VerDes Finance: what changed
VerDes Finance
Largest movements
- Tangible fixed assets +€173,492
up €173,492 (+15.6%), from €1.1m to €1.3m
of which Furniture and vehicles: +€88,826
- Intangible fixed assets +€158,499
new in 2025: €158,499
- Current investments -€45,867
down €45,867 (-11.8%), from €388,320 to €342,454
- Cash -€27,852
down €27,852 (-61.4%), from €45,360 to €17,508
mainly Investment in fixed assets (net) (-€481,924) and Contributions, distributions and other (-€144,487)
- Reserves +€171,074
up €171,074 (+20.2%), from €846,725 to €1.0m
of which Distributable reserves: +€171,074
- Accrued charges and deferred income +€54,898
up €54,898 (+60.6%), from €90,620 to €145,517
- Tax, wage and social debts +€34,216
up €34,216 (+60.3%), from €56,743 to €90,959
of which Remuneration and social security: +€20,637
- Other debts +€28,585
up €28,585 (+284%), from €10,080 to €38,665
- Debts after one year -€22,398
down €22,398 (-4.5%), from €503,065 to €480,667
- Gross operating margin +€384,288
up €384,288 (+54.8%), from €701,296 to €1.1m
- Staff costs +€193,919
up €193,919 (+71.7%), from €270,416 to €464,334
- Taxes +€64,786
up €64,786 (+75.0%), from €86,426 to €151,212
- Depreciation +€49,180
up €49,180 (+48.8%), from €100,754 to €149,934
- Provisions +€25,000
no longer reported in 2025 (was -€25,000)
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,632,721 | €1,892,167 | +€259,447 | +15.9% |
| Fixed assets | 21/28 | €1,118,411 | €1,450,401 | +€331,990 | +29.7% |
| Intangible fixed assets | 21 | - | €158,499 | +€158,499 | |
| Tangible fixed assets | 22/27 | €1,110,911 | €1,284,403 | +€173,492 | +15.6% |
| Land and buildings | 22 | €848,942 | €846,468 | -€2,475 | -0.3% |
| Plant, machinery and equipment | 23 | €22,154 | €21,829 | -€325 | -1.5% |
| Furniture and vehicles | 24 | €164,982 | €253,808 | +€88,826 | +53.8% |
| Other tangible fixed assets | 26 | €74,833 | €162,298 | +€87,465 | +117% |
| Financial fixed assets | 28 | €7,500 | €7,500 | = | 0.0% |
| Current assets | 29/58 | €514,310 | €441,766 | -€72,544 | -14.1% |
| Amounts receivable within one year | 40/41 | €51,551 | €35,670 | -€15,881 | -30.8% |
| Other amounts receivable | 41 | €51,551 | €35,670 | -€15,881 | -30.8% |
| Current investments | 50/53 | €388,320 | €342,454 | -€45,867 | -11.8% |
| Cash at bank and in hand | 54/58 | €45,360 | €17,508 | -€27,852 | -61.4% |
| Deferred charges and accrued income | 490/1 | €29,078 | €46,135 | +€17,057 | +58.7% |
| Total equity and liabilities | 10/49 | €1,632,721 | €1,892,167 | +€259,447 | +15.9% |
| Equity | 10/15 | €859,125 | €1,030,199 | +€171,074 | +19.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €846,725 | €1,017,799 | +€171,074 | +20.2% |
| Tax-exempt reserves | 132 | €321 | €321 | = | 0.0% |
| Distributable reserves | 133 | €846,404 | €1,017,478 | +€171,074 | +20.2% |
| Amounts payable | 17/49 | €773,596 | €861,969 | +€88,373 | +11.4% |
| Amounts payable after more than one year | 17 | €503,065 | €480,667 | -€22,398 | -4.5% |
| Financial debts | 170/4 | €503,065 | €480,667 | -€22,398 | -4.5% |
| Amounts payable within one year | 42/48 | €179,912 | €235,785 | +€55,873 | +31.1% |
| Current portion of amounts payable after more than one year | 42 | €56,032 | €53,204 | -€2,828 | -5.0% |
| Trade debts | 44 | €57,057 | €52,957 | -€4,100 | -7.2% |
| Suppliers | 440/4 | €57,057 | €52,957 | -€4,100 | -7.2% |
| Taxes, remuneration and social security | 45 | €56,743 | €90,959 | +€34,216 | +60.3% |
| Taxes | 450/3 | €17,977 | €31,556 | +€13,579 | +75.5% |
| Remuneration and social security | 454/9 | €38,765 | €59,402 | +€20,637 | +53.2% |
| Other amounts payable | 47/48 | €10,080 | €38,665 | +€28,585 | +284% |
| Accrued charges and deferred income | 492/3 | €90,620 | €145,517 | +€54,898 | +60.6% |
| Remuneration, social security and pensions | 62 | €270,416 | €464,334 | +€193,919 | +71.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,754 | €149,934 | +€49,180 | +48.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€25,000 | - | +€25,000 | |
| Other operating charges | 640/8 | €4,521 | €4,623 | +€102 | +2.3% |
| Non-recurring operating charges | 66A | €76,395 | - | -€76,395 | |
| Gross operating margin | 9900 | €701,296 | €1,085,584 | +€384,288 | +54.8% |
| Operating profit (loss) | 9901 | €274,212 | €466,693 | +€192,481 | +70.2% |
| Financial income | 75/76B | €500 | €13,310 | +€12,810 | +2,561% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +504% |
| Non-recurring financial income | 76B | €500 | €13,309 | +€12,809 | +2,562% |
| Financial charges | 65/66B | €8,511 | €13,229 | +€4,718 | +55.4% |
| Recurring financial charges | 65 | €8,511 | €13,229 | +€4,718 | +55.4% |
| Profit (loss) for the period before taxes | 9903 | €266,201 | €466,774 | +€200,573 | +75.3% |
| Income taxes | 67/77 | €86,426 | €151,212 | +€64,786 | +75.0% |
| Profit (loss) for the period | 9904 | €179,774 | €315,561 | +€135,787 | +75.5% |
| Profit (loss) for the period to be appropriated | 9905 | €179,774 | €315,561 | +€135,787 | +75.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.