VERDOGRAPHICS: 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.
VERDOGRAPHICS
Largest movements
- Current investments -€918,656
down €918,656 (-60.5%), from €1.5m to €600,000
- Tangible fixed assets +€809,763
up €809,763 (+45.1%), from €1.8m to €2.6m
of which Land and buildings: +€565,799
- Cash +€129,200
up €129,200 (+556.9%), from €23,202 to €152,402
mainly Current investments (+€918,656) and Receivables within one year (+€96,564)
- Receivables within one year -€96,564
down €96,564 (-42.0%), from €229,862 to €133,298
of which Trade receivables: -€75,829
- Other debts -€43,344
down €43,344 (-10.8%), from €400,763 to €357,419
- Reserves -€42,494
down €42,494 (-1.4%), from €3.0m to €2.9m
of which Tax-exempt reserves: -€94,725
- Gross operating margin -€177,242
down €177,242 (-22.8%), from €776,274 to €599,031
- Write-downs +€76,081
up €76,081, from -€48,241 to €27,840
- Depreciation +€50,608
up €50,608 (+142.1%), from €35,609 to €86,217
- Other operating charges -€44,407
down €44,407 (-82.0%), from €54,173 to €9,766
- Staff costs +€28,921
up €28,921 (+8.2%), from €351,423 to €380,344
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 | €3,611,508 | €3,501,866 | -€109,642 | -3.0% |
| Fixed assets | 21/28 | €1,798,269 | €2,608,032 | +€809,763 | +45.0% |
| Tangible fixed assets | 22/27 | €1,796,219 | €2,605,982 | +€809,763 | +45.1% |
| Land and buildings | 22 | €816,551 | €1,382,350 | +€565,799 | +69.3% |
| Plant, machinery and equipment | 23 | €30,665 | €50,159 | +€19,494 | +63.6% |
| Furniture and vehicles | 24 | €16,389 | €30,640 | +€14,251 | +87.0% |
| Other tangible fixed assets | 26 | €133,521 | €130,258 | -€3,263 | -2.4% |
| Assets under construction and advance payments | 27 | €799,094 | €1,012,575 | +€213,481 | +26.7% |
| Financial fixed assets | 28 | €2,050 | €2,050 | = | 0.0% |
| Current assets | 29/58 | €1,813,239 | €893,834 | -€919,405 | -50.7% |
| Stocks and contracts in progress | 3 | €6,803 | €5,634 | -€1,169 | -17.2% |
| Stocks | 30/36 | €6,803 | €5,634 | -€1,169 | -17.2% |
| Amounts receivable within one year | 40/41 | €229,862 | €133,298 | -€96,564 | -42.0% |
| Trade receivables | 40 | €188,571 | €112,741 | -€75,829 | -40.2% |
| Other amounts receivable | 41 | €41,292 | €20,557 | -€20,735 | -50.2% |
| Current investments | 50/53 | €1,518,656 | €600,000 | -€918,656 | -60.5% |
| Cash at bank and in hand | 54/58 | €23,202 | €152,402 | +€129,200 | +556.9% |
| Deferred charges and accrued income | 490/1 | €34,716 | €2,500 | -€32,216 | -92.8% |
| Total equity and liabilities | 10/49 | €3,611,508 | €3,501,866 | -€109,642 | -3.0% |
| Equity | 10/15 | €2,969,282 | €2,926,788 | -€42,494 | -1.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,950,682 | €2,908,188 | -€42,494 | -1.4% |
| Tax-exempt reserves | 132 | €413,554 | €318,829 | -€94,725 | -22.9% |
| Distributable reserves | 133 | €2,537,128 | €2,589,358 | +€52,231 | +2.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €55,951 | €55,951 | = | 0.0% |
| Deferred taxes | 168 | €55,951 | €55,951 | = | 0.0% |
| Amounts payable | 17/49 | €586,275 | €519,127 | -€67,148 | -11.5% |
| Amounts payable within one year | 42/48 | €549,331 | €484,749 | -€64,581 | -11.8% |
| Trade debts | 44 | €105,564 | €78,093 | -€27,471 | -26.0% |
| Suppliers | 440/4 | €105,564 | €78,093 | -€27,471 | -26.0% |
| Taxes, remuneration and social security | 45 | €43,004 | €49,238 | +€6,234 | +14.5% |
| Taxes | 450/3 | €14,081 | €7,799 | -€6,282 | -44.6% |
| Remuneration and social security | 454/9 | €28,923 | €41,439 | +€12,516 | +43.3% |
| Other amounts payable | 47/48 | €400,763 | €357,419 | -€43,344 | -10.8% |
| Accrued charges and deferred income | 492/3 | €36,944 | €34,378 | -€2,566 | -6.9% |
| Non-recurring operating income | 76A | €236,591 | €0 | -€236,591 | -100.0% |
| Remuneration, social security and pensions | 62 | €351,423 | €380,344 | +€28,921 | +8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,609 | €86,217 | +€50,608 | +142.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€48,241 | €27,840 | +€76,081 | |
| Other operating charges | 640/8 | €54,173 | €9,766 | -€44,407 | -82.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €776,274 | €599,031 | -€177,242 | -22.8% |
| Operating profit (loss) | 9901 | €383,309 | €94,864 | -€288,445 | -75.3% |
| Financial income | 75/76B | €43,632 | €18,444 | -€25,188 | -57.7% |
| Recurring financial income | 75 | €43,632 | €18,444 | -€25,188 | -57.7% |
| Financial charges | 65/66B | €32,309 | €33,987 | +€1,678 | +5.2% |
| Recurring financial charges | 65 | €32,309 | €33,987 | +€1,678 | +5.2% |
| Profit (loss) for the period before taxes | 9903 | €394,631 | €79,320 | -€315,311 | -79.9% |
| Transfer to deferred taxes | 680 | €55,951 | €0 | -€55,951 | -100.0% |
| Income taxes | 67/77 | €48,168 | €32,179 | -€15,989 | -33.2% |
| Profit (loss) for the period | 9904 | €290,512 | €47,141 | -€243,371 | -83.8% |
| Transfer from tax-exempt reserves | 789 | €0 | €136,825 | +€136,825 | |
| Transfer to tax-exempt reserves | 689 | €209,954 | €42,100 | -€167,854 | -79.9% |
| Profit (loss) for the period to be appropriated | 9905 | €80,557 | €141,866 | +€61,309 | +76.1% |
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.