VERVAEKE DAVID: 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 DAVID
Largest movements
- Tangible fixed assets -€104,434
down €104,434 (-13.3%), from €783,749 to €679,316
of which Furniture and vehicles: -€73,941
- Receivables within one year -€18,674
down €18,674 (-65.4%), from €28,557 to €9,883
of which Trade receivables: -€18,674
- Cash +€15,100
up €15,100 (+60.6%), from €24,900 to €40,000
mainly Depreciation (+€156,645) and Receivables within one year (+€18,674)
- Stocks and contracts -€10,550
down €10,550 (-17.0%), from €62,150 to €51,600
- Debts after one year -€112,613
down €112,613 (-30.3%), from €371,592 to €258,979
- Current portion of long-term debt -€19,842
down €19,842 (-15.0%), from €132,454 to €112,613
- Trade debts +€9,104
up €9,104 (+81.9%), from €11,110 to €20,214
- Depreciation +€5,575
up €5,575 (+3.7%), from €151,071 to €156,645
- Gross operating margin +€5,546
up €5,546 (+3.1%), from €179,167 to €184,713
- Taxes +€2,326
new in 2025: €2,326
- Financial charges -€2,297
down €2,297 (-11.2%), from €20,500 to €18,203
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 | €899,356 | €782,031 | -€117,325 | -13.0% |
| Fixed assets | 21/28 | €783,749 | €679,316 | -€104,434 | -13.3% |
| Tangible fixed assets | 22/27 | €783,749 | €679,316 | -€104,434 | -13.3% |
| Land and buildings | 22 | €526,076 | €496,285 | -€29,791 | -5.7% |
| Plant, machinery and equipment | 23 | €53,115 | €52,412 | -€702 | -1.3% |
| Furniture and vehicles | 24 | €204,559 | €130,618 | -€73,941 | -36.1% |
| Current assets | 29/58 | €115,606 | €102,715 | -€12,891 | -11.2% |
| Stocks and contracts in progress | 3 | €62,150 | €51,600 | -€10,550 | -17.0% |
| Stocks | 30/36 | €62,150 | €51,600 | -€10,550 | -17.0% |
| Amounts receivable within one year | 40/41 | €28,557 | €9,883 | -€18,674 | -65.4% |
| Trade receivables | 40 | €28,422 | €9,748 | -€18,674 | -65.7% |
| Other amounts receivable | 41 | €135 | €135 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €24,900 | €40,000 | +€15,100 | +60.6% |
| Deferred charges and accrued income | 490/1 | - | €1,233 | +€1,233 | |
| Total equity and liabilities | 10/49 | €899,356 | €782,031 | -€117,325 | -13.0% |
| Equity | 10/15 | €231,467 | €235,883 | +€4,416 | +1.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €172,700 | €177,116 | +€4,416 | +2.6% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €170,700 | €175,116 | +€4,416 | +2.6% |
| Profit (loss) carried forward | 14 | €38,767 | €38,767 | = | 0.0% |
| Amounts payable | 17/49 | €667,889 | €546,148 | -€121,741 | -18.2% |
| Amounts payable after more than one year | 17 | €371,592 | €258,979 | -€112,613 | -30.3% |
| Financial debts | 170/4 | €371,592 | €258,979 | -€112,613 | -30.3% |
| Amounts payable within one year | 42/48 | €296,297 | €287,169 | -€9,128 | -3.1% |
| Current portion of amounts payable after more than one year | 42 | €132,454 | €112,613 | -€19,842 | -15.0% |
| Trade debts | 44 | €11,110 | €20,214 | +€9,104 | +81.9% |
| Suppliers | 440/4 | €11,110 | €20,214 | +€9,104 | +81.9% |
| Taxes, remuneration and social security | 45 | €12,814 | €12,965 | +€151 | +1.2% |
| Taxes | 450/3 | €12,814 | €12,965 | +€151 | +1.2% |
| Other amounts payable | 47/48 | €139,919 | €141,378 | +€1,458 | +1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €151,071 | €156,645 | +€5,575 | +3.7% |
| Other operating charges | 640/8 | €3,595 | €3,125 | -€470 | -13.1% |
| Gross operating margin | 9900 | €179,167 | €184,713 | +€5,546 | +3.1% |
| Operating profit (loss) | 9901 | €24,501 | €24,942 | +€441 | +1.8% |
| Financial income | 75/76B | €26 | €3 | -€23 | -89.2% |
| Recurring financial income | 75 | €26 | €3 | -€23 | -89.2% |
| Financial charges | 65/66B | €20,500 | €18,203 | -€2,297 | -11.2% |
| Recurring financial charges | 65 | €20,500 | €18,203 | -€2,297 | -11.2% |
| Profit (loss) for the period before taxes | 9903 | €4,027 | €6,742 | +€2,715 | +67.4% |
| Income taxes | 67/77 | - | €2,326 | +€2,326 | |
| Profit (loss) for the period | 9904 | €4,027 | €4,416 | +€390 | +9.7% |
| Profit (loss) for the period to be appropriated | 9905 | €4,027 | €4,416 | +€390 | +9.7% |
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 13 October 2026 via checked.be.