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 +€846,910
up €846,910 (+16.6%), from €5.1m to €5.9m
of which Other tangible fixed assets: +€2.5m
- Receivables within one year +€625,420
up €625,420 (+8938.0%), from €6,997 to €632,417
of which Trade receivables: +€622,386
- Other debts +€1.3m
up €1.3m (+46.2%), from €2.8m to €4.2m
- Trade debts +€132,461
up €132,461 (+197.5%), from €67,074 to €199,535
- Depreciation -€94,628
down €94,628 (-39.0%), from €242,860 to €148,232
- Gross operating margin +€67,689
up €67,689 (+43.5%), from €155,439 to €223,127
- Other operating charges +€3,759
up €3,759 (+20.4%), from €18,471 to €22,230
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 | €5,136,238 | €6,609,155 | +€1.5m | +28.7% |
| Fixed assets | 21/28 | €5,097,765 | €5,944,675 | +€846,910 | +16.6% |
| Tangible fixed assets | 22/27 | €5,097,765 | €5,944,675 | +€846,910 | +16.6% |
| Land and buildings | 22 | €1,815,183 | €1,800,244 | -€14,939 | -0.8% |
| Furniture and vehicles | 24 | €3,600 | €3,600 | = | 0.0% |
| Other tangible fixed assets | 26 | €1,630,000 | €4,140,831 | +€2.5m | +154.0% |
| Assets under construction and advance payments | 27 | €1,648,981 | €0 | -€1.6m | -100.0% |
| Current assets | 29/58 | €38,474 | €664,480 | +€626,006 | +1627.1% |
| Amounts receivable within one year | 40/41 | €6,997 | €632,417 | +€625,420 | +8938.0% |
| Trade receivables | 40 | €0 | €622,386 | +€622,386 | |
| Other amounts receivable | 41 | €6,997 | €10,032 | +€3,035 | +43.4% |
| Cash at bank and in hand | 54/58 | €25,406 | €24,258 | -€1,148 | -4.5% |
| Deferred charges and accrued income | 490/1 | €6,071 | €7,805 | +€1,735 | +28.6% |
| Total equity and liabilities | 10/49 | €5,136,238 | €6,609,155 | +€1.5m | +28.7% |
| Equity | 10/15 | €2,227,529 | €2,254,534 | +€27,004 | +1.2% |
| Contributions | 10/11 | €2,123,947 | €2,123,947 | = | 0.0% |
| Capital | 10 | €2,123,947 | €2,123,947 | = | 0.0% |
| Issued capital | 100 | €2,123,947 | €2,123,947 | = | 0.0% |
| Reserves | 13 | €11,808 | €13,160 | +€1,352 | +11.5% |
| Non-distributable reserves | 130/1 | €11,808 | €13,160 | +€1,352 | +11.5% |
| Legal reserve | 130 | €11,808 | €13,160 | +€1,352 | +11.5% |
| Profit (loss) carried forward | 14 | €91,775 | €117,427 | +€25,652 | +28.0% |
| Amounts payable | 17/49 | €2,908,709 | €4,354,621 | +€1.4m | +49.7% |
| Amounts payable within one year | 42/48 | €2,908,709 | €4,354,621 | +€1.4m | +49.7% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €67,074 | €199,535 | +€132,461 | +197.5% |
| Suppliers | 440/4 | €67,074 | €199,535 | +€132,461 | +197.5% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €2,841,635 | €4,155,086 | +€1.3m | +46.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €242,860 | €148,232 | -€94,628 | -39.0% |
| Other operating charges | 640/8 | €18,471 | €22,230 | +€3,759 | +20.4% |
| Gross operating margin | 9900 | €155,439 | €223,127 | +€67,689 | +43.5% |
| Operating profit (loss) | 9901 | -€105,892 | €52,665 | +€158,557 | |
| Financial income | 75/76B | €1,672 | €2,620 | +€948 | +56.7% |
| Recurring financial income | 75 | €1,672 | €2,620 | +€948 | +56.7% |
| Financial charges | 65/66B | €28,353 | €28,281 | -€72 | -0.3% |
| Recurring financial charges | 65 | €28,353 | €28,281 | -€72 | -0.3% |
| Profit (loss) for the period before taxes | 9903 | -€132,573 | €27,004 | +€159,577 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€132,573 | €27,004 | +€159,577 | |
| Profit (loss) for the period to be appropriated | 9905 | -€132,573 | €27,004 | +€159,577 |
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 5 October 2026 via checked.be.