VERE: 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.
VERE
Largest movements
- Tangible fixed assets -€134,138
down €134,138 (-2.9%), from €4.6m to €4.5m
of which Land and buildings: -€150,233
- Debts after one year -€188,531
down €188,531 (-7.5%), from €2.5m to €2.3m
- Reserves +€148,623
up €148,623 (+16.4%), from €905,615 to €1.1m
of which Distributable reserves: +€148,623
- Other debts -€130,876
down €130,876 (-18.7%), from €700,334 to €569,458
- Taxes +€67,811
up €67,811 (+16383.3%), from €414 to €68,225
- Gross operating margin +€38,259
up €38,259 (+9.1%), from €419,503 to €457,762
- Depreciation -€5,340
down €5,340 (-3.2%), from €166,569 to €161,229
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 | €4,711,513 | €4,588,637 | -€122,876 | -2.6% |
| Fixed assets | 21/28 | €4,636,116 | €4,498,228 | -€137,888 | -3.0% |
| Tangible fixed assets | 22/27 | €4,632,366 | €4,498,228 | -€134,138 | -2.9% |
| Land and buildings | 22 | €4,611,310 | €4,461,077 | -€150,233 | -3.3% |
| Plant, machinery and equipment | 23 | €21,056 | €16,647 | -€4,409 | -20.9% |
| Furniture and vehicles | 24 | - | €20,504 | +€20,504 | |
| Financial fixed assets | 28 | €3,750 | - | -€3,750 | |
| Current assets | 29/58 | €75,398 | €90,410 | +€15,012 | +19.9% |
| Amounts receivable within one year | 40/41 | €24,009 | €21,240 | -€2,768 | -11.5% |
| Trade receivables | 40 | €6,423 | €3,654 | -€2,768 | -43.1% |
| Other amounts receivable | 41 | €17,586 | €17,586 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €80 | €26,383 | +€26,303 | +33027.3% |
| Deferred charges and accrued income | 490/1 | €51,309 | €42,787 | -€8,522 | -16.6% |
| Total equity and liabilities | 10/49 | €4,711,513 | €4,588,637 | -€122,876 | -2.6% |
| Equity | 10/15 | €1,205,615 | €1,354,239 | +€148,623 | +12.3% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Capital | 10 | €300,000 | €300,000 | = | 0.0% |
| Issued capital | 100 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €905,615 | €1,054,239 | +€148,623 | +16.4% |
| Non-distributable reserves | 130/1 | €36,530 | €36,530 | = | 0.0% |
| Legal reserve | 130 | €36,530 | €36,530 | = | 0.0% |
| Distributable reserves | 133 | €869,085 | €1,017,708 | +€148,623 | +17.1% |
| Amounts payable | 17/49 | €3,505,898 | €3,234,399 | -€271,499 | -7.7% |
| Amounts payable after more than one year | 17 | €2,524,168 | €2,335,638 | -€188,531 | -7.5% |
| Financial debts | 170/4 | €2,524,168 | €2,335,638 | -€188,531 | -7.5% |
| Amounts payable within one year | 42/48 | €961,027 | €863,202 | -€97,825 | -10.2% |
| Financial debts | 43 | €211,687 | €213,531 | +€1,844 | +0.9% |
| Credit institutions | 430/8 | €211,687 | €213,531 | +€1,844 | +0.9% |
| Trade debts | 44 | €48,608 | €46,989 | -€1,618 | -3.3% |
| Suppliers | 440/4 | €48,608 | €46,989 | -€1,618 | -3.3% |
| Taxes, remuneration and social security | 45 | €399 | €33,225 | +€32,826 | +8226.5% |
| Taxes | 450/3 | €399 | €33,225 | +€32,826 | +8226.5% |
| Other amounts payable | 47/48 | €700,334 | €569,458 | -€130,876 | -18.7% |
| Accrued charges and deferred income | 492/3 | €20,703 | €35,559 | +€14,856 | +71.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €166,569 | €161,229 | -€5,340 | -3.2% |
| Other operating charges | 640/8 | €25,655 | €26,849 | +€1,193 | +4.7% |
| Gross operating margin | 9900 | €419,503 | €457,762 | +€38,259 | +9.1% |
| Operating profit (loss) | 9901 | €227,279 | €269,685 | +€42,405 | +18.7% |
| Financial income | 75/76B | - | €164 | +€164 | |
| Recurring financial income | 75 | - | €164 | +€164 | |
| Financial charges | 65/66B | €55,164 | €53,001 | -€2,163 | -3.9% |
| Recurring financial charges | 65 | €55,164 | €53,001 | -€2,163 | -3.9% |
| Profit (loss) for the period before taxes | 9903 | €172,116 | €216,848 | +€44,732 | +26.0% |
| Income taxes | 67/77 | €414 | €68,225 | +€67,811 | +16383.3% |
| Profit (loss) for the period | 9904 | €171,702 | €148,623 | -€23,078 | -13.4% |
| Profit (loss) for the period to be appropriated | 9905 | €171,702 | €148,623 | -€23,078 | -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 11 October 2026 via checked.be.