HET VERZET: 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.
HET VERZET
Largest movements
- Tangible fixed assets -€192,513
down €192,513 (-44.9%), from €429,040 to €236,528
of which Furniture and vehicles: -€158,016
- Receivables within one year -€100,104
down €100,104 (-31.3%), from €320,319 to €220,215
of which Trade receivables: -€125,548
- Stocks and contracts -€72,519
down €72,519 (-10.2%), from €708,369 to €635,849
- Cash +€63,755
up €63,755 (+20.1%), from €317,143 to €380,898
mainly Depreciation (+€166,232) and Receivables within one year (+€100,104)
- Current portion of long-term debt -€217,543
down €217,543 (-84.8%), from €256,678 to €39,135
- Debts after one year -€39,135
down €39,135 (-28.3%), from €138,395 to €99,259
- Short-term financial debts -€25,363
down €25,363 (-100%), from €25,363 to €0
- Gross operating margin -€143,202
down €143,202 (-23.5%), from €610,042 to €466,840
- Depreciation -€85,033
down €85,033 (-33.8%), from €251,265 to €166,232
- Financial charges -€18,647
down €18,647 (-63.0%), from €29,614 to €10,967
- Staff costs +€8,484
up €8,484 (+3.6%), from €237,457 to €245,941
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 | €1,788,422 | €1,488,986 | -€299,436 | -16.7% |
| Fixed assets | 21/28 | €431,852 | €239,490 | -€192,363 | -44.5% |
| Tangible fixed assets | 22/27 | €429,040 | €236,528 | -€192,513 | -44.9% |
| Land and buildings | 22 | €184,948 | €150,451 | -€34,497 | -18.7% |
| Plant, machinery and equipment | 23 | €0 | €0 | -€0 | -100% |
| Furniture and vehicles | 24 | €244,092 | €86,076 | -€158,016 | -64.7% |
| Financial fixed assets | 28 | €2,812 | €2,962 | +€150 | +5.3% |
| Current assets | 29/58 | €1,356,570 | €1,249,497 | -€107,074 | -7.9% |
| Stocks and contracts in progress | 3 | €708,369 | €635,849 | -€72,519 | -10.2% |
| Stocks | 30/36 | €708,369 | €635,849 | -€72,519 | -10.2% |
| Amounts receivable within one year | 40/41 | €320,319 | €220,215 | -€100,104 | -31.3% |
| Trade receivables | 40 | €249,190 | €123,642 | -€125,548 | -50.4% |
| Other amounts receivable | 41 | €71,129 | €96,573 | +€25,444 | +35.8% |
| Cash at bank and in hand | 54/58 | €317,143 | €380,898 | +€63,755 | +20.1% |
| Deferred charges and accrued income | 490/1 | €10,739 | €12,534 | +€1,795 | +16.7% |
| Total equity and liabilities | 10/49 | €1,788,422 | €1,488,986 | -€299,436 | -16.7% |
| Equity | 10/15 | €1,221,331 | €1,228,927 | +€7,596 | +0.6% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €215,376 | €215,376 | = | 0.0% |
| Tax-exempt reserves | 132 | €175,516 | €175,516 | = | 0.0% |
| Distributable reserves | 133 | €39,860 | €39,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €999,749 | €1,007,345 | +€7,596 | +0.8% |
| Amounts payable | 17/49 | €567,091 | €260,059 | -€307,032 | -54.1% |
| Amounts payable after more than one year | 17 | €138,395 | €99,259 | -€39,135 | -28.3% |
| Financial debts | 170/4 | €138,395 | €99,259 | -€39,135 | -28.3% |
| Amounts payable within one year | 42/48 | €428,697 | €160,800 | -€267,897 | -62.5% |
| Current portion of amounts payable after more than one year | 42 | €256,678 | €39,135 | -€217,543 | -84.8% |
| Financial debts | 43 | €25,363 | €0 | -€25,363 | -100% |
| Credit institutions | 430/8 | €25,363 | €0 | -€25,363 | -100% |
| Trade debts | 44 | €38,121 | €24,202 | -€13,919 | -36.5% |
| Suppliers | 440/4 | €38,121 | €24,202 | -€13,919 | -36.5% |
| Advances received on contracts in progress | 46 | - | €2,000 | +€2,000 | |
| Taxes, remuneration and social security | 45 | €65,535 | €48,552 | -€16,983 | -25.9% |
| Taxes | 450/3 | €33,142 | €19,166 | -€13,976 | -42.2% |
| Remuneration and social security | 454/9 | €32,393 | €29,386 | -€3,007 | -9.3% |
| Other amounts payable | 47/48 | €43,000 | €46,911 | +€3,911 | +9.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €237,457 | €245,941 | +€8,484 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €251,265 | €166,232 | -€85,033 | -33.8% |
| Other operating charges | 640/8 | €3,925 | €3,917 | -€8 | -0.2% |
| Non-recurring operating charges | 66A | €80,956 | €28,626 | -€52,330 | -64.6% |
| Gross operating margin | 9900 | €610,042 | €466,840 | -€143,202 | -23.5% |
| Operating profit (loss) | 9901 | €36,439 | €22,124 | -€14,315 | -39.3% |
| Financial income | 75/76B | €0 | €2,512 | +€2,512 | |
| Recurring financial income | 75 | €0 | €2,512 | +€2,512 | |
| Financial charges | 65/66B | €29,614 | €10,967 | -€18,647 | -63.0% |
| Recurring financial charges | 65 | €29,614 | €10,967 | -€18,647 | -63.0% |
| Profit (loss) for the period before taxes | 9903 | €6,825 | €13,669 | +€6,844 | +100% |
| Income taxes | 67/77 | €4,299 | €6,073 | +€1,774 | +41.3% |
| Profit (loss) for the period | 9904 | €2,526 | €7,596 | +€5,070 | +201% |
| Profit (loss) for the period to be appropriated | 9905 | €2,526 | €7,596 | +€5,070 | +201% |
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 1 November 2026 via checked.be.