VERVES: 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.
VERVES
Largest movements
- Financial fixed assets +€298,275
new in 2025: €298,275
- Tangible fixed assets +€41,811
up €41,811 (+116.5%), from €35,880 to €77,691
of which Assets under construction and advance payments: +€50,798
- Cash -€33,983
down €33,983 (-39.8%), from €85,311 to €51,328
mainly Investment in fixed assets (net) (-€360,137) and Deferred charges and accrued income (-€761)
- Receivables within one year -€7,638
down €7,638 (-29.1%), from €26,238 to €18,600
of which Trade receivables: -€7,313
- Debts after one year +€204,814
up €204,814 (+409.6%), from €50,000 to €254,814
- Current portion of long-term debt +€27,143
new in 2025: €27,143
- Profit (loss) carried forward +€26,732
up €26,732 (+34.5%), from €77,522 to €104,254
- Provisions +€22,009
new in 2025: €22,009
- Tax, wage and social debts +€9,067
up €9,067 (+80.5%), from €11,269 to €20,336
- Gross operating margin +€29,369
up €29,369 (+48.4%), from €60,631 to €90,000
- Provisions +€22,009
new in 2025: €22,009
- Taxes +€6,778
up €6,778 (+64.4%), from €10,522 to €17,300
- Depreciation +€4,723
up €4,723 (+30.8%), from €15,328 to €20,051
- Financial charges +€1,719
up €1,719 (+103.0%), from €1,669 to €3,388
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 | €148,207 | €447,433 | +€299,226 | +201.9% |
| Fixed assets | 21/28 | €35,880 | €375,966 | +€340,086 | +947.8% |
| Tangible fixed assets | 22/27 | €35,880 | €77,691 | +€41,811 | +116.5% |
| Furniture and vehicles | 24 | €14,855 | €7,730 | -€7,125 | -48.0% |
| Other tangible fixed assets | 26 | €13,392 | €11,531 | -€1,862 | -13.9% |
| Assets under construction and advance payments | 27 | €7,633 | €58,430 | +€50,798 | +665.5% |
| Financial fixed assets | 28 | - | €298,275 | +€298,275 | |
| Current assets | 29/58 | €112,327 | €71,467 | -€40,860 | -36.4% |
| Amounts receivable within one year | 40/41 | €26,238 | €18,600 | -€7,638 | -29.1% |
| Trade receivables | 40 | €25,913 | €18,600 | -€7,313 | -28.2% |
| Other amounts receivable | 41 | €325 | €0 | -€325 | -100.0% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €85,311 | €51,328 | -€33,983 | -39.8% |
| Deferred charges and accrued income | 490/1 | €778 | €1,539 | +€761 | +97.9% |
| Total equity and liabilities | 10/49 | €148,207 | €447,433 | +€299,226 | +201.9% |
| Equity | 10/15 | €82,522 | €109,254 | +€26,732 | +32.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €77,522 | €104,254 | +€26,732 | +34.5% |
| Provisions and deferred taxes | 16 | - | €22,009 | +€22,009 | |
| Provisions for liabilities and charges | 160/5 | - | €22,009 | +€22,009 | |
| Other liabilities and charges | 164/5 | - | €22,009 | +€22,009 | |
| Amounts payable | 17/49 | €65,685 | €316,170 | +€250,485 | +381.3% |
| Amounts payable after more than one year | 17 | €50,000 | €254,814 | +€204,814 | +409.6% |
| Financial debts | 170/4 | €50,000 | €254,814 | +€204,814 | +409.6% |
| Amounts payable within one year | 42/48 | €12,984 | €58,655 | +€45,671 | +351.8% |
| Current portion of amounts payable after more than one year | 42 | - | €27,143 | +€27,143 | |
| Trade debts | 44 | €325 | €7,453 | +€7,128 | +2190.1% |
| Suppliers | 440/4 | €325 | €7,453 | +€7,128 | +2190.1% |
| Taxes, remuneration and social security | 45 | €11,269 | €20,336 | +€9,067 | +80.5% |
| Taxes | 450/3 | €11,269 | €20,336 | +€9,067 | +80.5% |
| Other amounts payable | 47/48 | €1,389 | €3,722 | +€2,333 | +168.0% |
| Accrued charges and deferred income | 492/3 | €2,701 | €2,701 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,328 | €20,051 | +€4,723 | +30.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €22,009 | +€22,009 | |
| Other operating charges | 640/8 | €710 | €1,358 | +€648 | +91.3% |
| Gross operating margin | 9900 | €60,631 | €90,000 | +€29,369 | +48.4% |
| Operating profit (loss) | 9901 | €44,593 | €46,582 | +€1,989 | +4.5% |
| Financial income | 75/76B | €2,208 | €838 | -€1,370 | -62.0% |
| Recurring financial income | 75 | €2,208 | €838 | -€1,370 | -62.0% |
| Financial charges | 65/66B | €1,669 | €3,388 | +€1,719 | +103.0% |
| Recurring financial charges | 65 | €1,669 | €3,388 | +€1,719 | +103.0% |
| Profit (loss) for the period before taxes | 9903 | €45,132 | €44,032 | -€1,100 | -2.4% |
| Income taxes | 67/77 | €10,522 | €17,300 | +€6,778 | +64.4% |
| Profit (loss) for the period | 9904 | €34,610 | €26,732 | -€7,878 | -22.8% |
| Profit (loss) for the period to be appropriated | 9905 | €34,610 | €26,732 | -€7,878 | -22.8% |
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 6 October 2026 via checked.be.