VERVLOET: 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.
VERVLOET
Largest movements
- Tangible fixed assets +€337,208
up €337,208 (+364%), from €92,641 to €429,849
of which Plant, machinery and equipment: +€359,830
- Stocks and contracts -€205,000
down €205,000 (-27.9%), from €735,807 to €530,807
- Intangible fixed assets +€175,785
up €175,785 (+64.9%), from €271,036 to €446,821
- Receivables within one year +€104,197
up €104,197 (+49.2%), from €211,755 to €315,952
of which Trade receivables: +€107,649
- Cash -€45,314
down €45,314 (-81.0%), from €55,910 to €10,596
mainly Investment in fixed assets (net) (-€714,479) and Net result for the year (-€327,458)
- Advances received +€345,452
up €345,452 (+88.4%), from €390,899 to €736,350
- Other debts +€337,744
up €337,744 (+78.2%), from €432,000 to €769,744
- Profit (loss) carried forward -€327,458
down €327,458 (-55.9%), from -€585,884 to -€913,342
- Trade debts +€191,449
up €191,449 (+91.8%), from €208,587 to €400,036
- Short-term financial debts -€134,649
down €134,649 (-39.8%), from €338,048 to €203,399
- Gross operating margin +€149,766
up €149,766 (+13.5%), from €1.1m to €1.3m
- Depreciation +€101,487
up €101,487 (+101%), from €99,999 to €201,486
- Other operating charges -€39,275
down €39,275 (-75.5%), from €52,039 to €12,764
- Write-downs +€39,227
no longer reported in 2025 (was -€39,227)
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 | €1,378,350 | €1,755,957 | +€377,607 | +27.4% |
| Fixed assets | 21/28 | €363,877 | €876,870 | +€512,993 | +141% |
| Intangible fixed assets | 21 | €271,036 | €446,821 | +€175,785 | +64.9% |
| Tangible fixed assets | 22/27 | €92,641 | €429,849 | +€337,208 | +364% |
| Plant, machinery and equipment | 23 | €4,966 | €364,796 | +€359,830 | +7,245% |
| Furniture and vehicles | 24 | €38,694 | €30,571 | -€8,123 | -21.0% |
| Assets under construction and advance payments | 27 | €48,980 | €34,482 | -€14,498 | -29.6% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €1,014,473 | €879,086 | -€135,387 | -13.3% |
| Stocks and contracts in progress | 3 | €735,807 | €530,807 | -€205,000 | -27.9% |
| Stocks | 30/36 | €735,807 | €530,807 | -€205,000 | -27.9% |
| Amounts receivable within one year | 40/41 | €211,755 | €315,952 | +€104,197 | +49.2% |
| Trade receivables | 40 | €178,103 | €285,752 | +€107,649 | +60.4% |
| Other amounts receivable | 41 | €33,652 | €30,200 | -€3,452 | -10.3% |
| Cash at bank and in hand | 54/58 | €55,910 | €10,596 | -€45,314 | -81.0% |
| Deferred charges and accrued income | 490/1 | €11,000 | €21,731 | +€10,731 | +97.5% |
| Total equity and liabilities | 10/49 | €1,378,350 | €1,755,957 | +€377,607 | +27.4% |
| Equity | 10/15 | -€352,501 | -€679,959 | -€327,458 | -92.9% |
| Contributions | 10/11 | €213,783 | €213,783 | = | 0.0% |
| Capital | 10 | €196,000 | €196,000 | = | 0.0% |
| Issued capital | 100 | €196,000 | €196,000 | = | 0.0% |
| Contributions outside capital | 11 | €17,783 | €17,783 | = | 0.0% |
| Share premium | 1100/10 | €17,783 | €17,783 | = | 0.0% |
| Reserves | 13 | €19,600 | €19,600 | = | 0.0% |
| Non-distributable reserves | 130/1 | €19,600 | €19,600 | = | 0.0% |
| Legal reserve | 130 | €19,600 | €19,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€585,884 | -€913,342 | -€327,458 | -55.9% |
| Amounts payable | 17/49 | €1,730,851 | €2,435,916 | +€705,065 | +40.7% |
| Amounts payable after more than one year | 17 | €171,484 | €145,116 | -€26,368 | -15.4% |
| Financial debts | 170/4 | €170,284 | €143,916 | -€26,368 | -15.5% |
| Other amounts payable | 178/9 | €1,200 | €1,200 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,509,095 | €2,254,395 | +€745,300 | +49.4% |
| Current portion of amounts payable after more than one year | 42 | €25,143 | €26,368 | +€1,226 | +4.9% |
| Financial debts | 43 | €338,048 | €203,399 | -€134,649 | -39.8% |
| Credit institutions | 430/8 | €338,048 | €203,399 | -€134,649 | -39.8% |
| Trade debts | 44 | €208,587 | €400,036 | +€191,449 | +91.8% |
| Suppliers | 440/4 | €208,587 | €400,036 | +€191,449 | +91.8% |
| Advances received on contracts in progress | 46 | €390,899 | €736,350 | +€345,452 | +88.4% |
| Taxes, remuneration and social security | 45 | €114,419 | €118,498 | +€4,079 | +3.6% |
| Taxes | 450/3 | €3,365 | €5,725 | +€2,360 | +70.1% |
| Remuneration and social security | 454/9 | €111,054 | €112,773 | +€1,719 | +1.5% |
| Other amounts payable | 47/48 | €432,000 | €769,744 | +€337,744 | +78.2% |
| Accrued charges and deferred income | 492/3 | €50,271 | €36,405 | -€13,867 | -27.6% |
| Non-recurring operating income | 76A | €378 | - | -€378 | |
| Remuneration, social security and pensions | 62 | €1,346,902 | €1,339,526 | -€7,376 | -0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €99,999 | €201,486 | +€101,487 | +101% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€39,227 | - | +€39,227 | |
| Other operating charges | 640/8 | €52,039 | €12,764 | -€39,275 | -75.5% |
| Non-recurring operating charges | 66A | €1,630 | €1,109 | -€521 | -32.0% |
| Gross operating margin | 9900 | €1,110,694 | €1,260,459 | +€149,766 | +13.5% |
| Operating profit (loss) | 9901 | -€350,649 | -€294,425 | +€56,224 | +16.0% |
| Financial income | 75/76B | €21,910 | €23,257 | +€1,347 | +6.1% |
| Recurring financial income | 75 | €21,910 | €1,257 | -€20,653 | -94.3% |
| Non-recurring financial income | 76B | - | €22,000 | +€22,000 | |
| Financial charges | 65/66B | €44,579 | €54,126 | +€9,547 | +21.4% |
| Recurring financial charges | 65 | €44,579 | €54,126 | +€9,547 | +21.4% |
| Profit (loss) for the period before taxes | 9903 | -€373,319 | -€325,295 | +€48,024 | +12.9% |
| Income taxes | 67/77 | €1,507 | €2,164 | +€656 | +43.5% |
| Profit (loss) for the period | 9904 | -€374,826 | -€327,458 | +€47,368 | +12.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€374,826 | -€327,458 | +€47,368 | +12.6% |
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 14 October 2026 via checked.be.