VERBOVEN: 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.
VERBOVEN
Largest movements
- Cash +€107,968
up €107,968 (+29.1%), from €370,569 to €478,537
mainly Other debts (+€73,948) and Net result for the year (+€70,966)
- Current investments -€65,000
down €65,000 (-46.4%), from €140,000 to €75,000
- Tangible fixed assets +€45,390
up €45,390 (+33.7%), from €134,617 to €180,007
of which Furniture and vehicles: +€57,069
- Receivables within one year -€15,776
down €15,776 (-17.4%), from €90,849 to €75,073
of which Trade receivables: -€24,072
- Other debts +€73,948
up €73,948 (+36.6%), from €202,182 to €276,130
- Gross operating margin -€9,108
down €9,108 (-3.1%), from €292,490 to €283,382
- Depreciation +€8,418
up €8,418 (+25.3%), from €33,232 to €41,650
- Taxes -€7,595
down €7,595 (-23.2%), from €32,801 to €25,206
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €853,211 | €921,679 | +€68,469 | +8.0% |
| Fixed assets | 21/28 | €134,867 | €180,257 | +€45,390 | +33.7% |
| Tangible fixed assets | 22/27 | €134,617 | €180,007 | +€45,390 | +33.7% |
| Land and buildings | 22 | €77,466 | €77,121 | -€346 | -0.4% |
| Plant, machinery and equipment | 23 | €37,036 | €25,702 | -€11,333 | -30.6% |
| Furniture and vehicles | 24 | €20,115 | €77,184 | +€57,069 | +283.7% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €718,344 | €741,422 | +€23,078 | +3.2% |
| Stocks and contracts in progress | 3 | €94,967 | €89,686 | -€5,281 | -5.6% |
| Stocks | 30/36 | €94,967 | €89,686 | -€5,281 | -5.6% |
| Amounts receivable within one year | 40/41 | €90,849 | €75,073 | -€15,776 | -17.4% |
| Trade receivables | 40 | €82,051 | €57,978 | -€24,072 | -29.3% |
| Other amounts receivable | 41 | €8,798 | €17,094 | +€8,296 | +94.3% |
| Current investments | 50/53 | €140,000 | €75,000 | -€65,000 | -46.4% |
| Cash at bank and in hand | 54/58 | €370,569 | €478,537 | +€107,968 | +29.1% |
| Deferred charges and accrued income | 490/1 | €21,960 | €23,127 | +€1,167 | +5.3% |
| Total equity and liabilities | 10/49 | €853,211 | €921,679 | +€68,469 | +8.0% |
| Equity | 10/15 | €492,953 | €496,648 | +€3,695 | +0.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €474,353 | €478,048 | +€3,695 | +0.8% |
| Tax-exempt reserves | 132 | €3,265 | €3,265 | = | 0.0% |
| Distributable reserves | 133 | €471,088 | €474,783 | +€3,695 | +0.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €360,258 | €425,032 | +€64,774 | +18.0% |
| Amounts payable within one year | 42/48 | €360,258 | €425,032 | +€64,774 | +18.0% |
| Trade debts | 44 | €113,737 | €106,723 | -€7,014 | -6.2% |
| Suppliers | 440/4 | €113,737 | €106,723 | -€7,014 | -6.2% |
| Taxes, remuneration and social security | 45 | €44,339 | €42,179 | -€2,160 | -4.9% |
| Taxes | 450/3 | €22,439 | €19,929 | -€2,510 | -11.2% |
| Remuneration and social security | 454/9 | €21,900 | €22,250 | +€350 | +1.6% |
| Other amounts payable | 47/48 | €202,182 | €276,130 | +€73,948 | +36.6% |
| Remuneration, social security and pensions | 62 | €129,308 | €132,060 | +€2,752 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,232 | €41,650 | +€8,418 | +25.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €2,078 | €1,476 | -€602 | -29.0% |
| Gross operating margin | 9900 | €292,490 | €283,382 | -€9,108 | -3.1% |
| Operating profit (loss) | 9901 | €127,872 | €108,196 | -€19,676 | -15.4% |
| Financial income | 75/76B | €3,190 | €2,055 | -€1,135 | -35.6% |
| Recurring financial income | 75 | €3,190 | €2,055 | -€1,135 | -35.6% |
| Financial charges | 65/66B | €16,226 | €14,078 | -€2,148 | -13.2% |
| Recurring financial charges | 65 | €16,226 | €14,078 | -€2,148 | -13.2% |
| Profit (loss) for the period before taxes | 9903 | €114,835 | €96,172 | -€18,663 | -16.3% |
| Income taxes | 67/77 | €32,801 | €25,206 | -€7,595 | -23.2% |
| Profit (loss) for the period | 9904 | €82,034 | €70,966 | -€11,068 | -13.5% |
| Profit (loss) for the period to be appropriated | 9905 | €82,034 | €70,966 | -€11,068 | -13.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.