VERDON: 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.
What changed
VERDON
NACE 25.210, Manufacture of fabricated metal products, except machinery and equipment
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€11.2m
2024 · €4.8m+€6.3m
Equity
€24.8m
2024 · €13.7m+€11.0m
Cash
€7.5m
2024 · €8.4m-€919,903
Balance sheet total
€79.9m
2024 · €53.2m+€26.7m
Largest movements
Assets
- Stocks and contracts +€15.1m
up €15.1m (+100.4%), from €15.1m to €30.2m
of which Contracts in progress: +€15.1m
- Receivables within one year +€14.2m
up €14.2m (+68.9%), from €20.7m to €34.9m
of which Trade receivables: +€15.2m
- Tangible fixed assets -€1.7m
down €1.7m (-18.9%), from €9.0m to €7.3m
of which Plant, machinery and equipment: -€1.1m
- Cash -€919,903
down €919,903 (-11.0%), from €8.4m to €7.5m
mainly Stocks and contracts (-€15.1m) and Receivables within one year (-€14.2m)
Equity and liabilities
- Advances received +€15.9m
up €15.9m (+155.8%), from €10.2m to €26.0m
- Profit (loss) carried forward +€10.0m
up €10.0m (+198.4%), from €5.1m to €15.1m
- Reserves +€999,997
up €999,997 (+27.4%), from €3.6m to €4.6m
of which Tax-exempt reserves: +€999,997
Income statement
- Turnover +€41.4m
up €41.4m (+55.1%), from €75.1m to €116.5m
- Goods and materials +€20.3m
up €20.3m (+21.3%), from €95.4m to €115.7m
of which Purchases: +€20.3m
- Services and other goods +€11.1m
up €11.1m (+75.8%), from €14.6m to €25.6m
- Taxes +€2.1m
up €2.1m (+114.5%), from €1.8m to €3.9m
of which Taxes: +€2.1m
- Depreciation +€1.3m
up €1.3m (+43.6%), from €2.9m to €4.1m
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.
Result 2024
€4.8m
Turnover
+€41.4m
Other operating income
+€36,482
Goods and materials
-€20.3m
Services and other goods
-€11.1m
Staff costs
-€334,249
Depreciation
-€1.3m
Other operating charges
+€1,555
Other operating items
+€7,170
Financial income
-€3,696
Financial charges
-€20,158
Taxes
-€2.1m
Result 2025
€11.2m
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.
From operations
+€1.9m
Investment
-€2.4m
Financing
-€436,250
Cash 2024
€8.4m
From operations (derived)
+€1.9m
Net result for the year
+€11.2m
Depreciation
+€4.1m
Stocks and contracts
-€15.1m
Receivables within one year
-€14.2m
Smaller working-capital items
+€19,613
Provisions
+€260,000
Tax, wage and social debts
-€155,054
Advances received
+€15.9m
Investment (derived)
-€2.4m
Investment in fixed assets (net)
-€2.4m
Financing
-€436,250
Debts after one year
-€223,632
Current portion of long-term debt
-€72,617
Contributions, distributions and other
-€140,001
Cash 2025
€7.5m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €53,233,069 | €79,945,698 | +€26.7m | +50.2% |
| Formation expenses | 20 | €5,753 | - | -€5,753 | |
| Fixed assets | 21/28 | €9,025,602 | €7,320,891 | -€1.7m | -18.9% |
| Tangible fixed assets | 22/27 | €9,023,321 | €7,318,610 | -€1.7m | -18.9% |
| Land and buildings | 22 | €453,401 | €461,305 | +€7,904 | +1.7% |
| Plant, machinery and equipment | 23 | €6,450,558 | €5,313,285 | -€1.1m | -17.6% |
| Furniture and vehicles | 24 | €1,388,077 | €1,154,751 | -€233,326 | -16.8% |
| Other tangible fixed assets | 26 | €731,285 | €197,269 | -€534,016 | -73.0% |
| Assets under construction and advance payments | 27 | - | €192,000 | +€192,000 | |
| Financial fixed assets | 28 | €2,281 | €2,281 | = | 0.0% |
| Other financial fixed assets | 284/8 | €2,281 | €2,281 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €2,281 | €2,281 | = | 0.0% |
| Current assets | 29/58 | €44,201,714 | €72,624,807 | +€28.4m | +64.3% |
| Stocks and contracts in progress | 3 | €15,062,178 | €30,180,041 | +€15.1m | +100.4% |
| Stocks | 30/36 | €177,735 | €197,612 | +€19,877 | +11.2% |
| Raw materials and consumables | 30/31 | €16,680 | - | -€16,680 | |
| Goods purchased for resale | 34 | €161,055 | €197,612 | +€36,557 | +22.7% |
| Contracts in progress | 37 | €14,884,443 | €29,982,429 | +€15.1m | +101.4% |
| Amounts receivable within one year | 40/41 | €20,664,432 | €34,903,931 | +€14.2m | +68.9% |
| Trade receivables | 40 | €17,828,247 | €32,985,571 | +€15.2m | +85.0% |
| Other amounts receivable | 41 | €2,836,185 | €1,918,360 | -€917,825 | -32.4% |
| Current investments | 50/53 | €57,247 | €57,247 | = | 0.0% |
| Other investments | 51/53 | €57,247 | €57,247 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €8,391,521 | €7,471,618 | -€919,903 | -11.0% |
| Deferred charges and accrued income | 490/1 | €26,336 | €11,970 | -€14,366 | -54.5% |
| Total equity and liabilities | 10/49 | €53,233,069 | €79,945,698 | +€26.7m | +50.2% |
| Equity | 10/15 | €13,708,929 | €24,751,664 | +€11.0m | +80.6% |
| Contributions | 10/11 | €5,000,000 | €5,000,000 | = | 0.0% |
| Capital | 10 | €5,000,000 | €5,000,000 | = | 0.0% |
| Issued capital | 100 | €5,000,000 | €5,000,000 | = | 0.0% |
| Reserves | 13 | €3,647,497 | €4,647,494 | +€999,997 | +27.4% |
| Non-distributable reserves | 130/1 | €500,000 | €500,000 | = | 0.0% |
| Legal reserve | 130 | €500,000 | €500,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €999,997 | €1,999,994 | +€999,997 | +100.0% |
| Distributable reserves | 133 | €2,147,500 | €2,147,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,061,432 | €15,104,170 | +€10.0m | +198.4% |
| Investment grants | 15 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €520,000 | €780,000 | +€260,000 | +50.0% |
| Provisions for liabilities and charges | 160/5 | €520,000 | €780,000 | +€260,000 | +50.0% |
| Major repairs and maintenance | 162 | €520,000 | €780,000 | +€260,000 | +50.0% |
| Amounts payable | 17/49 | €39,004,140 | €54,414,034 | +€15.4m | +39.5% |
| Amounts payable after more than one year | 17 | €667,645 | €444,013 | -€223,632 | -33.5% |
| Financial debts | 170/4 | €667,645 | €444,013 | -€223,632 | -33.5% |
| Credit institutions | 173 | €667,645 | €444,013 | -€223,632 | -33.5% |
| Amounts payable within one year | 42/48 | €38,310,122 | €53,970,021 | +€15.7m | +40.9% |
| Current portion of amounts payable after more than one year | 42 | €307,434 | €234,817 | -€72,617 | -23.6% |
| Trade debts | 44 | €25,194,769 | €25,233,031 | +€38,262 | +0.2% |
| Suppliers | 440/4 | €25,194,769 | €25,233,031 | +€38,262 | +0.2% |
| Advances received on contracts in progress | 46 | €10,177,339 | €26,033,289 | +€15.9m | +155.8% |
| Taxes, remuneration and social security | 45 | €2,381,814 | €2,226,760 | -€155,054 | -6.5% |
| Taxes | 450/3 | €1,027,662 | €731,750 | -€295,912 | -28.8% |
| Remuneration and social security | 454/9 | €1,354,152 | €1,495,010 | +€140,858 | +10.4% |
| Other amounts payable | 47/48 | €248,766 | €242,124 | -€6,642 | -2.7% |
| Accrued charges and deferred income | 492/3 | €26,373 | - | -€26,373 | |
| Operating income | 70/76A | €129,290,752 | €170,773,306 | +€41.5m | +32.1% |
| Turnover | 70 | €75,099,746 | €116,450,475 | +€41.4m | +55.1% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €53,956,971 | €54,074,729 | +€117,758 | +0.2% |
| Own construction capitalised | 72 | €25,988 | - | -€25,988 | |
| Other operating income | 74 | €208,047 | €244,529 | +€36,482 | +17.5% |
| Non-recurring operating income | 76A | - | €3,573 | +€3,573 | |
| Operating charges | 60/66A | €122,509,042 | €155,525,245 | +€33.0m | +27.0% |
| Goods for resale, raw materials and consumables | 60 | €95,403,789 | €115,684,889 | +€20.3m | +21.3% |
| Purchases | 600/8 | €95,382,710 | €115,704,766 | +€20.3m | +21.3% |
| Change in stocks: decrease (increase) | 609 | €21,079 | -€19,877 | -€40,956 | |
| Services and other goods | 61 | €14,582,944 | €25,642,865 | +€11.1m | +75.8% |
| Remuneration, social security and pensions | 62 | €9,249,140 | €9,583,389 | +€334,249 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,877,391 | €4,131,706 | +€1.3m | +43.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €260,000 | €260,000 | = | 0.0% |
| Other operating charges | 640/8 | €126,359 | €124,804 | -€1,555 | -1.2% |
| Non-recurring operating charges | 66A | €9,419 | €97,592 | +€88,173 | +936.1% |
| Operating profit (loss) | 9901 | €6,781,710 | €15,248,061 | +€8.5m | +124.8% |
| Financial income | 75/76B | €8,450 | €4,754 | -€3,696 | -43.7% |
| Recurring financial income | 75 | €8,450 | €4,754 | -€3,696 | -43.7% |
| Income from financial fixed assets | 750 | - | €5 | +€5 | |
| Other financial income | 752/9 | €8,450 | €4,749 | -€3,701 | -43.8% |
| Financial charges | 65/66B | €125,594 | €145,752 | +€20,158 | +16.1% |
| Recurring financial charges | 65 | €125,594 | €145,752 | +€20,158 | +16.1% |
| Debt charges | 650 | €93,633 | €109,278 | +€15,645 | +16.7% |
| Other financial charges | 652/9 | €31,961 | €36,474 | +€4,513 | +14.1% |
| Profit (loss) for the period before taxes | 9903 | €6,664,566 | €15,107,063 | +€8.4m | +126.7% |
| Income taxes | 67/77 | €1,829,681 | €3,924,327 | +€2.1m | +114.5% |
| Taxes | 670/3 | €1,829,681 | €3,924,327 | +€2.1m | +114.5% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €4,834,885 | €11,182,736 | +€6.3m | +131.3% |
| Transfer to tax-exempt reserves | 689 | €999,997 | €999,997 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,834,888 | €10,182,739 | +€6.3m | +165.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.