VERVAN: 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.
What changed
VERVAN
NACE 31.002, Manufacture of furniture
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.5m
2024 · €1.3m+€138,055
Equity
€32.6m
2024 · €32.1m+€479,070
Cash
€1.6m
2024 · €1.8m-€205,935
Balance sheet total
€33.4m
2024 · €33.3m+€133,576
Largest movements
Assets
- Financial fixed assets +€6.2m
up €6.2m (+49.1%), from €12.6m to €18.8m
- Current investments -€5.0m
down €5.0m (-43.7%), from €11.5m to €6.5m
- Receivables after one year -€462,439
down €462,439 (-33.0%), from €1.4m to €939,887
- Tangible fixed assets -€401,012
down €401,012 (-9.9%), from €4.1m to €3.7m
of which Plant, machinery and equipment: -€208,575
Equity and liabilities
- Reserves +€450,000
up €450,000 (+1.4%), from €31.9m to €32.4m
of which Distributable reserves: +€450,496
- Trade debts -€366,323
down €366,323 (-57.6%), from €635,609 to €269,286
Income statement
- Taxes -€342,226
down €342,226 (-46.8%), from €731,641 to €389,415
- Gross operating margin -€220,934
down €220,934 (-5.9%), from €3.7m to €3.5m
- Write-downs +€102,894
up €102,894 (+301.7%), from €34,103 to €136,997
- Staff costs -€86,716
down €86,716 (-4.8%), from €1.8m to €1.7m
- Financial income +€38,079
up €38,079 (+5.2%), from €738,762 to €776,841
of which Financial income: +€66,348
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.
Result 2024
€1.3m
Gross operating margin
-€220,934
Staff costs
+€86,716
Depreciation
-€2,402
Write-downs
-€102,894
Provisions
-€3,252
Other operating charges
-€2,775
Financial income
+€38,079
Financial charges
+€3,291
Taxes
+€342,226
Result 2025
€1.5m
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.
From operations
+€2.0m
Investment
-€1.3m
Financing
-€1.0m
Cash 2024
€1.8m
From operations (derived)
+€2.0m
Net result for the year
+€1.5m
Depreciation
+€499,432
Receivables after one year
+€462,439
Stocks and contracts
+€86,546
Receivables within one year
-€135,445
Provisions
-€9,708
Trade debts
-€366,323
Tax, wage and social debts
+€20,512
Advances received
+€38,489
Other debts
-€28,464
Investment (derived)
-€1.3m
Investment in fixed assets (net)
-€6.3m
Current investments
+€5.0m
Financing
-€1.0m
Contributions, distributions and other
-€1.0m
Cash 2025
€1.6m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €33,313,324 | €33,446,900 | +€133,576 | +0.4% |
| Fixed assets | 21/28 | €16,654,767 | €22,428,060 | +€5.8m | +34.7% |
| Tangible fixed assets | 22/27 | €4,067,986 | €3,666,974 | -€401,012 | -9.9% |
| Land and buildings | 22 | €2,813,339 | €2,657,446 | -€155,893 | -5.5% |
| Plant, machinery and equipment | 23 | €1,023,448 | €814,873 | -€208,575 | -20.4% |
| Furniture and vehicles | 24 | €231,199 | €194,655 | -€36,544 | -15.8% |
| Financial fixed assets | 28 | €12,586,781 | €18,761,086 | +€6.2m | +49.1% |
| Current assets | 29/58 | €16,658,557 | €11,018,840 | -€5.6m | -33.9% |
| Amounts receivable after more than one year | 29 | €1,402,326 | €939,887 | -€462,439 | -33.0% |
| Other amounts receivable | 291 | €1,402,326 | €939,887 | -€462,439 | -33.0% |
| Stocks and contracts in progress | 3 | €1,000,342 | €913,796 | -€86,546 | -8.7% |
| Stocks | 30/36 | €1,000,342 | €913,796 | -€86,546 | -8.7% |
| Amounts receivable within one year | 40/41 | €971,959 | €1,107,404 | +€135,445 | +13.9% |
| Trade receivables | 40 | €917,062 | €761,250 | -€155,812 | -17.0% |
| Other amounts receivable | 41 | €54,897 | €346,154 | +€291,257 | +530.6% |
| Current investments | 50/53 | €11,479,105 | €6,458,863 | -€5.0m | -43.7% |
| Cash at bank and in hand | 54/58 | €1,804,825 | €1,598,890 | -€205,935 | -11.4% |
| Total equity and liabilities | 10/49 | €33,313,324 | €33,446,900 | +€133,576 | +0.4% |
| Equity | 10/15 | €32,096,071 | €32,575,141 | +€479,070 | +1.5% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €31,925,496 | €32,375,496 | +€450,000 | +1.4% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €496 | - | -€496 | |
| Distributable reserves | 133 | €31,915,000 | €32,365,496 | +€450,496 | +1.4% |
| Profit (loss) carried forward | 14 | €63,609 | €92,679 | +€29,070 | +45.7% |
| Investment grants | 15 | €6,966 | €6,966 | = | 0.0% |
| Provisions and deferred taxes | 16 | €181,411 | €171,703 | -€9,708 | -5.4% |
| Provisions for liabilities and charges | 160/5 | €181,411 | €171,703 | -€9,708 | -5.4% |
| Major repairs and maintenance | 162 | €36,505 | €36,505 | = | 0.0% |
| Other liabilities and charges | 164/5 | €144,906 | €135,198 | -€9,708 | -6.7% |
| Amounts payable | 17/49 | €1,035,842 | €700,056 | -€335,786 | -32.4% |
| Amounts payable within one year | 42/48 | €1,035,842 | €700,056 | -€335,786 | -32.4% |
| Trade debts | 44 | €635,609 | €269,286 | -€366,323 | -57.6% |
| Suppliers | 440/4 | €635,609 | €269,286 | -€366,323 | -57.6% |
| Advances received on contracts in progress | 46 | €174,052 | €212,541 | +€38,489 | +22.1% |
| Taxes, remuneration and social security | 45 | €180,056 | €200,568 | +€20,512 | +11.4% |
| Taxes | 450/3 | €5,900 | €17,350 | +€11,450 | +194.1% |
| Remuneration and social security | 454/9 | €174,156 | €183,218 | +€9,062 | +5.2% |
| Other amounts payable | 47/48 | €46,125 | €17,661 | -€28,464 | -61.7% |
| Remuneration, social security and pensions | 62 | €1,792,905 | €1,706,189 | -€86,716 | -4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €497,030 | €499,432 | +€2,402 | +0.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €34,103 | €136,997 | +€102,894 | +301.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€9,720 | -€6,468 | +€3,252 | +33.5% |
| Other operating charges | 640/8 | €46,130 | €48,905 | +€2,775 | +6.0% |
| Gross operating margin | 9900 | €3,745,399 | €3,524,465 | -€220,934 | -5.9% |
| Operating profit (loss) | 9901 | €1,384,951 | €1,139,410 | -€245,541 | -17.7% |
| Financial income | 75/76B | €738,762 | €776,841 | +€38,079 | +5.2% |
| Recurring financial income | 75 | €556,781 | €623,129 | +€66,348 | +11.9% |
| Non-recurring financial income | 76B | €181,981 | €153,712 | -€28,269 | -15.5% |
| Financial charges | 65/66B | €51,057 | €47,766 | -€3,291 | -6.4% |
| Recurring financial charges | 65 | €25,435 | €47,766 | +€22,331 | +87.8% |
| Non-recurring financial charges | 66B | €25,622 | - | -€25,622 | |
| Profit (loss) for the period before taxes | 9903 | €2,072,656 | €1,868,485 | -€204,171 | -9.9% |
| Income taxes | 67/77 | €731,641 | €389,415 | -€342,226 | -46.8% |
| Profit (loss) for the period | 9904 | €1,341,015 | €1,479,070 | +€138,055 | +10.3% |
| Profit (loss) for the period to be appropriated | 9905 | €1,341,015 | €1,479,070 | +€138,055 | +10.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.