IMMO VERHOEVEN FRANK: what changed
IMMO VERHOEVEN FRANK
Largest movements
- Tangible fixed assets +€112,273
up €112,273 (+6.1%), from €1.8m to €2.0m
of which Land and buildings: +€123,521
- Current investments +€86,873
new in 2025: €86,873
- Cash -€80,827
no longer reported in 2025 (was €80,827)
mainly Investment in fixed assets (net) (-€251,433) and Debts after one year (-€142,376)
- Receivables within one year -€28,059
down €28,059 (-16.4%), from €171,571 to €143,512
of which Trade receivables: -€28,059
- Deferred charges and accrued income -€22,689
no longer reported in 2025 (was €22,689)
- Other debts +€172,850
up €172,850 (+42.9%), from €403,136 to €575,986
- Debts after one year -€142,376
down €142,376 (-10.1%), from €1.4m to €1.3m
- Current portion of long-term debt +€71,558
new in 2025: €71,558
- Reserves -€38,345
down €38,345 (-18.5%), from €207,433 to €169,088
of which Distributable reserves: -€38,345
- Gross operating margin +€90,616
up €90,616 (+26.7%), from €339,236 to €429,852
- Staff costs +€73,309
up €73,309 (+39.1%), from €187,459 to €260,768
- Other operating charges +€52,004
up €52,004 (+1,638%), from €3,175 to €55,179
- Depreciation +€19,033
up €19,033 (+15.8%), from €120,126 to €139,159
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,117,220 | €2,184,792 | +€67,572 | +3.2% |
| Fixed assets | 21/28 | €1,842,134 | €1,954,407 | +€112,273 | +6.1% |
| Tangible fixed assets | 22/27 | €1,842,134 | €1,954,407 | +€112,273 | +6.1% |
| Land and buildings | 22 | €1,442,278 | €1,565,800 | +€123,521 | +8.6% |
| Plant, machinery and equipment | 23 | €342,281 | €321,804 | -€20,477 | -6.0% |
| Furniture and vehicles | 24 | €57,574 | €66,803 | +€9,229 | +16.0% |
| Current assets | 29/58 | €275,086 | €230,385 | -€44,701 | -16.2% |
| Amounts receivable within one year | 40/41 | €171,571 | €143,512 | -€28,059 | -16.4% |
| Trade receivables | 40 | €165,362 | €137,303 | -€28,059 | -17.0% |
| Other amounts receivable | 41 | €6,209 | €6,209 | = | 0.0% |
| Current investments | 50/53 | - | €86,873 | +€86,873 | |
| Cash at bank and in hand | 54/58 | €80,827 | - | -€80,827 | |
| Deferred charges and accrued income | 490/1 | €22,689 | - | -€22,689 | |
| Total equity and liabilities | 10/49 | €2,117,220 | €2,184,792 | +€67,572 | +3.2% |
| Equity | 10/15 | €226,033 | €187,688 | -€38,345 | -17.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €207,433 | €169,088 | -€38,345 | -18.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €205,573 | €167,228 | -€38,345 | -18.7% |
| Amounts payable | 17/49 | €1,891,187 | €1,997,104 | +€105,917 | +5.6% |
| Amounts payable after more than one year | 17 | €1,409,924 | €1,267,548 | -€142,376 | -10.1% |
| Financial debts | 170/4 | €1,409,924 | €1,267,548 | -€142,376 | -10.1% |
| Amounts payable within one year | 42/48 | €481,262 | €729,555 | +€248,293 | +51.6% |
| Current portion of amounts payable after more than one year | 42 | - | €71,558 | +€71,558 | |
| Trade debts | 44 | €8,790 | €260 | -€8,530 | -97.0% |
| Suppliers | 440/4 | €8,790 | €260 | -€8,530 | -97.0% |
| Taxes, remuneration and social security | 45 | €69,336 | €81,752 | +€12,415 | +17.9% |
| Taxes | 450/3 | €43,245 | €36,458 | -€6,788 | -15.7% |
| Remuneration and social security | 454/9 | €26,091 | €45,294 | +€19,203 | +73.6% |
| Other amounts payable | 47/48 | €403,136 | €575,986 | +€172,850 | +42.9% |
| Remuneration, social security and pensions | 62 | €187,459 | €260,768 | +€73,309 | +39.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €120,126 | €139,159 | +€19,033 | +15.8% |
| Other operating charges | 640/8 | €3,175 | €55,179 | +€52,004 | +1,638% |
| Gross operating margin | 9900 | €339,236 | €429,852 | +€90,616 | +26.7% |
| Operating profit (loss) | 9901 | €28,477 | -€25,253 | -€53,730 | |
| Financial income | 75/76B | €50 | €313 | +€263 | +530% |
| Recurring financial income | 75 | €50 | €313 | +€263 | +530% |
| Financial charges | 65/66B | €15,664 | €13,404 | -€2,260 | -14.4% |
| Recurring financial charges | 65 | €15,664 | €13,404 | -€2,260 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | €12,862 | -€38,345 | -€51,207 | |
| Profit (loss) for the period | 9904 | €12,862 | -€38,345 | -€51,207 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,862 | -€38,345 | -€51,207 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.