DRIES VERHELST: 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.
DRIES VERHELST
Largest movements
- Tangible fixed assets +€413,087
up €413,087 (+440%), from €93,807 to €506,894
of which Land and buildings: +€436,725
- Cash -€36,396
down €36,396 (-68.6%), from €53,079 to €16,683
mainly Investment in fixed assets (net) (-€464,428) and Tax, wage and social debts (-€2,043)
- Receivables within one year -€28,832
down €28,832 (-98.8%), from €29,168 to €336
of which Trade receivables: -€28,887
- Debts after one year +€310,041
up €310,041 (+909%), from €34,108 to €344,150
- Other debts +€27,187
up €27,187 (+285%), from €9,533 to €36,720
- Reserves +€8,020
up €8,020 (+12.7%), from €63,078 to €71,098
- Gross operating margin -€11,189
down €11,189 (-13.6%), from €82,031 to €70,842
- Taxes -€5,899
down €5,899 (-69.3%), from €8,515 to €2,616
- Depreciation +€3,161
up €3,161 (+6.5%), from €48,431 to €51,591
- Other operating charges +€3,085
up €3,085 (+617%), from €500 to €3,586
- Financial charges +€1,355
up €1,355 (+51.5%), from €2,630 to €3,986
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €177,595 | €525,204 | +€347,609 | +196% |
| Fixed assets | 21/28 | €95,348 | €508,185 | +€412,837 | +433% |
| Intangible fixed assets | 21 | €1,542 | €1,292 | -€250 | -16.2% |
| Tangible fixed assets | 22/27 | €93,807 | €506,894 | +€413,087 | +440% |
| Land and buildings | 22 | - | €436,725 | +€436,725 | |
| Plant, machinery and equipment | 23 | €23,624 | €42,687 | +€19,063 | +80.7% |
| Furniture and vehicles | 24 | €70,183 | €27,481 | -€42,701 | -60.8% |
| Current assets | 29/58 | €82,247 | €17,019 | -€65,228 | -79.3% |
| Amounts receivable within one year | 40/41 | €29,168 | €336 | -€28,832 | -98.8% |
| Trade receivables | 40 | €29,168 | €281 | -€28,887 | -99.0% |
| Other amounts receivable | 41 | - | €55 | +€55 | |
| Cash at bank and in hand | 54/58 | €53,079 | €16,683 | -€36,396 | -68.6% |
| Total equity and liabilities | 10/49 | €177,595 | €525,204 | +€347,609 | +196% |
| Equity | 10/15 | €73,078 | €81,098 | +€8,020 | +11.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €63,078 | €71,098 | +€8,020 | +12.7% |
| Distributable reserves | 133 | €63,078 | €71,098 | +€8,020 | +12.7% |
| Amounts payable | 17/49 | €104,517 | €444,106 | +€339,589 | +325% |
| Amounts payable after more than one year | 17 | €34,108 | €344,150 | +€310,041 | +909% |
| Financial debts | 170/4 | €34,108 | €344,150 | +€310,041 | +909% |
| Amounts payable within one year | 42/48 | €70,409 | €99,957 | +€29,548 | +42.0% |
| Current portion of amounts payable after more than one year | 42 | €39,546 | €39,959 | +€413 | +1.0% |
| Trade debts | 44 | €8,121 | €12,112 | +€3,991 | +49.1% |
| Suppliers | 440/4 | €8,121 | €12,112 | +€3,991 | +49.1% |
| Taxes, remuneration and social security | 45 | €13,209 | €11,166 | -€2,043 | -15.5% |
| Taxes | 450/3 | €13,209 | €9,966 | -€3,243 | -24.6% |
| Remuneration and social security | 454/9 | - | €1,200 | +€1,200 | |
| Other amounts payable | 47/48 | €9,533 | €36,720 | +€27,187 | +285% |
| Non-recurring operating income | 76A | - | €130 | +€130 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,431 | €51,591 | +€3,161 | +6.5% |
| Other operating charges | 640/8 | €500 | €3,586 | +€3,085 | +617% |
| Non-recurring operating charges | 66A | - | €1,100 | +€1,100 | |
| Gross operating margin | 9900 | €82,031 | €70,842 | -€11,189 | -13.6% |
| Operating profit (loss) | 9901 | €33,100 | €14,565 | -€18,535 | -56.0% |
| Financial income | 75/76B | €53 | €56 | +€4 | +6.9% |
| Recurring financial income | 75 | €53 | €56 | +€4 | +6.9% |
| Financial charges | 65/66B | €2,630 | €3,986 | +€1,355 | +51.5% |
| Recurring financial charges | 65 | €2,630 | €3,986 | +€1,355 | +51.5% |
| Profit (loss) for the period before taxes | 9903 | €30,522 | €10,636 | -€19,887 | -65.2% |
| Income taxes | 67/77 | €8,515 | €2,616 | -€5,899 | -69.3% |
| Profit (loss) for the period | 9904 | €22,008 | €8,020 | -€13,988 | -63.6% |
| Profit (loss) for the period to be appropriated | 9905 | €22,008 | €8,020 | -€13,988 | -63.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.