VERLEE: 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.
VERLEE
Largest movements
- Tangible fixed assets +€163,106
up €163,106 (+8.8%), from €1.9m to €2.0m
- Reserves +€71,048
up €71,048 (+195.1%), from €36,421 to €107,469
of which Distributable reserves: +€71,048
- Other debts +€48,335
up €48,335 (+25.5%), from €189,618 to €237,953
- Debts after one year +€27,063
up €27,063 (+2.2%), from €1.3m to €1.3m
of which Financial debts: +€27,063
- Financial income +€94,461
up €94,461 (+60560.0%), from €156 to €94,617
- Gross operating margin +€9,759
up €9,759 (+8.4%), from €116,305 to €126,064
- Taxes +€7,100
new in 2025: €7,100
- Depreciation +€4,716
up €4,716 (+9.4%), from €50,238 to €54,954
- Financial charges +€2,708
up €2,708 (+3.6%), from €76,151 to €78,859
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 | €1,993,017 | €2,155,512 | +€162,494 | +8.2% |
| Fixed assets | 21/28 | €1,946,558 | €2,109,664 | +€163,106 | +8.4% |
| Tangible fixed assets | 22/27 | €1,856,558 | €2,019,664 | +€163,106 | +8.8% |
| Land and buildings | 22 | €1,856,558 | €2,019,664 | +€163,106 | +8.8% |
| Financial fixed assets | 28 | €90,000 | €90,000 | = | 0.0% |
| Current assets | 29/58 | €46,460 | €45,848 | -€612 | -1.3% |
| Amounts receivable within one year | 40/41 | €19,047 | €35 | -€19,012 | -99.8% |
| Trade receivables | 40 | €19,000 | - | -€19,000 | |
| Other amounts receivable | 41 | €47 | €35 | -€12 | -24.9% |
| Cash at bank and in hand | 54/58 | €26,474 | €43,703 | +€17,229 | +65.1% |
| Deferred charges and accrued income | 490/1 | €939 | €2,110 | +€1,171 | +124.7% |
| Total equity and liabilities | 10/49 | €1,993,017 | €2,155,512 | +€162,494 | +8.2% |
| Equity | 10/15 | €456,421 | €527,469 | +€71,048 | +15.6% |
| Contributions | 10/11 | €420,000 | €420,000 | = | 0.0% |
| Reserves | 13 | €36,421 | €107,469 | +€71,048 | +195.1% |
| Non-distributable reserves | 130/1 | €1,846 | €1,846 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,846 | €1,846 | = | 0.0% |
| Distributable reserves | 133 | €34,575 | €105,623 | +€71,048 | +205.5% |
| Amounts payable | 17/49 | €1,536,596 | €1,628,043 | +€91,446 | +6.0% |
| Amounts payable after more than one year | 17 | €1,251,647 | €1,278,710 | +€27,063 | +2.2% |
| Financial debts | 170/4 | €1,244,357 | €1,271,420 | +€27,063 | +2.2% |
| Other amounts payable | 178/9 | €7,290 | €7,290 | = | 0.0% |
| Amounts payable within one year | 42/48 | €259,586 | €324,090 | +€64,504 | +24.8% |
| Current portion of amounts payable after more than one year | 42 | €60,573 | €69,621 | +€9,048 | +14.9% |
| Trade debts | 44 | €2,369 | €649 | -€1,720 | -72.6% |
| Suppliers | 440/4 | €2,369 | €649 | -€1,720 | -72.6% |
| Taxes, remuneration and social security | 45 | €7,025 | €15,867 | +€8,841 | +125.8% |
| Taxes | 450/3 | €7,025 | €15,867 | +€8,841 | +125.8% |
| Other amounts payable | 47/48 | €189,618 | €237,953 | +€48,335 | +25.5% |
| Accrued charges and deferred income | 492/3 | €25,364 | €25,242 | -€121 | -0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,238 | €54,954 | +€4,716 | +9.4% |
| Other operating charges | 640/8 | €5,490 | €3,463 | -€2,028 | -36.9% |
| Non-recurring operating charges | 66A | - | €5,257 | +€5,257 | |
| Gross operating margin | 9900 | €116,305 | €126,064 | +€9,759 | +8.4% |
| Operating profit (loss) | 9901 | €60,576 | €62,390 | +€1,814 | +3.0% |
| Financial income | 75/76B | €156 | €94,617 | +€94,461 | +60560.0% |
| Recurring financial income | 75 | €156 | €94,617 | +€94,461 | +60560.0% |
| Financial charges | 65/66B | €76,151 | €78,859 | +€2,708 | +3.6% |
| Recurring financial charges | 65 | €76,151 | €78,859 | +€2,708 | +3.6% |
| Profit (loss) for the period before taxes | 9903 | -€15,419 | €78,148 | +€93,567 | |
| Income taxes | 67/77 | - | €7,100 | +€7,100 | |
| Profit (loss) for the period | 9904 | -€15,419 | €71,048 | +€86,467 | |
| Profit (loss) for the period to be appropriated | 9905 | -€15,419 | €71,048 | +€86,467 |
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.