VERVAEKE KOEN: 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 KOEN
Largest movements
- Tangible fixed assets +€463,165
up €463,165 (+11.8%), from €3.9m to €4.4m
of which Leasing and similar rights: +€415,792
- Cash +€187,718
up €187,718 (+77.0%), from €243,745 to €431,463
mainly Depreciation (+€794,962) and Net result for the year (+€373,480)
- Deferred charges and accrued income -€109,339
down €109,339 (-93.1%), from €117,466 to €8,127
- Reserves +€263,825
up €263,825 (+10.6%), from €2.5m to €2.8m
of which Distributable reserves: +€263,825
- Current portion of long-term debt +€195,216
up €195,216 (+33.8%), from €578,368 to €773,584
- Debts after one year +€185,601
up €185,601 (+10.8%), from €1.7m to €1.9m
- Trade debts -€171,793
down €171,793 (-19.8%), from €866,359 to €694,566
- Gross operating margin +€381,705
up €381,705 (+13.2%), from €2.9m to €3.3m
- Staff costs +€241,002
up €241,002 (+14.8%), from €1.6m to €1.9m
- Taxes +€64,906
up €64,906 (+88.9%), from €73,037 to €137,943
- Depreciation +€32,709
up €32,709 (+4.3%), from €762,252 to €794,962
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 | €6,034,831 | €6,526,861 | +€492,030 | +8.2% |
| Fixed assets | 21/28 | €3,933,880 | €4,398,046 | +€464,165 | +11.8% |
| Tangible fixed assets | 22/27 | €3,930,552 | €4,393,717 | +€463,165 | +11.8% |
| Land and buildings | 22 | €2,133,702 | €2,325,512 | +€191,810 | +9.0% |
| Plant, machinery and equipment | 23 | €20,452 | €13,918 | -€6,534 | -31.9% |
| Furniture and vehicles | 24 | €376,147 | €238,245 | -€137,902 | -36.7% |
| Leasing and similar rights | 25 | €1,400,250 | €1,816,042 | +€415,792 | +29.7% |
| Financial fixed assets | 28 | €3,328 | €4,328 | +€1,000 | +30.0% |
| Current assets | 29/58 | €2,100,951 | €2,128,815 | +€27,865 | +1.3% |
| Amounts receivable within one year | 40/41 | €1,739,740 | €1,689,225 | -€50,515 | -2.9% |
| Trade receivables | 40 | €1,234,028 | €1,311,645 | +€77,618 | +6.3% |
| Other amounts receivable | 41 | €505,712 | €377,580 | -€128,132 | -25.3% |
| Cash at bank and in hand | 54/58 | €243,745 | €431,463 | +€187,718 | +77.0% |
| Deferred charges and accrued income | 490/1 | €117,466 | €8,127 | -€109,339 | -93.1% |
| Total equity and liabilities | 10/49 | €6,034,831 | €6,526,861 | +€492,030 | +8.2% |
| Equity | 10/15 | €2,517,246 | €2,781,071 | +€263,825 | +10.5% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €2,490,209 | €2,754,033 | +€263,825 | +10.6% |
| Non-distributable reserves | 130/1 | €2,479 | €2,479 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,479 | €2,479 | = | 0.0% |
| Tax-exempt reserves | 132 | €881,582 | €881,582 | = | 0.0% |
| Distributable reserves | 133 | €1,606,148 | €1,869,973 | +€263,825 | +16.4% |
| Profit (loss) carried forward | 14 | €2,248 | €2,248 | = | 0.0% |
| Amounts payable | 17/49 | €3,517,584 | €3,745,790 | +€228,206 | +6.5% |
| Amounts payable after more than one year | 17 | €1,718,384 | €1,903,986 | +€185,601 | +10.8% |
| Financial debts | 170/4 | €1,718,384 | €1,903,986 | +€185,601 | +10.8% |
| Amounts payable within one year | 42/48 | €1,798,912 | €1,841,597 | +€42,685 | +2.4% |
| Current portion of amounts payable after more than one year | 42 | €578,368 | €773,584 | +€195,216 | +33.8% |
| Financial debts | 43 | €126,625 | €82,759 | -€43,866 | -34.6% |
| Credit institutions | 430/8 | €126,625 | €82,759 | -€43,866 | -34.6% |
| Trade debts | 44 | €866,359 | €694,566 | -€171,793 | -19.8% |
| Suppliers | 440/4 | €866,359 | €694,566 | -€171,793 | -19.8% |
| Taxes, remuneration and social security | 45 | €227,560 | €290,688 | +€63,128 | +27.7% |
| Taxes | 450/3 | €32,428 | €70,556 | +€38,127 | +118% |
| Remuneration and social security | 454/9 | €195,132 | €220,133 | +€25,001 | +12.8% |
| Accrued charges and deferred income | 492/3 | €288 | €207 | -€81 | -28.1% |
| Remuneration, social security and pensions | 62 | €1,624,052 | €1,865,054 | +€241,002 | +14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €762,252 | €794,962 | +€32,709 | +4.3% |
| Other operating charges | 640/8 | €16,463 | €16,718 | +€255 | +1.5% |
| Non-recurring operating charges | 66A | €2,155 | €5,078 | +€2,923 | +136% |
| Gross operating margin | 9900 | €2,887,914 | €3,269,619 | +€381,705 | +13.2% |
| Operating profit (loss) | 9901 | €482,992 | €587,808 | +€104,816 | +21.7% |
| Financial income | 75/76B | €20,387 | €3,474 | -€16,912 | -83.0% |
| Recurring financial income | 75 | €20,387 | €3,474 | -€16,912 | -83.0% |
| Financial charges | 65/66B | €74,427 | €79,859 | +€5,433 | +7.3% |
| Recurring financial charges | 65 | €74,427 | €79,859 | +€5,433 | +7.3% |
| Profit (loss) for the period before taxes | 9903 | €428,952 | €511,423 | +€82,471 | +19.2% |
| Income taxes | 67/77 | €73,037 | €137,943 | +€64,906 | +88.9% |
| Profit (loss) for the period | 9904 | €355,915 | €373,480 | +€17,566 | +4.9% |
| Transfer to tax-exempt reserves | 689 | €174,127 | - | -€174,127 | |
| Profit (loss) for the period to be appropriated | 9905 | €181,788 | €373,480 | +€191,693 | +105% |
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.