VERDONCK: what changed
Two financial 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
- Tangible fixed assets -€185,738
down €185,738 (-15.7%), from €1.2m to €996,464
of which Land and buildings: -€109,124
- Cash +€120,273
up €120,273 (+587.7%), from €20,464 to €140,738
mainly Depreciation (+€136,193) and Investment in fixed assets (net) (+€49,545)
- Debts after one year -€72,829
down €72,829 (-13.8%), from €526,917 to €454,088
- Reserves -€57,900
down €57,900 (-10.4%), from €559,195 to €501,295
of which Distributable reserves: -€57,900
- Other debts +€34,162
up €34,162 (+27.5%), from €124,018 to €158,180
- Trade debts +€17,780
up €17,780 (+32.3%), from €55,055 to €72,835
- Write-downs -€99,386
down €99,386, from €43,273 to -€56,113
- Gross operating margin -€94,672
down €94,672 (-16.8%), from €564,780 to €470,108
- Staff costs -€14,220
down €14,220 (-3.8%), from €371,885 to €357,665
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 | €1,773,049 | €1,691,776 | -€81,273 | -4.6% |
| Fixed assets | 21/28 | €1,182,202 | €996,464 | -€185,738 | -15.7% |
| Tangible fixed assets | 22/27 | €1,182,202 | €996,464 | -€185,738 | -15.7% |
| Land and buildings | 22 | €1,006,041 | €896,917 | -€109,124 | -10.8% |
| Plant, machinery and equipment | 23 | €71,904 | €63,723 | -€8,181 | -11.4% |
| Furniture and vehicles | 24 | €104,258 | €35,824 | -€68,433 | -65.6% |
| Current assets | 29/58 | €590,847 | €695,312 | +€104,465 | +17.7% |
| Stocks and contracts in progress | 3 | €487,188 | €480,084 | -€7,104 | -1.5% |
| Stocks | 30/36 | €487,188 | €480,084 | -€7,104 | -1.5% |
| Amounts receivable within one year | 40/41 | €76,983 | €70,991 | -€5,992 | -7.8% |
| Trade receivables | 40 | €42,338 | €30,388 | -€11,950 | -28.2% |
| Other amounts receivable | 41 | €34,645 | €40,603 | +€5,958 | +17.2% |
| Cash at bank and in hand | 54/58 | €20,464 | €140,738 | +€120,273 | +587.7% |
| Deferred charges and accrued income | 490/1 | €6,212 | €3,499 | -€2,713 | -43.7% |
| Total equity and liabilities | 10/49 | €1,773,049 | €1,691,776 | -€81,273 | -4.6% |
| Equity | 10/15 | €842,555 | €784,451 | -€58,104 | -6.9% |
| Contributions | 10/11 | €282,537 | €282,537 | = | 0.0% |
| Capital | 10 | €282,537 | €282,537 | = | 0.0% |
| Issued capital | 100 | €282,537 | €282,537 | = | 0.0% |
| Reserves | 13 | €559,195 | €501,295 | -€57,900 | -10.4% |
| Non-distributable reserves | 130/1 | €28,255 | €28,255 | = | 0.0% |
| Legal reserve | 130 | €28,255 | €28,255 | = | 0.0% |
| Distributable reserves | 133 | €530,940 | €473,040 | -€57,900 | -10.9% |
| Profit (loss) carried forward | 14 | €823 | €618 | -€204 | -24.8% |
| Amounts payable | 17/49 | €930,494 | €907,325 | -€23,169 | -2.5% |
| Amounts payable after more than one year | 17 | €526,917 | €454,088 | -€72,829 | -13.8% |
| Financial debts | 170/4 | €526,917 | €454,088 | -€72,829 | -13.8% |
| Amounts payable within one year | 42/48 | €393,610 | €444,810 | +€51,200 | +13.0% |
| Current portion of amounts payable after more than one year | 42 | €70,928 | €72,829 | +€1,901 | +2.7% |
| Financial debts | 43 | €91,141 | €75,141 | -€16,000 | -17.6% |
| Credit institutions | 430/8 | €91,141 | €75,141 | -€16,000 | -17.6% |
| Trade debts | 44 | €55,055 | €72,835 | +€17,780 | +32.3% |
| Suppliers | 440/4 | €55,055 | €72,835 | +€17,780 | +32.3% |
| Taxes, remuneration and social security | 45 | €52,468 | €65,825 | +€13,357 | +25.5% |
| Taxes | 450/3 | €11,875 | €33,172 | +€21,296 | +179.3% |
| Remuneration and social security | 454/9 | €40,593 | €32,653 | -€7,939 | -19.6% |
| Other amounts payable | 47/48 | €124,018 | €158,180 | +€34,162 | +27.5% |
| Accrued charges and deferred income | 492/3 | €9,967 | €8,427 | -€1,540 | -15.4% |
| Non-recurring operating income | 76A | €23,202 | €49,819 | +€26,617 | +114.7% |
| Remuneration, social security and pensions | 62 | €371,885 | €357,665 | -€14,220 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €137,727 | €136,193 | -€1,534 | -1.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €43,273 | -€56,113 | -€99,386 | |
| Other operating charges | 640/8 | €18,848 | €18,066 | -€782 | -4.1% |
| Gross operating margin | 9900 | €564,780 | €470,108 | -€94,672 | -16.8% |
| Operating profit (loss) | 9901 | -€6,953 | €14,297 | +€21,251 | |
| Financial income | 75/76B | €1,383 | €807 | -€576 | -41.6% |
| Recurring financial income | 75 | €1,383 | €807 | -€576 | -41.6% |
| Financial charges | 65/66B | €31,191 | €32,977 | +€1,786 | +5.7% |
| Recurring financial charges | 65 | €31,191 | €32,977 | +€1,786 | +5.7% |
| Profit (loss) for the period before taxes | 9903 | -€36,761 | -€17,872 | +€18,889 | +51.4% |
| Profit (loss) for the period | 9904 | -€36,761 | -€17,872 | +€18,889 | +51.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€36,761 | -€17,872 | +€18,889 | +51.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.