FIRMA VERHELLEN: what changed
Two fiscal 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.
FIRMA VERHELLEN
Largest movements
- Receivables within one year -€33,902
down €33,902 (-40.7%), from €83,350 to €49,447
of which Trade receivables: -€40,007
- Tangible fixed assets -€8,432
down €8,432 (-75.8%), from €11,117 to €2,685
of which Leasing and similar rights: -€5,558
- Stocks and contracts -€5,339
down €5,339 (-36.0%), from €14,845 to €9,507
- Trade debts -€106,322
down €106,322 (-49.9%), from €213,028 to €106,707
- Reserves +€62,185
up €62,185 (+111.3%), from €55,851 to €118,036
- Profit (loss) carried forward +€27,094
up €27,094 (+12.9%), from -€209,507 to -€182,413
- Current portion of long-term debt -€16,063
down €16,063 (-65.6%), from €24,472 to €8,409
- Other debts -€12,271
down €12,271 (-100.0%), from €12,271 to €0
- Gross operating margin -€11,537
down €11,537 (-9.7%), from €118,952 to €107,415
- Depreciation -€6,888
down €6,888 (-47.1%), from €14,630 to €7,742
- Financial charges +€4,826
up €4,826 (+178.4%), from €2,705 to €7,531
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.
Cash bridge derived
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 | €110,800 | €64,193 | -€46,607 | -42.1% |
| Fixed assets | 21/28 | €11,216 | €2,685 | -€8,531 | -76.1% |
| Intangible fixed assets | 21 | €99 | €0 | -€99 | -100.0% |
| Tangible fixed assets | 22/27 | €11,117 | €2,685 | -€8,432 | -75.8% |
| Plant, machinery and equipment | 23 | €3,561 | €2,685 | -€876 | -24.6% |
| Furniture and vehicles | 24 | €1,998 | €0 | -€1,998 | -100.0% |
| Leasing and similar rights | 25 | €5,558 | €0 | -€5,558 | -100.0% |
| Current assets | 29/58 | €99,584 | €61,507 | -€38,077 | -38.2% |
| Stocks and contracts in progress | 3 | €14,845 | €9,507 | -€5,339 | -36.0% |
| Stocks | 30/36 | €14,845 | €9,507 | -€5,339 | -36.0% |
| Amounts receivable within one year | 40/41 | €83,350 | €49,447 | -€33,902 | -40.7% |
| Trade receivables | 40 | €79,569 | €39,562 | -€40,007 | -50.3% |
| Other amounts receivable | 41 | €3,780 | €9,885 | +€6,105 | +161.5% |
| Cash at bank and in hand | 54/58 | €1,249 | €2,297 | +€1,048 | +83.8% |
| Deferred charges and accrued income | 490/1 | €139 | €256 | +€117 | +83.8% |
| Total equity and liabilities | 10/49 | €110,800 | €64,193 | -€46,607 | -42.1% |
| Equity | 10/15 | -€152,656 | -€63,377 | +€89,279 | +58.5% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €55,851 | €118,036 | +€62,185 | +111.3% |
| Tax-exempt reserves | 132 | €55,851 | €118,036 | +€62,185 | +111.3% |
| Profit (loss) carried forward | 14 | -€209,507 | -€182,413 | +€27,094 | +12.9% |
| Amounts payable | 17/49 | €263,456 | €127,570 | -€135,886 | -51.6% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €254,054 | €115,987 | -€138,067 | -54.3% |
| Current portion of amounts payable after more than one year | 42 | €24,472 | €8,409 | -€16,063 | -65.6% |
| Financial debts | 43 | €584 | €195 | -€389 | -66.6% |
| Other loans | 439 | €584 | €195 | -€389 | -66.6% |
| Trade debts | 44 | €213,028 | €106,707 | -€106,322 | -49.9% |
| Suppliers | 440/4 | €213,028 | €106,707 | -€106,322 | -49.9% |
| Taxes, remuneration and social security | 45 | €3,698 | €676 | -€3,022 | -81.7% |
| Taxes | 450/3 | €3,698 | €676 | -€3,022 | -81.7% |
| Other amounts payable | 47/48 | €12,271 | €0 | -€12,271 | -100.0% |
| Accrued charges and deferred income | 492/3 | €9,402 | €11,583 | +€2,181 | +23.2% |
| Non-recurring operating income | 76A | €68,113 | €67,684 | -€429 | -0.6% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,630 | €7,742 | -€6,888 | -47.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €1,632 | €1,122 | -€510 | -31.2% |
| Non-recurring operating charges | 66A | €1,076 | €1,922 | +€846 | +78.6% |
| Gross operating margin | 9900 | €118,952 | €107,415 | -€11,537 | -9.7% |
| Operating profit (loss) | 9901 | €101,613 | €96,629 | -€4,984 | -4.9% |
| Financial income | 75/76B | €22 | €181 | +€159 | +716.3% |
| Recurring financial income | 75 | €22 | €181 | +€159 | +716.3% |
| Financial charges | 65/66B | €2,705 | €7,531 | +€4,826 | +178.4% |
| Recurring financial charges | 65 | €2,705 | €7,531 | +€4,826 | +178.4% |
| Profit (loss) for the period before taxes | 9903 | €98,930 | €89,279 | -€9,651 | -9.8% |
| Profit (loss) for the period | 9904 | €98,930 | €89,279 | -€9,651 | -9.8% |
| Transfer to tax-exempt reserves | 689 | €55,851 | €62,185 | +€6,334 | +11.3% |
| Profit (loss) for the period to be appropriated | 9905 | €43,079 | €27,094 | -€15,985 | -37.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.