VERDUERE: 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.
VERDUERE
Largest movements
- Cash +€117,708
up €117,708 (+47.5%), from €248,038 to €365,746
mainly Receivables within one year (+€89,823) and Current investments (+€79,403)
- Receivables within one year -€89,823
down €89,823 (-38.5%), from €233,490 to €143,668
of which Other amounts receivable: -€89,536
- Current investments -€79,403
down €79,403 (-100%), from €79,403 to €0
- Stocks and contracts +€24,358
up €24,358 (+35.2%), from €69,248 to €93,606
of which Contracts in progress: +€43,758
- Tangible fixed assets -€13,879
down €13,879 (-21.3%), from €65,010 to €51,131
of which Furniture and vehicles: -€9,174
- Reserves -€108,550
down €108,550 (-23.5%), from €460,947 to €352,398
- Advances received +€49,183
up €49,183 (+45.1%), from €108,986 to €158,169
- Tax, wage and social debts +€15,126
up €15,126 (+75.3%), from €20,096 to €35,222
of which Taxes: +€15,290
- Gross operating margin -€73,922
down €73,922 (-14.2%), from €519,273 to €445,351
- Staff costs -€65,710
down €65,710 (-15.6%), from €421,337 to €355,627
- Taxes +€15,610
up €15,610 (+114%), from €13,687 to €29,297
- Financial income +€13,539
up €13,539 (+95.3%), from €14,207 to €27,746
of which Non-recurring financial income: +€15,618
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 | €698,751 | €655,527 | -€43,224 | -6.2% |
| Fixed assets | 21/28 | €65,010 | €51,131 | -€13,879 | -21.3% |
| Tangible fixed assets | 22/27 | €65,010 | €51,131 | -€13,879 | -21.3% |
| Plant, machinery and equipment | 23 | €3,272 | €3,654 | +€382 | +11.7% |
| Furniture and vehicles | 24 | €39,903 | €30,729 | -€9,174 | -23.0% |
| Other tangible fixed assets | 26 | €21,834 | €16,748 | -€5,086 | -23.3% |
| Current assets | 29/58 | €633,741 | €604,396 | -€29,345 | -4.6% |
| Stocks and contracts in progress | 3 | €69,248 | €93,606 | +€24,358 | +35.2% |
| Stocks | 30/36 | €60,379 | €40,978 | -€19,401 | -32.1% |
| Contracts in progress | 37 | €8,869 | €52,628 | +€43,758 | +493% |
| Amounts receivable within one year | 40/41 | €233,490 | €143,668 | -€89,823 | -38.5% |
| Trade receivables | 40 | €21,661 | €21,374 | -€287 | -1.3% |
| Other amounts receivable | 41 | €211,829 | €122,294 | -€89,536 | -42.3% |
| Current investments | 50/53 | €79,403 | €0 | -€79,403 | -100% |
| Cash at bank and in hand | 54/58 | €248,038 | €365,746 | +€117,708 | +47.5% |
| Deferred charges and accrued income | 490/1 | €3,562 | €1,376 | -€2,185 | -61.4% |
| Total equity and liabilities | 10/49 | €698,751 | €655,527 | -€43,224 | -6.2% |
| Equity | 10/15 | €479,539 | €370,990 | -€108,550 | -22.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €460,947 | €352,398 | -€108,550 | -23.5% |
| Distributable reserves | 133 | €460,947 | €352,398 | -€108,550 | -23.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €219,212 | €284,537 | +€65,326 | +29.8% |
| Amounts payable within one year | 42/48 | €219,212 | €284,537 | +€65,326 | +29.8% |
| Trade debts | 44 | €87,782 | €90,833 | +€3,051 | +3.5% |
| Suppliers | 440/4 | €87,782 | €90,833 | +€3,051 | +3.5% |
| Advances received on contracts in progress | 46 | €108,986 | €158,169 | +€49,183 | +45.1% |
| Taxes, remuneration and social security | 45 | €20,096 | €35,222 | +€15,126 | +75.3% |
| Taxes | 450/3 | €4,020 | €19,309 | +€15,290 | +380% |
| Remuneration and social security | 454/9 | €16,076 | €15,913 | -€163 | -1.0% |
| Other amounts payable | 47/48 | €2,348 | €314 | -€2,034 | -86.6% |
| Non-recurring operating income | 76A | €0 | €200 | +€200 | |
| Remuneration, social security and pensions | 62 | €421,337 | €355,627 | -€65,710 | -15.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,668 | €19,992 | +€325 | +1.7% |
| Other operating charges | 640/8 | €4,106 | €3,346 | -€760 | -18.5% |
| Gross operating margin | 9900 | €519,273 | €445,351 | -€73,922 | -14.2% |
| Operating profit (loss) | 9901 | €74,162 | €66,386 | -€7,776 | -10.5% |
| Financial income | 75/76B | €14,207 | €27,746 | +€13,539 | +95.3% |
| Recurring financial income | 75 | €14,207 | €12,128 | -€2,080 | -14.6% |
| Non-recurring financial income | 76B | - | €15,618 | +€15,618 | |
| Financial charges | 65/66B | €524 | €631 | +€107 | +20.4% |
| Recurring financial charges | 65 | €524 | €631 | +€107 | +20.4% |
| Profit (loss) for the period before taxes | 9903 | €87,845 | €93,501 | +€5,656 | +6.4% |
| Income taxes | 67/77 | €13,687 | €29,297 | +€15,610 | +114% |
| Profit (loss) for the period | 9904 | €74,158 | €64,204 | -€9,954 | -13.4% |
| Profit (loss) for the period to be appropriated | 9905 | €74,158 | €64,204 | -€9,954 | -13.4% |
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 16 October 2026 via checked.be.