Vernaet: 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.
Vernaet
Largest movements
- Stocks and contracts +€71,363
up €71,363 (+28.8%), from €248,025 to €319,389
- Tangible fixed assets -€61,112
down €61,112 (-10.7%), from €568,572 to €507,461
of which Furniture and vehicles: -€38,280
- Receivables within one year +€18,186
up €18,186 (+4.8%), from €375,596 to €393,782
of which Trade receivables: +€10,029
- Trade debts +€63,864
up €63,864 (+68.4%), from €93,433 to €157,298
- Reserves -€30,495
down €30,495 (-9.3%), from €326,873 to €296,379
- Staff costs -€33,149
down €33,149 (-20.2%), from €164,212 to €131,063
- Write-downs +€32,231
up €32,231, from -€32,231 to €0
- Other operating charges -€31,412
down €31,412 (-46.1%), from €68,107 to €36,695
- Gross operating margin -€26,450
down €26,450 (-7.3%), from €364,119 to €337,669
- Financial charges +€4,526
up €4,526 (+11.5%), from €39,216 to €43,742
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 | €1,234,539 | €1,263,611 | +€29,072 | +2.4% |
| Fixed assets | 21/28 | €581,568 | €517,748 | -€63,821 | -11.0% |
| Intangible fixed assets | 21 | €12,456 | €9,747 | -€2,709 | -21.7% |
| Tangible fixed assets | 22/27 | €568,572 | €507,461 | -€61,112 | -10.7% |
| Land and buildings | 22 | €412,120 | €401,680 | -€10,440 | -2.5% |
| Plant, machinery and equipment | 23 | €46,355 | €33,963 | -€12,392 | -26.7% |
| Furniture and vehicles | 24 | €110,097 | €71,817 | -€38,280 | -34.8% |
| Financial fixed assets | 28 | €540 | €540 | = | 0.0% |
| Current assets | 29/58 | €652,970 | €745,863 | +€92,893 | +14.2% |
| Stocks and contracts in progress | 3 | €248,025 | €319,389 | +€71,363 | +28.8% |
| Stocks | 30/36 | €248,025 | €319,389 | +€71,363 | +28.8% |
| Amounts receivable within one year | 40/41 | €375,596 | €393,782 | +€18,186 | +4.8% |
| Trade receivables | 40 | €365,214 | €375,242 | +€10,029 | +2.7% |
| Other amounts receivable | 41 | €10,382 | €18,540 | +€8,157 | +78.6% |
| Cash at bank and in hand | 54/58 | €9,571 | €12,760 | +€3,189 | +33.3% |
| Deferred charges and accrued income | 490/1 | €19,778 | €19,932 | +€154 | +0.8% |
| Total equity and liabilities | 10/49 | €1,234,539 | €1,263,611 | +€29,072 | +2.4% |
| Equity | 10/15 | €651,630 | €621,135 | -€30,495 | -4.7% |
| Contributions | 10/11 | €324,756 | €324,756 | = | 0.0% |
| Reserves | 13 | €326,873 | €296,379 | -€30,495 | -9.3% |
| Distributable reserves | 133 | €326,873 | €296,379 | -€30,495 | -9.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €582,909 | €642,476 | +€59,567 | +10.2% |
| Amounts payable after more than one year | 17 | €234,295 | €227,133 | -€7,162 | -3.1% |
| Financial debts | 170/4 | €234,295 | €227,133 | -€7,162 | -3.1% |
| Amounts payable within one year | 42/48 | €345,181 | €410,456 | +€65,275 | +18.9% |
| Current portion of amounts payable after more than one year | 42 | €108,803 | €97,303 | -€11,500 | -10.6% |
| Financial debts | 43 | €0 | €1,379 | +€1,379 | |
| Credit institutions | 430/8 | €0 | €1,379 | +€1,379 | |
| Trade debts | 44 | €93,433 | €157,298 | +€63,864 | +68.4% |
| Suppliers | 440/4 | €93,433 | €157,298 | +€63,864 | +68.4% |
| Taxes, remuneration and social security | 45 | €42,109 | €52,687 | +€10,577 | +25.1% |
| Taxes | 450/3 | €10,803 | €23,673 | +€12,870 | +119.1% |
| Remuneration and social security | 454/9 | €31,306 | €29,013 | -€2,293 | -7.3% |
| Other amounts payable | 47/48 | €100,836 | €101,790 | +€954 | +0.9% |
| Accrued charges and deferred income | 492/3 | €3,434 | €4,887 | +€1,454 | +42.3% |
| Remuneration, social security and pensions | 62 | €164,212 | €131,063 | -€33,149 | -20.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,602 | €67,066 | +€464 | +0.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€32,231 | €0 | +€32,231 | |
| Other operating charges | 640/8 | €68,107 | €36,695 | -€31,412 | -46.1% |
| Gross operating margin | 9900 | €364,119 | €337,669 | -€26,450 | -7.3% |
| Operating profit (loss) | 9901 | €97,429 | €102,845 | +€5,416 | +5.6% |
| Financial income | 75/76B | €3,987 | €4,034 | +€47 | +1.2% |
| Recurring financial income | 75 | €3,987 | €4,034 | +€47 | +1.2% |
| Financial charges | 65/66B | €39,216 | €43,742 | +€4,526 | +11.5% |
| Recurring financial charges | 65 | €39,216 | €43,742 | +€4,526 | +11.5% |
| Profit (loss) for the period before taxes | 9903 | €62,200 | €63,136 | +€937 | +1.5% |
| Income taxes | 67/77 | €19,125 | €18,068 | -€1,057 | -5.5% |
| Profit (loss) for the period | 9904 | €43,074 | €45,068 | +€1,994 | +4.6% |
| Profit (loss) for the period to be appropriated | 9905 | €43,074 | €45,068 | +€1,994 | +4.6% |
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.