VERDONCK: 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.
VERDONCK
Largest movements
- Stocks and contracts +€64,522
up €64,522 (+57.0%), from €113,237 to €177,759
- Cash +€28,292
up €28,292 (+11.7%), from €242,096 to €270,388
mainly Depreciation (+€43,536) and Accrued charges and deferred income (+€41,040)
- Accrued charges and deferred income +€41,040
new in 2025: €41,040
- Reserves +€38,387
up €38,387 (+10.1%), from €381,692 to €420,079
of which Distributable reserves: +€38,387
- Debts after one year -€24,903
down €24,903 (-4.5%), from €558,683 to €533,780
of which Financial debts: -€24,903
- Trade debts +€22,403
up €22,403 (+45.4%), from €49,361 to €71,764
- Depreciation -€37,142
down €37,142 (-46.0%), from €80,679 to €43,536
- Staff costs +€28,429
up €28,429 (+27.0%), from €105,380 to €133,810
- Gross operating margin +€15,048
up €15,048 (+6.2%), from €241,392 to €256,440
- Financial charges +€3,871
up €3,871 (+17.2%), from €22,475 to €26,346
- Taxes +€2,686
up €2,686 (+26.9%), from €9,967 to €12,653
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 | €1,141,328 | €1,229,713 | +€88,385 | +7.7% |
| Fixed assets | 21/28 | €759,289 | €758,004 | -€1,285 | -0.2% |
| Tangible fixed assets | 22/27 | €759,289 | €758,004 | -€1,285 | -0.2% |
| Land and buildings | 22 | €697,065 | €685,655 | -€11,411 | -1.6% |
| Plant, machinery and equipment | 23 | €57,482 | €55,925 | -€1,558 | -2.7% |
| Furniture and vehicles | 24 | €4,741 | €16,424 | +€11,683 | +246.4% |
| Current assets | 29/58 | €382,039 | €471,709 | +€89,670 | +23.5% |
| Stocks and contracts in progress | 3 | €113,237 | €177,759 | +€64,522 | +57.0% |
| Stocks | 30/36 | €113,237 | €177,759 | +€64,522 | +57.0% |
| Amounts receivable within one year | 40/41 | €24,155 | €21,231 | -€2,924 | -12.1% |
| Trade receivables | 40 | €6,214 | €9,594 | +€3,379 | +54.4% |
| Other amounts receivable | 41 | €17,941 | €11,637 | -€6,304 | -35.1% |
| Cash at bank and in hand | 54/58 | €242,096 | €270,388 | +€28,292 | +11.7% |
| Deferred charges and accrued income | 490/1 | €2,551 | €2,331 | -€220 | -8.6% |
| Total equity and liabilities | 10/49 | €1,141,328 | €1,229,713 | +€88,385 | +7.7% |
| Equity | 10/15 | €400,284 | €438,671 | +€38,387 | +9.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €381,692 | €420,079 | +€38,387 | +10.1% |
| Tax-exempt reserves | 132 | €4,958 | €4,958 | = | 0.0% |
| Distributable reserves | 133 | €376,734 | €415,121 | +€38,387 | +10.2% |
| Amounts payable | 17/49 | €741,043 | €791,042 | +€49,998 | +6.7% |
| Amounts payable after more than one year | 17 | €558,683 | €533,780 | -€24,903 | -4.5% |
| Financial debts | 170/4 | €558,246 | €533,343 | -€24,903 | -4.5% |
| Other amounts payable | 178/9 | €438 | €438 | = | 0.0% |
| Amounts payable within one year | 42/48 | €182,360 | €216,222 | +€33,861 | +18.6% |
| Current portion of amounts payable after more than one year | 42 | €34,677 | €39,167 | +€4,490 | +12.9% |
| Trade debts | 44 | €49,361 | €71,764 | +€22,403 | +45.4% |
| Suppliers | 440/4 | €49,361 | €71,764 | +€22,403 | +45.4% |
| Taxes, remuneration and social security | 45 | €39,040 | €42,991 | +€3,951 | +10.1% |
| Taxes | 450/3 | €4,930 | €9,394 | +€4,464 | +90.5% |
| Remuneration and social security | 454/9 | €34,110 | €33,598 | -€513 | -1.5% |
| Other amounts payable | 47/48 | €59,282 | €62,299 | +€3,017 | +5.1% |
| Accrued charges and deferred income | 492/3 | - | €41,040 | +€41,040 | |
| Remuneration, social security and pensions | 62 | €105,380 | €133,810 | +€28,429 | +27.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,679 | €43,536 | -€37,142 | -46.0% |
| Other operating charges | 640/8 | €2,101 | €1,785 | -€315 | -15.0% |
| Gross operating margin | 9900 | €241,392 | €256,440 | +€15,048 | +6.2% |
| Operating profit (loss) | 9901 | €53,233 | €77,309 | +€24,076 | +45.2% |
| Financial income | 75/76B | €27 | €77 | +€50 | +183.5% |
| Recurring financial income | 75 | €27 | €77 | +€50 | +183.5% |
| Financial charges | 65/66B | €22,475 | €26,346 | +€3,871 | +17.2% |
| Recurring financial charges | 65 | €22,475 | €26,346 | +€3,871 | +17.2% |
| Profit (loss) for the period before taxes | 9903 | €30,785 | €51,040 | +€20,255 | +65.8% |
| Income taxes | 67/77 | €9,967 | €12,653 | +€2,686 | +26.9% |
| Profit (loss) for the period | 9904 | €20,817 | €38,387 | +€17,569 | +84.4% |
| Profit (loss) for the period to be appropriated | 9905 | €20,817 | €38,387 | +€17,569 | +84.4% |
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 6 October 2026 via checked.be.