VERDEL: 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.
VERDEL
Largest movements
- Stocks and contracts +€89,558
up €89,558 (+39.4%), from €227,512 to €317,070
- Tangible fixed assets -€33,863
down €33,863 (-22.7%), from €148,908 to €115,045
of which Land and buildings: -€44,816
- Receivables within one year -€23,425
down €23,425 (-27.6%), from €84,851 to €61,426
of which Trade receivables: -€28,580
- Cash -€12,010
down €12,010 (-48.0%), from €25,023 to €13,014
mainly Other debts (-€243,019) and Stocks and contracts (-€89,558)
- Other debts -€243,019
down €243,019 (-50.0%), from €485,566 to €242,547
- Reserves +€153,521
up €153,521 (+54.5%), from €281,685 to €435,207
of which Tax-exempt reserves: +€153,521
- Provisions +€61,507
new in 2025: €61,507
- Short-term financial debts +€56,000
up €56,000 (+53.3%), from €105,000 to €161,000
- Accrued charges and deferred income -€23,500
down €23,500 (-100.0%), from €23,500 to €0
- Gross operating margin +€192,201
up €192,201 (+330.3%), from €58,182 to €250,382
- Financial charges -€7,358
down €7,358 (-45.4%), from €16,207 to €8,849
- Taxes -€3,956
down €3,956 (-98.4%), from €4,019 to €63
- Depreciation +€2,809
up €2,809 (+9.9%), from €28,269 to €31,077
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 | €992,630 | €1,011,661 | +€19,031 | +1.9% |
| Fixed assets | 21/28 | €650,203 | €616,340 | -€33,863 | -5.2% |
| Tangible fixed assets | 22/27 | €148,908 | €115,045 | -€33,863 | -22.7% |
| Land and buildings | 22 | €69,566 | €24,750 | -€44,816 | -64.4% |
| Plant, machinery and equipment | 23 | €3,804 | €2,185 | -€1,619 | -42.6% |
| Furniture and vehicles | 24 | €1,041 | €12,080 | +€11,039 | +1060.5% |
| Leasing and similar rights | 25 | €16,740 | €38,642 | +€21,903 | +130.8% |
| Other tangible fixed assets | 26 | €57,757 | €37,388 | -€20,370 | -35.3% |
| Financial fixed assets | 28 | €501,295 | €501,295 | = | 0.0% |
| Current assets | 29/58 | €342,427 | €395,321 | +€52,894 | +15.4% |
| Stocks and contracts in progress | 3 | €227,512 | €317,070 | +€89,558 | +39.4% |
| Stocks | 30/36 | €227,512 | €317,070 | +€89,558 | +39.4% |
| Amounts receivable within one year | 40/41 | €84,851 | €61,426 | -€23,425 | -27.6% |
| Trade receivables | 40 | €63,297 | €34,717 | -€28,580 | -45.2% |
| Other amounts receivable | 41 | €21,554 | €26,709 | +€5,155 | +23.9% |
| Cash at bank and in hand | 54/58 | €25,023 | €13,014 | -€12,010 | -48.0% |
| Deferred charges and accrued income | 490/1 | €5,041 | €3,811 | -€1,230 | -24.4% |
| Total equity and liabilities | 10/49 | €992,630 | €1,011,661 | +€19,031 | +1.9% |
| Equity | 10/15 | €307,793 | €455,680 | +€147,887 | +48.0% |
| Contributions | 10/11 | €17,000 | €17,000 | = | 0.0% |
| Reserves | 13 | €281,685 | €435,207 | +€153,521 | +54.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €30,999 | €184,520 | +€153,521 | +495.2% |
| Distributable reserves | 133 | €250,686 | €250,686 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,107 | €3,473 | -€5,634 | -61.9% |
| Provisions and deferred taxes | 16 | - | €61,507 | +€61,507 | |
| Deferred taxes | 168 | - | €61,507 | +€61,507 | |
| Amounts payable | 17/49 | €684,837 | €494,474 | -€190,363 | -27.8% |
| Amounts payable after more than one year | 17 | €44,675 | €60,018 | +€15,342 | +34.3% |
| Financial debts | 170/4 | €44,675 | €60,018 | +€15,342 | +34.3% |
| Amounts payable within one year | 42/48 | €616,662 | €434,456 | -€182,205 | -29.5% |
| Current portion of amounts payable after more than one year | 42 | €7,718 | €15,492 | +€7,774 | +100.7% |
| Financial debts | 43 | €105,000 | €161,000 | +€56,000 | +53.3% |
| Credit institutions | 430/8 | €105,000 | €161,000 | +€56,000 | +53.3% |
| Trade debts | 44 | €7,356 | €2,811 | -€4,544 | -61.8% |
| Suppliers | 440/4 | €7,356 | €2,811 | -€4,544 | -61.8% |
| Taxes, remuneration and social security | 45 | €11,022 | €12,606 | +€1,584 | +14.4% |
| Taxes | 450/3 | €7,529 | €11,483 | +€3,954 | +52.5% |
| Remuneration and social security | 454/9 | €3,494 | €1,123 | -€2,371 | -67.9% |
| Other amounts payable | 47/48 | €485,566 | €242,547 | -€243,019 | -50.0% |
| Accrued charges and deferred income | 492/3 | €23,500 | €0 | -€23,500 | -100.0% |
| Non-recurring operating income | 76A | €231 | €0 | -€231 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,269 | €31,077 | +€2,809 | +9.9% |
| Other operating charges | 640/8 | €1,224 | €1,222 | -€1 | -0.1% |
| Gross operating margin | 9900 | €58,182 | €250,382 | +€192,201 | +330.3% |
| Operating profit (loss) | 9901 | €28,689 | €218,083 | +€189,394 | +660.2% |
| Financial income | 75/76B | €128 | €222 | +€94 | +73.4% |
| Recurring financial income | 75 | €128 | €222 | +€94 | +73.4% |
| Financial charges | 65/66B | €16,207 | €8,849 | -€7,358 | -45.4% |
| Recurring financial charges | 65 | €16,207 | €8,849 | -€7,358 | -45.4% |
| Profit (loss) for the period before taxes | 9903 | €12,610 | €209,457 | +€196,846 | +1561.0% |
| Transfer from deferred taxes | 780 | - | €983 | +€983 | |
| Transfer to deferred taxes | 680 | - | €62,490 | +€62,490 | |
| Income taxes | 67/77 | €4,019 | €63 | -€3,956 | -98.4% |
| Profit (loss) for the period | 9904 | €8,591 | €147,887 | +€139,296 | +1621.3% |
| Transfer from tax-exempt reserves | 789 | - | €33,948 | +€33,948 | |
| Transfer to tax-exempt reserves | 689 | - | €187,470 | +€187,470 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,591 | -€5,634 | -€14,226 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.