VULSTEKE & VERBEKE: what changed
What changed
VULSTEKE & VERBEKE
NACE 77.120, Rental and leasing activities
filed annual accounts (NBB)
Net result for the year
€202,461
2024 · €141,866+€60,594
Equity
€1.4m
2024 · €1.5m-€25,981
Cash
€285,051
2024 · €162,991+€122,059
Balance sheet total
€3.8m
2024 · €4.0m-€191,537
Largest movements
Assets
- Receivables after one year -€208,011
down €208,011 (-39.4%), from €527,907 to €319,896
- Tangible fixed assets -€142,894
down €142,894 (-5.5%), from €2.6m to €2.4m
of which Land and buildings: -€146,513
- Cash +€122,059
up €122,059 (+74.9%), from €162,991 to €285,051
mainly Depreciation (+€486,509) and Receivables after one year (+€208,011)
Equity and liabilities
- Debts after one year -€142,758
down €142,758 (-9.1%), from €1.6m to €1.4m
- Trade debts -€113,925
down €113,925 (-29.7%), from €384,083 to €270,158
Income statement
- Gross operating margin +€136,548
up €136,548 (+9.9%), from €1.4m to €1.5m
- Depreciation +€24,200
up €24,200 (+5.2%), from €462,309 to €486,509
- Staff costs +€23,854
up €23,854 (+4.2%), from €572,513 to €596,367
- Financial charges -€21,341
down €21,341 (-21.7%), from €98,246 to €76,905
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€141,866
Gross operating margin
+€136,548
Staff costs
-€23,854
Depreciation
-€24,200
Write-downs
-€3,215
Other operating charges
-€12,352
Other operating items
-€29,601
Financial income
-€4,757
Financial charges
+€21,341
Taxes
+€684
Result 2025
€202,461
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€787,507
Investment
-€345,764
Financing
-€319,684
Cash 2024
€162,991
From operations (derived)
+€787,507
Net result for the year
+€202,461
Depreciation
+€486,509
Receivables after one year
+€208,011
Stocks and contracts
+€13,589
Receivables within one year
-€26,090
Deferred charges and accrued income
-€22,658
Provisions
-€2,000
Trade debts
-€113,925
Tax, wage and social debts
+€31,551
Accrued charges and deferred income
+€10,060
Investment (derived)
-€345,764
Investment in fixed assets (net)
-€345,764
Financing
-€319,684
Debts after one year
-€142,758
Current portion of long-term debt
+€21,825
Short-term financial debts
+€29,690
Contributions, distributions and other
-€228,441
Cash 2025
€285,051
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,983,076 | €3,791,539 | -€191,537 | -4.8% |
| Fixed assets | 21/28 | €2,577,760 | €2,437,016 | -€140,744 | -5.5% |
| Tangible fixed assets | 22/27 | €2,575,335 | €2,432,441 | -€142,894 | -5.5% |
| Land and buildings | 22 | €1,739,799 | €1,593,286 | -€146,513 | -8.4% |
| Plant, machinery and equipment | 23 | €210,794 | €186,977 | -€23,817 | -11.3% |
| Furniture and vehicles | 24 | €52,900 | €45,578 | -€7,322 | -13.8% |
| Leasing and similar rights | 25 | €571,843 | €606,600 | +€34,757 | +6.1% |
| Financial fixed assets | 28 | €2,425 | €4,575 | +€2,150 | +88.7% |
| Current assets | 29/58 | €1,405,315 | €1,354,523 | -€50,793 | -3.6% |
| Amounts receivable after more than one year | 29 | €527,907 | €319,896 | -€208,011 | -39.4% |
| Other amounts receivable | 291 | €527,907 | €319,896 | -€208,011 | -39.4% |
| Stocks and contracts in progress | 3 | €22,219 | €8,630 | -€13,589 | -61.2% |
| Stocks | 30/36 | €22,219 | €8,630 | -€13,589 | -61.2% |
| Amounts receivable within one year | 40/41 | €611,957 | €638,047 | +€26,090 | +4.3% |
| Trade receivables | 40 | €590,457 | €619,411 | +€28,954 | +4.9% |
| Other amounts receivable | 41 | €21,500 | €18,636 | -€2,864 | -13.3% |
| Cash at bank and in hand | 54/58 | €162,991 | €285,051 | +€122,059 | +74.9% |
| Deferred charges and accrued income | 490/1 | €80,241 | €102,899 | +€22,658 | +28.2% |
| Total equity and liabilities | 10/49 | €3,983,076 | €3,791,539 | -€191,537 | -4.8% |
| Equity | 10/15 | €1,470,990 | €1,445,010 | -€25,981 | -1.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,406,852 | €1,380,871 | -€25,981 | -1.8% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €67,027 | €61,027 | -€6,000 | -9.0% |
| Distributable reserves | 133 | €1,333,624 | €1,313,644 | -€19,981 | -1.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Investment grants | 15 | €2,138 | €2,138 | = | 0.0% |
| Provisions and deferred taxes | 16 | €3,342 | €1,342 | -€2,000 | -59.8% |
| Deferred taxes | 168 | €3,342 | €1,342 | -€2,000 | -59.8% |
| Amounts payable | 17/49 | €2,508,743 | €2,345,187 | -€163,556 | -6.5% |
| Amounts payable after more than one year | 17 | €1,569,733 | €1,426,975 | -€142,758 | -9.1% |
| Financial debts | 170/4 | €1,569,733 | €1,426,975 | -€142,758 | -9.1% |
| Amounts payable within one year | 42/48 | €869,475 | €838,617 | -€30,858 | -3.5% |
| Current portion of amounts payable after more than one year | 42 | €390,506 | €412,331 | +€21,825 | +5.6% |
| Financial debts | 43 | €45,310 | €75,000 | +€29,690 | +65.5% |
| Credit institutions | 430/8 | €45,310 | €75,000 | +€29,690 | +65.5% |
| Trade debts | 44 | €384,083 | €270,158 | -€113,925 | -29.7% |
| Suppliers | 440/4 | €384,083 | €270,158 | -€113,925 | -29.7% |
| Taxes, remuneration and social security | 45 | €49,576 | €81,128 | +€31,551 | +63.6% |
| Taxes | 450/3 | €194 | €25,029 | +€24,835 | +12,798% |
| Remuneration and social security | 454/9 | €49,382 | €56,098 | +€6,716 | +13.6% |
| Accrued charges and deferred income | 492/3 | €69,535 | €79,595 | +€10,060 | +14.5% |
| Non-recurring operating income | 76A | €44,500 | €65,322 | +€20,822 | +46.8% |
| Remuneration, social security and pensions | 62 | €572,513 | €596,367 | +€23,854 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €462,309 | €486,509 | +€24,200 | +5.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,195 | €20 | +€3,215 | |
| Other operating charges | 640/8 | €75,255 | €87,607 | +€12,352 | +16.4% |
| Non-recurring operating charges | 66A | - | €29,601 | +€29,601 | |
| Gross operating margin | 9900 | €1,377,563 | €1,514,111 | +€136,548 | +9.9% |
| Operating profit (loss) | 9901 | €270,681 | €314,007 | +€43,326 | +16.0% |
| Financial income | 75/76B | €24,679 | €19,922 | -€4,757 | -19.3% |
| Recurring financial income | 75 | €24,679 | €19,922 | -€4,757 | -19.3% |
| Financial charges | 65/66B | €98,246 | €76,905 | -€21,341 | -21.7% |
| Recurring financial charges | 65 | €98,246 | €76,905 | -€21,341 | -21.7% |
| Profit (loss) for the period before taxes | 9903 | €197,114 | €257,024 | +€59,910 | +30.4% |
| Transfer from deferred taxes | 780 | €2,000 | €2,000 | = | 0.0% |
| Income taxes | 67/77 | €57,248 | €56,564 | -€684 | -1.2% |
| Profit (loss) for the period | 9904 | €141,866 | €202,461 | +€60,594 | +42.7% |
| Transfer from tax-exempt reserves | 789 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €147,866 | €208,461 | +€60,594 | +41.0% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.