VERDUPAK: what changed
Two fiscal 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.
VERDUPAK
Largest movements
- Financial fixed assets +€1.5m
new in 2025: €1.5m
- Cash -€427,885
down €427,885 (-87.6%), from €488,556 to €60,671
mainly Investment in fixed assets (net) (-€1.6m) and Stocks and contracts (-€15,069)
- Tangible fixed assets +€108,166
up €108,166 (+156.5%), from €69,123 to €177,289
of which Other tangible fixed assets: +€116,322
- Debts after one year +€960,763
up €960,763 (+2371.6%), from €40,512 to €1.0m
- Current portion of long-term debt +€116,679
up €116,679 (+907.5%), from €12,857 to €129,536
- Reserves +€54,000
up €54,000 (+9.3%), from €581,503 to €635,503
of which Distributable reserves: +€54,000
- Other debts +€25,684
up €25,684 (+170.7%), from €15,050 to €40,734
- Financial charges +€31,974
up €31,974 (+315.1%), from €10,146 to €42,120
- Staff costs +€19,832
up €19,832 (+8.8%), from €224,953 to €244,785
- Taxes -€14,103
down €14,103 (-45.4%), from €31,094 to €16,991
- Gross operating margin +€9,375
up €9,375 (+1.9%), from €489,536 to €498,911
- Financial income -€8,593
down €8,593 (-63.0%), from €13,644 to €5,051
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 | €1,042,552 | €2,228,042 | +€1.2m | +113.7% |
| Fixed assets | 21/28 | €71,383 | €1,684,978 | +€1.6m | +2260.5% |
| Intangible fixed assets | 21 | €2,260 | €248 | -€2,012 | -89.0% |
| Tangible fixed assets | 22/27 | €69,123 | €177,289 | +€108,166 | +156.5% |
| Plant, machinery and equipment | 23 | €10,439 | €17,452 | +€7,013 | +67.2% |
| Furniture and vehicles | 24 | €58,684 | €43,515 | -€15,169 | -25.8% |
| Other tangible fixed assets | 26 | - | €116,322 | +€116,322 | |
| Financial fixed assets | 28 | - | €1,507,441 | +€1.5m | |
| Current assets | 29/58 | €971,169 | €543,064 | -€428,105 | -44.1% |
| Stocks and contracts in progress | 3 | €152,443 | €167,512 | +€15,069 | +9.9% |
| Stocks | 30/36 | €152,443 | €167,512 | +€15,069 | +9.9% |
| Amounts receivable within one year | 40/41 | €323,957 | €309,902 | -€14,055 | -4.3% |
| Trade receivables | 40 | €310,776 | €301,923 | -€8,853 | -2.8% |
| Other amounts receivable | 41 | €13,181 | €7,979 | -€5,202 | -39.5% |
| Cash at bank and in hand | 54/58 | €488,556 | €60,671 | -€427,885 | -87.6% |
| Deferred charges and accrued income | 490/1 | €6,213 | €4,979 | -€1,234 | -19.9% |
| Total equity and liabilities | 10/49 | €1,042,552 | €2,228,042 | +€1.2m | +113.7% |
| Equity | 10/15 | €697,061 | €750,904 | +€53,843 | +7.7% |
| Contributions | 10/11 | €115,028 | €115,028 | = | 0.0% |
| Reserves | 13 | €581,503 | €635,503 | +€54,000 | +9.3% |
| Non-distributable reserves | 130/1 | €11,503 | €11,503 | = | 0.0% |
| Reserves not available under the articles | 1311 | €11,503 | €11,503 | = | 0.0% |
| Distributable reserves | 133 | €570,000 | €624,000 | +€54,000 | +9.5% |
| Profit (loss) carried forward | 14 | €530 | €373 | -€157 | -29.6% |
| Amounts payable | 17/49 | €345,491 | €1,477,138 | +€1.1m | +327.5% |
| Amounts payable after more than one year | 17 | €40,512 | €1,001,275 | +€960,763 | +2371.6% |
| Financial debts | 170/4 | €40,512 | €1,001,275 | +€960,763 | +2371.6% |
| Amounts payable within one year | 42/48 | €304,979 | €457,040 | +€152,061 | +49.9% |
| Current portion of amounts payable after more than one year | 42 | €12,857 | €129,536 | +€116,679 | +907.5% |
| Trade debts | 44 | €176,663 | €197,268 | +€20,605 | +11.7% |
| Suppliers | 440/4 | €176,663 | €197,268 | +€20,605 | +11.7% |
| Taxes, remuneration and social security | 45 | €100,409 | €89,502 | -€10,907 | -10.9% |
| Taxes | 450/3 | €59,100 | €42,064 | -€17,036 | -28.8% |
| Remuneration and social security | 454/9 | €41,309 | €47,438 | +€6,129 | +14.8% |
| Other amounts payable | 47/48 | €15,050 | €40,734 | +€25,684 | +170.7% |
| Accrued charges and deferred income | 492/3 | - | €18,823 | +€18,823 | |
| Remuneration, social security and pensions | 62 | €224,953 | €244,785 | +€19,832 | +8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,935 | €26,509 | -€426 | -1.6% |
| Other operating charges | 640/8 | €109,832 | €107,714 | -€2,118 | -1.9% |
| Gross operating margin | 9900 | €489,536 | €498,911 | +€9,375 | +1.9% |
| Operating profit (loss) | 9901 | €127,816 | €119,903 | -€7,913 | -6.2% |
| Financial income | 75/76B | €13,644 | €5,051 | -€8,593 | -63.0% |
| Recurring financial income | 75 | €13,644 | €5,051 | -€8,593 | -63.0% |
| Financial charges | 65/66B | €10,146 | €42,120 | +€31,974 | +315.1% |
| Recurring financial charges | 65 | €10,146 | €42,120 | +€31,974 | +315.1% |
| Profit (loss) for the period before taxes | 9903 | €131,314 | €82,834 | -€48,480 | -36.9% |
| Income taxes | 67/77 | €31,094 | €16,991 | -€14,103 | -45.4% |
| Profit (loss) for the period | 9904 | €100,220 | €65,843 | -€34,377 | -34.3% |
| Profit (loss) for the period to be appropriated | 9905 | €100,220 | €65,843 | -€34,377 | -34.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.