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 +€1.2m
up €1.2m (+145%), from €819,012 to €2.0m
of which Other amounts receivable: +€1.5m
- Profit (loss) carried forward +€1.4m
up €1.4m (+320%), from €439,190 to €1.8m
- Other debts -€224,285
no longer reported in 2025 (was €224,285)
- Tax, wage and social debts +€27,692
up €27,692 (+43.2%), from €64,158 to €91,850
- Gross operating margin +€222,888
up €222,888 (+18.4%), from €1.2m to €1.4m
- Financial income -€32,885
down €32,885 (-100.0%), from €32,893 to €8
- Taxes +€21,916
up €21,916 (+152%), from €14,404 to €36,320
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 | €819,962 | €2,004,590 | +€1.2m | +144% |
| Current assets | 29/58 | €819,962 | €2,004,590 | +€1.2m | +144% |
| Amounts receivable within one year | 40/41 | €819,012 | €2,004,462 | +€1.2m | +145% |
| Trade receivables | 40 | €816,548 | €522,720 | -€293,828 | -36.0% |
| Other amounts receivable | 41 | €2,464 | €1,481,742 | +€1.5m | +60,035% |
| Cash at bank and in hand | 54/58 | €950 | €128 | -€822 | -86.5% |
| Total equity and liabilities | 10/49 | €819,962 | €2,004,590 | +€1.2m | +144% |
| Equity | 10/15 | €518,838 | €1,911,306 | +€1.4m | +268% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €18,148 | €6,150 | -€11,998 | -66.1% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €11,998 | - | -€11,998 | |
| Profit (loss) carried forward | 14 | €439,190 | €1,843,656 | +€1.4m | +320% |
| Amounts payable | 17/49 | €301,124 | €93,284 | -€207,840 | -69.0% |
| Amounts payable within one year | 42/48 | €301,124 | €93,284 | -€207,840 | -69.0% |
| Trade debts | 44 | €12,681 | €1,433 | -€11,248 | -88.7% |
| Suppliers | 440/4 | €12,681 | €1,433 | -€11,248 | -88.7% |
| Taxes, remuneration and social security | 45 | €64,158 | €91,850 | +€27,692 | +43.2% |
| Taxes | 450/3 | €64,158 | €91,850 | +€27,692 | +43.2% |
| Other amounts payable | 47/48 | €224,285 | - | -€224,285 | |
| Remuneration, social security and pensions | 62 | €15 | - | -€15 | |
| Other operating charges | 640/8 | €1,029 | €5,699 | +€4,670 | +454% |
| Gross operating margin | 9900 | €1,212,113 | €1,435,001 | +€222,888 | +18.4% |
| Operating profit (loss) | 9901 | €1,211,070 | €1,429,302 | +€218,233 | +18.0% |
| Financial income | 75/76B | €32,893 | €8 | -€32,885 | -100.0% |
| Recurring financial income | 75 | €32,893 | €8 | -€32,885 | -100.0% |
| Financial charges | 65/66B | €4,360 | €522 | -€3,838 | -88.0% |
| Recurring financial charges | 65 | €4,360 | €522 | -€3,838 | -88.0% |
| Profit (loss) for the period before taxes | 9903 | €1,239,603 | €1,428,788 | +€189,185 | +15.3% |
| Income taxes | 67/77 | €14,404 | €36,320 | +€21,916 | +152% |
| Profit (loss) for the period | 9904 | €1,225,199 | €1,392,469 | +€167,269 | +13.7% |
| Transfer from tax-exempt reserves | 789 | - | €11,998 | +€11,998 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,225,199 | €1,404,467 | +€179,267 | +14.6% |
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 17 October 2026 via checked.be.