Verdonck Davy: 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 Davy
Largest movements
- Cash +€63,654
up €63,654 (+54.3%), from €117,247 to €180,901
mainly Depreciation (+€73,655) and Stocks and contracts (+€48,470)
- Tangible fixed assets -€56,281
down €56,281 (-10.3%), from €548,972 to €492,691
of which Plant, machinery and equipment: -€34,006
- Stocks and contracts -€48,470
down €48,470 (-90.2%), from €53,740 to €5,270
of which Contracts in progress: -€44,000
- Debts after one year -€35,978
down €35,978 (-11.5%), from €312,371 to €276,393
- Gross operating margin +€37,547
up €37,547 (+103%), from €36,587 to €74,134
- Financial income +€2,332
up €2,332 (+73.1%), from €3,192 to €5,525
- Depreciation -€1,677
down €1,677 (-2.2%), from €75,332 to €73,655
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.
Derived cash bridge
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 | €755,880 | €709,770 | -€46,110 | -6.1% |
| Fixed assets | 21/28 | €548,972 | €492,691 | -€56,281 | -10.3% |
| Tangible fixed assets | 22/27 | €548,972 | €492,691 | -€56,281 | -10.3% |
| Land and buildings | 22 | €484,709 | €454,247 | -€30,462 | -6.3% |
| Plant, machinery and equipment | 23 | €45,249 | €11,243 | -€34,006 | -75.2% |
| Furniture and vehicles | 24 | €16,996 | €23,605 | +€6,610 | +38.9% |
| Other tangible fixed assets | 26 | €2,018 | €3,596 | +€1,578 | +78.2% |
| Current assets | 29/58 | €206,908 | €217,079 | +€10,171 | +4.9% |
| Stocks and contracts in progress | 3 | €53,740 | €5,270 | -€48,470 | -90.2% |
| Stocks | 30/36 | €9,740 | €5,270 | -€4,470 | -45.9% |
| Contracts in progress | 37 | €44,000 | €0 | -€44,000 | -100% |
| Amounts receivable within one year | 40/41 | €27,877 | €24,436 | -€3,441 | -12.3% |
| Trade receivables | 40 | €16,425 | €13,959 | -€2,466 | -15.0% |
| Other amounts receivable | 41 | €11,452 | €10,477 | -€975 | -8.5% |
| Cash at bank and in hand | 54/58 | €117,247 | €180,901 | +€63,654 | +54.3% |
| Deferred charges and accrued income | 490/1 | €8,044 | €6,472 | -€1,572 | -19.5% |
| Total equity and liabilities | 10/49 | €755,880 | €709,770 | -€46,110 | -6.1% |
| Equity | 10/15 | €374,786 | €372,323 | -€2,463 | -0.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €368,586 | €366,123 | -€2,463 | -0.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €368,586 | €366,123 | -€2,463 | -0.7% |
| Amounts payable | 17/49 | €381,093 | €337,446 | -€43,647 | -11.5% |
| Amounts payable after more than one year | 17 | €312,371 | €276,393 | -€35,978 | -11.5% |
| Financial debts | 170/4 | €312,371 | €276,393 | -€35,978 | -11.5% |
| Amounts payable within one year | 42/48 | €68,722 | €61,053 | -€7,669 | -11.2% |
| Current portion of amounts payable after more than one year | 42 | €35,629 | €35,978 | +€349 | +1.0% |
| Financial debts | 43 | €301 | €301 | +€0 | 0.0% |
| Credit institutions | 430/8 | €301 | €301 | +€0 | 0.0% |
| Trade debts | 44 | €3,532 | €1,253 | -€2,280 | -64.5% |
| Suppliers | 440/4 | €3,532 | €1,253 | -€2,280 | -64.5% |
| Taxes, remuneration and social security | 45 | €15,364 | €8,822 | -€6,543 | -42.6% |
| Taxes | 450/3 | €15,364 | €8,822 | -€6,543 | -42.6% |
| Other amounts payable | 47/48 | €13,895 | €14,700 | +€804 | +5.8% |
| Non-recurring operating income | 76A | €3,000 | €1,240 | -€1,760 | -58.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,332 | €73,655 | -€1,677 | -2.2% |
| Other operating charges | 640/8 | €3,292 | €3,939 | +€647 | +19.6% |
| Non-recurring operating charges | 66A | €1,199 | €0 | -€1,199 | -100% |
| Gross operating margin | 9900 | €36,587 | €74,134 | +€37,547 | +103% |
| Operating profit (loss) | 9901 | -€43,236 | -€3,459 | +€39,776 | +92.0% |
| Financial income | 75/76B | €3,192 | €5,525 | +€2,332 | +73.1% |
| Recurring financial income | 75 | €3,192 | €5,525 | +€2,332 | +73.1% |
| Financial charges | 65/66B | €3,900 | €3,925 | +€25 | +0.7% |
| Recurring financial charges | 65 | €3,900 | €3,925 | +€25 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | -€43,943 | -€1,860 | +€42,083 | +95.8% |
| Income taxes | 67/77 | €605 | €603 | -€2 | -0.4% |
| Profit (loss) for the period | 9904 | -€44,548 | -€2,463 | +€42,085 | +94.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€44,548 | -€2,463 | +€42,085 | +94.5% |
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 22 October 2026 via checked.be.