VERVAEKE: 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.
VERVAEKE
Largest movements
- Cash -€99,242
down €99,242 (-46.1%), from €215,455 to €116,213
mainly Other debts (-€60,331) and Debts after one year (-€37,797)
- Tangible fixed assets -€63,435
down €63,435 (-19.3%), from €329,487 to €266,052
of which Land and buildings: -€40,053
- Receivables within one year -€11,784
down €11,784 (-34.6%), from €34,075 to €22,291
of which Trade receivables: -€19,798
- Other debts -€60,331
down €60,331 (-17.8%), from €339,220 to €278,889
- Debts after one year -€37,797
down €37,797 (-81.4%), from €46,431 to €8,635
- Current portion of long-term debt -€33,731
down €33,731 (-47.2%), from €71,527 to €37,797
- Tax, wage and social debts -€29,581
no longer reported in 2025 (was €29,581)
of which Remuneration and social security: -€19,745
- Reserves -€12,633
down €12,633 (-16.0%), from €79,102 to €66,469
- Gross operating margin -€145,098
down €145,098 (-62.1%), from €233,594 to €88,496
- Staff costs -€96,373
down €96,373 (-79.7%), from €120,959 to €24,586
- Financial charges -€26,377
down €26,377 (-93.0%), from €28,371 to €1,994
- Taxes -€8,371
down €8,371, from €8,183 to -€188
- Depreciation -€3,189
down €3,189 (-4.4%), from €72,647 to €69,458
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 | €584,867 | €409,685 | -€175,183 | -30.0% |
| Fixed assets | 21/28 | €329,487 | €266,052 | -€63,435 | -19.3% |
| Tangible fixed assets | 22/27 | €329,487 | €266,052 | -€63,435 | -19.3% |
| Land and buildings | 22 | €275,057 | €235,005 | -€40,053 | -14.6% |
| Plant, machinery and equipment | 23 | €4,928 | €3,748 | -€1,180 | -23.9% |
| Furniture and vehicles | 24 | €36,192 | €17,988 | -€18,203 | -50.3% |
| Other tangible fixed assets | 26 | €13,310 | €9,311 | -€3,998 | -30.0% |
| Current assets | 29/58 | €255,380 | €143,633 | -€111,748 | -43.8% |
| Amounts receivable within one year | 40/41 | €34,075 | €22,291 | -€11,784 | -34.6% |
| Trade receivables | 40 | €23,005 | €3,207 | -€19,798 | -86.1% |
| Other amounts receivable | 41 | €11,070 | €19,084 | +€8,014 | +72.4% |
| Cash at bank and in hand | 54/58 | €215,455 | €116,213 | -€99,242 | -46.1% |
| Deferred charges and accrued income | 490/1 | €5,850 | €5,128 | -€722 | -12.3% |
| Total equity and liabilities | 10/49 | €584,867 | €409,685 | -€175,183 | -30.0% |
| Equity | 10/15 | €97,702 | €78,543 | -€19,160 | -19.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €79,102 | €66,469 | -€12,633 | -16.0% |
| Distributable reserves | 133 | €79,102 | €66,469 | -€12,633 | -16.0% |
| Profit (loss) carried forward | 14 | - | -€6,526 | -€6,526 | |
| Amounts payable | 17/49 | €487,165 | €331,142 | -€156,023 | -32.0% |
| Amounts payable after more than one year | 17 | €46,431 | €8,635 | -€37,797 | -81.4% |
| Financial debts | 170/4 | €46,431 | €8,635 | -€37,797 | -81.4% |
| Amounts payable within one year | 42/48 | €440,734 | €322,508 | -€118,226 | -26.8% |
| Current portion of amounts payable after more than one year | 42 | €71,527 | €37,797 | -€33,731 | -47.2% |
| Trade debts | 44 | €406 | €5,822 | +€5,416 | +1335.7% |
| Suppliers | 440/4 | €406 | €5,822 | +€5,416 | +1335.7% |
| Taxes, remuneration and social security | 45 | €29,581 | - | -€29,581 | |
| Taxes | 450/3 | €9,836 | - | -€9,836 | |
| Remuneration and social security | 454/9 | €19,745 | - | -€19,745 | |
| Other amounts payable | 47/48 | €339,220 | €278,889 | -€60,331 | -17.8% |
| Non-recurring operating income | 76A | €1,500 | €16,902 | +€15,402 | +1026.8% |
| Remuneration, social security and pensions | 62 | €120,959 | €24,586 | -€96,373 | -79.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,647 | €69,458 | -€3,189 | -4.4% |
| Other operating charges | 640/8 | €4,110 | €3,549 | -€561 | -13.6% |
| Gross operating margin | 9900 | €233,594 | €88,496 | -€145,098 | -62.1% |
| Operating profit (loss) | 9901 | €35,878 | -€9,097 | -€44,974 | |
| Financial charges | 65/66B | €28,371 | €1,994 | -€26,377 | -93.0% |
| Recurring financial charges | 65 | €28,371 | €1,994 | -€26,377 | -93.0% |
| Profit (loss) for the period before taxes | 9903 | €7,507 | -€11,091 | -€18,598 | |
| Income taxes | 67/77 | €8,183 | -€188 | -€8,371 | |
| Profit (loss) for the period | 9904 | -€676 | -€10,903 | -€10,227 | -1512.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€676 | -€10,903 | -€10,227 | -1512.4% |
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 7 October 2026 via checked.be.