VERVAET B.: 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.
VERVAET B.
Largest movements
- Receivables after one year -€136,085
no longer reported in 2025 (was €136,085)
- Receivables within one year -€131,196
down €131,196 (-74.5%), from €176,135 to €44,939
of which Trade receivables: -€158,791
- Stocks and contracts +€76,873
up €76,873 (+8.1%), from €944,910 to €1.0m
- Deferred charges and accrued income +€48,308
up €48,308 (+1,290%), from €3,743 to €52,051
- Tangible fixed assets -€40,250
down €40,250 (-8.3%), from €483,514 to €443,264
of which Leasing and similar rights: -€23,500
- Current portion of long-term debt -€361,835
down €361,835 (-42.8%), from €846,002 to €484,167
- Debts after one year +€94,963
up €94,963 (+22.8%), from €415,651 to €510,613
- Trade debts +€53,734
up €53,734 (+118%), from €45,608 to €99,342
- Gross operating margin -€118,445
down €118,445 (-52.0%), from €227,759 to €109,314
- Financial charges -€40,828
down €40,828 (-45.1%), from €90,529 to €49,702
- Taxes -€15,288
down €15,288 (-93.7%), from €16,321 to €1,033
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 | €1,783,160 | €1,578,912 | -€204,247 | -11.5% |
| Fixed assets | 21/28 | €483,514 | €443,264 | -€40,250 | -8.3% |
| Tangible fixed assets | 22/27 | €483,514 | €443,264 | -€40,250 | -8.3% |
| Land and buildings | 22 | €401,264 | €384,514 | -€16,750 | -4.2% |
| Leasing and similar rights | 25 | €82,250 | €58,750 | -€23,500 | -28.6% |
| Current assets | 29/58 | €1,299,645 | €1,135,648 | -€163,997 | -12.6% |
| Amounts receivable after more than one year | 29 | €136,085 | - | -€136,085 | |
| Trade receivables | 290 | €136,085 | - | -€136,085 | |
| Stocks and contracts in progress | 3 | €944,910 | €1,021,783 | +€76,873 | +8.1% |
| Stocks | 30/36 | €944,910 | €1,021,783 | +€76,873 | +8.1% |
| Amounts receivable within one year | 40/41 | €176,135 | €44,939 | -€131,196 | -74.5% |
| Trade receivables | 40 | €162,866 | €4,075 | -€158,791 | -97.5% |
| Other amounts receivable | 41 | €13,269 | €40,864 | +€27,595 | +208% |
| Cash at bank and in hand | 54/58 | €38,773 | €16,875 | -€21,898 | -56.5% |
| Deferred charges and accrued income | 490/1 | €3,743 | €52,051 | +€48,308 | +1,290% |
| Total equity and liabilities | 10/49 | €1,783,160 | €1,578,912 | -€204,247 | -11.5% |
| Equity | 10/15 | €467,695 | €470,302 | +€2,607 | +0.6% |
| Contributions | 10/11 | €7,437 | €7,437 | = | 0.0% |
| Reserves | 13 | €248,538 | €251,144 | +€2,607 | +1.0% |
| Distributable reserves | 133 | €248,538 | €251,144 | +€2,607 | +1.0% |
| Profit (loss) carried forward | 14 | €211,720 | €211,720 | = | 0.0% |
| Amounts payable | 17/49 | €1,315,465 | €1,108,611 | -€206,854 | -15.7% |
| Amounts payable after more than one year | 17 | €415,651 | €510,613 | +€94,963 | +22.8% |
| Financial debts | 170/4 | €415,651 | €510,613 | +€94,963 | +22.8% |
| Amounts payable within one year | 42/48 | €899,814 | €597,997 | -€301,817 | -33.5% |
| Current portion of amounts payable after more than one year | 42 | €846,002 | €484,167 | -€361,835 | -42.8% |
| Financial debts | 43 | €19 | - | -€19 | |
| Credit institutions | 430/8 | €19 | - | -€19 | |
| Trade debts | 44 | €45,608 | €99,342 | +€53,734 | +118% |
| Suppliers | 440/4 | €45,608 | €99,342 | +€53,734 | +118% |
| Taxes, remuneration and social security | 45 | €5,011 | €12,701 | +€7,690 | +153% |
| Taxes | 450/3 | €2,262 | €12,701 | +€10,439 | +462% |
| Remuneration and social security | 454/9 | €2,749 | - | -€2,749 | |
| Other amounts payable | 47/48 | €3,174 | €1,787 | -€1,387 | -43.7% |
| Remuneration, social security and pensions | 62 | €17,838 | €16,847 | -€991 | -5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,469 | €40,250 | -€219 | -0.5% |
| Other operating charges | 640/8 | €716 | €119 | -€598 | -83.4% |
| Gross operating margin | 9900 | €227,759 | €109,314 | -€118,445 | -52.0% |
| Operating profit (loss) | 9901 | €168,736 | €52,098 | -€116,637 | -69.1% |
| Financial income | 75/76B | €3 | €1,243 | +€1,240 | +41,335% |
| Recurring financial income | 75 | €3 | €1,243 | +€1,240 | +41,335% |
| Financial charges | 65/66B | €90,529 | €49,702 | -€40,828 | -45.1% |
| Recurring financial charges | 65 | €90,529 | €49,702 | -€40,828 | -45.1% |
| Profit (loss) for the period before taxes | 9903 | €78,209 | €3,640 | -€74,569 | -95.3% |
| Income taxes | 67/77 | €16,321 | €1,033 | -€15,288 | -93.7% |
| Profit (loss) for the period | 9904 | €61,888 | €2,607 | -€59,281 | -95.8% |
| Profit (loss) for the period to be appropriated | 9905 | €61,888 | €2,607 | -€59,281 | -95.8% |
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 19 October 2026 via checked.be.