Verpauw-Construct: what changed
Verpauw-Construct
Largest movements
- Tangible fixed assets +€604,418
up €604,418 (+43.7%), from €1.4m to €2.0m
of which Plant, machinery and equipment: +€577,857
- Current investments +€62,690
up €62,690 (+62.7%), from €100,000 to €162,690
- Cash +€58,398
up €58,398 (+191%), from €30,609 to €89,007
mainly Net result for the year (+€406,489) and Depreciation (+€323,479)
- Receivables within one year +€32,195
up €32,195 (+14.2%), from €226,681 to €258,876
of which Trade receivables: +€112,842
- Reserves +€359,430
up €359,430 (+56.4%), from €637,577 to €997,007
- Debts after one year +€229,282
up €229,282 (+43.4%), from €528,872 to €758,154
- Accrued charges and deferred income +€101,099
new in 2025: €101,099
- Current portion of long-term debt +€81,349
up €81,349 (+65.4%), from €124,370 to €205,719
- Trade debts -€52,332
down €52,332 (-16.2%), from €324,008 to €271,676
- Gross operating margin +€329,338
up €329,338 (+56.8%), from €580,182 to €909,520
- Depreciation +€99,496
up €99,496 (+44.4%), from €223,983 to €323,479
- Taxes +€71,665
up €71,665 (+78.2%), from €91,643 to €163,308
- Staff costs -€34,113
no longer reported in 2025 (was €34,113)
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,741,288 | €2,498,989 | +€757,701 | +43.5% |
| Fixed assets | 21/28 | €1,383,998 | €1,988,416 | +€604,418 | +43.7% |
| Tangible fixed assets | 22/27 | €1,383,998 | €1,988,416 | +€604,418 | +43.7% |
| Land and buildings | 22 | €763,645 | €729,451 | -€34,194 | -4.5% |
| Plant, machinery and equipment | 23 | €509,033 | €1,086,890 | +€577,857 | +114% |
| Furniture and vehicles | 24 | €111,320 | €172,075 | +€60,755 | +54.6% |
| Current assets | 29/58 | €357,290 | €510,573 | +€153,283 | +42.9% |
| Amounts receivable within one year | 40/41 | €226,681 | €258,876 | +€32,195 | +14.2% |
| Trade receivables | 40 | €80,610 | €193,452 | +€112,842 | +140% |
| Other amounts receivable | 41 | €146,071 | €65,424 | -€80,647 | -55.2% |
| Current investments | 50/53 | €100,000 | €162,690 | +€62,690 | +62.7% |
| Cash at bank and in hand | 54/58 | €30,609 | €89,007 | +€58,398 | +191% |
| Total equity and liabilities | 10/49 | €1,741,288 | €2,498,989 | +€757,701 | +43.5% |
| Equity | 10/15 | €677,577 | €1,037,007 | +€359,430 | +53.0% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €637,577 | €997,007 | +€359,430 | +56.4% |
| Distributable reserves | 133 | €637,577 | €997,007 | +€359,430 | +56.4% |
| Amounts payable | 17/49 | €1,063,711 | €1,461,982 | +€398,271 | +37.4% |
| Amounts payable after more than one year | 17 | €528,872 | €758,154 | +€229,282 | +43.4% |
| Financial debts | 170/4 | €528,872 | €758,154 | +€229,282 | +43.4% |
| Amounts payable within one year | 42/48 | €534,839 | €602,729 | +€67,890 | +12.7% |
| Current portion of amounts payable after more than one year | 42 | €124,370 | €205,719 | +€81,349 | +65.4% |
| Trade debts | 44 | €324,008 | €271,676 | -€52,332 | -16.2% |
| Suppliers | 440/4 | €324,008 | €271,676 | -€52,332 | -16.2% |
| Taxes, remuneration and social security | 45 | €83,737 | €105,258 | +€21,521 | +25.7% |
| Taxes | 450/3 | €71,642 | €105,258 | +€33,616 | +46.9% |
| Remuneration and social security | 454/9 | €12,095 | - | -€12,095 | |
| Other amounts payable | 47/48 | €2,724 | €20,076 | +€17,352 | +637% |
| Accrued charges and deferred income | 492/3 | - | €101,099 | +€101,099 | |
| Remuneration, social security and pensions | 62 | €34,113 | - | -€34,113 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €223,983 | €323,479 | +€99,496 | +44.4% |
| Other operating charges | 640/8 | €2,329 | €2,435 | +€106 | +4.6% |
| Gross operating margin | 9900 | €580,182 | €909,520 | +€329,338 | +56.8% |
| Operating profit (loss) | 9901 | €319,757 | €583,606 | +€263,849 | +82.5% |
| Financial income | 75/76B | €1,365 | €3,981 | +€2,616 | +192% |
| Recurring financial income | 75 | €1,365 | €3,981 | +€2,616 | +192% |
| Financial charges | 65/66B | €16,747 | €17,790 | +€1,043 | +6.2% |
| Recurring financial charges | 65 | €16,747 | €17,790 | +€1,043 | +6.2% |
| Profit (loss) for the period before taxes | 9903 | €304,375 | €569,797 | +€265,422 | +87.2% |
| Income taxes | 67/77 | €91,643 | €163,308 | +€71,665 | +78.2% |
| Profit (loss) for the period | 9904 | €212,732 | €406,489 | +€193,757 | +91.1% |
| Profit (loss) for the period to be appropriated | 9905 | €212,732 | €406,489 | +€193,757 | +91.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.