VEREC: what changed
VEREC
Largest movements
- Cash +€102,936
up €102,936 (+102%), from €100,954 to €203,890
mainly Net result for the year (+€62,582) and Trade debts (+€21,452)
- Receivables within one year -€16,971
down €16,971 (-19.5%), from €87,008 to €70,037
of which Trade receivables: -€14,892
- Tangible fixed assets -€3,942
down €3,942 (-14.3%), from €27,475 to €23,532
of which Other tangible fixed assets: -€3,153
- Reserves +€204,000
up €204,000 (+10,968%), from €1,860 to €205,860
- Profit (loss) carried forward -€141,418
down €141,418 (-99.5%), from €142,090 to €672
- Trade debts +€21,452
up €21,452 (+97.0%), from €22,125 to €43,577
- Gross operating margin +€55,312
up €55,312 (+150%), from €36,952 to €92,264
- Taxes +€7,951
up €7,951 (+60.8%), from €13,070 to €21,020
- Other operating charges -€2,179
down €2,179 (-43.8%), from €4,977 to €2,798
- Depreciation -€952
down €952 (-19.4%), from €4,894 to €3,942
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €216,414 | €298,466 | +€82,052 | +37.9% |
| Fixed assets | 21/28 | €27,475 | €23,532 | -€3,942 | -14.3% |
| Tangible fixed assets | 22/27 | €27,475 | €23,532 | -€3,942 | -14.3% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €5,525 | €4,736 | -€789 | -14.3% |
| Other tangible fixed assets | 26 | €21,949 | €18,796 | -€3,153 | -14.4% |
| Current assets | 29/58 | €188,939 | €274,933 | +€85,994 | +45.5% |
| Amounts receivable within one year | 40/41 | €87,008 | €70,037 | -€16,971 | -19.5% |
| Trade receivables | 40 | €77,596 | €62,704 | -€14,892 | -19.2% |
| Other amounts receivable | 41 | €9,412 | €7,333 | -€2,079 | -22.1% |
| Cash at bank and in hand | 54/58 | €100,954 | €203,890 | +€102,936 | +102% |
| Deferred charges and accrued income | 490/1 | €978 | €1,006 | +€29 | +2.9% |
| Total equity and liabilities | 10/49 | €216,414 | €298,466 | +€82,052 | +37.9% |
| Equity | 10/15 | €162,550 | €225,132 | +€62,582 | +38.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €205,860 | +€204,000 | +10,968% |
| Distributable reserves | 133 | €1,860 | €205,860 | +€204,000 | +10,968% |
| Profit (loss) carried forward | 14 | €142,090 | €672 | -€141,418 | -99.5% |
| Amounts payable | 17/49 | €53,864 | €73,334 | +€19,470 | +36.1% |
| Amounts payable within one year | 42/48 | €53,864 | €73,334 | +€19,470 | +36.1% |
| Trade debts | 44 | €22,125 | €43,577 | +€21,452 | +97.0% |
| Suppliers | 440/4 | €22,125 | €43,577 | +€21,452 | +97.0% |
| Taxes, remuneration and social security | 45 | €3,378 | €1,020 | -€2,357 | -69.8% |
| Taxes | 450/3 | €3,378 | €1,020 | -€2,357 | -69.8% |
| Other amounts payable | 47/48 | €28,361 | €28,737 | +€376 | +1.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,894 | €3,942 | -€952 | -19.4% |
| Other operating charges | 640/8 | €4,977 | €2,798 | -€2,179 | -43.8% |
| Non-recurring operating charges | 66A | €2,740 | €0 | -€2,740 | -100% |
| Gross operating margin | 9900 | €36,952 | €92,264 | +€55,312 | +150% |
| Operating profit (loss) | 9901 | €24,341 | €85,524 | +€61,183 | +251% |
| Financial income | 75/76B | €0 | €389 | +€389 | +1,946,100% |
| Recurring financial income | 75 | €0 | €389 | +€389 | +1,946,100% |
| Financial charges | 65/66B | €2,229 | €2,311 | +€82 | +3.7% |
| Recurring financial charges | 65 | €2,229 | €2,311 | +€82 | +3.7% |
| Profit (loss) for the period before taxes | 9903 | €22,111 | €83,602 | +€61,491 | +278% |
| Income taxes | 67/77 | €13,070 | €21,020 | +€7,951 | +60.8% |
| Profit (loss) for the period | 9904 | €9,042 | €62,582 | +€53,540 | +592% |
| Profit (loss) for the period to be appropriated | 9905 | €9,042 | €62,582 | +€53,540 | +592% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.