VERWEST: 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.
VERWEST
Largest movements
- Receivables within one year +€391,662
up €391,662 (+1854.9%), from €21,115 to €412,777
of which Other amounts receivable: +€391,476
- Cash -€277,140
down €277,140 (-52.1%), from €532,103 to €254,963
mainly Receivables within one year (-€391,662) and Investment in fixed assets (net) (-€41,908)
- Tangible fixed assets -€20,218
down €20,218 (-5.7%), from €355,684 to €335,466
of which Land and buildings: -€16,150
- Current portion of long-term debt +€48,647
up €48,647 (+222.3%), from €21,888 to €70,534
- Reserves +€47,180
up €47,180 (+9.3%), from €504,941 to €552,121
of which Distributable reserves: +€47,180
- Trade debts -€30,804
down €30,804 (-36.4%), from €84,693 to €53,889
- Debts after one year +€21,250
up €21,250 (+7.8%), from €273,754 to €295,005
- Staff costs +€53,817
up €53,817 (+47.0%), from €114,475 to €168,292
- Gross operating margin -€53,650
down €53,650 (-14.9%), from €360,872 to €307,222
- Taxes -€20,314
down €20,314 (-52.2%), from €38,927 to €18,612
- Financial charges -€5,650
down €5,650 (-37.2%), from €15,175 to €9,524
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 | €941,512 | €1,024,347 | +€82,835 | +8.8% |
| Fixed assets | 21/28 | €355,684 | €335,466 | -€20,218 | -5.7% |
| Tangible fixed assets | 22/27 | €355,684 | €335,466 | -€20,218 | -5.7% |
| Land and buildings | 22 | €204,550 | €188,400 | -€16,150 | -7.9% |
| Plant, machinery and equipment | 23 | €151,134 | €147,066 | -€4,068 | -2.7% |
| Current assets | 29/58 | €585,827 | €688,881 | +€103,054 | +17.6% |
| Stocks and contracts in progress | 3 | €29,525 | €19,415 | -€10,110 | -34.2% |
| Stocks | 30/36 | €29,525 | €19,415 | -€10,110 | -34.2% |
| Amounts receivable within one year | 40/41 | €21,115 | €412,777 | +€391,662 | +1854.9% |
| Trade receivables | 40 | €75 | €260 | +€186 | +249.3% |
| Other amounts receivable | 41 | €21,040 | €412,516 | +€391,476 | +1860.6% |
| Cash at bank and in hand | 54/58 | €532,103 | €254,963 | -€277,140 | -52.1% |
| Deferred charges and accrued income | 490/1 | €3,085 | €1,726 | -€1,359 | -44.0% |
| Total equity and liabilities | 10/49 | €941,512 | €1,024,347 | +€82,835 | +8.8% |
| Equity | 10/15 | €523,541 | €570,721 | +€47,180 | +9.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €504,941 | €552,121 | +€47,180 | +9.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €504,941 | €552,121 | +€47,180 | +9.3% |
| Amounts payable | 17/49 | €417,971 | €453,626 | +€35,655 | +8.5% |
| Amounts payable after more than one year | 17 | €273,754 | €295,005 | +€21,250 | +7.8% |
| Financial debts | 170/4 | €273,754 | €295,005 | +€21,250 | +7.8% |
| Amounts payable within one year | 42/48 | €143,759 | €158,222 | +€14,463 | +10.1% |
| Current portion of amounts payable after more than one year | 42 | €21,888 | €70,534 | +€48,647 | +222.3% |
| Trade debts | 44 | €84,693 | €53,889 | -€30,804 | -36.4% |
| Suppliers | 440/4 | €84,693 | €53,889 | -€30,804 | -36.4% |
| Taxes, remuneration and social security | 45 | €37,178 | €33,798 | -€3,380 | -9.1% |
| Taxes | 450/3 | €17,622 | €11,678 | -€5,944 | -33.7% |
| Remuneration and social security | 454/9 | €19,556 | €22,121 | +€2,565 | +13.1% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €458 | €400 | -€58 | -12.7% |
| Non-recurring operating income | 76A | €1,500 | €0 | -€1,500 | -100.0% |
| Remuneration, social security and pensions | 62 | €114,475 | €168,292 | +€53,817 | +47.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,314 | €62,126 | +€2,812 | +4.7% |
| Other operating charges | 640/8 | €2,694 | €2,841 | +€147 | +5.4% |
| Gross operating margin | 9900 | €360,872 | €307,222 | -€53,650 | -14.9% |
| Operating profit (loss) | 9901 | €184,389 | €73,963 | -€110,426 | -59.9% |
| Financial income | 75/76B | - | €1,354 | +€1,354 | |
| Recurring financial income | 75 | - | €1,354 | +€1,354 | |
| Financial charges | 65/66B | €15,175 | €9,524 | -€5,650 | -37.2% |
| Recurring financial charges | 65 | €15,175 | €9,524 | -€5,650 | -37.2% |
| Profit (loss) for the period before taxes | 9903 | €169,214 | €65,793 | -€103,422 | -61.1% |
| Income taxes | 67/77 | €38,927 | €18,612 | -€20,314 | -52.2% |
| Profit (loss) for the period | 9904 | €130,288 | €47,180 | -€83,107 | -63.8% |
| Profit (loss) for the period to be appropriated | 9905 | €130,288 | €47,180 | -€83,107 | -63.8% |
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 5 October 2026 via checked.be.