VERBURGH PROJECTS: 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.
VERBURGH PROJECTS
Largest movements
- Receivables within one year -€28,222
down €28,222 (-36.1%), from €78,086 to €49,865
of which Trade receivables: -€72,697
- Tangible fixed assets -€10,786
down €10,786 (-13.6%), from €79,049 to €68,263
- Cash +€2,659
up €2,659 (+384.4%), from €692 to €3,350
mainly Receivables within one year (+€28,222) and Depreciation (+€10,786)
- Trade debts -€23,880
down €23,880 (-91.3%), from €26,148 to €2,268
- Short-term financial debts -€13,711
down €13,711 (-57.0%), from €24,047 to €10,336
- Profit (loss) carried forward +€4,778
up €4,778 (+175.9%), from €2,716 to €7,494
- Current portion of long-term debt -€3,480
no longer reported in 2025 (was €3,480)
- Gross operating margin +€11,022
up €11,022 (+98.8%), from €11,154 to €22,176
- Depreciation +€8,593
up €8,593 (+391.8%), from €2,193 to €10,786
- Taxes +€2,484
up €2,484 (+3292.8%), from €75 to €2,560
- Other operating charges -€1,036
down €1,036 (-39.3%), from €2,636 to €1,599
- Financial charges -€602
down €602 (-19.2%), from €3,125 to €2,524
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 | €158,376 | €122,061 | -€36,314 | -22.9% |
| Fixed assets | 21/28 | €79,049 | €68,263 | -€10,786 | -13.6% |
| Tangible fixed assets | 22/27 | €79,049 | €68,263 | -€10,786 | -13.6% |
| Furniture and vehicles | 24 | €79,049 | €68,263 | -€10,786 | -13.6% |
| Current assets | 29/58 | €79,327 | €53,799 | -€25,528 | -32.2% |
| Amounts receivable within one year | 40/41 | €78,086 | €49,865 | -€28,222 | -36.1% |
| Trade receivables | 40 | €75,576 | €2,879 | -€72,697 | -96.2% |
| Other amounts receivable | 41 | €2,511 | €46,986 | +€44,475 | +1771.5% |
| Cash at bank and in hand | 54/58 | €692 | €3,350 | +€2,659 | +384.4% |
| Deferred charges and accrued income | 490/1 | €549 | €584 | +€35 | +6.4% |
| Total equity and liabilities | 10/49 | €158,376 | €122,061 | -€36,314 | -22.9% |
| Equity | 10/15 | €60,176 | €64,954 | +€4,778 | +7.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €38,860 | €38,860 | = | 0.0% |
| Distributable reserves | 133 | €38,860 | €38,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,716 | €7,494 | +€4,778 | +175.9% |
| Amounts payable | 17/49 | €98,200 | €57,108 | -€41,092 | -41.8% |
| Amounts payable within one year | 42/48 | €98,200 | €57,108 | -€41,092 | -41.8% |
| Current portion of amounts payable after more than one year | 42 | €3,480 | - | -€3,480 | |
| Financial debts | 43 | €24,047 | €10,336 | -€13,711 | -57.0% |
| Credit institutions | 430/8 | €24,047 | €10,336 | -€13,711 | -57.0% |
| Trade debts | 44 | €26,148 | €2,268 | -€23,880 | -91.3% |
| Suppliers | 440/4 | €26,148 | €2,268 | -€23,880 | -91.3% |
| Taxes, remuneration and social security | 45 | €1,580 | €2,560 | +€979 | +62.0% |
| Taxes | 450/3 | €1,580 | €2,560 | +€979 | +62.0% |
| Other amounts payable | 47/48 | €42,944 | €41,944 | -€1,000 | -2.3% |
| Non-recurring operating income | 76A | €43 | €46 | +€3 | +6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,193 | €10,786 | +€8,593 | +391.8% |
| Other operating charges | 640/8 | €2,636 | €1,599 | -€1,036 | -39.3% |
| Non-recurring operating charges | 66A | €5,006 | - | -€5,006 | |
| Gross operating margin | 9900 | €11,154 | €22,176 | +€11,022 | +98.8% |
| Operating profit (loss) | 9901 | €1,319 | €9,790 | +€8,471 | +642.1% |
| Financial income | 75/76B | €72 | €71 | -€2 | -2.3% |
| Recurring financial income | 75 | €72 | €71 | -€2 | -2.3% |
| Financial charges | 65/66B | €3,125 | €2,524 | -€602 | -19.2% |
| Recurring financial charges | 65 | €3,125 | €2,524 | -€602 | -19.2% |
| Profit (loss) for the period before taxes | 9903 | -€1,734 | €7,337 | +€9,071 | |
| Income taxes | 67/77 | €75 | €2,560 | +€2,484 | +3292.8% |
| Profit (loss) for the period | 9904 | -€1,809 | €4,778 | +€6,587 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,809 | €4,778 | +€6,587 |
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 8 October 2026 via checked.be.