VERPAL: 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.
VERPAL
Largest movements
- Current investments +€148,487
up €148,487 (+23.0%), from €645,065 to €793,552
- Cash -€24,766
down €24,766 (-36.0%), from €68,805 to €44,038
mainly Current investments (-€148,487) and Other debts (-€3,317)
- Tangible fixed assets -€21,278
down €21,278 (-19.4%), from €109,434 to €88,156
of which Land and buildings: -€19,377
- Reserves +€94,612
up €94,612 (+54.0%), from €175,229 to €269,841
of which Distributable reserves: +€94,612
- Gross operating margin +€121,608
up €121,608, from -€23,731 to €97,877
- Taxes +€9,461
new in 2025: €9,461
- Financial income +€5,988
up €5,988 (+36.2%), from €16,533 to €22,521
of which Non-recurring financial income: +€5,124
- Financial charges -€5,847
down €5,847 (-97.5%), from €5,995 to €148
of which Non-recurring financial charges: -€5,533
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €830,150 | €927,820 | +€97,670 | +11.8% |
| Fixed assets | 21/28 | €109,434 | €88,156 | -€21,278 | -19.4% |
| Tangible fixed assets | 22/27 | €109,434 | €88,156 | -€21,278 | -19.4% |
| Land and buildings | 22 | €102,169 | €82,792 | -€19,377 | -19.0% |
| Plant, machinery and equipment | 23 | €3,842 | €3,061 | -€781 | -20.3% |
| Furniture and vehicles | 24 | €3,424 | €2,303 | -€1,120 | -32.7% |
| Current assets | 29/58 | €720,716 | €839,663 | +€118,948 | +16.5% |
| Amounts receivable within one year | 40/41 | €4,068 | €0 | -€4,068 | -100% |
| Other amounts receivable | 41 | €4,068 | €0 | -€4,068 | -100% |
| Current investments | 50/53 | €645,065 | €793,552 | +€148,487 | +23.0% |
| Cash at bank and in hand | 54/58 | €68,805 | €44,038 | -€24,766 | -36.0% |
| Deferred charges and accrued income | 490/1 | €2,779 | €2,073 | -€706 | -25.4% |
| Total equity and liabilities | 10/49 | €830,150 | €927,820 | +€97,670 | +11.8% |
| Equity | 10/15 | €825,186 | €919,798 | +€94,612 | +11.5% |
| Contributions | 10/11 | €649,957 | €649,957 | = | 0.0% |
| Capital | 10 | €649,957 | €649,957 | = | 0.0% |
| Issued capital | 100 | €649,957 | €649,957 | = | 0.0% |
| Reserves | 13 | €175,229 | €269,841 | +€94,612 | +54.0% |
| Non-distributable reserves | 130/1 | €40,045 | €40,045 | = | 0.0% |
| Legal reserve | 130 | €40,045 | €40,045 | = | 0.0% |
| Distributable reserves | 133 | €135,184 | €229,796 | +€94,612 | +70.0% |
| Amounts payable | 17/49 | €4,964 | €8,022 | +€3,058 | +61.6% |
| Amounts payable within one year | 42/48 | €4,964 | €8,022 | +€3,058 | +61.6% |
| Trade debts | 44 | - | €319 | +€319 | |
| Suppliers | 440/4 | - | €319 | +€319 | |
| Taxes, remuneration and social security | 45 | - | €6,055 | +€6,055 | |
| Taxes | 450/3 | - | €6,055 | +€6,055 | |
| Other amounts payable | 47/48 | €4,964 | €1,647 | -€3,317 | -66.8% |
| Non-recurring operating income | 76A | - | €108,133 | +€108,133 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,482 | €13,921 | +€440 | +3.3% |
| Other operating charges | 640/8 | €2,779 | €2,255 | -€523 | -18.8% |
| Gross operating margin | 9900 | -€23,731 | €97,877 | +€121,608 | |
| Operating profit (loss) | 9901 | -€39,991 | €81,700 | +€121,692 | |
| Financial income | 75/76B | €16,533 | €22,521 | +€5,988 | +36.2% |
| Recurring financial income | 75 | €5,592 | €6,456 | +€864 | +15.4% |
| Non-recurring financial income | 76B | €10,941 | €16,065 | +€5,124 | +46.8% |
| Financial charges | 65/66B | €5,995 | €148 | -€5,847 | -97.5% |
| Recurring financial charges | 65 | €462 | €148 | -€314 | -68.0% |
| Non-recurring financial charges | 66B | €5,533 | €0 | -€5,533 | -100% |
| Profit (loss) for the period before taxes | 9903 | -€29,454 | €104,073 | +€133,526 | |
| Income taxes | 67/77 | - | €9,461 | +€9,461 | |
| Profit (loss) for the period | 9904 | -€29,454 | €94,612 | +€124,065 | |
| Profit (loss) for the period to be appropriated | 9905 | -€29,454 | €94,612 | +€124,065 |
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 23 October 2026 via checked.be.