VERDWA: 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.
VERDWA
Largest movements
- Tangible fixed assets -€2.3m
down €2.3m (-31.6%), from €7.2m to €4.9m
of which Land and buildings: -€2.2m
- Current investments -€713,823
down €713,823 (-81.7%), from €873,942 to €160,119
- Contributions -€2.2m
down €2.2m (-35.7%), from €6.1m to €3.9m
- Reserves -€822,879
down €822,879 (-35.3%), from €2.3m to €1.5m
of which Distributable reserves: -€606,116
- Gross operating margin -€187,891
down €187,891 (-45.9%), from €409,696 to €221,806
- Depreciation -€105,955
down €105,955 (-40.4%), from €262,588 to €156,633
- Taxes -€22,066
down €22,066 (-78.9%), from €27,955 to €5,889
- Other operating charges -€12,574
down €12,574 (-16.6%), from €75,589 to €63,015
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 | €8,434,868 | €5,430,751 | -€3.0m | -35.6% |
| Fixed assets | 21/28 | €7,196,101 | €4,920,566 | -€2.3m | -31.6% |
| Tangible fixed assets | 22/27 | €7,196,101 | €4,920,566 | -€2.3m | -31.6% |
| Land and buildings | 22 | €7,110,463 | €4,865,157 | -€2.2m | -31.6% |
| Plant, machinery and equipment | 23 | €85,637 | €55,409 | -€30,228 | -35.3% |
| Furniture and vehicles | 24 | €1 | €0 | -€1 | -100.0% |
| Current assets | 29/58 | €1,238,767 | €510,186 | -€728,581 | -58.8% |
| Amounts receivable within one year | 40/41 | €194,407 | €203,215 | +€8,809 | +4.5% |
| Other amounts receivable | 41 | €194,407 | €203,215 | +€8,809 | +4.5% |
| Current investments | 50/53 | €873,942 | €160,119 | -€713,823 | -81.7% |
| Cash at bank and in hand | 54/58 | €168,692 | €145,124 | -€23,567 | -14.0% |
| Deferred charges and accrued income | 490/1 | €1,727 | €1,727 | = | 0.0% |
| Total equity and liabilities | 10/49 | €8,434,868 | €5,430,751 | -€3.0m | -35.6% |
| Equity | 10/15 | €8,402,635 | €5,412,130 | -€3.0m | -35.6% |
| Contributions | 10/11 | €6,068,390 | €3,900,764 | -€2.2m | -35.7% |
| Capital | 10 | €6,068,390 | €3,900,764 | -€2.2m | -35.7% |
| Issued capital | 100 | €6,068,390 | €3,900,764 | -€2.2m | -35.7% |
| Reserves | 13 | €2,334,245 | €1,511,366 | -€822,879 | -35.3% |
| Non-distributable reserves | 130/1 | €606,839 | €390,076 | -€216,763 | -35.7% |
| Legal reserve | 130 | €606,839 | €390,076 | -€216,763 | -35.7% |
| Distributable reserves | 133 | €1,727,406 | €1,121,290 | -€606,116 | -35.1% |
| Amounts payable | 17/49 | €32,233 | €18,621 | -€13,612 | -42.2% |
| Amounts payable within one year | 42/48 | €32,233 | €18,621 | -€13,612 | -42.2% |
| Trade debts | 44 | €26,144 | €7,479 | -€18,665 | -71.4% |
| Suppliers | 440/4 | €26,144 | €7,479 | -€18,665 | -71.4% |
| Taxes, remuneration and social security | 45 | €5,835 | €11,142 | +€5,307 | +90.9% |
| Taxes | 450/3 | €5,835 | €11,142 | +€5,307 | +90.9% |
| Other amounts payable | 47/48 | €254 | - | -€254 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €262,588 | €156,633 | -€105,955 | -40.4% |
| Other operating charges | 640/8 | €75,589 | €63,015 | -€12,574 | -16.6% |
| Gross operating margin | 9900 | €409,696 | €221,806 | -€187,891 | -45.9% |
| Operating profit (loss) | 9901 | €71,519 | €2,158 | -€69,361 | -97.0% |
| Financial income | 75/76B | €14,873 | €15,538 | +€665 | +4.5% |
| Recurring financial income | 75 | €14,873 | €15,538 | +€665 | +4.5% |
| Financial charges | 65/66B | €1,209 | €894 | -€314 | -26.0% |
| Recurring financial charges | 65 | €1,209 | €894 | -€314 | -26.0% |
| Profit (loss) for the period before taxes | 9903 | €85,183 | €16,801 | -€68,382 | -80.3% |
| Income taxes | 67/77 | €27,955 | €5,889 | -€22,066 | -78.9% |
| Profit (loss) for the period | 9904 | €57,229 | €10,913 | -€46,316 | -80.9% |
| Profit (loss) for the period to be appropriated | 9905 | €57,229 | €10,913 | -€46,316 | -80.9% |
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 12 October 2026 via checked.be.