VERDOS: 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.
VERDOS
Largest movements
- Current investments +€78,000
up €78,000 (+21.5%), from €362,000 to €440,000
- Cash +€68,772
up €68,772 (+109.4%), from €62,877 to €131,649
mainly Other debts (+€172,970) and Depreciation (+€157,497)
- Receivables after one year -€60,000
down €60,000 (-100.0%), from €60,000 to €0
- Receivables within one year +€56,325
up €56,325 (+8.6%), from €658,464 to €714,790
of which Other amounts receivable: +€57,270
- Tangible fixed assets +€49,087
up €49,087 (+2.5%), from €1.9m to €2.0m
of which Land and buildings: +€50,212
- Other debts +€172,970
up €172,970 (+104.4%), from €165,654 to €338,624
- Revaluation surpluses -€55,362
down €55,362 (-5.8%), from €952,702 to €897,340
- Debts after one year +€36,860
up €36,860 (+83.1%), from €44,373 to €81,234
- Gross operating margin +€25,416
up €25,416 (+20.1%), from €126,343 to €151,759
- Financial charges +€9,302
up €9,302 (+333.7%), from €2,788 to €12,090
- Taxes +€7,312
up €7,312 (+1601.4%), from €457 to €7,769
- Depreciation -€5,934
down €5,934 (-3.6%), from €163,431 to €157,497
- Other operating charges +€1,949
up €1,949 (+6.4%), from €30,656 to €32,605
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 | €3,112,920 | €3,301,729 | +€188,808 | +6.1% |
| Fixed assets | 21/28 | €1,940,185 | €1,989,272 | +€49,087 | +2.5% |
| Tangible fixed assets | 22/27 | €1,940,185 | €1,989,272 | +€49,087 | +2.5% |
| Land and buildings | 22 | €1,936,123 | €1,986,335 | +€50,212 | +2.6% |
| Plant, machinery and equipment | 23 | €2,904 | €2,227 | -€676 | -23.3% |
| Furniture and vehicles | 24 | €1,158 | €709 | -€449 | -38.8% |
| Current assets | 29/58 | €1,172,735 | €1,312,457 | +€139,722 | +11.9% |
| Amounts receivable after more than one year | 29 | €60,000 | €0 | -€60,000 | -100.0% |
| Other amounts receivable | 291 | €60,000 | €0 | -€60,000 | -100.0% |
| Stocks and contracts in progress | 3 | €20,700 | €20,700 | = | 0.0% |
| Stocks | 30/36 | €20,700 | €20,700 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €658,464 | €714,790 | +€56,325 | +8.6% |
| Trade receivables | 40 | €23,247 | €22,302 | -€945 | -4.1% |
| Other amounts receivable | 41 | €635,217 | €692,487 | +€57,270 | +9.0% |
| Current investments | 50/53 | €362,000 | €440,000 | +€78,000 | +21.5% |
| Cash at bank and in hand | 54/58 | €62,877 | €131,649 | +€68,772 | +109.4% |
| Deferred charges and accrued income | 490/1 | €8,694 | €5,318 | -€3,376 | -38.8% |
| Total equity and liabilities | 10/49 | €3,112,920 | €3,301,729 | +€188,808 | +6.1% |
| Equity | 10/15 | €2,823,594 | €2,778,734 | -€44,860 | -1.6% |
| Contributions | 10/11 | €1,670,233 | €1,670,233 | = | 0.0% |
| Revaluation surpluses | 12 | €952,702 | €897,340 | -€55,362 | -5.8% |
| Reserves | 13 | €200,659 | €211,161 | +€10,502 | +5.2% |
| Tax-exempt reserves | 132 | €180,210 | €163,882 | -€16,329 | -9.1% |
| Distributable reserves | 133 | €20,449 | €47,279 | +€26,830 | +131.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €58,026 | €52,584 | -€5,443 | -9.4% |
| Deferred taxes | 168 | €58,026 | €52,584 | -€5,443 | -9.4% |
| Amounts payable | 17/49 | €231,300 | €470,411 | +€239,112 | +103.4% |
| Amounts payable after more than one year | 17 | €44,373 | €81,234 | +€36,860 | +83.1% |
| Financial debts | 170/4 | €44,373 | €81,234 | +€36,860 | +83.1% |
| Amounts payable within one year | 42/48 | €182,764 | €375,092 | +€192,328 | +105.2% |
| Current portion of amounts payable after more than one year | 42 | €5,461 | €10,640 | +€5,179 | +94.8% |
| Trade debts | 44 | €8,971 | €9,133 | +€161 | +1.8% |
| Suppliers | 440/4 | €8,971 | €9,133 | +€161 | +1.8% |
| Taxes, remuneration and social security | 45 | €2,677 | €16,695 | +€14,018 | +523.6% |
| Taxes | 450/3 | €2,677 | €16,695 | +€14,018 | +523.6% |
| Other amounts payable | 47/48 | €165,654 | €338,624 | +€172,970 | +104.4% |
| Accrued charges and deferred income | 492/3 | €4,162 | €14,086 | +€9,923 | +238.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €163,431 | €157,497 | -€5,934 | -3.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €30,656 | €32,605 | +€1,949 | +6.4% |
| Non-recurring operating charges | 66A | - | €4,019 | +€4,019 | |
| Gross operating margin | 9900 | €126,343 | €151,759 | +€25,416 | +20.1% |
| Operating profit (loss) | 9901 | -€67,744 | -€42,363 | +€25,381 | +37.5% |
| Financial income | 75/76B | €12,883 | €11,919 | -€964 | -7.5% |
| Recurring financial income | 75 | €12,883 | €11,919 | -€964 | -7.5% |
| Financial charges | 65/66B | €2,788 | €12,090 | +€9,302 | +333.7% |
| Recurring financial charges | 65 | €2,788 | €12,090 | +€9,302 | +333.7% |
| Profit (loss) for the period before taxes | 9903 | -€57,649 | -€42,534 | +€15,115 | +26.2% |
| Transfer from deferred taxes | 780 | €7,185 | €5,443 | -€1,742 | -24.2% |
| Income taxes | 67/77 | €457 | €7,769 | +€7,312 | +1601.4% |
| Profit (loss) for the period | 9904 | -€50,921 | -€44,860 | +€6,060 | +11.9% |
| Transfer from tax-exempt reserves | 789 | €21,555 | €16,329 | -€5,226 | -24.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€29,366 | -€28,532 | +€834 | +2.8% |
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.