VERWI: 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.
What changed
VERWI
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€61,999
2024 · €427,167-€489,166
Equity
€2.8m
2024 · €2.9m-€61,999
Cash
€457,642
2024 · €422,207+€35,435
Balance sheet total
€4.2m
2024 · €4.7m-€429,301
Largest movements
Assets
- Tangible fixed assets -€349,602
down €349,602 (-8.7%), from €4.0m to €3.7m
of which Land and buildings: -€269,113
- Deferred charges and accrued income -€113,306
down €113,306 (-95.5%), from €118,657 to €5,352
Equity and liabilities
- Debts after one year -€293,644
down €293,644 (-23.9%), from €1.2m to €934,301
- Reserves -€61,999
down €61,999 (-2.2%), from €2.8m to €2.8m
of which Tax-exempt reserves: -€87,406
- Current portion of long-term debt -€52,281
down €52,281 (-22.5%), from €232,365 to €180,084
Income statement
- Financial income -€296,205
down €296,205 (-100.0%), from €296,209 to €5
- Other operating charges +€174,024
up €174,024 (+721%), from €24,140 to €198,164
- Gross operating margin -€120,986
down €120,986 (-31.1%), from €388,552 to €267,567
- Depreciation -€20,690
down €20,690 (-14.6%), from €141,793 to €121,103
- Taxes -€13,237
down €13,237 (-57.9%), from €22,859 to €9,622
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
€427,167
Gross operating margin
-€120,986
Depreciation
+€20,690
Other operating charges
-€174,024
Financial income
-€296,205
Financial charges
+€9,851
Taxes
+€13,237
Deferred taxes and other
+€58,271
Result 2025
-€61,999
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€144,395
Investment
+€228,498
Financing
-€337,458
Cash 2024
€422,207
From operations (derived)
+€144,395
Net result for the year
-€61,999
Depreciation
+€121,103
Receivables within one year
+€1,829
Deferred charges and accrued income
+€113,306
Provisions
-€29,135
Trade debts
-€30,483
Tax, wage and social debts
+€8,648
Other debts
+€3,642
Accrued charges and deferred income
+€17,485
Investment (derived)
+€228,498
Investment in fixed assets (net)
+€228,498
Financing
-€337,458
Debts after one year
-€293,644
Current portion of long-term debt
-€52,281
Short-term financial debts
+€8,467
Cash 2025
€457,642
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,660,480 | €4,231,179 | -€429,301 | -9.2% |
| Fixed assets | 21/28 | €4,021,406 | €3,671,805 | -€349,602 | -8.7% |
| Tangible fixed assets | 22/27 | €4,021,406 | €3,671,805 | -€349,602 | -8.7% |
| Land and buildings | 22 | €3,907,562 | €3,638,449 | -€269,113 | -6.9% |
| Plant, machinery and equipment | 23 | €32,615 | €33,356 | +€742 | +2.3% |
| Leasing and similar rights | 25 | €81,230 | €0 | -€81,230 | -100% |
| Current assets | 29/58 | €639,073 | €559,374 | -€79,699 | -12.5% |
| Amounts receivable within one year | 40/41 | €98,210 | €96,381 | -€1,829 | -1.9% |
| Trade receivables | 40 | €86,252 | €63,478 | -€22,774 | -26.4% |
| Other amounts receivable | 41 | €11,958 | €32,903 | +€20,945 | +175% |
| Cash at bank and in hand | 54/58 | €422,207 | €457,642 | +€35,435 | +8.4% |
| Deferred charges and accrued income | 490/1 | €118,657 | €5,352 | -€113,306 | -95.5% |
| Total equity and liabilities | 10/49 | €4,660,480 | €4,231,179 | -€429,301 | -9.2% |
| Equity | 10/15 | €2,884,151 | €2,822,152 | -€61,999 | -2.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | - | €62,000 | +€62,000 | |
| Issued capital | 100 | - | €62,000 | +€62,000 | |
| Reserves | 13 | €2,822,151 | €2,760,152 | -€61,999 | -2.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | - | €6,200 | +€6,200 | |
| Other | 1319 | €6,200 | - | -€6,200 | |
| Tax-exempt reserves | 132 | €87,406 | €0 | -€87,406 | -100% |
| Distributable reserves | 133 | €2,728,545 | €2,753,952 | +€25,407 | +0.9% |
| Provisions and deferred taxes | 16 | €29,135 | €0 | -€29,135 | -100% |
| Deferred taxes | 168 | €29,135 | €0 | -€29,135 | -100% |
| Amounts payable | 17/49 | €1,747,194 | €1,409,027 | -€338,167 | -19.4% |
| Amounts payable after more than one year | 17 | €1,227,945 | €934,301 | -€293,644 | -23.9% |
| Financial debts | 170/4 | €1,227,945 | €934,301 | -€293,644 | -23.9% |
| Amounts payable within one year | 42/48 | €519,249 | €457,241 | -€62,008 | -11.9% |
| Current portion of amounts payable after more than one year | 42 | €232,365 | €180,084 | -€52,281 | -22.5% |
| Financial debts | 43 | - | €8,467 | +€8,467 | |
| Credit institutions | 430/8 | - | €8,467 | +€8,467 | |
| Trade debts | 44 | €35,981 | €5,498 | -€30,483 | -84.7% |
| Suppliers | 440/4 | €35,981 | €5,498 | -€30,483 | -84.7% |
| Taxes, remuneration and social security | 45 | €28,096 | €36,744 | +€8,648 | +30.8% |
| Taxes | 450/3 | €25,019 | €33,652 | +€8,632 | +34.5% |
| Remuneration and social security | 454/9 | €3,077 | €3,092 | +€15 | +0.5% |
| Other amounts payable | 47/48 | €222,806 | €226,448 | +€3,642 | +1.6% |
| Accrued charges and deferred income | 492/3 | - | €17,485 | +€17,485 | |
| Non-recurring operating income | 76A | €116,541 | €0 | -€116,541 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €141,793 | €121,103 | -€20,690 | -14.6% |
| Other operating charges | 640/8 | €24,140 | €198,164 | +€174,024 | +721% |
| Gross operating margin | 9900 | €388,552 | €267,567 | -€120,986 | -31.1% |
| Operating profit (loss) | 9901 | €222,620 | -€51,700 | -€274,320 | |
| Financial income | 75/76B | €296,209 | €5 | -€296,205 | -100.0% |
| Recurring financial income | 75 | €296,209 | €5 | -€296,205 | -100.0% |
| Financial charges | 65/66B | €39,667 | €29,816 | -€9,851 | -24.8% |
| Recurring financial charges | 65 | €39,667 | €29,816 | -€9,851 | -24.8% |
| Profit (loss) for the period before taxes | 9903 | €479,162 | -€81,512 | -€560,674 | |
| Transfer from deferred taxes | 780 | - | €29,135 | +€29,135 | |
| Transfer to deferred taxes | 680 | €29,135 | €0 | -€29,135 | -100% |
| Income taxes | 67/77 | €22,859 | €9,622 | -€13,237 | -57.9% |
| Profit (loss) for the period | 9904 | €427,167 | -€61,999 | -€489,166 | |
| Transfer from tax-exempt reserves | 789 | - | €87,406 | +€87,406 | |
| Transfer to tax-exempt reserves | 689 | €87,406 | €0 | -€87,406 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €339,762 | €25,407 | -€314,354 | -92.5% |
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 15 October 2026 via checked.be.