | 26 | €59,446 | €50,604 | -€8,842 | -14.9% |
| Financial fixed assets | 28 | €504,063 | €510,813 | +€6,750 | +1.3% |
| Current assets | 29/58 | €607,750 | €568,986 | -€38,764 | -6.4% |
| Amounts receivable after more than one year | 29 | €237,806 | €278,285 | +€40,479 | +17.0% |
| Other amounts receivable | 291 | €237,806 | €278,285 | +€40,479 | +17.0% |
| Amounts receivable within one year | 40/41 | €213,389 | €256,699 | +€43,310 | +20.3% |
| Trade receivables | 40 | €97,816 | €202,614 | +€104,798 | +107% |
| Other amounts receivable | 41 | €115,573 | €54,085 | -€61,487 | -53.2% |
| Current investments | 50/53 | €100,803 | - | -€100,803 | |
| Cash at bank and in hand | 54/58 | €47,638 | €15,710 | -€31,927 | -67.0% |
| Deferred charges and accrued income | 490/1 | €8,114 | €18,291 | +€10,177 | +125% |
| Total equity and liabilities | 10/49 | €1,189,495 | €1,148,911 | -€40,584 | -3.4% |
| Equity | 10/15 | €563,929 | €644,857 | +€80,928 | +14.4% |
| Contributions | 10/11 | €85,349 | €85,349 | = | 0.0% |
| Reserves | 13 | €478,454 | €559,508 | +€81,055 | +16.9% |
| Non-distributable reserves | 130/1 | €437,427 | €523,855 | +€86,428 | +19.8% |
| Other | 1319 | €437,427 | €523,855 | +€86,428 | +19.8% |
| Tax-exempt reserves | 132 | €16,562 | €16,562 | = | 0.0% |
| Distributable reserves | 133 | €24,465 | €19,091 | -€5,374 | -22.0% |
| Profit (loss) carried forward | 14 | €126 | - | -€126 | |
| Amounts payable | 17/49 | €625,567 | €504,054 | -€121,512 | -19.4% |
| Amounts payable after more than one year | 17 | €481,392 | €287,210 | -€194,182 | -40.3% |
| Financial debts | 170/4 | €481,392 | €287,210 | -€194,182 | -40.3% |
| Amounts payable within one year | 42/48 | €128,876 | €205,257 | +€76,381 | +59.3% |
| Current portion of amounts payable after more than one year | 42 | €71,260 | €74,182 | +€2,922 | +4.1% |
| Trade debts | 44 | €1,448 | €67,403 | +€65,954 | +4,554% |
| Suppliers | 440/4 | €1,448 | €67,403 | +€65,954 | +4,554% |
| Taxes, remuneration and social security | 45 | €36,523 | €40,712 | +€4,190 | +11.5% |
| Taxes | 450/3 | €36,523 | €36,012 | -€510 | -1.4% |
| Remuneration and social security | 454/9 | - | €4,700 | +€4,700 | |
| Other amounts payable | 47/48 | €19,645 | €22,960 | +€3,315 | +16.9% |
| Accrued charges and deferred income | 492/3 | €15,299 | €11,588 | -€3,711 | -24.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,596 | €16,949 | -€2,647 | -13.5% |
| Other operating charges | 640/8 | €1,644 | €1,689 | +€45 | +2.7% |
| Non-recurring operating charges | 66A | €426 | €359 | -€68 | -15.9% |
| Gross operating margin | 9900 | €169,837 | €207,731 | +€37,894 | +22.3% |
| Operating profit (loss) | 9901 | €148,171 | €188,734 | +€40,563 | +27.4% |
| Financial income | 75/76B | €11,665 | €43,240 | +€31,576 | +271% |
| Recurring financial income | 75 | €11,665 | €43,240 | +€31,576 | +271% |
| Financial charges | 65/66B | €19,584 | €21,579 | +€1,995 | +10.2% |
| Recurring financial charges | 65 | €19,584 | €21,579 | +€1,995 | +10.2% |
| Profit (loss) for the period before taxes | 9903 | €140,251 | €210,395 | +€70,144 | +50.0% |
| Income taxes | 67/77 | €47,358 | €62,566 | +€15,208 | +32.1% |
| Profit (loss) for the period | 9904 | €92,894 | €147,829 | +€54,936 | +59.1% |
| Profit (loss) for the period to be appropriated | 9905 | €92,894 | €147,829 | +€54,936 | +59.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.