VERFAILLIE: 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.
VERFAILLIE
Largest movements
- Current investments +€119,636
up €119,636 (+15.5%), from €770,744 to €890,380
- Tangible fixed assets +€49,170
up €49,170 (+9.6%), from €511,526 to €560,696
of which Furniture and vehicles: +€88,951
- Receivables within one year +€17,837
up €17,837 (+33.8%), from €52,744 to €70,582
of which Other amounts receivable: +€9,574
- Reserves +€185,867
up €185,867 (+15.0%), from €1.2m to €1.4m
- Trade debts +€30,201
up €30,201 (+259.5%), from €11,640 to €41,841
- Financial income +€44,263
up €44,263 (+296.0%), from €14,954 to €59,218
- Staff costs -€32,438
down €32,438 (-12.9%), from €251,353 to €218,915
- Gross operating margin -€9,193
down €9,193 (-1.8%), from €518,722 to €509,529
- Depreciation +€7,185
up €7,185 (+13.7%), from €52,565 to €59,749
- Taxes +€7,129
up €7,129 (+11.4%), from €62,765 to €69,894
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 | €1,529,830 | €1,729,911 | +€200,080 | +13.1% |
| Fixed assets | 21/28 | €511,526 | €560,696 | +€49,170 | +9.6% |
| Tangible fixed assets | 22/27 | €511,526 | €560,696 | +€49,170 | +9.6% |
| Land and buildings | 22 | €453,386 | €421,195 | -€32,190 | -7.1% |
| Plant, machinery and equipment | 23 | €23,157 | €15,566 | -€7,591 | -32.8% |
| Furniture and vehicles | 24 | €34,983 | €123,934 | +€88,951 | +254.3% |
| Current assets | 29/58 | €1,018,304 | €1,169,215 | +€150,911 | +14.8% |
| Stocks and contracts in progress | 3 | €8,866 | €8,638 | -€227 | -2.6% |
| Stocks | 30/36 | €8,866 | €8,638 | -€227 | -2.6% |
| Amounts receivable within one year | 40/41 | €52,744 | €70,582 | +€17,837 | +33.8% |
| Trade receivables | 40 | €39,208 | €47,471 | +€8,263 | +21.1% |
| Other amounts receivable | 41 | €13,537 | €23,111 | +€9,574 | +70.7% |
| Current investments | 50/53 | €770,744 | €890,380 | +€119,636 | +15.5% |
| Cash at bank and in hand | 54/58 | €180,167 | €184,077 | +€3,910 | +2.2% |
| Deferred charges and accrued income | 490/1 | €5,783 | €15,538 | +€9,755 | +168.7% |
| Total equity and liabilities | 10/49 | €1,529,830 | €1,729,911 | +€200,080 | +13.1% |
| Equity | 10/15 | €1,254,504 | €1,440,371 | +€185,867 | +14.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Contributions outside capital | 11 | €18,592 | - | -€18,592 | |
| Other | 1109/19 | €18,592 | - | -€18,592 | |
| Reserves | 13 | €1,235,912 | €1,421,779 | +€185,867 | +15.0% |
| Distributable reserves | 133 | €1,235,912 | €1,421,779 | +€185,867 | +15.0% |
| Amounts payable | 17/49 | €275,326 | €289,540 | +€14,214 | +5.2% |
| Amounts payable within one year | 42/48 | €273,839 | €279,519 | +€5,681 | +2.1% |
| Trade debts | 44 | €11,640 | €41,841 | +€30,201 | +259.5% |
| Suppliers | 440/4 | €11,640 | €41,841 | +€30,201 | +259.5% |
| Taxes, remuneration and social security | 45 | €72,539 | €57,047 | -€15,493 | -21.4% |
| Taxes | 450/3 | €29,419 | €23,074 | -€6,345 | -21.6% |
| Remuneration and social security | 454/9 | €43,120 | €33,973 | -€9,148 | -21.2% |
| Other amounts payable | 47/48 | €189,660 | €180,632 | -€9,028 | -4.8% |
| Accrued charges and deferred income | 492/3 | €1,488 | €10,020 | +€8,533 | +573.6% |
| Remuneration, social security and pensions | 62 | €251,353 | €218,915 | -€32,438 | -12.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,565 | €59,749 | +€7,185 | +13.7% |
| Other operating charges | 640/8 | €6,299 | €10,147 | +€3,848 | +61.1% |
| Gross operating margin | 9900 | €518,722 | €509,529 | -€9,193 | -1.8% |
| Operating profit (loss) | 9901 | €208,505 | €220,718 | +€12,213 | +5.9% |
| Financial income | 75/76B | €14,954 | €59,218 | +€44,263 | +296.0% |
| Recurring financial income | 75 | €14,954 | €59,218 | +€44,263 | +296.0% |
| Financial charges | 65/66B | €25,443 | €24,175 | -€1,268 | -5.0% |
| Recurring financial charges | 65 | €25,443 | €24,175 | -€1,268 | -5.0% |
| Profit (loss) for the period before taxes | 9903 | €198,016 | €255,761 | +€57,745 | +29.2% |
| Income taxes | 67/77 | €62,765 | €69,894 | +€7,129 | +11.4% |
| Profit (loss) for the period | 9904 | €135,250 | €185,867 | +€50,616 | +37.4% |
| Profit (loss) for the period to be appropriated | 9905 | €135,250 | €185,867 | +€50,616 | +37.4% |
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.