VERMA: 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.
VERMA
Largest movements
- Tangible fixed assets +€458,907
up €458,907 (+121.1%), from €379,091 to €837,998
of which Land and buildings: +€459,848
- Cash -€29,956
down €29,956 (-93.0%), from €32,205 to €2,250
mainly Investment in fixed assets (net) (-€491,981) and Net result for the year (-€46,773)
- Receivables within one year -€27,000
no longer reported in 2025 (was €27,000)
- Debts after one year +€380,969
up €380,969 (+218.8%), from €174,113 to €555,082
- Other debts +€67,927
up €67,927 (+55.0%), from €123,555 to €191,482
- Profit (loss) carried forward -€46,773
new in 2025: -€46,773
- Depreciation +€16,312
up €16,312 (+97.3%), from €16,762 to €33,074
- Financial charges +€15,712
up €15,712 (+252.5%), from €6,222 to €21,934
- Write-downs +€8,448
new in 2025: €8,448
- Gross operating margin +€5,478
up €5,478 (+31.4%), from €17,457 to €22,935
- Other operating charges +€2,174
up €2,174 (+38.7%), from €5,616 to €7,790
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 | €440,606 | €843,397 | +€402,791 | +91.4% |
| Fixed assets | 21/28 | €381,231 | €840,138 | +€458,907 | +120.4% |
| Tangible fixed assets | 22/27 | €379,091 | €837,998 | +€458,907 | +121.1% |
| Land and buildings | 22 | €376,931 | €836,779 | +€459,848 | +122.0% |
| Plant, machinery and equipment | 23 | €433 | €323 | -€110 | -25.3% |
| Furniture and vehicles | 24 | €1,727 | €895 | -€831 | -48.1% |
| Financial fixed assets | 28 | €2,140 | €2,140 | = | 0.0% |
| Current assets | 29/58 | €59,375 | €3,259 | -€56,117 | -94.5% |
| Amounts receivable within one year | 40/41 | €27,000 | - | -€27,000 | |
| Trade receivables | 40 | €27,000 | - | -€27,000 | |
| Cash at bank and in hand | 54/58 | €32,205 | €2,250 | -€29,956 | -93.0% |
| Deferred charges and accrued income | 490/1 | €170 | €1,009 | +€839 | +493.6% |
| Total equity and liabilities | 10/49 | €440,606 | €843,397 | +€402,791 | +91.4% |
| Equity | 10/15 | €120,245 | €73,472 | -€46,773 | -38.9% |
| Contributions | 10/11 | €83,875 | €83,875 | = | 0.0% |
| Reserves | 13 | €36,370 | €36,370 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,953 | €2,953 | = | 0.0% |
| Distributable reserves | 133 | €33,416 | €33,416 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€46,773 | -€46,773 | |
| Amounts payable | 17/49 | €320,361 | €769,925 | +€449,564 | +140.3% |
| Amounts payable after more than one year | 17 | €174,113 | €555,082 | +€380,969 | +218.8% |
| Financial debts | 170/4 | €174,113 | €555,082 | +€380,969 | +218.8% |
| Amounts payable within one year | 42/48 | €146,248 | €211,818 | +€65,570 | +44.8% |
| Current portion of amounts payable after more than one year | 42 | €12,193 | €17,825 | +€5,632 | +46.2% |
| Trade debts | 44 | €10,500 | €2,512 | -€7,989 | -76.1% |
| Suppliers | 440/4 | €10,500 | €2,512 | -€7,989 | -76.1% |
| Other amounts payable | 47/48 | €123,555 | €191,482 | +€67,927 | +55.0% |
| Accrued charges and deferred income | 492/3 | - | €3,025 | +€3,025 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,762 | €33,074 | +€16,312 | +97.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €8,448 | +€8,448 | |
| Other operating charges | 640/8 | €5,616 | €7,790 | +€2,174 | +38.7% |
| Gross operating margin | 9900 | €17,457 | €22,935 | +€5,478 | +31.4% |
| Operating profit (loss) | 9901 | -€4,920 | -€26,377 | -€21,456 | -436.1% |
| Financial income | 75/76B | - | €1,537 | +€1,537 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Non-recurring financial income | 76B | - | €1,537 | +€1,537 | |
| Financial charges | 65/66B | €6,222 | €21,934 | +€15,712 | +252.5% |
| Recurring financial charges | 65 | €6,222 | €21,934 | +€15,712 | +252.5% |
| Profit (loss) for the period before taxes | 9903 | -€11,142 | -€46,773 | -€35,631 | -319.8% |
| Profit (loss) for the period | 9904 | -€11,142 | -€46,773 | -€35,631 | -319.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,142 | -€46,773 | -€35,631 | -319.8% |
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 5 October 2026 via checked.be.