Group 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.
Group Verhellen
Largest movements
- Stocks and contracts +€197,277
up €197,277 (+2086.1%), from €9,457 to €206,734
of which Stocks: +€198,720
- Receivables within one year +€124,030
up €124,030 (+198.9%), from €62,348 to €186,378
of which Trade receivables: +€130,472
- Cash -€64,750
down €64,750 (-85.2%), from €75,961 to €11,211
mainly Stocks and contracts (-€197,277) and Receivables within one year (-€124,030)
- Deferred charges and accrued income +€17,806
up €17,806 (+104.7%), from €17,000 to €34,806
- Other debts +€252,873
up €252,873 (+69.2%), from €365,312 to €618,185
- Profit (loss) carried forward +€64,486
up €64,486 (+53.0%), from -€121,767 to -€57,281
- Debts after one year -€22,500
down €22,500 (-6.9%), from €328,125 to €305,625
- Gross operating margin +€24,803
up €24,803 (+22.6%), from €109,731 to €134,534
- Staff costs +€24,224
up €24,224, from €0 to €24,224
- Financial income +€12,628
up €12,628 (+6166.2%), from €205 to €12,833
- Financial charges -€6,423
down €6,423 (-58.5%), from €10,971 to €4,548
- Depreciation +€6,082
up €6,082 (+16.3%), from €37,310 to €43,392
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 | €763,934 | €1,043,710 | +€279,776 | +36.6% |
| Fixed assets | 21/28 | €599,169 | €604,581 | +€5,413 | +0.9% |
| Tangible fixed assets | 22/27 | €596,399 | €604,311 | +€7,913 | +1.3% |
| Land and buildings | 22 | €533,337 | €559,398 | +€26,061 | +4.9% |
| Plant, machinery and equipment | 23 | €4,172 | €5,577 | +€1,404 | +33.7% |
| Furniture and vehicles | 24 | €58,890 | €39,336 | -€19,553 | -33.2% |
| Financial fixed assets | 28 | €2,770 | €270 | -€2,500 | -90.3% |
| Current assets | 29/58 | €164,766 | €439,129 | +€274,363 | +166.5% |
| Stocks and contracts in progress | 3 | €9,457 | €206,734 | +€197,277 | +2086.1% |
| Stocks | 30/36 | €8,014 | €206,734 | +€198,720 | +2479.8% |
| Contracts in progress | 37 | €1,443 | €0 | -€1,443 | -100.0% |
| Amounts receivable within one year | 40/41 | €62,348 | €186,378 | +€124,030 | +198.9% |
| Trade receivables | 40 | €49,993 | €180,466 | +€130,472 | +261.0% |
| Other amounts receivable | 41 | €12,355 | €5,913 | -€6,442 | -52.1% |
| Cash at bank and in hand | 54/58 | €75,961 | €11,211 | -€64,750 | -85.2% |
| Deferred charges and accrued income | 490/1 | €17,000 | €34,806 | +€17,806 | +104.7% |
| Total equity and liabilities | 10/49 | €763,934 | €1,043,710 | +€279,776 | +36.6% |
| Equity | 10/15 | -€76,451 | -€11,965 | +€64,486 | +84.3% |
| Contributions | 10/11 | €13,412 | €13,412 | = | 0.0% |
| Reserves | 13 | €31,904 | €31,904 | = | 0.0% |
| Tax-exempt reserves | 132 | €31,904 | €31,904 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€121,767 | -€57,281 | +€64,486 | +53.0% |
| Amounts payable | 17/49 | €840,385 | €1,055,675 | +€215,290 | +25.6% |
| Amounts payable after more than one year | 17 | €328,125 | €305,625 | -€22,500 | -6.9% |
| Financial debts | 170/4 | €328,125 | €305,625 | -€22,500 | -6.9% |
| Amounts payable within one year | 42/48 | €507,627 | €750,050 | +€242,423 | +47.8% |
| Current portion of amounts payable after more than one year | 42 | €27,500 | €22,500 | -€5,000 | -18.2% |
| Financial debts | 43 | - | €417 | +€417 | |
| Credit institutions | 430/8 | - | €417 | +€417 | |
| Trade debts | 44 | €114,189 | €106,772 | -€7,417 | -6.5% |
| Suppliers | 440/4 | €114,189 | €106,772 | -€7,417 | -6.5% |
| Taxes, remuneration and social security | 45 | €626 | €2,176 | +€1,550 | +247.7% |
| Taxes | 450/3 | €626 | €559 | -€67 | -10.6% |
| Remuneration and social security | 454/9 | - | €1,617 | +€1,617 | |
| Other amounts payable | 47/48 | €365,312 | €618,185 | +€252,873 | +69.2% |
| Accrued charges and deferred income | 492/3 | €4,633 | €0 | -€4,633 | -100.0% |
| Non-recurring operating income | 76A | €17,000 | €10,991 | -€6,009 | -35.3% |
| Remuneration, social security and pensions | 62 | €0 | €24,224 | +€24,224 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,310 | €43,392 | +€6,082 | +16.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,876 | -€1,190 | +€686 | +36.6% |
| Other operating charges | 640/8 | €9,278 | €11,907 | +€2,629 | +28.3% |
| Non-recurring operating charges | 66A | €16,776 | €0 | -€16,776 | -100.0% |
| Gross operating margin | 9900 | €109,731 | €134,534 | +€24,803 | +22.6% |
| Operating profit (loss) | 9901 | €48,243 | €56,201 | +€7,958 | +16.5% |
| Financial income | 75/76B | €205 | €12,833 | +€12,628 | +6166.2% |
| Recurring financial income | 75 | €205 | €12,833 | +€12,628 | +6166.2% |
| Financial charges | 65/66B | €10,971 | €4,548 | -€6,423 | -58.5% |
| Recurring financial charges | 65 | €10,971 | €4,548 | -€6,423 | -58.5% |
| Profit (loss) for the period before taxes | 9903 | €37,477 | €64,486 | +€27,009 | +72.1% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €37,477 | €64,486 | +€27,009 | +72.1% |
| Profit (loss) for the period to be appropriated | 9905 | €37,477 | €64,486 | +€27,009 | +72.1% |
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 29 September 2026 via checked.be.