VERFIN: 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.
VERFIN
Largest movements
- Cash -€353,281
down €353,281 (-94.6%), from €373,460 to €20,179
mainly Tax, wage and social debts (-€247,459) and Other debts (-€215,000)
- Tax, wage and social debts -€247,459
down €247,459 (-46.7%), from €529,577 to €282,118
of which Taxes: -€250,959
- Other debts -€215,000
down €215,000 (-86.0%), from €250,000 to €35,000
- Reserves +€172,100
up €172,100 (+3.6%), from €4.8m to €5.0m
- Financial income -€2.8m
down €2.8m (-90.8%), from €3.1m to €284,852
- Taxes -€288,447
down €288,447 (-94.2%), from €306,045 to €17,598
- Gross operating margin -€121,418
down €121,418, from €56,204 to -€65,214
- Other operating charges +€4,647
up €4,647 (+350.9%), from €1,324 to €5,971
- Financial charges +€3,215
up €3,215 (+15.9%), from €20,271 to €23,486
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 | €7,096,399 | €6,734,289 | -€362,110 | -5.1% |
| Fixed assets | 21/28 | €1,086 | €709 | -€377 | -34.7% |
| Tangible fixed assets | 22/27 | €1,086 | €709 | -€377 | -34.7% |
| Furniture and vehicles | 24 | €1,086 | €709 | -€377 | -34.7% |
| Financial fixed assets | 28 | €0 | €0 | = | |
| Current assets | 29/58 | €7,095,313 | €6,733,580 | -€361,733 | -5.1% |
| Amounts receivable after more than one year | 29 | €2,275,000 | €2,275,000 | = | 0.0% |
| Other amounts receivable | 291 | €2,275,000 | €2,275,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €130,691 | €59,888 | -€70,803 | -54.2% |
| Trade receivables | 40 | €20,056 | €0 | -€20,056 | -100.0% |
| Other amounts receivable | 41 | €110,635 | €59,888 | -€50,748 | -45.9% |
| Current investments | 50/53 | €4,230,079 | €4,232,562 | +€2,482 | +0.1% |
| Cash at bank and in hand | 54/58 | €373,460 | €20,179 | -€353,281 | -94.6% |
| Deferred charges and accrued income | 490/1 | €86,083 | €145,952 | +€59,869 | +69.5% |
| Total equity and liabilities | 10/49 | €7,096,399 | €6,734,289 | -€362,110 | -5.1% |
| Equity | 10/15 | €6,060,841 | €6,198,049 | +€137,208 | +2.3% |
| Contributions | 10/11 | €1,105,000 | €1,105,000 | = | 0.0% |
| Reserves | 13 | €4,821,500 | €4,993,600 | +€172,100 | +3.6% |
| Distributable reserves | 133 | €4,821,500 | €4,993,600 | +€172,100 | +3.6% |
| Profit (loss) carried forward | 14 | €134,341 | €99,449 | -€34,893 | -26.0% |
| Amounts payable | 17/49 | €1,035,558 | €536,241 | -€499,317 | -48.2% |
| Amounts payable after more than one year | 17 | €196,459 | €138,694 | -€57,765 | -29.4% |
| Financial debts | 170/4 | €196,459 | €138,694 | -€57,765 | -29.4% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €839,099 | €397,546 | -€441,552 | -52.6% |
| Current portion of amounts payable after more than one year | 42 | €56,784 | €78,244 | +€21,459 | +37.8% |
| Trade debts | 44 | €2,737 | €2,184 | -€553 | -20.2% |
| Suppliers | 440/4 | €2,737 | €2,184 | -€553 | -20.2% |
| Taxes, remuneration and social security | 45 | €529,577 | €282,118 | -€247,459 | -46.7% |
| Taxes | 450/3 | €529,577 | €278,618 | -€250,959 | -47.4% |
| Remuneration and social security | 454/9 | €0 | €3,500 | +€3,500 | |
| Other amounts payable | 47/48 | €250,000 | €35,000 | -€215,000 | -86.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44 | €377 | +€332 | +751.2% |
| Other operating charges | 640/8 | €1,324 | €5,971 | +€4,647 | +350.9% |
| Gross operating margin | 9900 | €56,204 | -€65,214 | -€121,418 | |
| Operating profit (loss) | 9901 | €54,836 | -€71,561 | -€126,397 | |
| Financial income | 75/76B | €3,085,481 | €284,852 | -€2.8m | -90.8% |
| Recurring financial income | 75 | €3,085,481 | €284,852 | -€2.8m | -90.8% |
| Financial charges | 65/66B | €20,271 | €23,486 | +€3,215 | +15.9% |
| Recurring financial charges | 65 | €20,271 | €23,486 | +€3,215 | +15.9% |
| Profit (loss) for the period before taxes | 9903 | €3,120,046 | €189,806 | -€2.9m | -93.9% |
| Income taxes | 67/77 | €306,045 | €17,598 | -€288,447 | -94.2% |
| Profit (loss) for the period | 9904 | €2,814,001 | €172,208 | -€2.6m | -93.9% |
| Profit (loss) for the period to be appropriated | 9905 | €2,814,001 | €172,208 | -€2.6m | -93.9% |
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.