Werner Vervoort: 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.
Werner Vervoort
Largest movements
- Cash +€127,858
up €127,858 (+75.7%), from €169,006 to €296,864
mainly Other debts (+€198,563) and Investment in fixed assets (net) (+€94,640)
- Financial fixed assets -€96,500
no longer reported in 2025 (was €96,500)
- Receivables after one year +€90,500
new in 2025: €90,500
- Tangible fixed assets -€26,957
down €26,957 (-9.4%), from €285,407 to €258,450
of which Furniture and vehicles: -€16,654
- Stocks and contracts +€23,691
up €23,691 (+89.7%), from €26,411 to €50,102
of which Stocks: +€21,247
- Other debts +€198,563
up €198,563 (+372%), from €53,437 to €252,000
- Reserves -€133,044
down €133,044 (-37.7%), from €352,714 to €219,670
- Trade debts +€26,834
new in 2025: €26,834
- Tax, wage and social debts +€16,709
up €16,709 (+144%), from €11,643 to €28,351
of which Taxes: +€16,709
- Debts after one year -€9,671
down €9,671 (-8.6%), from €112,341 to €102,670
- Taxes -€21,631
down €21,631 (-53.7%), from €40,249 to €18,617
- Gross operating margin -€11,916
down €11,916 (-8.5%), from €140,014 to €128,099
- Financial charges +€3,244
up €3,244 (+137%), from €2,369 to €5,613
- Depreciation -€3,013
down €3,013 (-9.5%), from €31,830 to €28,817
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 | €701,387 | €800,881 | +€99,494 | +14.2% |
| Fixed assets | 21/28 | €381,907 | €258,450 | -€123,457 | -32.3% |
| Tangible fixed assets | 22/27 | €285,407 | €258,450 | -€26,957 | -9.4% |
| Land and buildings | 22 | €219,773 | €210,438 | -€9,335 | -4.2% |
| Plant, machinery and equipment | 23 | €4,035 | €3,067 | -€968 | -24.0% |
| Furniture and vehicles | 24 | €61,599 | €44,945 | -€16,654 | -27.0% |
| Financial fixed assets | 28 | €96,500 | - | -€96,500 | |
| Current assets | 29/58 | €319,479 | €542,430 | +€222,951 | +69.8% |
| Amounts receivable after more than one year | 29 | - | €90,500 | +€90,500 | |
| Other amounts receivable | 291 | - | €90,500 | +€90,500 | |
| Stocks and contracts in progress | 3 | €26,411 | €50,102 | +€23,691 | +89.7% |
| Stocks | 30/36 | €20,839 | €42,086 | +€21,247 | +102% |
| Contracts in progress | 37 | €5,573 | €8,017 | +€2,444 | +43.9% |
| Amounts receivable within one year | 40/41 | €52,257 | €32,942 | -€19,315 | -37.0% |
| Trade receivables | 40 | €51,456 | €32,223 | -€19,233 | -37.4% |
| Other amounts receivable | 41 | €801 | €719 | -€82 | -10.2% |
| Current investments | 50/53 | €69,239 | €69,239 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €169,006 | €296,864 | +€127,858 | +75.7% |
| Deferred charges and accrued income | 490/1 | €2,566 | €2,783 | +€217 | +8.5% |
| Total equity and liabilities | 10/49 | €701,387 | €800,881 | +€99,494 | +14.2% |
| Equity | 10/15 | €514,398 | €381,354 | -€133,044 | -25.9% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €352,714 | €219,670 | -€133,044 | -37.7% |
| Distributable reserves | 133 | €352,714 | €219,670 | -€133,044 | -37.7% |
| Profit (loss) carried forward | 14 | €141,224 | €141,224 | = | 0.0% |
| Amounts payable | 17/49 | €186,988 | €419,527 | +€232,538 | +124% |
| Amounts payable after more than one year | 17 | €112,341 | €102,670 | -€9,671 | -8.6% |
| Financial debts | 170/4 | €112,341 | €102,670 | -€9,671 | -8.6% |
| Amounts payable within one year | 42/48 | €74,647 | €316,857 | +€242,210 | +324% |
| Current portion of amounts payable after more than one year | 42 | €9,568 | €9,671 | +€104 | +1.1% |
| Trade debts | 44 | - | €26,834 | +€26,834 | |
| Suppliers | 440/4 | - | €26,834 | +€26,834 | |
| Taxes, remuneration and social security | 45 | €11,643 | €28,351 | +€16,709 | +144% |
| Taxes | 450/3 | €7,768 | €24,476 | +€16,709 | +215% |
| Remuneration and social security | 454/9 | €3,875 | €3,875 | = | 0.0% |
| Other amounts payable | 47/48 | €53,437 | €252,000 | +€198,563 | +372% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,830 | €28,817 | -€3,013 | -9.5% |
| Other operating charges | 640/8 | €2,314 | €1,396 | -€918 | -39.7% |
| Gross operating margin | 9900 | €140,014 | €128,099 | -€11,916 | -8.5% |
| Operating profit (loss) | 9901 | €105,871 | €97,886 | -€7,985 | -7.5% |
| Financial income | 75/76B | €3,796 | €3,888 | +€92 | +2.4% |
| Recurring financial income | 75 | €3,796 | €3,888 | +€92 | +2.4% |
| Financial charges | 65/66B | €2,369 | €5,613 | +€3,244 | +137% |
| Recurring financial charges | 65 | €2,369 | €5,613 | +€3,244 | +137% |
| Profit (loss) for the period before taxes | 9903 | €107,297 | €96,161 | -€11,136 | -10.4% |
| Income taxes | 67/77 | €40,249 | €18,617 | -€21,631 | -53.7% |
| Profit (loss) for the period | 9904 | €67,049 | €77,544 | +€10,495 | +15.7% |
| Profit (loss) for the period to be appropriated | 9905 | €67,049 | €77,544 | +€10,495 | +15.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.