VERPAS: 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.
VERPAS
Largest movements
- Stocks and contracts -€184,529
down €184,529 (-51.9%), from €355,655 to €171,126
- Receivables within one year +€106,178
up €106,178 (+497.7%), from €21,333 to €127,511
of which Other amounts receivable: +€72,421
- Cash +€48,577
up €48,577 (+41.0%), from €118,368 to €166,945
mainly Stocks and contracts (+€184,529) and Net result for the year (+€112,919)
- Tangible fixed assets +€25,408
up €25,408 (+8.8%), from €288,929 to €314,337
of which Furniture and vehicles: +€51,562
- Current investments -€9,979
down €9,979 (-99.7%), from €10,009 to €30
- Reserves +€112,919
up €112,919 (+52.9%), from €213,360 to €326,280
of which Distributable reserves: +€112,919
- Trade debts -€52,072
down €52,072 (-47.2%), from €110,266 to €58,195
- Other debts -€36,460
down €36,460 (-16.2%), from €225,295 to €188,835
- Debts after one year -€31,100
down €31,100 (-18.6%), from €167,156 to €136,055
- Advances received -€19,000
no longer reported in 2025 (was €19,000)
- Gross operating margin +€66,445
up €66,445 (+41.8%), from €158,785 to €225,230
- Taxes +€18,845
up €18,845 (+52.5%), from €35,926 to €54,771
- Financial charges +€6,533
up €6,533 (+39.1%), from €16,713 to €23,246
- Depreciation +€2,379
up €2,379 (+8.7%), from €27,301 to €29,680
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 | €798,416 | €782,286 | -€16,130 | -2.0% |
| Fixed assets | 21/28 | €289,129 | €314,337 | +€25,208 | +8.7% |
| Tangible fixed assets | 22/27 | €288,929 | €314,337 | +€25,408 | +8.8% |
| Land and buildings | 22 | €167,591 | €144,961 | -€22,629 | -13.5% |
| Plant, machinery and equipment | 23 | €539 | €654 | +€115 | +21.3% |
| Furniture and vehicles | 24 | €56 | €51,618 | +€51,562 | +91763.3% |
| Other tangible fixed assets | 26 | €120,743 | €117,104 | -€3,639 | -3.0% |
| Financial fixed assets | 28 | €200 | - | -€200 | |
| Current assets | 29/58 | €509,287 | €467,949 | -€41,338 | -8.1% |
| Stocks and contracts in progress | 3 | €355,655 | €171,126 | -€184,529 | -51.9% |
| Stocks | 30/36 | €355,655 | €171,126 | -€184,529 | -51.9% |
| Amounts receivable within one year | 40/41 | €21,333 | €127,511 | +€106,178 | +497.7% |
| Trade receivables | 40 | €2,050 | €35,807 | +€33,757 | +1647.1% |
| Other amounts receivable | 41 | €19,283 | €91,705 | +€72,421 | +375.6% |
| Current investments | 50/53 | €10,009 | €30 | -€9,979 | -99.7% |
| Cash at bank and in hand | 54/58 | €118,368 | €166,945 | +€48,577 | +41.0% |
| Deferred charges and accrued income | 490/1 | €3,923 | €2,337 | -€1,586 | -40.4% |
| Total equity and liabilities | 10/49 | €798,416 | €782,286 | -€16,130 | -2.0% |
| Equity | 10/15 | €232,514 | €345,434 | +€112,919 | +48.6% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €213,360 | €326,280 | +€112,919 | +52.9% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Tax-exempt reserves | 132 | €188 | €188 | = | 0.0% |
| Distributable reserves | 133 | €211,273 | €324,192 | +€112,919 | +53.4% |
| Profit (loss) carried forward | 14 | €154 | €154 | = | 0.0% |
| Amounts payable | 17/49 | €565,902 | €436,853 | -€129,049 | -22.8% |
| Amounts payable after more than one year | 17 | €167,156 | €136,055 | -€31,100 | -18.6% |
| Financial debts | 170/4 | €167,156 | €136,055 | -€31,100 | -18.6% |
| Amounts payable within one year | 42/48 | €398,197 | €300,173 | -€98,024 | -24.6% |
| Current portion of amounts payable after more than one year | 42 | €29,743 | €31,100 | +€1,357 | +4.6% |
| Trade debts | 44 | €110,266 | €58,195 | -€52,072 | -47.2% |
| Suppliers | 440/4 | €110,266 | €58,195 | -€52,072 | -47.2% |
| Advances received on contracts in progress | 46 | €19,000 | - | -€19,000 | |
| Taxes, remuneration and social security | 45 | €13,892 | €22,043 | +€8,150 | +58.7% |
| Taxes | 450/3 | €12,481 | €20,617 | +€8,136 | +65.2% |
| Remuneration and social security | 454/9 | €1,412 | €1,426 | +€14 | +1.0% |
| Other amounts payable | 47/48 | €225,295 | €188,835 | -€36,460 | -16.2% |
| Accrued charges and deferred income | 492/3 | €549 | €625 | +€76 | +13.8% |
| Non-recurring operating income | 76A | €5,090 | €1,000 | -€4,090 | -80.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,301 | €29,680 | +€2,379 | +8.7% |
| Other operating charges | 640/8 | €3,490 | €4,644 | +€1,154 | +33.1% |
| Gross operating margin | 9900 | €158,785 | €225,230 | +€66,445 | +41.8% |
| Operating profit (loss) | 9901 | €127,994 | €190,906 | +€62,912 | +49.2% |
| Financial income | 75/76B | €12 | €30 | +€18 | +142.2% |
| Recurring financial income | 75 | €12 | €30 | +€18 | +142.2% |
| Financial charges | 65/66B | €16,713 | €23,246 | +€6,533 | +39.1% |
| Recurring financial charges | 65 | €16,713 | €23,246 | +€6,533 | +39.1% |
| Profit (loss) for the period before taxes | 9903 | €111,293 | €167,690 | +€56,396 | +50.7% |
| Income taxes | 67/77 | €35,926 | €54,771 | +€18,845 | +52.5% |
| Profit (loss) for the period | 9904 | €75,368 | €112,919 | +€37,551 | +49.8% |
| Profit (loss) for the period to be appropriated | 9905 | €75,368 | €112,919 | +€37,551 | +49.8% |
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 2 October 2026 via checked.be.