VERO: 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.
What changed
VERO
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€89,290
2024 · -€57,530-€31,760
Equity
-€671,296
2024 · -€583,691-€87,606
Cash
€37,187
2024 · €4,697+€32,490
Balance sheet total
€1.0m
2024 · €1.1m-€72,439
Largest movements
Assets
- Tangible fixed assets -€107,235
down €107,235 (-10.0%), from €1.1m to €960,188
of which Land and buildings: -€106,449
- Cash +€32,490
up €32,490 (+691.8%), from €4,697 to €37,187
mainly Depreciation (+€115,267) and Other debts (+€63,795)
Equity and liabilities
- Profit (loss) carried forward -€87,606
down €87,606 (-13.6%), from -€641,820 to -€729,426
- Other debts +€63,795
up €63,795 (+9048.9%), from €705 to €64,500
- Current portion of long-term debt -€42,000
down €42,000 (-100.0%), from €42,000 to €0
- Debts after one year -€24,284
down €24,284 (-1.5%), from €1.6m to €1.6m
- Trade debts +€19,921
up €19,921 (+79.2%), from €25,152 to €45,073
Income statement
- Gross operating margin -€40,169
down €40,169 (-38.9%), from €103,164 to €62,995
- Depreciation -€14,081
down €14,081 (-10.9%), from €129,348 to €115,267
- Write-downs +€7,483
new in 2025: €7,483
- Staff costs -€2,251
down €2,251 (-100.0%), from €2,251 to €0
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
-€57,530
Gross operating margin
-€40,169
Staff costs
+€2,251
Depreciation
+€14,081
Write-downs
-€7,483
Other operating charges
-€330
Financial income
-€22
Financial charges
-€57
Taxes
-€32
Result 2025
-€89,290
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.
From operations
+€105,100
Investment
-€8,010
Financing
-€64,600
Cash 2024
€4,697
From operations (derived)
+€105,100
Net result for the year
-€89,290
Depreciation
+€115,267
Receivables within one year
-€9,160
Deferred charges and accrued income
+€6,832
Provisions
-€2,552
Trade debts
+€19,921
Tax, wage and social debts
+€328
Other debts
+€63,795
Accrued charges and deferred income
-€41
Investment (derived)
-€8,010
Investment in fixed assets (net)
-€8,031
Current investments
+€22
Financing
-€64,600
Debts after one year
-€24,284
Current portion of long-term debt
-€42,000
Contributions, distributions and other
+€1,684
Cash 2025
€37,187
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,107,580 | €1,035,142 | -€72,439 | -6.5% |
| Fixed assets | 21/28 | €1,067,498 | €960,263 | -€107,235 | -10.0% |
| Tangible fixed assets | 22/27 | €1,067,423 | €960,188 | -€107,235 | -10.0% |
| Land and buildings | 22 | €1,025,857 | €919,408 | -€106,449 | -10.4% |
| Plant, machinery and equipment | 23 | €41,055 | €37,633 | -€3,422 | -8.3% |
| Furniture and vehicles | 24 | €510 | €38 | -€473 | -92.6% |
| Other tangible fixed assets | 26 | - | €3,109 | +€3,109 | |
| Financial fixed assets | 28 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €40,082 | €74,879 | +€34,797 | +86.8% |
| Amounts receivable within one year | 40/41 | €11,581 | €20,741 | +€9,160 | +79.1% |
| Trade receivables | 40 | €11,581 | €20,741 | +€9,160 | +79.1% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €5,049 | €5,028 | -€22 | -0.4% |
| Cash at bank and in hand | 54/58 | €4,697 | €37,187 | +€32,490 | +691.8% |
| Deferred charges and accrued income | 490/1 | €18,756 | €11,923 | -€6,832 | -36.4% |
| Total equity and liabilities | 10/49 | €1,107,580 | €1,035,142 | -€72,439 | -6.5% |
| Equity | 10/15 | -€583,691 | -€671,296 | -€87,606 | -15.0% |
| Contributions | 10/11 | €25,530 | €25,530 | = | 0.0% |
| Reserves | 13 | €32,600 | €32,600 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,553 | €0 | -€2,553 | -100.0% |
| Reserves not available under the articles | 1311 | €2,553 | €0 | -€2,553 | -100.0% |
| Distributable reserves | 133 | €30,047 | €32,600 | +€2,553 | +8.5% |
| Profit (loss) carried forward | 14 | -€641,820 | -€729,426 | -€87,606 | -13.6% |
| Provisions and deferred taxes | 16 | €4,241 | €1,690 | -€2,552 | -60.2% |
| Deferred taxes | 168 | €4,241 | €1,690 | -€2,552 | -60.2% |
| Amounts payable | 17/49 | €1,687,030 | €1,704,748 | +€17,719 | +1.1% |
| Amounts payable after more than one year | 17 | €1,618,820 | €1,594,536 | -€24,284 | -1.5% |
| Other amounts payable | 178/9 | €1,618,820 | €1,594,536 | -€24,284 | -1.5% |
| Amounts payable within one year | 42/48 | €68,169 | €110,213 | +€42,044 | +61.7% |
| Current portion of amounts payable after more than one year | 42 | €42,000 | €0 | -€42,000 | -100.0% |
| Trade debts | 44 | €25,152 | €45,073 | +€19,921 | +79.2% |
| Suppliers | 440/4 | €25,152 | €45,073 | +€19,921 | +79.2% |
| Taxes, remuneration and social security | 45 | €312 | €639 | +€328 | +105.0% |
| Taxes | 450/3 | €312 | €639 | +€328 | +105.0% |
| Other amounts payable | 47/48 | €705 | €64,500 | +€63,795 | +9048.9% |
| Accrued charges and deferred income | 492/3 | €41 | €0 | -€41 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €2,251 | €0 | -€2,251 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €129,348 | €115,267 | -€14,081 | -10.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €7,483 | +€7,483 | |
| Other operating charges | 640/8 | €29,197 | €29,527 | +€330 | +1.1% |
| Gross operating margin | 9900 | €103,164 | €62,995 | -€40,169 | -38.9% |
| Operating profit (loss) | 9901 | -€57,633 | -€89,282 | -€31,649 | -54.9% |
| Financial income | 75/76B | €27 | €6 | -€22 | -79.3% |
| Recurring financial income | 75 | €27 | €6 | -€22 | -79.3% |
| Financial charges | 65/66B | €475 | €532 | +€57 | +12.1% |
| Recurring financial charges | 65 | €475 | €532 | +€57 | +12.1% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | -€58,080 | -€89,808 | -€31,728 | -54.6% |
| Transfer from deferred taxes | 780 | €867 | €867 | = | 0.0% |
| Income taxes | 67/77 | €317 | €349 | +€32 | +10.2% |
| Profit (loss) for the period | 9904 | -€57,530 | -€89,290 | -€31,760 | -55.2% |
| Transfer from tax-exempt reserves | 789 | €1,684 | €1,684 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€55,845 | -€87,606 | -€31,760 | -56.9% |
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 29 September 2026 via checked.be.