VERIMMO: what changed
Two fiscal 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.
VERIMMO
Largest movements
- Tangible fixed assets +€391,156
up €391,156 (+12.0%), from €3.3m to €3.7m
of which Assets under construction and advance payments: +€1.1m
- Cash -€211,777
down €211,777 (-80.7%), from €262,357 to €50,580
mainly Other debts (-€1.2m) and Contributions, distributions and other (-€950,001)
- Current investments -€128,951
down €128,951 (-27.9%), from €461,560 to €332,609
- Other debts -€1.2m
down €1.2m (-99.5%), from €1.2m to €6,196
- Debts after one year +€1.1m
up €1.1m (+162.1%), from €670,872 to €1.8m
- Reserves +€102,182
up €102,182 (+5.7%), from €1.8m to €1.9m
of which Distributable reserves: +€113,759
- Financial income +€91,281
up €91,281 (+135.5%), from €67,353 to €158,634
- Gross operating margin +€60,099
up €60,099 (+4.5%), from €1.3m to €1.4m
- Financial charges +€34,863
up €34,863 (+148.2%), from €23,526 to €58,389
- Taxes +€30,562
up €30,562 (+9.3%), from €328,323 to €358,885
- Depreciation +€17,345
up €17,345 (+25.2%), from €68,803 to €86,148
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 | €4,020,875 | €4,046,161 | +€25,286 | +0.6% |
| Fixed assets | 21/28 | €3,266,356 | €3,657,512 | +€391,156 | +12.0% |
| Tangible fixed assets | 22/27 | €3,266,356 | €3,657,512 | +€391,156 | +12.0% |
| Land and buildings | 22 | €2,245,322 | €1,583,134 | -€662,188 | -29.5% |
| Furniture and vehicles | 24 | €156 | - | -€156 | |
| Other tangible fixed assets | 26 | €5,131 | €3,395 | -€1,735 | -33.8% |
| Assets under construction and advance payments | 27 | €1,015,748 | €2,070,982 | +€1.1m | +103.9% |
| Current assets | 29/58 | €754,519 | €388,649 | -€365,870 | -48.5% |
| Stocks and contracts in progress | 3 | €11,761 | - | -€11,761 | |
| Stocks | 30/36 | €11,761 | - | -€11,761 | |
| Amounts receivable within one year | 40/41 | €16,386 | €4,092 | -€12,294 | -75.0% |
| Trade receivables | 40 | €15,376 | €4,092 | -€11,284 | -73.4% |
| Other amounts receivable | 41 | €1,010 | - | -€1,010 | |
| Current investments | 50/53 | €461,560 | €332,609 | -€128,951 | -27.9% |
| Cash at bank and in hand | 54/58 | €262,357 | €50,580 | -€211,777 | -80.7% |
| Deferred charges and accrued income | 490/1 | €2,454 | €1,368 | -€1,086 | -44.3% |
| Total equity and liabilities | 10/49 | €4,020,875 | €4,046,161 | +€25,286 | +0.6% |
| Equity | 10/15 | €1,849,035 | €1,951,217 | +€102,182 | +5.5% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €1,787,535 | €1,889,717 | +€102,182 | +5.7% |
| Non-distributable reserves | 130/1 | €58,120 | €58,120 | = | 0.0% |
| Legal reserve | 130 | €58,120 | €58,120 | = | 0.0% |
| Tax-exempt reserves | 132 | €735,083 | €723,506 | -€11,577 | -1.6% |
| Distributable reserves | 133 | €994,332 | €1,108,091 | +€113,759 | +11.4% |
| Provisions and deferred taxes | 16 | €245,028 | €241,169 | -€3,859 | -1.6% |
| Deferred taxes | 168 | €245,028 | €241,169 | -€3,859 | -1.6% |
| Amounts payable | 17/49 | €1,926,812 | €1,853,775 | -€73,037 | -3.8% |
| Amounts payable after more than one year | 17 | €670,872 | €1,758,054 | +€1.1m | +162.1% |
| Financial debts | 170/4 | €670,872 | €1,758,054 | +€1.1m | +162.1% |
| Amounts payable within one year | 42/48 | €1,238,490 | €89,136 | -€1.1m | -92.8% |
| Current portion of amounts payable after more than one year | 42 | €41,294 | €19,407 | -€21,887 | -53.0% |
| Trade debts | 44 | €2,000 | - | -€2,000 | |
| Suppliers | 440/4 | €2,000 | - | -€2,000 | |
| Advances received on contracts in progress | 46 | - | €2,910 | +€2,910 | |
| Taxes, remuneration and social security | 45 | €31,137 | €60,624 | +€29,487 | +94.7% |
| Taxes | 450/3 | €31,137 | €58,514 | +€27,377 | +87.9% |
| Remuneration and social security | 454/9 | - | €2,110 | +€2,110 | |
| Other amounts payable | 47/48 | €1,164,060 | €6,196 | -€1.2m | -99.5% |
| Accrued charges and deferred income | 492/3 | €17,450 | €6,585 | -€10,864 | -62.3% |
| Non-recurring operating income | 76A | €1,392,846 | €1,455,399 | +€62,553 | +4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,803 | €86,148 | +€17,345 | +25.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,718 | +€3,718 | |
| Other operating charges | 640/8 | €14,350 | €12,242 | -€2,108 | -14.7% |
| Non-recurring operating charges | 66A | €2,428 | - | -€2,428 | |
| Gross operating margin | 9900 | €1,348,973 | €1,409,072 | +€60,099 | +4.5% |
| Operating profit (loss) | 9901 | €1,263,392 | €1,306,965 | +€43,572 | +3.4% |
| Financial income | 75/76B | €67,353 | €158,634 | +€91,281 | +135.5% |
| Recurring financial income | 75 | €67,353 | €158,634 | +€91,281 | +135.5% |
| Financial charges | 65/66B | €23,526 | €58,389 | +€34,863 | +148.2% |
| Recurring financial charges | 65 | €23,526 | €58,389 | +€34,863 | +148.2% |
| Profit (loss) for the period before taxes | 9903 | €1,307,219 | €1,407,209 | +€99,990 | +7.6% |
| Transfer from deferred taxes | 780 | €3,859 | €3,859 | = | 0.0% |
| Income taxes | 67/77 | €328,323 | €358,885 | +€30,562 | +9.3% |
| Profit (loss) for the period | 9904 | €982,755 | €1,052,183 | +€69,428 | +7.1% |
| Transfer from tax-exempt reserves | 789 | €11,577 | €11,577 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €994,332 | €1,063,760 | +€69,428 | +7.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.