VERDOWAL: 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.
VERDOWAL
Largest movements
- Stocks and contracts +€3.4m
new in 2025: €3.4m
- Cash -€947,760
down €947,760 (-90.0%), from €1.1m to €105,094
mainly Stocks and contracts (-€3.4m) and Investment in fixed assets (net) (-€911,063)
- Tangible fixed assets +€812,093
up €812,093 (+358.0%), from €226,811 to €1.0m
of which Land and buildings: +€829,373
- Other debts +€2.3m
up €2.3m (+436.5%), from €530,225 to €2.8m
- Debts after one year +€1.0m
new in 2025: €1.0m
- Provisions -€64,871
down €64,871 (-38.3%), from €169,562 to €104,691
of which Provisions for liabilities and charges: -€57,000
- Gross operating margin +€72,573
up €72,573 (+194.6%), from €37,286 to €109,859
- Depreciation +€63,963
up €63,963 (+182.7%), from €35,008 to €98,970
- Other operating charges -€19,649
down €19,649 (-59.5%), from €33,049 to €13,400
- Financial charges -€15,583
down €15,583 (-37.9%), from €41,093 to €25,509
- Financial income -€6,050
down €6,050 (-100.0%), from €6,050 to €0
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 | €1,461,145 | €4,694,501 | +€3.2m | +221.3% |
| Fixed assets | 21/28 | €226,811 | €1,038,904 | +€812,093 | +358.0% |
| Tangible fixed assets | 22/27 | €226,811 | €1,038,904 | +€812,093 | +358.0% |
| Land and buildings | 22 | €209,223 | €1,038,597 | +€829,373 | +396.4% |
| Furniture and vehicles | 24 | €1,151 | €307 | -€844 | -73.3% |
| Assets under construction and advance payments | 27 | €16,437 | €0 | -€16,437 | -100.0% |
| Current assets | 29/58 | €1,234,335 | €3,655,597 | +€2.4m | +196.2% |
| Stocks and contracts in progress | 3 | - | €3,376,044 | +€3.4m | |
| Stocks | 30/36 | - | €3,376,044 | +€3.4m | |
| Amounts receivable within one year | 40/41 | €181,480 | €174,415 | -€7,065 | -3.9% |
| Trade receivables | 40 | €177,929 | €172,600 | -€5,329 | -3.0% |
| Other amounts receivable | 41 | €3,551 | €1,815 | -€1,736 | -48.9% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €1,052,855 | €105,094 | -€947,760 | -90.0% |
| Deferred charges and accrued income | 490/1 | - | €44 | +€44 | |
| Total equity and liabilities | 10/49 | €1,461,145 | €4,694,501 | +€3.2m | +221.3% |
| Equity | 10/15 | €735,937 | €715,787 | -€20,150 | -2.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €673,937 | €653,787 | -€20,150 | -3.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €337,685 | €314,074 | -€23,612 | -7.0% |
| Distributable reserves | 133 | €330,052 | €333,513 | +€3,461 | +1.0% |
| Provisions and deferred taxes | 16 | €169,562 | €104,691 | -€64,871 | -38.3% |
| Provisions for liabilities and charges | 160/5 | €57,000 | €0 | -€57,000 | -100.0% |
| Major repairs and maintenance | 162 | €57,000 | €0 | -€57,000 | -100.0% |
| Deferred taxes | 168 | €112,562 | €104,691 | -€7,871 | -7.0% |
| Amounts payable | 17/49 | €555,647 | €3,874,023 | +€3.3m | +597.2% |
| Amounts payable after more than one year | 17 | - | €1,000,000 | +€1.0m | |
| Financial debts | 170/4 | - | €1,000,000 | +€1.0m | |
| Amounts payable within one year | 42/48 | €554,679 | €2,871,568 | +€2.3m | +417.7% |
| Trade debts | 44 | €24,454 | €26,763 | +€2,309 | +9.4% |
| Suppliers | 440/4 | €24,454 | €26,763 | +€2,309 | +9.4% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €530,225 | €2,844,805 | +€2.3m | +436.5% |
| Accrued charges and deferred income | 492/3 | €968 | €2,455 | +€1,487 | +153.7% |
| Non-recurring operating income | 76A | - | €57,000 | +€57,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,008 | €98,970 | +€63,963 | +182.7% |
| Other operating charges | 640/8 | €33,049 | €13,400 | -€19,649 | -59.5% |
| Gross operating margin | 9900 | €37,286 | €109,859 | +€72,573 | +194.6% |
| Operating profit (loss) | 9901 | -€30,771 | -€2,512 | +€28,259 | +91.8% |
| Financial income | 75/76B | €6,050 | €0 | -€6,050 | -100.0% |
| Recurring financial income | 75 | €6,050 | €0 | -€6,050 | -100.0% |
| Financial charges | 65/66B | €41,093 | €25,509 | -€15,583 | -37.9% |
| Recurring financial charges | 65 | €41,093 | €25,509 | -€15,583 | -37.9% |
| Profit (loss) for the period before taxes | 9903 | -€65,813 | -€28,021 | +€37,793 | +57.4% |
| Transfer from deferred taxes | 780 | - | €7,871 | +€7,871 | |
| Income taxes | 67/77 | -€0 | €0 | +€0 | |
| Profit (loss) for the period | 9904 | -€65,813 | -€20,150 | +€45,663 | +69.4% |
| Transfer from tax-exempt reserves | 789 | - | €23,612 | +€23,612 | |
| Profit (loss) for the period to be appropriated | 9905 | -€65,813 | €3,461 | +€69,275 |
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 10 October 2026 via checked.be.