VERFMAN: 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.
VERFMAN
Largest movements
- Receivables within one year +€73,227
up €73,227 (+101%), from €72,234 to €145,462
of which Trade receivables: +€45,338
- Cash -€45,974
down €45,974 (-77.7%), from €59,154 to €13,180
mainly Receivables within one year (-€73,227) and Net result for the year (-€25,412)
- Deferred charges and accrued income -€9,488
down €9,488 (-76.8%), from €12,359 to €2,871
- Tangible fixed assets -€3,970
down €3,970 (-29.4%), from €13,485 to €9,514
of which Furniture and vehicles: -€2,089
- Profit (loss) carried forward -€25,412
new in 2025: -€25,412
- Debts after one year +€24,340
new in 2025: €24,340
- Current portion of long-term debt +€13,743
new in 2025: €13,743
- Trade debts +€8,675
up €8,675 (+20.1%), from €43,064 to €51,739
- Other debts -€4,946
no longer reported in 2025 (was €4,946)
- Staff costs +€118,421
up €118,421 (+62.5%), from €189,459 to €307,880
- Taxes -€20,461
down €20,461 (-95.0%), from €21,547 to €1,086
- Other operating charges -€10,573
down €10,573 (-68.1%), from €15,529 to €4,955
- Financial charges -€5,596
down €5,596 (-70.7%), from €7,920 to €2,324
of which Financial charges: -€5,096
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 | €186,767 | €200,561 | +€13,795 | +7.4% |
| Fixed assets | 21/28 | €43,020 | €39,049 | -€3,970 | -9.2% |
| Tangible fixed assets | 22/27 | €13,485 | €9,514 | -€3,970 | -29.4% |
| Plant, machinery and equipment | 23 | €6,329 | €5,177 | -€1,152 | -18.2% |
| Furniture and vehicles | 24 | €4,562 | €2,473 | -€2,089 | -45.8% |
| Leasing and similar rights | 25 | €2,594 | €1,865 | -€729 | -28.1% |
| Financial fixed assets | 28 | €29,535 | €29,535 | = | 0.0% |
| Current assets | 29/58 | €143,747 | €161,512 | +€17,765 | +12.4% |
| Amounts receivable within one year | 40/41 | €72,234 | €145,462 | +€73,227 | +101% |
| Trade receivables | 40 | €69,676 | €115,014 | +€45,338 | +65.1% |
| Other amounts receivable | 41 | €2,559 | €30,448 | +€27,889 | +1,090% |
| Cash at bank and in hand | 54/58 | €59,154 | €13,180 | -€45,974 | -77.7% |
| Deferred charges and accrued income | 490/1 | €12,359 | €2,871 | -€9,488 | -76.8% |
| Total equity and liabilities | 10/49 | €186,767 | €200,561 | +€13,795 | +7.4% |
| Equity | 10/15 | €98,125 | €72,713 | -€25,412 | -25.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €88,125 | €88,125 | = | 0.0% |
| Distributable reserves | 133 | €88,125 | €88,125 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€25,412 | -€25,412 | |
| Amounts payable | 17/49 | €88,642 | €127,848 | +€39,207 | +44.2% |
| Amounts payable after more than one year | 17 | - | €24,340 | +€24,340 | |
| Financial debts | 170/4 | - | €24,340 | +€24,340 | |
| Amounts payable within one year | 42/48 | €88,642 | €103,508 | +€14,866 | +16.8% |
| Current portion of amounts payable after more than one year | 42 | - | €13,743 | +€13,743 | |
| Trade debts | 44 | €43,064 | €51,739 | +€8,675 | +20.1% |
| Suppliers | 440/4 | €43,064 | €51,739 | +€8,675 | +20.1% |
| Taxes, remuneration and social security | 45 | €40,632 | €38,026 | -€2,605 | -6.4% |
| Taxes | 450/3 | €33,342 | €35,298 | +€1,956 | +5.9% |
| Remuneration and social security | 454/9 | €7,290 | €2,729 | -€4,561 | -62.6% |
| Other amounts payable | 47/48 | €4,946 | - | -€4,946 | |
| Remuneration, social security and pensions | 62 | €189,459 | €307,880 | +€118,421 | +62.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,422 | €4,673 | +€251 | +5.7% |
| Other operating charges | 640/8 | €15,529 | €4,955 | -€10,573 | -68.1% |
| Non-recurring operating charges | 66A | - | €500 | +€500 | |
| Gross operating margin | 9900 | €293,674 | €295,116 | +€1,443 | +0.5% |
| Operating profit (loss) | 9901 | €84,264 | -€22,892 | -€107,157 | |
| Financial income | 75/76B | €47 | €890 | +€844 | +1,809% |
| Recurring financial income | 75 | €47 | €890 | +€844 | +1,809% |
| Financial charges | 65/66B | €7,920 | €2,324 | -€5,596 | -70.7% |
| Recurring financial charges | 65 | €7,420 | €2,324 | -€5,096 | -68.7% |
| Non-recurring financial charges | 66B | €500 | - | -€500 | |
| Profit (loss) for the period before taxes | 9903 | €76,391 | -€24,326 | -€100,717 | |
| Income taxes | 67/77 | €21,547 | €1,086 | -€20,461 | -95.0% |
| Profit (loss) for the period | 9904 | €54,844 | -€25,412 | -€80,256 | |
| Profit (loss) for the period to be appropriated | 9905 | €54,844 | -€25,412 | -€80,256 |
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 14 October 2026 via checked.be.