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
- Stocks and contracts +€454,386
up €454,386 (+23.1%), from €2.0m to €2.4m
of which Stocks: +€485,407
- Receivables within one year +€406,348
up €406,348 (+57.3%), from €709,001 to €1.1m
of which Other amounts receivable: +€529,864
- Tangible fixed assets +€273,037
up €273,037 (+25.6%), from €1.1m to €1.3m
of which Plant, machinery and equipment: +€381,695
- Trade debts +€460,228
up €460,228 (+82.3%), from €559,482 to €1.0m
- Reserves +€353,689
up €353,689 (+31.5%), from €1.1m to €1.5m
of which Distributable reserves: +€353,689
- Current portion of long-term debt +€187,090
up €187,090 (+62.2%), from €300,736 to €487,826
- Debts after one year +€179,683
up €179,683 (+14.3%), from €1.3m to €1.4m
- Gross operating margin +€149,840
up €149,840 (+10.3%), from €1.5m to €1.6m
- Staff costs +€125,414
up €125,414 (+19.0%), from €658,682 to €784,096
- Taxes +€29,697
up €29,697 (+30.5%), from €97,271 to €126,968
- Depreciation +€26,214
up €26,214 (+11.1%), from €235,491 to €261,704
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 | €4,195,786 | €5,400,796 | +€1.2m | +28.7% |
| Fixed assets | 21/28 | €1,286,157 | €1,602,848 | +€316,691 | +24.6% |
| Intangible fixed assets | 21 | €221,320 | €264,975 | +€43,654 | +19.7% |
| Tangible fixed assets | 22/27 | €1,064,775 | €1,337,812 | +€273,037 | +25.6% |
| Land and buildings | 22 | €847,108 | €764,143 | -€82,966 | -9.8% |
| Plant, machinery and equipment | 23 | €43,161 | €424,857 | +€381,695 | +884.3% |
| Furniture and vehicles | 24 | €9,990 | €31,109 | +€21,120 | +211.4% |
| Leasing and similar rights | 25 | €164,516 | €117,703 | -€46,813 | -28.5% |
| Financial fixed assets | 28 | €62 | €62 | = | 0.0% |
| Current assets | 29/58 | €2,909,629 | €3,797,948 | +€888,319 | +30.5% |
| Stocks and contracts in progress | 3 | €1,965,930 | €2,420,316 | +€454,386 | +23.1% |
| Stocks | 30/36 | €1,919,930 | €2,405,336 | +€485,407 | +25.3% |
| Contracts in progress | 37 | €46,000 | €14,980 | -€31,020 | -67.4% |
| Amounts receivable within one year | 40/41 | €709,001 | €1,115,349 | +€406,348 | +57.3% |
| Trade receivables | 40 | €364,001 | €240,485 | -€123,516 | -33.9% |
| Other amounts receivable | 41 | €345,000 | €874,864 | +€529,864 | +153.6% |
| Cash at bank and in hand | 54/58 | €203,965 | €234,638 | +€30,673 | +15.0% |
| Deferred charges and accrued income | 490/1 | €30,733 | €27,645 | -€3,088 | -10.0% |
| Total equity and liabilities | 10/49 | €4,195,786 | €5,400,796 | +€1.2m | +28.7% |
| Equity | 10/15 | €1,813,640 | €2,167,329 | +€353,689 | +19.5% |
| Contributions | 10/11 | €690,000 | €690,000 | = | 0.0% |
| Reserves | 13 | €1,123,640 | €1,477,329 | +€353,689 | +31.5% |
| Non-distributable reserves | 130/1 | €69,000 | €69,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €69,000 | €69,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €734 | €734 | = | 0.0% |
| Distributable reserves | 133 | €1,053,906 | €1,407,594 | +€353,689 | +33.6% |
| Amounts payable | 17/49 | €2,382,146 | €3,233,467 | +€851,321 | +35.7% |
| Amounts payable after more than one year | 17 | €1,260,264 | €1,439,947 | +€179,683 | +14.3% |
| Financial debts | 170/4 | €1,260,264 | €1,439,947 | +€179,683 | +14.3% |
| Amounts payable within one year | 42/48 | €1,119,383 | €1,776,731 | +€657,349 | +58.7% |
| Current portion of amounts payable after more than one year | 42 | €300,736 | €487,826 | +€187,090 | +62.2% |
| Financial debts | 43 | €50,000 | €100,000 | +€50,000 | +100.0% |
| Credit institutions | 430/8 | €50,000 | €100,000 | +€50,000 | +100.0% |
| Trade debts | 44 | €559,482 | €1,019,710 | +€460,228 | +82.3% |
| Suppliers | 440/4 | €559,482 | €1,019,710 | +€460,228 | +82.3% |
| Taxes, remuneration and social security | 45 | €208,990 | €169,079 | -€39,911 | -19.1% |
| Taxes | 450/3 | €115,906 | €16,968 | -€98,939 | -85.4% |
| Remuneration and social security | 454/9 | €93,084 | €152,112 | +€59,028 | +63.4% |
| Other amounts payable | 47/48 | €174 | €115 | -€59 | -33.9% |
| Accrued charges and deferred income | 492/3 | €2,500 | €16,790 | +€14,290 | +571.6% |
| Remuneration, social security and pensions | 62 | €658,682 | €784,096 | +€125,414 | +19.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €235,491 | €261,704 | +€26,214 | +11.1% |
| Other operating charges | 640/8 | €21,608 | €21,899 | +€291 | +1.3% |
| Non-recurring operating charges | 66A | €781 | - | -€781 | |
| Gross operating margin | 9900 | €1,450,101 | €1,599,941 | +€149,840 | +10.3% |
| Operating profit (loss) | 9901 | €533,539 | €532,242 | -€1,297 | -0.2% |
| Financial income | 75/76B | €15,702 | €9,808 | -€5,894 | -37.5% |
| Recurring financial income | 75 | €15,702 | €9,808 | -€5,894 | -37.5% |
| Financial charges | 65/66B | €51,447 | €61,394 | +€9,947 | +19.3% |
| Recurring financial charges | 65 | €51,447 | €44,457 | -€6,990 | -13.6% |
| Non-recurring financial charges | 66B | - | €16,937 | +€16,937 | |
| Profit (loss) for the period before taxes | 9903 | €497,794 | €480,656 | -€17,137 | -3.4% |
| Income taxes | 67/77 | €97,271 | €126,968 | +€29,697 | +30.5% |
| Profit (loss) for the period | 9904 | €400,523 | €353,689 | -€46,834 | -11.7% |
| Profit (loss) for the period to be appropriated | 9905 | €400,523 | €353,689 | -€46,834 | -11.7% |
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 9 October 2026 via checked.be.