VERZO: 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.
VERZO
Largest movements
- Receivables within one year +€29,074
up €29,074 (+129.5%), from €22,447 to €51,521
- Cash -€11,617
down €11,617 (-84.0%), from €13,831 to €2,213
mainly Receivables within one year (-€29,074) and Debts after one year (-€25,459)
- Tangible fixed assets -€9,795
down €9,795 (-1.5%), from €641,651 to €631,856
of which Land and buildings: -€7,883
- Reserves +€31,560
up €31,560 (+27.3%), from €115,670 to €147,229
- Debts after one year -€25,459
down €25,459 (-5.7%), from €444,452 to €418,993
- Tax, wage and social debts +€10,037
up €10,037 (+95.4%), from €10,522 to €20,559
of which Taxes: +€8,859
- Trade debts -€9,817
down €9,817 (-86.5%), from €11,346 to €1,529
- Gross operating margin +€24,422
up €24,422 (+33.7%), from €72,396 to €96,818
- Taxes +€6,912
up €6,912 (+92.5%), from €7,470 to €14,383
- Financial charges -€3,408
down €3,408 (-16.7%), from €20,439 to €17,030
- Depreciation +€1,913
up €1,913 (+6.4%), from €29,882 to €31,795
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 | €678,533 | €687,296 | +€8,763 | +1.3% |
| Fixed assets | 21/28 | €641,651 | €631,856 | -€9,795 | -1.5% |
| Tangible fixed assets | 22/27 | €641,651 | €631,856 | -€9,795 | -1.5% |
| Land and buildings | 22 | €633,118 | €625,235 | -€7,883 | -1.2% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €8,533 | €6,621 | -€1,912 | -22.4% |
| Current assets | 29/58 | €36,882 | €55,441 | +€18,558 | +50.3% |
| Amounts receivable within one year | 40/41 | €22,447 | €51,521 | +€29,074 | +129.5% |
| Other amounts receivable | 41 | €22,447 | €51,521 | +€29,074 | +129.5% |
| Cash at bank and in hand | 54/58 | €13,831 | €2,213 | -€11,617 | -84.0% |
| Deferred charges and accrued income | 490/1 | €605 | €1,707 | +€1,102 | +182.3% |
| Total equity and liabilities | 10/49 | €678,533 | €687,296 | +€8,763 | +1.3% |
| Equity | 10/15 | €134,220 | €165,779 | +€31,560 | +23.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €115,670 | €147,229 | +€31,560 | +27.3% |
| Distributable reserves | 133 | €115,670 | €147,229 | +€31,560 | +27.3% |
| Amounts payable | 17/49 | €544,313 | €521,517 | -€22,796 | -4.2% |
| Amounts payable after more than one year | 17 | €444,452 | €418,993 | -€25,459 | -5.7% |
| Financial debts | 170/4 | €444,452 | €418,993 | -€25,459 | -5.7% |
| Amounts payable within one year | 42/48 | €96,963 | €100,846 | +€3,884 | +4.0% |
| Current portion of amounts payable after more than one year | 42 | €24,928 | €25,459 | +€531 | +2.1% |
| Financial debts | 43 | €0 | €1,274 | +€1,274 | |
| Credit institutions | 430/8 | €0 | €1,274 | +€1,274 | |
| Trade debts | 44 | €11,346 | €1,529 | -€9,817 | -86.5% |
| Suppliers | 440/4 | €11,346 | €1,529 | -€9,817 | -86.5% |
| Taxes, remuneration and social security | 45 | €10,522 | €20,559 | +€10,037 | +95.4% |
| Taxes | 450/3 | €8,712 | €17,572 | +€8,859 | +101.7% |
| Remuneration and social security | 454/9 | €1,810 | €2,987 | +€1,177 | +65.1% |
| Other amounts payable | 47/48 | €50,167 | €52,026 | +€1,859 | +3.7% |
| Accrued charges and deferred income | 492/3 | €2,898 | €1,678 | -€1,221 | -42.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,882 | €31,795 | +€1,913 | +6.4% |
| Other operating charges | 640/8 | €1,581 | €2,051 | +€469 | +29.7% |
| Gross operating margin | 9900 | €72,396 | €96,818 | +€24,422 | +33.7% |
| Operating profit (loss) | 9901 | €40,933 | €62,973 | +€22,039 | +53.8% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €20,439 | €17,030 | -€3,408 | -16.7% |
| Recurring financial charges | 65 | €20,439 | €17,030 | -€3,408 | -16.7% |
| Profit (loss) for the period before taxes | 9903 | €20,495 | €45,942 | +€25,447 | +124.2% |
| Income taxes | 67/77 | €7,470 | €14,383 | +€6,912 | +92.5% |
| Profit (loss) for the period | 9904 | €13,024 | €31,560 | +€18,535 | +142.3% |
| Profit (loss) for the period to be appropriated | 9905 | €13,024 | €31,560 | +€18,535 | +142.3% |
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.