VERDI: 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.
VERDI
Largest movements
- Tangible fixed assets +€1.2m
up €1.2m (+10.1%), from €11.5m to €12.6m
- Debts after one year +€466,990
up €466,990 (+6.4%), from €7.3m to €7.8m
of which Financial debts: +€466,990
- Other debts +€398,102
up €398,102 (+19.6%), from €2.0m to €2.4m
- Reserves +€287,932
up €287,932 (+19.5%), from €1.5m to €1.8m
of which Distributable reserves: +€287,932
- Gross operating margin +€311,279
up €311,279 (+43.8%), from €710,485 to €1.0m
- Other operating charges -€160,939
down €160,939 (-76.2%), from €211,214 to €50,275
- Depreciation +€143,916
up €143,916 (+52.9%), from €271,805 to €415,721
- Financial charges +€51,472
up €51,472 (+24.9%), from €206,566 to €258,038
- Financial income -€22,579
down €22,579 (-98.9%), from €22,828 to €249
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 | €12,416,978 | €13,541,588 | +€1.1m | +9.1% |
| Fixed assets | 21/28 | €12,181,274 | €13,332,075 | +€1.2m | +9.4% |
| Tangible fixed assets | 22/27 | €11,451,224 | €12,602,425 | +€1.2m | +10.1% |
| Land and buildings | 22 | €11,451,224 | €12,602,425 | +€1.2m | +10.1% |
| Financial fixed assets | 28 | €730,050 | €729,650 | -€400 | -0.1% |
| Current assets | 29/58 | €235,704 | €209,513 | -€26,191 | -11.1% |
| Amounts receivable within one year | 40/41 | €171,124 | €129,223 | -€41,901 | -24.5% |
| Trade receivables | 40 | €171,124 | €92,331 | -€78,793 | -46.0% |
| Other amounts receivable | 41 | - | €36,892 | +€36,892 | |
| Cash at bank and in hand | 54/58 | €59,033 | €62,831 | +€3,798 | +6.4% |
| Deferred charges and accrued income | 490/1 | €5,547 | €17,459 | +€11,912 | +214.7% |
| Total equity and liabilities | 10/49 | €12,416,978 | €13,541,588 | +€1.1m | +9.1% |
| Equity | 10/15 | €2,280,064 | €2,567,996 | +€287,932 | +12.6% |
| Contributions | 10/11 | €803,175 | €803,175 | = | 0.0% |
| Capital | 10 | €803,175 | €803,175 | = | 0.0% |
| Issued capital | 100 | €803,175 | €803,175 | = | 0.0% |
| Reserves | 13 | €1,476,889 | €1,764,821 | +€287,932 | +19.5% |
| Non-distributable reserves | 130/1 | €80,318 | €80,318 | = | 0.0% |
| Legal reserve | 130 | €80,318 | €80,318 | = | 0.0% |
| Distributable reserves | 133 | €1,396,572 | €1,684,504 | +€287,932 | +20.6% |
| Amounts payable | 17/49 | €10,136,914 | €10,973,591 | +€836,677 | +8.3% |
| Amounts payable after more than one year | 17 | €7,291,824 | €7,758,813 | +€466,990 | +6.4% |
| Financial debts | 170/4 | €7,273,525 | €7,740,515 | +€466,990 | +6.4% |
| Other amounts payable | 178/9 | €18,299 | €18,299 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,789,487 | €3,153,472 | +€363,985 | +13.0% |
| Current portion of amounts payable after more than one year | 42 | €484,086 | €458,079 | -€26,007 | -5.4% |
| Financial debts | 43 | - | €4,040 | +€4,040 | |
| Other loans | 439 | - | €4,040 | +€4,040 | |
| Trade debts | 44 | €239,735 | €238,052 | -€1,683 | -0.7% |
| Suppliers | 440/4 | €239,735 | €238,052 | -€1,683 | -0.7% |
| Taxes, remuneration and social security | 45 | €33,762 | €23,295 | -€10,466 | -31.0% |
| Taxes | 450/3 | €33,762 | €23,295 | -€10,466 | -31.0% |
| Other amounts payable | 47/48 | €2,031,904 | €2,430,006 | +€398,102 | +19.6% |
| Accrued charges and deferred income | 492/3 | €55,603 | €61,306 | +€5,703 | +10.3% |
| Non-recurring operating income | 76A | - | €72,377 | +€72,377 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €271,805 | €415,721 | +€143,916 | +52.9% |
| Other operating charges | 640/8 | €211,214 | €50,275 | -€160,939 | -76.2% |
| Gross operating margin | 9900 | €710,485 | €1,021,764 | +€311,279 | +43.8% |
| Operating profit (loss) | 9901 | €227,466 | €555,769 | +€328,303 | +144.3% |
| Financial income | 75/76B | €22,828 | €249 | -€22,579 | -98.9% |
| Recurring financial income | 75 | €22,828 | €249 | -€22,579 | -98.9% |
| Financial charges | 65/66B | €206,566 | €258,038 | +€51,472 | +24.9% |
| Recurring financial charges | 65 | €206,566 | €258,038 | +€51,472 | +24.9% |
| Profit (loss) for the period before taxes | 9903 | €43,727 | €297,979 | +€254,252 | +581.4% |
| Income taxes | 67/77 | €11,572 | €10,047 | -€1,524 | -13.2% |
| Profit (loss) for the period | 9904 | €32,156 | €287,932 | +€255,776 | +795.4% |
| Profit (loss) for the period to be appropriated | 9905 | €32,156 | €287,932 | +€255,776 | +795.4% |
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 4 October 2026 via checked.be.