VERDRIBOUW: 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.
VERDRIBOUW
Largest movements
- Tangible fixed assets -€47,323
down €47,323 (-27.1%), from €174,478 to €127,155
of which Plant, machinery and equipment: -€27,513
- Cash +€42,342
up €42,342 (+667%), from €6,347 to €48,689
mainly Depreciation (+€56,994) and Stocks and contracts (+€25,841)
- Stocks and contracts -€25,841
down €25,841 (-18.2%), from €141,629 to €115,788
of which Contracts in progress: -€22,138
- Receivables within one year -€10,295
down €10,295 (-5.1%), from €202,160 to €191,865
of which Trade receivables: -€44,533
- Trade debts -€45,381
down €45,381 (-25.4%), from €178,726 to €133,345
- Tax, wage and social debts -€25,818
down €25,818 (-77.1%), from €33,503 to €7,684
of which Taxes: -€22,673
- Debts after one year +€19,379
up €19,379 (+15.6%), from €123,906 to €143,285
- Current portion of long-term debt +€10,954
up €10,954 (+47.8%), from €22,904 to €33,859
- Gross operating margin -€140,225
down €140,225 (-37.5%), from €373,606 to €233,381
- Staff costs -€136,572
down €136,572 (-44.9%), from €303,921 to €167,348
- Financial income +€7,553
up €7,553 (+793%), from €952 to €8,505
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 | €535,742 | €494,084 | -€41,658 | -7.8% |
| Fixed assets | 21/28 | €174,478 | €127,155 | -€47,323 | -27.1% |
| Tangible fixed assets | 22/27 | €174,478 | €127,155 | -€47,323 | -27.1% |
| Land and buildings | 22 | €86,495 | €83,552 | -€2,943 | -3.4% |
| Plant, machinery and equipment | 23 | €65,520 | €38,007 | -€27,513 | -42.0% |
| Furniture and vehicles | 24 | €22,463 | €5,596 | -€16,867 | -75.1% |
| Current assets | 29/58 | €361,264 | €366,929 | +€5,666 | +1.6% |
| Stocks and contracts in progress | 3 | €141,629 | €115,788 | -€25,841 | -18.2% |
| Stocks | 30/36 | €18,000 | €14,297 | -€3,704 | -20.6% |
| Contracts in progress | 37 | €123,629 | €101,491 | -€22,138 | -17.9% |
| Amounts receivable within one year | 40/41 | €202,160 | €191,865 | -€10,295 | -5.1% |
| Trade receivables | 40 | €82,866 | €38,332 | -€44,533 | -53.7% |
| Other amounts receivable | 41 | €119,294 | €153,532 | +€34,238 | +28.7% |
| Cash at bank and in hand | 54/58 | €6,347 | €48,689 | +€42,342 | +667% |
| Deferred charges and accrued income | 490/1 | €11,128 | €10,588 | -€541 | -4.9% |
| Total equity and liabilities | 10/49 | €535,742 | €494,084 | -€41,658 | -7.8% |
| Equity | 10/15 | €175,518 | €175,723 | +€205 | +0.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €170,518 | €170,723 | +€205 | +0.1% |
| Distributable reserves | 133 | €170,518 | €170,723 | +€205 | +0.1% |
| Amounts payable | 17/49 | €360,224 | €318,362 | -€41,863 | -11.6% |
| Amounts payable after more than one year | 17 | €123,906 | €143,285 | +€19,379 | +15.6% |
| Financial debts | 170/4 | €123,906 | €143,285 | +€19,379 | +15.6% |
| Amounts payable within one year | 42/48 | €235,133 | €174,888 | -€60,245 | -25.6% |
| Current portion of amounts payable after more than one year | 42 | €22,904 | €33,859 | +€10,954 | +47.8% |
| Trade debts | 44 | €178,726 | €133,345 | -€45,381 | -25.4% |
| Suppliers | 440/4 | €178,726 | €133,345 | -€45,381 | -25.4% |
| Taxes, remuneration and social security | 45 | €33,503 | €7,684 | -€25,818 | -77.1% |
| Taxes | 450/3 | €26,131 | €3,458 | -€22,673 | -86.8% |
| Remuneration and social security | 454/9 | €7,372 | €4,226 | -€3,146 | -42.7% |
| Accrued charges and deferred income | 492/3 | €1,185 | €189 | -€996 | -84.1% |
| Remuneration, social security and pensions | 62 | €303,921 | €167,348 | -€136,572 | -44.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,680 | €56,994 | +€3,314 | +6.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €852 | - | -€852 | |
| Other operating charges | 640/8 | €4,872 | €3,608 | -€1,265 | -26.0% |
| Gross operating margin | 9900 | €373,606 | €233,381 | -€140,225 | -37.5% |
| Operating profit (loss) | 9901 | €10,280 | €5,430 | -€4,850 | -47.2% |
| Financial income | 75/76B | €952 | €8,505 | +€7,553 | +793% |
| Recurring financial income | 75 | €952 | €8,505 | +€7,553 | +793% |
| Financial charges | 65/66B | €9,105 | €12,543 | +€3,438 | +37.8% |
| Recurring financial charges | 65 | €9,105 | €12,543 | +€3,438 | +37.8% |
| Profit (loss) for the period before taxes | 9903 | €2,127 | €1,393 | -€735 | -34.5% |
| Income taxes | 67/77 | €2,085 | €1,188 | -€897 | -43.0% |
| Profit (loss) for the period | 9904 | €42 | €205 | +€163 | +386% |
| Profit (loss) for the period to be appropriated | 9905 | €42 | €205 | +€163 | +386% |
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 23 October 2026 via checked.be.