VERPICO: 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.
VERPICO
Largest movements
- Cash +€946,481
up €946,481 (+164%), from €578,850 to €1.5m
mainly Current investments (+€743,387) and Net result for the year (+€428,343)
- Current investments -€743,387
down €743,387 (-74.6%), from €995,936 to €252,549
- Other debts +€318,160
new in 2025: €318,160
- Reserves -€135,000
down €135,000 (-5.7%), from €2.4m to €2.2m
of which Distributable reserves: -€135,000
- Financial income +€57,679
up €57,679 (+27.1%), from €212,628 to €270,306
of which Financial income: +€59,431
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 | €2,589,600 | €2,772,997 | +€183,397 | +7.1% |
| Fixed assets | 21/28 | €1,000,083 | €984,564 | -€15,518 | -1.6% |
| Tangible fixed assets | 22/27 | €46,733 | €35,814 | -€10,918 | -23.4% |
| Plant, machinery and equipment | 23 | €8,466 | €5,963 | -€2,503 | -29.6% |
| Furniture and vehicles | 24 | €38,266 | €29,851 | -€8,415 | -22.0% |
| Financial fixed assets | 28 | €953,350 | €948,750 | -€4,600 | -0.5% |
| Current assets | 29/58 | €1,589,517 | €1,788,433 | +€198,916 | +12.5% |
| Amounts receivable within one year | 40/41 | €9,705 | €9,891 | +€186 | +1.9% |
| Trade receivables | 40 | €9,705 | €9,891 | +€186 | +1.9% |
| Current investments | 50/53 | €995,936 | €252,549 | -€743,387 | -74.6% |
| Cash at bank and in hand | 54/58 | €578,850 | €1,525,331 | +€946,481 | +164% |
| Deferred charges and accrued income | 490/1 | €5,026 | €661 | -€4,364 | -86.8% |
| Total equity and liabilities | 10/49 | €2,589,600 | €2,772,997 | +€183,397 | +7.1% |
| Equity | 10/15 | €2,531,677 | €2,400,020 | -€131,657 | -5.2% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €2,370,000 | €2,235,000 | -€135,000 | -5.7% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Other | 1319 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €2,355,000 | €2,220,000 | -€135,000 | -5.7% |
| Profit (loss) carried forward | 14 | €11,677 | €15,020 | +€3,343 | +28.6% |
| Amounts payable | 17/49 | €57,923 | €372,977 | +€315,054 | +544% |
| Amounts payable within one year | 42/48 | €57,923 | €372,977 | +€315,054 | +544% |
| Trade debts | 44 | €3,530 | €3,135 | -€395 | -11.2% |
| Suppliers | 440/4 | €3,530 | €3,135 | -€395 | -11.2% |
| Taxes, remuneration and social security | 45 | €54,393 | €51,682 | -€2,711 | -5.0% |
| Taxes | 450/3 | €54,393 | €51,682 | -€2,711 | -5.0% |
| Other amounts payable | 47/48 | - | €318,160 | +€318,160 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,906 | €10,918 | -€1,987 | -15.4% |
| Other operating charges | 640/8 | €164 | €219 | +€55 | +33.5% |
| Gross operating margin | 9900 | €290,666 | €290,659 | -€7 | 0.0% |
| Operating profit (loss) | 9901 | €277,597 | €279,522 | +€1,925 | +0.7% |
| Financial income | 75/76B | €212,628 | €270,306 | +€57,679 | +27.1% |
| Recurring financial income | 75 | €205,629 | €265,061 | +€59,431 | +28.9% |
| Non-recurring financial income | 76B | €6,998 | €5,246 | -€1,753 | -25.0% |
| Financial charges | 65/66B | €173 | €2,881 | +€2,708 | +1,567% |
| Recurring financial charges | 65 | €173 | €1,816 | +€1,644 | +951% |
| Non-recurring financial charges | 66B | - | €1,064 | +€1,064 | |
| Profit (loss) for the period before taxes | 9903 | €490,051 | €546,947 | +€56,896 | +11.6% |
| Income taxes | 67/77 | €115,924 | €118,603 | +€2,680 | +2.3% |
| Profit (loss) for the period | 9904 | €374,127 | €428,343 | +€54,216 | +14.5% |
| Profit (loss) for the period to be appropriated | 9905 | €374,127 | €428,343 | +€54,216 | +14.5% |
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 18 October 2026 via checked.be.