Verellen Projects: 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.
Verellen Projects
Largest movements
- Cash -€29,180
down €29,180 (-100.0%), from €29,182 to €3
mainly Other debts (-€95,590) and Debts after one year (-€25,812)
- Tangible fixed assets -€9,466
down €9,466 (-1.9%), from €495,558 to €486,092
of which Land and buildings: -€9,784
- Receivables within one year -€8,534
down €8,534 (-7.9%), from €108,467 to €99,932
of which Other amounts receivable: -€10,145
- Other debts -€95,590
down €95,590 (-76.2%), from €125,427 to €29,837
- Reserves +€64,525
up €64,525 (+42.5%), from €151,995 to €216,520
of which Distributable reserves: +€66,117
- Debts after one year -€25,812
down €25,812 (-9.7%), from €266,698 to €240,886
- Tax, wage and social debts +€14,600
up €14,600 (+84.2%), from €17,334 to €31,934
- Gross operating margin -€75,204
down €75,204 (-40.0%), from €188,099 to €112,895
- Taxes -€3,345
down €3,345 (-11.2%), from €29,859 to €26,514
- Financial charges -€3,237
down €3,237 (-33.0%), from €9,797 to €6,560
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 | €634,615 | €587,712 | -€46,903 | -7.4% |
| Fixed assets | 21/28 | €495,558 | €486,092 | -€9,466 | -1.9% |
| Tangible fixed assets | 22/27 | €495,558 | €486,092 | -€9,466 | -1.9% |
| Land and buildings | 22 | €495,269 | €485,485 | -€9,784 | -2.0% |
| Plant, machinery and equipment | 23 | €289 | €607 | +€318 | +110% |
| Current assets | 29/58 | €139,057 | €101,620 | -€37,437 | -26.9% |
| Amounts receivable within one year | 40/41 | €108,467 | €99,932 | -€8,534 | -7.9% |
| Trade receivables | 40 | €98,321 | €99,932 | +€1,611 | +1.6% |
| Other amounts receivable | 41 | €10,145 | €0 | -€10,145 | -100% |
| Cash at bank and in hand | 54/58 | €29,182 | €3 | -€29,180 | -100.0% |
| Deferred charges and accrued income | 490/1 | €1,408 | €1,685 | +€277 | +19.7% |
| Total equity and liabilities | 10/49 | €634,615 | €587,712 | -€46,903 | -7.4% |
| Equity | 10/15 | €170,595 | €235,120 | +€64,525 | +37.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €151,995 | €216,520 | +€64,525 | +42.5% |
| Tax-exempt reserves | 132 | €47,071 | €45,479 | -€1,591 | -3.4% |
| Distributable reserves | 133 | €104,924 | €171,041 | +€66,117 | +63.0% |
| Provisions and deferred taxes | 16 | €11,768 | €11,370 | -€398 | -3.4% |
| Deferred taxes | 168 | €11,768 | €11,370 | -€398 | -3.4% |
| Amounts payable | 17/49 | €452,252 | €341,221 | -€111,031 | -24.6% |
| Amounts payable after more than one year | 17 | €266,698 | €240,886 | -€25,812 | -9.7% |
| Financial debts | 170/4 | €266,698 | €240,886 | -€25,812 | -9.7% |
| Amounts payable within one year | 42/48 | €185,554 | €100,335 | -€85,219 | -45.9% |
| Current portion of amounts payable after more than one year | 42 | €25,314 | €25,812 | +€497 | +2.0% |
| Trade debts | 44 | €17,479 | €12,753 | -€4,726 | -27.0% |
| Suppliers | 440/4 | €17,479 | €12,753 | -€4,726 | -27.0% |
| Taxes, remuneration and social security | 45 | €17,334 | €31,934 | +€14,600 | +84.2% |
| Taxes | 450/3 | €17,334 | €31,934 | +€14,600 | +84.2% |
| Other amounts payable | 47/48 | €125,427 | €29,837 | -€95,590 | -76.2% |
| Non-recurring operating income | 76A | €86,713 | €0 | -€86,713 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,892 | €13,876 | +€983 | +7.6% |
| Other operating charges | 640/8 | €2,181 | €1,818 | -€364 | -16.7% |
| Gross operating margin | 9900 | €188,099 | €112,895 | -€75,204 | -40.0% |
| Operating profit (loss) | 9901 | €173,025 | €97,202 | -€75,824 | -43.8% |
| Financial charges | 65/66B | €9,797 | €6,560 | -€3,237 | -33.0% |
| Recurring financial charges | 65 | €9,797 | €6,560 | -€3,237 | -33.0% |
| Profit (loss) for the period before taxes | 9903 | €163,228 | €90,642 | -€72,587 | -44.5% |
| Transfer from deferred taxes | 780 | €2,540 | €398 | -€2,143 | -84.3% |
| Transfer to deferred taxes | 680 | €14,308 | €0 | -€14,308 | -100% |
| Income taxes | 67/77 | €29,859 | €26,514 | -€3,345 | -11.2% |
| Profit (loss) for the period | 9904 | €121,601 | €64,525 | -€57,076 | -46.9% |
| Transfer from tax-exempt reserves | 789 | €10,161 | €1,591 | -€8,570 | -84.3% |
| Transfer to tax-exempt reserves | 689 | €57,232 | €0 | -€57,232 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €74,530 | €66,117 | -€8,414 | -11.3% |
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 20 October 2026 via checked.be.