VERLO: 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.
VERLO
Largest movements
- Stocks and contracts +€37,500
up €37,500 (+88.7%), from €42,300 to €79,800
- Tangible fixed assets -€28,034
down €28,034 (-8.1%), from €344,996 to €316,962
of which Land and buildings: -€27,022
- Receivables within one year -€17,357
down €17,357 (-59.7%), from €29,060 to €11,703
of which Trade receivables: -€23,137
- Other debts +€34,101
up €34,101 (+59.2%), from €57,631 to €91,733
- Debts after one year -€23,788
down €23,788 (-21.2%), from €112,370 to €88,582
- Accrued charges and deferred income -€13,800
down €13,800 (-22.2%), from €62,100 to €48,300
- Write-downs -€6,215
no longer reported in 2025 (was €6,215)
- Depreciation +€5,754
up €5,754 (+24.2%), from €23,780 to €29,534
- Gross operating margin -€2,945
down €2,945 (-7.4%), from €39,983 to €37,038
- Financial charges -€418
down €418 (-16.0%), from €2,605 to €2,188
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 | €436,236 | €427,508 | -€8,727 | -2.0% |
| Fixed assets | 21/28 | €344,996 | €316,962 | -€28,034 | -8.1% |
| Tangible fixed assets | 22/27 | €344,996 | €316,962 | -€28,034 | -8.1% |
| Land and buildings | 22 | €340,319 | €313,297 | -€27,022 | -7.9% |
| Plant, machinery and equipment | 23 | €3,086 | €3,664 | +€578 | +18.7% |
| Furniture and vehicles | 24 | €1,591 | - | -€1,591 | |
| Current assets | 29/58 | €91,240 | €110,547 | +€19,307 | +21.2% |
| Stocks and contracts in progress | 3 | €42,300 | €79,800 | +€37,500 | +88.7% |
| Stocks | 30/36 | €42,300 | €79,800 | +€37,500 | +88.7% |
| Amounts receivable within one year | 40/41 | €29,060 | €11,703 | -€17,357 | -59.7% |
| Trade receivables | 40 | €27,995 | €4,857 | -€23,137 | -82.6% |
| Other amounts receivable | 41 | €1,065 | €6,846 | +€5,780 | +542.7% |
| Cash at bank and in hand | 54/58 | €19,265 | €16,485 | -€2,781 | -14.4% |
| Deferred charges and accrued income | 490/1 | €615 | €2,559 | +€1,944 | +316.3% |
| Total equity and liabilities | 10/49 | €436,236 | €427,508 | -€8,727 | -2.0% |
| Equity | 10/15 | €157,358 | €158,837 | +€1,478 | +0.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €151,158 | €152,637 | +€1,478 | +1.0% |
| Distributable reserves | 133 | €151,158 | €152,637 | +€1,478 | +1.0% |
| Amounts payable | 17/49 | €278,877 | €268,671 | -€10,206 | -3.7% |
| Amounts payable after more than one year | 17 | €112,370 | €88,582 | -€23,788 | -21.2% |
| Financial debts | 170/4 | €112,370 | €88,582 | -€23,788 | -21.2% |
| Amounts payable within one year | 42/48 | €104,407 | €131,789 | +€27,382 | +26.2% |
| Current portion of amounts payable after more than one year | 42 | €23,453 | €23,788 | +€335 | +1.4% |
| Trade debts | 44 | €19,159 | €16,120 | -€3,039 | -15.9% |
| Suppliers | 440/4 | €19,159 | €16,120 | -€3,039 | -15.9% |
| Taxes, remuneration and social security | 45 | €4,164 | €148 | -€4,016 | -96.4% |
| Taxes | 450/3 | €4,164 | €148 | -€4,016 | -96.4% |
| Other amounts payable | 47/48 | €57,631 | €91,733 | +€34,101 | +59.2% |
| Accrued charges and deferred income | 492/3 | €62,100 | €48,300 | -€13,800 | -22.2% |
| Non-recurring operating income | 76A | €1,671 | - | -€1,671 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,780 | €29,534 | +€5,754 | +24.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,215 | - | -€6,215 | |
| Other operating charges | 640/8 | €3,583 | €3,690 | +€107 | +3.0% |
| Gross operating margin | 9900 | €39,983 | €37,038 | -€2,945 | -7.4% |
| Operating profit (loss) | 9901 | €6,405 | €3,814 | -€2,591 | -40.5% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €2,605 | €2,188 | -€418 | -16.0% |
| Recurring financial charges | 65 | €2,605 | €2,188 | -€418 | -16.0% |
| Profit (loss) for the period before taxes | 9903 | €3,800 | €1,626 | -€2,173 | -57.2% |
| Income taxes | 67/77 | €345 | €148 | -€198 | -57.2% |
| Profit (loss) for the period | 9904 | €3,454 | €1,478 | -€1,976 | -57.2% |
| Profit (loss) for the period to be appropriated | 9905 | €3,454 | €1,478 | -€1,976 | -57.2% |
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 11 October 2026 via checked.be.