B. VERHEYEN: 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.
B. VERHEYEN
Largest movements
- Cash +€4,219
up €4,219 (+22.7%), from €18,566 to €22,785
mainly Depreciation (+€15,380) and Net result for the year (+€3,341)
- Tangible fixed assets -€3,883
down €3,883 (-1.3%), from €307,642 to €303,759
of which Land and buildings: -€8,149
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€6,793
up €6,793 (+33.5%), from €20,254 to €27,047
- Financial charges +€2,241
up €2,241 (+858%), from €261 to €2,502
- Taxes +€1,917
up €1,917 (+380%), from €504 to €2,421
- Depreciation +€512
up €512 (+3.4%), from €14,869 to €15,380
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 | €332,064 | €334,137 | +€2,072 | +0.6% |
| Fixed assets | 21/28 | €307,642 | €303,759 | -€3,883 | -1.3% |
| Tangible fixed assets | 22/27 | €307,642 | €303,759 | -€3,883 | -1.3% |
| Land and buildings | 22 | €271,184 | €263,035 | -€8,149 | -3.0% |
| Plant, machinery and equipment | 23 | €5,019 | €12,027 | +€7,007 | +140% |
| Other tangible fixed assets | 26 | €31,439 | €28,697 | -€2,741 | -8.7% |
| Current assets | 29/58 | €24,423 | €30,377 | +€5,955 | +24.4% |
| Amounts receivable within one year | 40/41 | €3,141 | €5,174 | +€2,033 | +64.7% |
| Trade receivables | 40 | €3,134 | €5,174 | +€2,040 | +65.1% |
| Other amounts receivable | 41 | €7 | €0 | -€7 | -100% |
| Cash at bank and in hand | 54/58 | €18,566 | €22,785 | +€4,219 | +22.7% |
| Deferred charges and accrued income | 490/1 | €2,715 | €2,418 | -€297 | -10.9% |
| Total equity and liabilities | 10/49 | €332,064 | €334,137 | +€2,072 | +0.6% |
| Equity | 10/15 | €288,523 | €291,864 | +€3,341 | +1.2% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €209,806 | €213,147 | +€3,341 | +1.6% |
| Tax-exempt reserves | 132 | €28,489 | €26,140 | -€2,349 | -8.2% |
| Distributable reserves | 133 | €181,317 | €187,007 | +€5,690 | +3.1% |
| Profit (loss) carried forward | 14 | €28,717 | €28,717 | = | 0.0% |
| Provisions and deferred taxes | 16 | €9,496 | €8,713 | -€783 | -8.2% |
| Deferred taxes | 168 | €9,496 | €8,713 | -€783 | -8.2% |
| Amounts payable | 17/49 | €34,045 | €33,559 | -€486 | -1.4% |
| Amounts payable within one year | 42/48 | €34,045 | €31,342 | -€2,703 | -7.9% |
| Trade debts | 44 | €692 | €215 | -€477 | -68.9% |
| Suppliers | 440/4 | €692 | €215 | -€477 | -68.9% |
| Advances received on contracts in progress | 46 | €925 | €1,050 | +€125 | +13.5% |
| Taxes, remuneration and social security | 45 | €1,039 | €1,913 | +€874 | +84.1% |
| Taxes | 450/3 | €1,039 | €1,913 | +€874 | +84.1% |
| Other amounts payable | 47/48 | €31,388 | €28,164 | -€3,224 | -10.3% |
| Accrued charges and deferred income | 492/3 | - | €2,217 | +€2,217 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,869 | €15,380 | +€512 | +3.4% |
| Other operating charges | 640/8 | €4,446 | €4,251 | -€195 | -4.4% |
| Gross operating margin | 9900 | €20,254 | €27,047 | +€6,793 | +33.5% |
| Operating profit (loss) | 9901 | €939 | €7,415 | +€6,476 | +690% |
| Financial income | 75/76B | €38 | €66 | +€29 | +76.2% |
| Recurring financial income | 75 | €38 | €66 | +€29 | +76.2% |
| Financial charges | 65/66B | €261 | €2,502 | +€2,241 | +858% |
| Recurring financial charges | 65 | €261 | €2,502 | +€2,241 | +858% |
| Profit (loss) for the period before taxes | 9903 | €715 | €4,979 | +€4,264 | +596% |
| Transfer from deferred taxes | 780 | €783 | €783 | = | 0.0% |
| Income taxes | 67/77 | €504 | €2,421 | +€1,917 | +380% |
| Profit (loss) for the period | 9904 | €994 | €3,341 | +€2,347 | +236% |
| Transfer from tax-exempt reserves | 789 | €2,349 | €2,349 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,343 | €5,690 | +€2,347 | +70.2% |
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 22 October 2026 via checked.be.