VERBROUW: 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.
VERBROUW
Largest movements
- Stocks and contracts -€2.9m
down €2.9m (-87.6%), from €3.3m to €404,829
- Tangible fixed assets -€1.8m
down €1.8m (-43.4%), from €4.1m to €2.3m
- Receivables within one year +€874,323
up €874,323 (+23.3%), from €3.8m to €4.6m
of which Other amounts receivable: +€880,952
- Cash -€267,676
down €267,676 (-64.4%), from €415,730 to €148,055
mainly Short-term financial debts (-€3.0m) and Receivables within one year (-€874,323)
- Short-term financial debts -€3.0m
down €3.0m (-48.2%), from €6.2m to €3.2m
- Reserves -€859,481
down €859,481 (-77.1%), from €1.1m to €254,782
of which Tax-exempt reserves: -€859,481
- Profit (loss) carried forward +€493,016
up €493,016, from €0 to €493,016
- Other debts -€377,896
down €377,896 (-13.2%), from €2.9m to €2.5m
- Provisions -€286,477
down €286,477 (-100.0%), from €286,477 to €0
- Gross operating margin -€1.1m
down €1.1m (-79.4%), from €1.4m to €278,692
- Financial charges -€345,223
down €345,223 (-57.9%), from €595,843 to €250,620
- Taxes +€147,018
up €147,018, from €0 to €147,018
- Other operating charges +€47,907
up €47,907 (+26.4%), from €181,167 to €229,074
- Depreciation -€42,189
down €42,189 (-12.2%), from €347,112 to €304,923
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 | €13,373,648 | €9,332,650 | -€4.0m | -30.2% |
| Fixed assets | 21/28 | €5,933,889 | €4,146,155 | -€1.8m | -30.1% |
| Tangible fixed assets | 22/27 | €4,117,880 | €2,330,147 | -€1.8m | -43.4% |
| Land and buildings | 22 | €4,117,880 | €2,330,147 | -€1.8m | -43.4% |
| Financial fixed assets | 28 | €1,816,008 | €1,816,008 | = | 0.0% |
| Current assets | 29/58 | €7,439,759 | €5,186,495 | -€2.3m | -30.3% |
| Stocks and contracts in progress | 3 | €3,262,261 | €404,829 | -€2.9m | -87.6% |
| Stocks | 30/36 | €3,262,261 | €404,829 | -€2.9m | -87.6% |
| Amounts receivable within one year | 40/41 | €3,759,289 | €4,633,612 | +€874,323 | +23.3% |
| Trade receivables | 40 | €16,553 | €9,924 | -€6,629 | -40.0% |
| Other amounts receivable | 41 | €3,742,736 | €4,623,688 | +€880,952 | +23.5% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €415,730 | €148,055 | -€267,676 | -64.4% |
| Deferred charges and accrued income | 490/1 | €2,480 | €0 | -€2,480 | -100.0% |
| Total equity and liabilities | 10/49 | €13,373,648 | €9,332,650 | -€4.0m | -30.2% |
| Equity | 10/15 | €2,416,027 | €2,049,563 | -€366,465 | -15.2% |
| Contributions | 10/11 | €1,301,765 | €1,301,765 | = | 0.0% |
| Capital | 10 | €1,301,765 | €1,301,765 | = | 0.0% |
| Issued capital | 100 | €1,301,765 | €1,301,765 | = | 0.0% |
| Reserves | 13 | €1,114,262 | €254,782 | -€859,481 | -77.1% |
| Non-distributable reserves | 130/1 | €130,177 | €130,177 | = | 0.0% |
| Legal reserve | 130 | €130,177 | €130,177 | = | 0.0% |
| Tax-exempt reserves | 132 | €859,481 | €0 | -€859,481 | -100.0% |
| Distributable reserves | 133 | €124,605 | €124,605 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €493,016 | +€493,016 | |
| Provisions and deferred taxes | 16 | €286,477 | €0 | -€286,477 | -100.0% |
| Deferred taxes | 168 | €286,477 | €0 | -€286,477 | -100.0% |
| Amounts payable | 17/49 | €10,671,144 | €7,283,087 | -€3.4m | -31.7% |
| Amounts payable after more than one year | 17 | €1,247,934 | €992,389 | -€255,545 | -20.5% |
| Financial debts | 170/4 | €1,217,643 | €964,098 | -€253,545 | -20.8% |
| Other amounts payable | 178/9 | €30,291 | €28,291 | -€2,000 | -6.6% |
| Amounts payable within one year | 42/48 | €9,412,191 | €6,279,875 | -€3.1m | -33.3% |
| Current portion of amounts payable after more than one year | 42 | €252,678 | €253,545 | +€867 | +0.3% |
| Financial debts | 43 | €6,186,840 | €3,205,000 | -€3.0m | -48.2% |
| Credit institutions | 430/8 | €6,186,840 | €3,205,000 | -€3.0m | -48.2% |
| Trade debts | 44 | €105,243 | €184,800 | +€79,556 | +75.6% |
| Suppliers | 440/4 | €105,243 | €184,800 | +€79,556 | +75.6% |
| Taxes, remuneration and social security | 45 | €1,495 | €148,493 | +€146,998 | +9831.5% |
| Taxes | 450/3 | €1,495 | €148,493 | +€146,998 | +9831.5% |
| Other amounts payable | 47/48 | €2,865,934 | €2,488,038 | -€377,896 | -13.2% |
| Accrued charges and deferred income | 492/3 | €11,020 | €10,822 | -€197 | -1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €347,112 | €304,923 | -€42,189 | -12.2% |
| Other operating charges | 640/8 | €181,167 | €229,074 | +€47,907 | +26.4% |
| Gross operating margin | 9900 | €1,353,814 | €278,692 | -€1.1m | -79.4% |
| Operating profit (loss) | 9901 | €825,534 | -€255,305 | -€1.1m | |
| Financial income | 75/76B | €4,140 | €1 | -€4,138 | -100.0% |
| Recurring financial income | 75 | €4,140 | €1 | -€4,138 | -100.0% |
| Financial charges | 65/66B | €595,843 | €250,620 | -€345,223 | -57.9% |
| Recurring financial charges | 65 | €595,843 | €250,620 | -€345,223 | -57.9% |
| Profit (loss) for the period before taxes | 9903 | €233,831 | -€505,924 | -€739,755 | |
| Transfer from deferred taxes | 780 | €50,669 | €286,477 | +€235,807 | +465.4% |
| Income taxes | 67/77 | €0 | €147,018 | +€147,018 | |
| Profit (loss) for the period | 9904 | €284,501 | -€366,465 | -€650,965 | |
| Transfer from tax-exempt reserves | 789 | €152,008 | €859,481 | +€707,472 | +465.4% |
| Profit (loss) for the period to be appropriated | 9905 | €436,509 | €493,016 | +€56,507 | +12.9% |
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 6 October 2026 via checked.be.