VERLAMAX: 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.
VERLAMAX
Largest movements
- Current investments +€96,593
up €96,593 (+23.5%), from €411,648 to €508,241
- Tangible fixed assets -€27,491
down €27,491 (-73.8%), from €37,241 to €9,750
of which Furniture and vehicles: -€25,792
- Cash -€12,021
down €12,021 (-21.3%), from €56,505 to €44,484
mainly Current investments (-€96,593) and Other debts (-€7,756)
- Reserves +€61,252
up €61,252 (+13.1%), from €466,410 to €527,662
- Tax, wage and social debts +€9,868
up €9,868 (+64.4%), from €15,312 to €25,181
- Other debts -€7,756
down €7,756 (-30.8%), from €25,155 to €17,399
- Gross operating margin +€14,169
up €14,169 (+16.8%), from €84,125 to €98,294
- Depreciation -€7,904
down €7,904 (-22.3%), from €35,395 to €27,491
- Taxes +€7,242
up €7,242 (+39.2%), from €18,467 to €25,709
- Financial income +€6,603
up €6,603 (+48.7%), from €13,562 to €20,166
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 | €524,128 | €582,397 | +€58,270 | +11.1% |
| Fixed assets | 21/28 | €37,586 | €10,095 | -€27,491 | -73.1% |
| Tangible fixed assets | 22/27 | €37,241 | €9,750 | -€27,491 | -73.8% |
| Plant, machinery and equipment | 23 | €831 | €284 | -€547 | -65.8% |
| Furniture and vehicles | 24 | €28,921 | €3,129 | -€25,792 | -89.2% |
| Other tangible fixed assets | 26 | €7,489 | €6,337 | -€1,153 | -15.4% |
| Financial fixed assets | 28 | €345 | €345 | = | 0.0% |
| Current assets | 29/58 | €486,541 | €572,302 | +€85,761 | +17.6% |
| Amounts receivable within one year | 40/41 | €16,335 | €17,550 | +€1,215 | +7.4% |
| Trade receivables | 40 | €16,335 | €17,545 | +€1,210 | +7.4% |
| Other amounts receivable | 41 | - | €5 | +€5 | |
| Current investments | 50/53 | €411,648 | €508,241 | +€96,593 | +23.5% |
| Cash at bank and in hand | 54/58 | €56,505 | €44,484 | -€12,021 | -21.3% |
| Deferred charges and accrued income | 490/1 | €2,053 | €2,027 | -€26 | -1.3% |
| Total equity and liabilities | 10/49 | €524,128 | €582,397 | +€58,270 | +11.1% |
| Equity | 10/15 | €472,610 | €533,862 | +€61,252 | +13.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €466,410 | €527,662 | +€61,252 | +13.1% |
| Distributable reserves | 133 | €466,410 | €527,662 | +€61,252 | +13.1% |
| Amounts payable | 17/49 | €51,518 | €48,536 | -€2,982 | -5.8% |
| Amounts payable within one year | 42/48 | €49,418 | €48,193 | -€1,225 | -2.5% |
| Financial debts | 43 | €3,381 | €3,365 | -€16 | -0.5% |
| Credit institutions | 430/8 | €3,381 | €3,365 | -€16 | -0.5% |
| Trade debts | 44 | €5,570 | €2,248 | -€3,321 | -59.6% |
| Suppliers | 440/4 | €5,570 | €2,248 | -€3,321 | -59.6% |
| Taxes, remuneration and social security | 45 | €15,312 | €25,181 | +€9,868 | +64.4% |
| Taxes | 450/3 | €15,312 | €25,181 | +€9,868 | +64.4% |
| Other amounts payable | 47/48 | €25,155 | €17,399 | -€7,756 | -30.8% |
| Accrued charges and deferred income | 492/3 | €2,100 | €343 | -€1,757 | -83.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,395 | €27,491 | -€7,904 | -22.3% |
| Other operating charges | 640/8 | €1,794 | €1,731 | -€63 | -3.5% |
| Gross operating margin | 9900 | €84,125 | €98,294 | +€14,169 | +16.8% |
| Operating profit (loss) | 9901 | €46,936 | €69,071 | +€22,135 | +47.2% |
| Financial income | 75/76B | €13,562 | €20,166 | +€6,603 | +48.7% |
| Recurring financial income | 75 | €13,562 | €20,166 | +€6,603 | +48.7% |
| Financial charges | 65/66B | €2,060 | €2,276 | +€216 | +10.5% |
| Recurring financial charges | 65 | €2,060 | €2,276 | +€216 | +10.5% |
| Profit (loss) for the period before taxes | 9903 | €58,438 | €86,961 | +€28,523 | +48.8% |
| Income taxes | 67/77 | €18,467 | €25,709 | +€7,242 | +39.2% |
| Profit (loss) for the period | 9904 | €39,971 | €61,252 | +€21,281 | +53.2% |
| Profit (loss) for the period to be appropriated | 9905 | €39,971 | €61,252 | +€21,281 | +53.2% |
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.