VERVAEKE BELAVI: 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.
VERVAEKE BELAVI
Largest movements
- Receivables within one year +€4.0m
up €4.0m (+48.6%), from €8.3m to €12.3m
of which Other amounts receivable: +€5.5m
- Stocks and contracts +€672,556
up €672,556 (+23.7%), from €2.8m to €3.5m
- Cash +€312,444
up €312,444 (+84.6%), from €369,184 to €681,627
mainly Net result for the year (+€4.9m) and Depreciation (+€628,512)
- Tangible fixed assets -€234,151
down €234,151 (-4.3%), from €5.5m to €5.2m
of which Plant, machinery and equipment: -€132,395
- Profit (loss) carried forward +€5.2m
up €5.2m (+95.2%), from €5.4m to €10.6m
- Tax, wage and social debts +€566,055
up €566,055 (+106%), from €535,634 to €1.1m
of which Taxes: +€557,187
- Trade debts -€525,484
down €525,484 (-9.1%), from €5.8m to €5.2m
- Reserves -€310,319
down €310,319 (-41.0%), from €756,423 to €446,104
of which Tax-exempt reserves: -€310,319
- Gross operating margin +€2.4m
up €2.4m (+34.6%), from €6.8m to €9.1m
- Taxes +€578,489
up €578,489 (+53.5%), from €1.1m to €1.7m
- Staff costs +€104,652
up €104,652 (+5.9%), from €1.8m to €1.9m
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 | €17,118,226 | €22,033,194 | +€4.9m | +28.7% |
| Fixed assets | 21/28 | €5,501,479 | €5,256,237 | -€245,241 | -4.5% |
| Intangible fixed assets | 21 | €38,354 | €22,264 | -€16,090 | -42.0% |
| Tangible fixed assets | 22/27 | €5,452,750 | €5,218,599 | -€234,151 | -4.3% |
| Land and buildings | 22 | €1,497,133 | €1,401,498 | -€95,635 | -6.4% |
| Plant, machinery and equipment | 23 | €3,441,157 | €3,308,762 | -€132,395 | -3.8% |
| Furniture and vehicles | 24 | €514,460 | €508,339 | -€6,120 | -1.2% |
| Financial fixed assets | 28 | €10,375 | €15,375 | +€5,000 | +48.2% |
| Current assets | 29/58 | €11,616,747 | €16,776,957 | +€5.2m | +44.4% |
| Stocks and contracts in progress | 3 | €2,832,260 | €3,504,816 | +€672,556 | +23.7% |
| Stocks | 30/36 | €2,832,260 | €3,504,816 | +€672,556 | +23.7% |
| Amounts receivable within one year | 40/41 | €8,258,861 | €12,272,591 | +€4.0m | +48.6% |
| Trade receivables | 40 | €7,445,863 | €5,958,970 | -€1.5m | -20.0% |
| Other amounts receivable | 41 | €812,998 | €6,313,621 | +€5.5m | +677% |
| Cash at bank and in hand | 54/58 | €369,184 | €681,627 | +€312,444 | +84.6% |
| Deferred charges and accrued income | 490/1 | €156,442 | €317,923 | +€161,480 | +103% |
| Total equity and liabilities | 10/49 | €17,118,226 | €22,033,194 | +€4.9m | +28.7% |
| Equity | 10/15 | €7,695,105 | €12,549,583 | +€4.9m | +63.1% |
| Contributions | 10/11 | €1,514,040 | €1,514,040 | = | 0.0% |
| Capital | 10 | €1,514,040 | €1,514,040 | = | 0.0% |
| Issued capital | 100 | €1,514,040 | €1,514,040 | = | 0.0% |
| Reserves | 13 | €756,423 | €446,104 | -€310,319 | -41.0% |
| Non-distributable reserves | 130/1 | €151,404 | €151,404 | = | 0.0% |
| Legal reserve | 130 | €151,404 | €151,404 | = | 0.0% |
| Tax-exempt reserves | 132 | €605,019 | €294,700 | -€310,319 | -51.3% |
| Profit (loss) carried forward | 14 | €5,424,643 | €10,589,438 | +€5.2m | +95.2% |
| Amounts payable | 17/49 | €9,423,120 | €9,483,612 | +€60,491 | +0.6% |
| Amounts payable after more than one year | 17 | €2,735,536 | €2,652,401 | -€83,135 | -3.0% |
| Financial debts | 170/4 | €2,735,536 | €2,652,401 | -€83,135 | -3.0% |
| Amounts payable within one year | 42/48 | €6,648,692 | €6,787,264 | +€138,573 | +2.1% |
| Current portion of amounts payable after more than one year | 42 | €346,641 | €444,643 | +€98,002 | +28.3% |
| Trade debts | 44 | €5,766,416 | €5,240,932 | -€525,484 | -9.1% |
| Suppliers | 440/4 | €5,766,416 | €5,240,932 | -€525,484 | -9.1% |
| Taxes, remuneration and social security | 45 | €535,634 | €1,101,689 | +€566,055 | +106% |
| Taxes | 450/3 | €353,994 | €911,180 | +€557,187 | +157% |
| Remuneration and social security | 454/9 | €181,640 | €190,509 | +€8,868 | +4.9% |
| Accrued charges and deferred income | 492/3 | €38,893 | €43,947 | +€5,054 | +13.0% |
| Non-recurring operating income | 76A | €63,800 | - | -€63,800 | |
| Remuneration, social security and pensions | 62 | €1,775,201 | €1,879,854 | +€104,652 | +5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €569,552 | €628,512 | +€58,960 | +10.4% |
| Other operating charges | 640/8 | €101,162 | €89,135 | -€12,027 | -11.9% |
| Non-recurring operating charges | 66A | €8,645 | €9,655 | +€1,011 | +11.7% |
| Gross operating margin | 9900 | €6,797,131 | €9,148,914 | +€2.4m | +34.6% |
| Operating profit (loss) | 9901 | €4,342,572 | €6,541,758 | +€2.2m | +50.6% |
| Financial income | 75/76B | €25,923 | €9,385 | -€16,538 | -63.8% |
| Recurring financial income | 75 | €25,923 | €9,385 | -€16,538 | -63.8% |
| Financial charges | 65/66B | €34,870 | €37,035 | +€2,165 | +6.2% |
| Recurring financial charges | 65 | €34,870 | €37,035 | +€2,165 | +6.2% |
| Profit (loss) for the period before taxes | 9903 | €4,333,625 | €6,514,108 | +€2.2m | +50.3% |
| Income taxes | 67/77 | €1,081,142 | €1,659,631 | +€578,489 | +53.5% |
| Profit (loss) for the period | 9904 | €3,252,483 | €4,854,477 | +€1.6m | +49.3% |
| Transfer from tax-exempt reserves | 789 | - | €310,319 | +€310,319 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,252,483 | €5,164,796 | +€1.9m | +58.8% |
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 14 October 2026 via checked.be.