FIETSEN 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.
FIETSEN VERHELST
Largest movements
- Stocks and contracts -€79,884
down €79,884 (-21.5%), from €372,289 to €292,405
- Tangible fixed assets -€34,729
down €34,729 (-15.3%), from €226,914 to €192,185
of which Other tangible fixed assets: -€22,703
- Cash -€25,389
down €25,389 (-16.6%), from €152,911 to €127,522
mainly Other debts (-€73,169) and Receivables within one year (-€23,812)
- Receivables within one year +€23,812
up €23,812 (+67.5%), from €35,300 to €59,112
of which Other amounts receivable: +€17,786
- Deferred charges and accrued income +€13,700
new in 2025: €13,700
- Other debts -€73,169
down €73,169 (-85.5%), from €85,583 to €12,413
- Reserves +€32,000
up €32,000 (+9.8%), from €326,400 to €358,400
of which Distributable reserves: +€32,000
- Trade debts -€21,027
down €21,027 (-61.3%), from €34,311 to €13,284
- Debts after one year -€16,218
down €16,218 (-7.8%), from €207,872 to €191,654
- Tax, wage and social debts -€11,560
down €11,560 (-19.9%), from €58,218 to €46,659
of which Taxes: -€12,567
- Gross operating margin -€65,899
down €65,899 (-24.7%), from €266,742 to €200,843
- Taxes -€14,901
down €14,901 (-53.7%), from €27,750 to €12,849
- Financial charges -€13,344
down €13,344 (-81.7%), from €16,334 to €2,989
- Staff costs +€2,962
up €2,962 (+2.7%), from €109,674 to €112,636
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 | €812,413 | €709,924 | -€102,489 | -12.6% |
| Fixed assets | 21/28 | €226,914 | €192,185 | -€34,729 | -15.3% |
| Tangible fixed assets | 22/27 | €226,914 | €192,185 | -€34,729 | -15.3% |
| Land and buildings | 22 | - | €4,673 | +€4,673 | |
| Plant, machinery and equipment | 23 | €37,199 | €27,688 | -€9,511 | -25.6% |
| Furniture and vehicles | 24 | €11,618 | €4,430 | -€7,188 | -61.9% |
| Other tangible fixed assets | 26 | €178,097 | €155,394 | -€22,703 | -12.7% |
| Current assets | 29/58 | €585,499 | €517,739 | -€67,760 | -11.6% |
| Amounts receivable after more than one year | 29 | €25,000 | €25,000 | = | 0.0% |
| Other amounts receivable | 291 | €25,000 | €25,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €372,289 | €292,405 | -€79,884 | -21.5% |
| Stocks | 30/36 | €372,289 | €292,405 | -€79,884 | -21.5% |
| Amounts receivable within one year | 40/41 | €35,300 | €59,112 | +€23,812 | +67.5% |
| Trade receivables | 40 | €33,480 | €39,506 | +€6,026 | +18.0% |
| Other amounts receivable | 41 | €1,820 | €19,606 | +€17,786 | +977% |
| Cash at bank and in hand | 54/58 | €152,911 | €127,522 | -€25,389 | -16.6% |
| Deferred charges and accrued income | 490/1 | - | €13,700 | +€13,700 | |
| Total equity and liabilities | 10/49 | €812,413 | €709,924 | -€102,489 | -12.6% |
| Equity | 10/15 | €401,457 | €433,775 | +€32,318 | +8.1% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €326,400 | €358,400 | +€32,000 | +9.8% |
| Non-distributable reserves | 130/1 | €4,000 | €4,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,000 | €4,000 | = | 0.0% |
| Distributable reserves | 133 | €322,400 | €354,400 | +€32,000 | +9.9% |
| Profit (loss) carried forward | 14 | €35,057 | €35,375 | +€318 | +0.9% |
| Amounts payable | 17/49 | €410,956 | €276,149 | -€134,807 | -32.8% |
| Amounts payable after more than one year | 17 | €207,872 | €191,654 | -€16,218 | -7.8% |
| Financial debts | 170/4 | €207,872 | €191,654 | -€16,218 | -7.8% |
| Amounts payable within one year | 42/48 | €190,245 | €82,620 | -€107,625 | -56.6% |
| Current portion of amounts payable after more than one year | 42 | €12,133 | €10,264 | -€1,869 | -15.4% |
| Trade debts | 44 | €34,311 | €13,284 | -€21,027 | -61.3% |
| Suppliers | 440/4 | €34,311 | €13,284 | -€21,027 | -61.3% |
| Taxes, remuneration and social security | 45 | €58,218 | €46,659 | -€11,560 | -19.9% |
| Taxes | 450/3 | €45,380 | €32,814 | -€12,567 | -27.7% |
| Remuneration and social security | 454/9 | €12,838 | €13,845 | +€1,007 | +7.8% |
| Other amounts payable | 47/48 | €85,583 | €12,413 | -€73,169 | -85.5% |
| Accrued charges and deferred income | 492/3 | €12,839 | €1,875 | -€10,964 | -85.4% |
| Remuneration, social security and pensions | 62 | €109,674 | €112,636 | +€2,962 | +2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,150 | €40,528 | -€1,622 | -3.8% |
| Other operating charges | 640/8 | €3,165 | €3,375 | +€210 | +6.6% |
| Gross operating margin | 9900 | €266,742 | €200,843 | -€65,899 | -24.7% |
| Operating profit (loss) | 9901 | €111,753 | €44,304 | -€67,449 | -60.4% |
| Financial income | 75/76B | €5,836 | €3,852 | -€1,983 | -34.0% |
| Recurring financial income | 75 | €5,836 | €3,852 | -€1,983 | -34.0% |
| Financial charges | 65/66B | €16,334 | €2,989 | -€13,344 | -81.7% |
| Recurring financial charges | 65 | €16,334 | €2,989 | -€13,344 | -81.7% |
| Profit (loss) for the period before taxes | 9903 | €101,255 | €45,167 | -€56,088 | -55.4% |
| Income taxes | 67/77 | €27,750 | €12,849 | -€14,901 | -53.7% |
| Profit (loss) for the period | 9904 | €73,505 | €32,318 | -€41,187 | -56.0% |
| Profit (loss) for the period to be appropriated | 9905 | €73,505 | €32,318 | -€41,187 | -56.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.