Verdonck Projects: 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 Projects
Largest movements
- Tangible fixed assets +€623,806
up €623,806 (+3618.6%), from €17,239 to €641,045
of which Land and buildings: +€509,594
- Cash -€53,880
down €53,880 (-91.3%), from €59,033 to €5,154
mainly Investment in fixed assets (net) (-€652,168) and Trade debts (-€23,414)
- Stocks and contracts +€16,676
up €16,676 (+192.9%), from €8,644 to €25,320
of which Contracts in progress: +€20,000
- Debts after one year +€427,994
new in 2025: €427,994
- Other debts +€111,411
up €111,411 (+121.8%), from €91,450 to €202,861
- Current portion of long-term debt +€32,097
new in 2025: €32,097
- Profit (loss) carried forward +€30,429
up €30,429 (+35.3%), from €86,088 to €116,517
- Trade debts -€23,414
down €23,414 (-83.1%), from €28,178 to €4,764
- Gross operating margin -€38,950
down €38,950 (-33.4%), from €116,785 to €77,835
- Depreciation +€20,999
up €20,999 (+285.2%), from €7,363 to €28,362
- Taxes -€14,561
down €14,561 (-66.1%), from €22,038 to €7,477
- Financial charges +€9,832
up €9,832 (+15759.7%), from €62 to €9,895
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 | €230,117 | €814,832 | +€584,714 | +254.1% |
| Fixed assets | 21/28 | €17,239 | €641,045 | +€623,806 | +3618.6% |
| Tangible fixed assets | 22/27 | €17,239 | €641,045 | +€623,806 | +3618.6% |
| Land and buildings | 22 | - | €509,594 | +€509,594 | |
| Plant, machinery and equipment | 23 | €17,239 | €94,400 | +€77,161 | +447.6% |
| Furniture and vehicles | 24 | - | €37,051 | +€37,051 | |
| Current assets | 29/58 | €212,878 | €173,787 | -€39,092 | -18.4% |
| Stocks and contracts in progress | 3 | €8,644 | €25,320 | +€16,676 | +192.9% |
| Stocks | 30/36 | €8,644 | €5,320 | -€3,324 | -38.5% |
| Contracts in progress | 37 | - | €20,000 | +€20,000 | |
| Amounts receivable within one year | 40/41 | €145,201 | €142,966 | -€2,235 | -1.5% |
| Trade receivables | 40 | €145,201 | €118,053 | -€27,148 | -18.7% |
| Other amounts receivable | 41 | - | €24,913 | +€24,913 | |
| Cash at bank and in hand | 54/58 | €59,033 | €5,154 | -€53,880 | -91.3% |
| Deferred charges and accrued income | 490/1 | - | €347 | +€347 | |
| Total equity and liabilities | 10/49 | €230,117 | €814,832 | +€584,714 | +254.1% |
| Equity | 10/15 | €87,088 | €117,517 | +€30,429 | +34.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €86,088 | €116,517 | +€30,429 | +35.3% |
| Amounts payable | 17/49 | €143,029 | €697,315 | +€554,286 | +387.5% |
| Amounts payable after more than one year | 17 | - | €427,994 | +€427,994 | |
| Financial debts | 170/4 | - | €427,994 | +€427,994 | |
| Amounts payable within one year | 42/48 | €143,029 | €269,321 | +€126,292 | +88.3% |
| Current portion of amounts payable after more than one year | 42 | - | €32,097 | +€32,097 | |
| Trade debts | 44 | €28,178 | €4,764 | -€23,414 | -83.1% |
| Suppliers | 440/4 | €28,178 | €4,764 | -€23,414 | -83.1% |
| Taxes, remuneration and social security | 45 | €23,402 | €29,600 | +€6,198 | +26.5% |
| Taxes | 450/3 | €23,402 | €29,600 | +€6,198 | +26.5% |
| Other amounts payable | 47/48 | €91,450 | €202,861 | +€111,411 | +121.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,363 | €28,362 | +€20,999 | +285.2% |
| Other operating charges | 640/8 | €1,289 | €1,901 | +€612 | +47.5% |
| Gross operating margin | 9900 | €116,785 | €77,835 | -€38,950 | -33.4% |
| Operating profit (loss) | 9901 | €108,133 | €47,572 | -€60,561 | -56.0% |
| Financial income | 75/76B | €56 | €228 | +€172 | +308.9% |
| Recurring financial income | 75 | €56 | €228 | +€172 | +308.9% |
| Financial charges | 65/66B | €62 | €9,895 | +€9,832 | +15759.7% |
| Recurring financial charges | 65 | €62 | €9,895 | +€9,832 | +15759.7% |
| Profit (loss) for the period before taxes | 9903 | €108,126 | €37,906 | -€70,221 | -64.9% |
| Income taxes | 67/77 | €22,038 | €7,477 | -€14,561 | -66.1% |
| Profit (loss) for the period | 9904 | €86,088 | €30,429 | -€55,660 | -64.7% |
| Profit (loss) for the period to be appropriated | 9905 | €86,088 | €30,429 | -€55,660 | -64.7% |
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 7 October 2026 via checked.be.