VERGHE: 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.
VERGHE
Largest movements
- Tangible fixed assets +€32,201
up €32,201 (+66.9%), from €48,149 to €80,350
of which Plant, machinery and equipment: +€36,926
- Cash +€16,465
up €16,465 (+182%), from €9,057 to €25,523
mainly Short-term financial debts (+€24,136) and Depreciation (+€19,743)
- Stocks and contracts -€8,843
down €8,843 (-17.7%), from €50,000 to €41,157
of which Contracts in progress: -€4,543
- Receivables within one year +€3,796
up €3,796 (+3.1%), from €121,891 to €125,688
of which Other amounts receivable: +€5,390
- Short-term financial debts +€24,136
up €24,136 (+48.3%), from €50,000 to €74,136
- Tax, wage and social debts +€13,406
up €13,406 (+62.7%), from €21,392 to €34,797
of which Taxes: +€7,278
- Trade debts -€10,545
down €10,545 (-16.6%), from €63,434 to €52,890
- Reserves +€8,559
up €8,559 (+13.1%), from €65,344 to €73,903
- Debts after one year +€6,264
up €6,264 (+30.7%), from €20,401 to €26,665
- Gross operating margin +€72,008
up €72,008 (+51.9%), from €138,868 to €210,876
- Staff costs +€68,849
up €68,849 (+69.5%), from €99,036 to €167,885
- Depreciation +€4,497
up €4,497 (+29.5%), from €15,246 to €19,743
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 | €232,442 | €277,739 | +€45,297 | +19.5% |
| Fixed assets | 21/28 | €48,149 | €80,350 | +€32,201 | +66.9% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €48,149 | €80,350 | +€32,201 | +66.9% |
| Plant, machinery and equipment | 23 | €32,980 | €69,906 | +€36,926 | +112% |
| Furniture and vehicles | 24 | €15,169 | €10,444 | -€4,724 | -31.1% |
| Current assets | 29/58 | €184,293 | €197,388 | +€13,096 | +7.1% |
| Stocks and contracts in progress | 3 | €50,000 | €41,157 | -€8,843 | -17.7% |
| Stocks | 30/36 | €28,500 | €24,200 | -€4,300 | -15.1% |
| Contracts in progress | 37 | €21,500 | €16,957 | -€4,543 | -21.1% |
| Amounts receivable within one year | 40/41 | €121,891 | €125,688 | +€3,796 | +3.1% |
| Trade receivables | 40 | €113,588 | €111,994 | -€1,594 | -1.4% |
| Other amounts receivable | 41 | €8,304 | €13,694 | +€5,390 | +64.9% |
| Cash at bank and in hand | 54/58 | €9,057 | €25,523 | +€16,465 | +182% |
| Deferred charges and accrued income | 490/1 | €3,344 | €5,021 | +€1,677 | +50.2% |
| Total equity and liabilities | 10/49 | €232,442 | €277,739 | +€45,297 | +19.5% |
| Equity | 10/15 | €71,544 | €80,103 | +€8,559 | +12.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €65,344 | €73,903 | +€8,559 | +13.1% |
| Distributable reserves | 133 | €65,344 | €73,903 | +€8,559 | +13.1% |
| Amounts payable | 17/49 | €160,898 | €197,636 | +€36,738 | +22.8% |
| Amounts payable after more than one year | 17 | €20,401 | €26,665 | +€6,264 | +30.7% |
| Financial debts | 170/4 | €20,401 | €26,665 | +€6,264 | +30.7% |
| Amounts payable within one year | 42/48 | €140,496 | €170,971 | +€30,474 | +21.7% |
| Current portion of amounts payable after more than one year | 42 | €5,670 | €9,148 | +€3,477 | +61.3% |
| Financial debts | 43 | €50,000 | €74,136 | +€24,136 | +48.3% |
| Credit institutions | 430/8 | €50,000 | €74,136 | +€24,136 | +48.3% |
| Trade debts | 44 | €63,434 | €52,890 | -€10,545 | -16.6% |
| Suppliers | 440/4 | €63,434 | €52,890 | -€10,545 | -16.6% |
| Taxes, remuneration and social security | 45 | €21,392 | €34,797 | +€13,406 | +62.7% |
| Taxes | 450/3 | €7,205 | €14,482 | +€7,278 | +101% |
| Remuneration and social security | 454/9 | €14,187 | €20,315 | +€6,128 | +43.2% |
| Non-recurring operating income | 76A | €3,222 | €7,257 | +€4,035 | +125% |
| Remuneration, social security and pensions | 62 | €99,036 | €167,885 | +€68,849 | +69.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,246 | €19,743 | +€4,497 | +29.5% |
| Other operating charges | 640/8 | €4,575 | €2,793 | -€1,782 | -39.0% |
| Gross operating margin | 9900 | €138,868 | €210,876 | +€72,008 | +51.9% |
| Operating profit (loss) | 9901 | €20,011 | €20,455 | +€444 | +2.2% |
| Financial income | 75/76B | €2,895 | €1,573 | -€1,322 | -45.7% |
| Recurring financial income | 75 | €2,895 | €1,573 | -€1,322 | -45.7% |
| Financial charges | 65/66B | €10,470 | €11,134 | +€664 | +6.3% |
| Recurring financial charges | 65 | €10,470 | €11,134 | +€664 | +6.3% |
| Profit (loss) for the period before taxes | 9903 | €12,436 | €10,894 | -€1,542 | -12.4% |
| Income taxes | 67/77 | €3,074 | €2,335 | -€738 | -24.0% |
| Profit (loss) for the period | 9904 | €9,363 | €8,559 | -€804 | -8.6% |
| Profit (loss) for the period to be appropriated | 9905 | €9,363 | €8,559 | -€804 | -8.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.