VERLUCAR: 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.
What changed
VERLUCAR
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€256,597
2024 · €4,641+€251,956
Equity
€2.8m
2024 · €2.8m+€6,597
Cash
€118,977
2024 · €176,731-€57,753
Balance sheet total
€5.7m
2024 · €5.7m+€2,522
Largest movements
Assets
- Cash -€57,753
down €57,753 (-32.7%), from €176,731 to €118,977
mainly Contributions, distributions and other (-€250,000) and Debts after one year (-€225,570)
Equity and liabilities
- Other debts +€232,000
up €232,000 (+491%), from €47,261 to €279,261
- Debts after one year -€225,570
down €225,570 (-12.3%), from €1.8m to €1.6m
Income statement
- Gross operating margin +€241,239
up €241,239 (+491%), from €49,167 to €290,407
- Depreciation -€7,506
down €7,506 (-22.8%), from €32,952 to €25,446
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.
Result 2024
€4,641
Gross operating margin
+€241,239
Depreciation
+€7,506
Other operating charges
+€896
Financial income
+€138
Financial charges
+€2,841
Taxes
-€663
Result 2025
€256,597
raises the resultlowers the result
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.
From operations
+€446,739
Investment
-€31,456
Financing
-€473,036
Cash 2024
€176,731
From operations (derived)
+€446,739
Net result for the year
+€256,597
Depreciation
+€25,446
Receivables within one year
-€13,115
Deferred charges and accrued income
-€41,150
Trade debts
-€18,849
Tax, wage and social debts
+€5,810
Other debts
+€232,000
Investment (derived)
-€31,456
Investment in fixed assets (net)
-€31,456
Financing
-€473,036
Debts after one year
-€225,570
Current portion of long-term debt
+€2,533
Contributions, distributions and other
-€250,000
Cash 2025
€118,977
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,727,295 | €5,729,817 | +€2,522 | 0.0% |
| Fixed assets | 21/28 | €2,029,452 | €2,035,462 | +€6,010 | +0.3% |
| Tangible fixed assets | 22/27 | €771,514 | €777,524 | +€6,010 | +0.8% |
| Land and buildings | 22 | €678,656 | €777,524 | +€98,868 | +14.6% |
| Plant, machinery and equipment | 23 | €92,858 | - | -€92,858 | |
| Financial fixed assets | 28 | €1,257,938 | €1,257,938 | = | 0.0% |
| Current assets | 29/58 | €3,697,843 | €3,694,356 | -€3,488 | -0.1% |
| Amounts receivable after more than one year | 29 | €2,750,000 | €2,750,000 | = | 0.0% |
| Other amounts receivable | 291 | €2,750,000 | €2,750,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €620,673 | €633,788 | +€13,115 | +2.1% |
| Other amounts receivable | 41 | €620,673 | €633,788 | +€13,115 | +2.1% |
| Cash at bank and in hand | 54/58 | €176,731 | €118,977 | -€57,753 | -32.7% |
| Deferred charges and accrued income | 490/1 | €150,440 | €191,590 | +€41,150 | +27.4% |
| Total equity and liabilities | 10/49 | €5,727,295 | €5,729,817 | +€2,522 | 0.0% |
| Equity | 10/15 | €2,807,673 | €2,814,270 | +€6,597 | +0.2% |
| Contributions | 10/11 | €298,315 | €298,315 | = | 0.0% |
| Capital | 10 | €298,315 | €298,315 | = | 0.0% |
| Issued capital | 100 | €298,315 | €298,315 | = | 0.0% |
| Reserves | 13 | €329,108 | €329,108 | = | 0.0% |
| Non-distributable reserves | 130/1 | €29,831 | €29,831 | = | 0.0% |
| Legal reserve | 130 | €29,831 | €29,831 | = | 0.0% |
| Distributable reserves | 133 | €299,277 | €299,277 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,180,250 | €2,186,847 | +€6,597 | +0.3% |
| Amounts payable | 17/49 | €2,919,622 | €2,915,547 | -€4,075 | -0.1% |
| Amounts payable after more than one year | 17 | €1,837,074 | €1,611,504 | -€225,570 | -12.3% |
| Financial debts | 170/4 | €1,837,074 | €1,611,504 | -€225,570 | -12.3% |
| Amounts payable within one year | 42/48 | €1,079,659 | €1,301,154 | +€221,495 | +20.5% |
| Current portion of amounts payable after more than one year | 42 | €223,036 | €225,570 | +€2,533 | +1.1% |
| Trade debts | 44 | €807,629 | €788,780 | -€18,849 | -2.3% |
| Suppliers | 440/4 | €807,629 | €788,780 | -€18,849 | -2.3% |
| Taxes, remuneration and social security | 45 | €1,733 | €7,543 | +€5,810 | +335% |
| Taxes | 450/3 | €1,733 | €7,543 | +€5,810 | +335% |
| Other amounts payable | 47/48 | €47,261 | €279,261 | +€232,000 | +491% |
| Accrued charges and deferred income | 492/3 | €2,889 | €2,889 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,952 | €25,446 | -€7,506 | -22.8% |
| Other operating charges | 640/8 | €34,931 | €34,036 | -€896 | -2.6% |
| Gross operating margin | 9900 | €49,167 | €290,407 | +€241,239 | +491% |
| Operating profit (loss) | 9901 | -€18,716 | €230,925 | +€249,641 | |
| Financial income | 75/76B | €50,420 | €50,558 | +€138 | +0.3% |
| Recurring financial income | 75 | €50,420 | €50,558 | +€138 | +0.3% |
| Financial charges | 65/66B | €25,325 | €22,485 | -€2,841 | -11.2% |
| Recurring financial charges | 65 | €25,325 | €22,485 | -€2,841 | -11.2% |
| Profit (loss) for the period before taxes | 9903 | €6,379 | €258,998 | +€252,619 | +3,960% |
| Income taxes | 67/77 | €1,738 | €2,401 | +€663 | +38.1% |
| Profit (loss) for the period | 9904 | €4,641 | €256,597 | +€251,956 | +5,429% |
| Profit (loss) for the period to be appropriated | 9905 | €4,641 | €256,597 | +€251,956 | +5,429% |
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 17 October 2026 via checked.be.