VERDOOT JOEL: 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.
VERDOOT JOEL
Largest movements
- Tangible fixed assets +€403,425
up €403,425 (+50.5%), from €798,784 to €1.2m
of which Plant, machinery and equipment: +€487,178
- Receivables within one year +€170,948
up €170,948 (+44.4%), from €385,170 to €556,118
of which Trade receivables: +€98,380
- Cash +€112,918
up €112,918 (+83.3%), from €135,477 to €248,395
mainly Debts after one year (+€390,890) and Depreciation (+€220,815)
- Deferred charges and accrued income +€37,684
up €37,684 (+746%), from €5,049 to €42,733
- Stocks and contracts +€37,500
up €37,500 (+250%), from €15,000 to €52,500
- Debts after one year +€390,890
up €390,890 (+84.7%), from €461,524 to €852,414
of which Financial debts: +€393,001
- Profit (loss) carried forward +€186,218
up €186,218 (+49.2%), from €378,595 to €564,813
- Provisions +€50,000
new in 2025: €50,000
- Other debts +€46,855
up €46,855 (+75.4%), from €62,171 to €109,026
- Tax, wage and social debts +€46,580
up €46,580 (+422%), from €11,049 to €57,629
of which Taxes: +€47,119
- Gross operating margin +€275,261
up €275,261 (+33.4%), from €823,370 to €1.1m
- Taxes +€36,538
up €36,538 (+600%), from €6,088 to €42,626
- Write-downs +€35,330
no longer reported in 2025 (was -€35,330)
- Depreciation +€34,501
up €34,501 (+18.5%), from €186,314 to €220,815
- Financial charges +€18,267
up €18,267 (+12.5%), from €146,500 to €164,767
of which Financial charges: +€55,190
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 | €1,340,025 | €2,102,499 | +€762,474 | +56.9% |
| Fixed assets | 21/28 | €799,329 | €1,202,754 | +€403,425 | +50.5% |
| Tangible fixed assets | 22/27 | €798,784 | €1,202,209 | +€403,425 | +50.5% |
| Plant, machinery and equipment | 23 | €671,262 | €1,158,440 | +€487,178 | +72.6% |
| Furniture and vehicles | 24 | €93,532 | €32,585 | -€60,947 | -65.2% |
| Leasing and similar rights | 25 | €33,990 | €11,185 | -€22,805 | -67.1% |
| Financial fixed assets | 28 | €545 | €545 | -€0 | -0.1% |
| Current assets | 29/58 | €540,696 | €899,745 | +€359,049 | +66.4% |
| Stocks and contracts in progress | 3 | €15,000 | €52,500 | +€37,500 | +250% |
| Stocks | 30/36 | €15,000 | €52,500 | +€37,500 | +250% |
| Amounts receivable within one year | 40/41 | €385,170 | €556,118 | +€170,948 | +44.4% |
| Trade receivables | 40 | €360,663 | €459,043 | +€98,380 | +27.3% |
| Other amounts receivable | 41 | €24,507 | €97,074 | +€72,567 | +296% |
| Cash at bank and in hand | 54/58 | €135,477 | €248,395 | +€112,918 | +83.3% |
| Deferred charges and accrued income | 490/1 | €5,049 | €42,733 | +€37,684 | +746% |
| Total equity and liabilities | 10/49 | €1,340,025 | €2,102,499 | +€762,474 | +56.9% |
| Equity | 10/15 | €414,455 | €600,673 | +€186,218 | +44.9% |
| Contributions | 10/11 | €32,600 | €32,600 | = | 0.0% |
| Reserves | 13 | €3,260 | €3,260 | = | 0.0% |
| Distributable reserves | 133 | €3,260 | €3,260 | = | 0.0% |
| Profit (loss) carried forward | 14 | €378,595 | €564,813 | +€186,218 | +49.2% |
| Provisions and deferred taxes | 16 | - | €50,000 | +€50,000 | |
| Provisions for liabilities and charges | 160/5 | - | €50,000 | +€50,000 | |
| Other liabilities and charges | 164/5 | - | €50,000 | +€50,000 | |
| Amounts payable | 17/49 | €925,570 | €1,451,826 | +€526,256 | +56.9% |
| Amounts payable after more than one year | 17 | €461,524 | €852,414 | +€390,890 | +84.7% |
| Financial debts | 170/4 | €455,440 | €848,441 | +€393,001 | +86.3% |
| Trade debts | 175 | €6,084 | €3,973 | -€2,111 | -34.7% |
| Amounts payable within one year | 42/48 | €464,046 | €599,412 | +€135,366 | +29.2% |
| Current portion of amounts payable after more than one year | 42 | €185,751 | €213,331 | +€27,580 | +14.8% |
| Trade debts | 44 | €205,075 | €219,426 | +€14,351 | +7.0% |
| Suppliers | 440/4 | €205,075 | €219,426 | +€14,351 | +7.0% |
| Taxes, remuneration and social security | 45 | €11,049 | €57,629 | +€46,580 | +422% |
| Taxes | 450/3 | €6,492 | €53,611 | +€47,119 | +726% |
| Remuneration and social security | 454/9 | €4,557 | €4,018 | -€539 | -11.8% |
| Other amounts payable | 47/48 | €62,171 | €109,026 | +€46,855 | +75.4% |
| Non-recurring operating income | 76A | €115 | - | -€115 | |
| Remuneration, social security and pensions | 62 | €468,366 | €450,718 | -€17,648 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €186,314 | €220,815 | +€34,501 | +18.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€35,330 | - | +€35,330 | |
| Other operating charges | 640/8 | €8,253 | €4,650 | -€3,603 | -43.7% |
| Non-recurring operating charges | 66A | €3,212 | €31,606 | +€28,394 | +884% |
| Gross operating margin | 9900 | €823,370 | €1,098,631 | +€275,261 | +33.4% |
| Operating profit (loss) | 9901 | €192,555 | €390,842 | +€198,287 | +103% |
| Financial income | 75/76B | - | €2,768 | +€2,768 | |
| Recurring financial income | 75 | - | €268 | +€268 | |
| Non-recurring financial income | 76B | - | €2,500 | +€2,500 | |
| Financial charges | 65/66B | €146,500 | €164,767 | +€18,267 | +12.5% |
| Recurring financial charges | 65 | €90,569 | €145,759 | +€55,190 | +60.9% |
| Non-recurring financial charges | 66B | €55,931 | €19,008 | -€36,923 | -66.0% |
| Profit (loss) for the period before taxes | 9903 | €46,055 | €228,843 | +€182,788 | +397% |
| Income taxes | 67/77 | €6,088 | €42,626 | +€36,538 | +600% |
| Profit (loss) for the period | 9904 | €39,967 | €186,218 | +€146,251 | +366% |
| Profit (loss) for the period to be appropriated | 9905 | €39,967 | €186,218 | +€146,251 | +366% |
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 21 October 2026 via checked.be.