VERVAEKE - BOURY: 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 - BOURY
Largest movements
- Tangible fixed assets +€419,126
up €419,126 (+96.8%), from €432,776 to €851,902
of which Assets under construction and advance payments: +€396,797
- Receivables within one year -€59,203
down €59,203 (-19.9%), from €297,162 to €237,959
- Cash +€56,943
up €56,943 (+71.7%), from €79,403 to €136,345
mainly Debts after one year (+€420,474) and Net result for the year (+€164,163)
- Stocks and contracts +€51,570
up €51,570 (+124.8%), from €41,327 to €92,897
- Debts after one year +€420,474
up €420,474 (+181.1%), from €232,170 to €652,643
- Reserves +€164,163
up €164,163 (+91.2%), from €179,937 to €344,100
- Tax, wage and social debts -€76,216
down €76,216 (-76.9%), from €99,050 to €22,833
of which Taxes: -€72,021
- Short-term financial debts -€59,340
down €59,340 (-100.0%), from €59,340 to €0
- Other debts -€54,702
down €54,702 (-52.4%), from €104,463 to €49,761
- Staff costs -€17,123
down €17,123 (-38.0%), from €45,119 to €27,996
- Financial charges +€13,805
up €13,805 (+72.9%), from €18,935 to €32,740
- Depreciation +€13,013
up €13,013 (+18.6%), from €70,111 to €83,123
- Taxes -€10,537
down €10,537 (-21.7%), from €48,505 to €37,968
- Write-downs +€9,375
new in 2025: €9,375
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 | €936,905 | €1,398,649 | +€461,744 | +49.3% |
| Fixed assets | 21/28 | €517,124 | €923,638 | +€406,515 | +78.6% |
| Intangible fixed assets | 21 | €84,311 | €71,699 | -€12,612 | -15.0% |
| Tangible fixed assets | 22/27 | €432,776 | €851,902 | +€419,126 | +96.8% |
| Land and buildings | 22 | - | €4,226 | +€4,226 | |
| Plant, machinery and equipment | 23 | €116,498 | €90,253 | -€26,244 | -22.5% |
| Furniture and vehicles | 24 | €6,951 | €8,538 | +€1,588 | +22.8% |
| Leasing and similar rights | 25 | €31,008 | €73,767 | +€42,759 | +137.9% |
| Assets under construction and advance payments | 27 | €278,320 | €675,117 | +€396,797 | +142.6% |
| Financial fixed assets | 28 | €37 | €37 | = | 0.0% |
| Current assets | 29/58 | €419,781 | €475,010 | +€55,229 | +13.2% |
| Stocks and contracts in progress | 3 | €41,327 | €92,897 | +€51,570 | +124.8% |
| Stocks | 30/36 | €41,327 | €92,897 | +€51,570 | +124.8% |
| Amounts receivable within one year | 40/41 | €297,162 | €237,959 | -€59,203 | -19.9% |
| Trade receivables | 40 | €297,162 | €237,959 | -€59,203 | -19.9% |
| Cash at bank and in hand | 54/58 | €79,403 | €136,345 | +€56,943 | +71.7% |
| Deferred charges and accrued income | 490/1 | €1,890 | €7,809 | +€5,919 | +313.2% |
| Total equity and liabilities | 10/49 | €936,905 | €1,398,649 | +€461,744 | +49.3% |
| Equity | 10/15 | €199,937 | €364,100 | +€164,163 | +82.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €179,937 | €344,100 | +€164,163 | +91.2% |
| Distributable reserves | 133 | €179,937 | €344,100 | +€164,163 | +91.2% |
| Provisions and deferred taxes | 16 | €8,700 | €18,657 | +€9,957 | +114.4% |
| Provisions for liabilities and charges | 160/5 | €8,700 | €18,657 | +€9,957 | +114.4% |
| Major repairs and maintenance | 162 | - | €2,357 | +€2,357 | |
| Other liabilities and charges | 164/5 | €8,700 | €16,300 | +€7,600 | +87.4% |
| Amounts payable | 17/49 | €728,267 | €1,015,892 | +€287,624 | +39.5% |
| Amounts payable after more than one year | 17 | €232,170 | €652,643 | +€420,474 | +181.1% |
| Financial debts | 170/4 | €232,170 | €652,643 | +€420,474 | +181.1% |
| Amounts payable within one year | 42/48 | €487,727 | €351,556 | -€136,171 | -27.9% |
| Current portion of amounts payable after more than one year | 42 | €36,910 | €88,126 | +€51,216 | +138.8% |
| Financial debts | 43 | €59,340 | €0 | -€59,340 | -100.0% |
| Credit institutions | 430/8 | €59,340 | €0 | -€59,340 | -100.0% |
| Trade debts | 44 | €187,964 | €180,065 | -€7,900 | -4.2% |
| Suppliers | 440/4 | €187,964 | €180,065 | -€7,900 | -4.2% |
| Advances received on contracts in progress | 46 | - | €10,770 | +€10,770 | |
| Taxes, remuneration and social security | 45 | €99,050 | €22,833 | -€76,216 | -76.9% |
| Taxes | 450/3 | €94,854 | €22,833 | -€72,021 | -75.9% |
| Remuneration and social security | 454/9 | €4,196 | €0 | -€4,196 | -100.0% |
| Other amounts payable | 47/48 | €104,463 | €49,761 | -€54,702 | -52.4% |
| Accrued charges and deferred income | 492/3 | €8,371 | €11,693 | +€3,322 | +39.7% |
| Non-recurring operating income | 76A | €5,472 | €0 | -€5,472 | -100.0% |
| Remuneration, social security and pensions | 62 | €45,119 | €27,996 | -€17,123 | -38.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,111 | €83,123 | +€13,013 | +18.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €9,375 | +€9,375 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €8,700 | €9,957 | +€1,257 | +14.4% |
| Other operating charges | 640/8 | €2,451 | €3,509 | +€1,058 | +43.2% |
| Gross operating margin | 9900 | €373,306 | €368,450 | -€4,856 | -1.3% |
| Operating profit (loss) | 9901 | €246,926 | €234,490 | -€12,436 | -5.0% |
| Financial income | 75/76B | €452 | €380 | -€72 | -15.8% |
| Recurring financial income | 75 | €452 | €380 | -€72 | -15.8% |
| Financial charges | 65/66B | €18,935 | €32,740 | +€13,805 | +72.9% |
| Recurring financial charges | 65 | €18,935 | €32,740 | +€13,805 | +72.9% |
| Profit (loss) for the period before taxes | 9903 | €228,443 | €202,131 | -€26,312 | -11.5% |
| Income taxes | 67/77 | €48,505 | €37,968 | -€10,537 | -21.7% |
| Profit (loss) for the period | 9904 | €179,937 | €164,163 | -€15,775 | -8.8% |
| Profit (loss) for the period to be appropriated | 9905 | €179,937 | €164,163 | -€15,775 | -8.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.