M VERHEYDEN: 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.
M VERHEYDEN
Largest movements
- Cash +€63,496
up €63,496 (+138%), from €46,007 to €109,503
mainly Depreciation (+€136,358) and Receivables within one year (+€47,810)
- Receivables within one year -€47,810
down €47,810 (-25.5%), from €187,546 to €139,736
of which Trade receivables: -€46,239
- Tangible fixed assets +€26,876
up €26,876 (+2.4%), from €1.1m to €1.1m
of which Land and buildings: +€23,703
- Other debts +€29,963
up €29,963 (+31.8%), from €94,263 to €124,226
- Trade debts +€28,635
up €28,635 (+235%), from €12,166 to €40,801
- Debts after one year -€26,160
down €26,160 (-2.9%), from €907,407 to €881,247
- Staff costs +€48,291
up €48,291 (+73.8%), from €65,399 to €113,690
- Gross operating margin +€17,332
up €17,332 (+6.2%), from €280,595 to €297,927
- Financial charges +€5,372
up €5,372 (+15.8%), from €34,005 to €39,377
- Depreciation -€4,296
down €4,296 (-3.1%), from €140,654 to €136,358
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 | €1,354,633 | €1,396,169 | +€41,536 | +3.1% |
| Fixed assets | 21/28 | €1,120,674 | €1,145,310 | +€24,636 | +2.2% |
| Tangible fixed assets | 22/27 | €1,118,109 | €1,144,985 | +€26,876 | +2.4% |
| Land and buildings | 22 | €912,375 | €936,078 | +€23,703 | +2.6% |
| Plant, machinery and equipment | 23 | €134,209 | €123,012 | -€11,197 | -8.3% |
| Furniture and vehicles | 24 | €71,525 | €85,895 | +€14,370 | +20.1% |
| Financial fixed assets | 28 | €2,565 | €325 | -€2,240 | -87.3% |
| Current assets | 29/58 | €233,959 | €250,859 | +€16,900 | +7.2% |
| Amounts receivable within one year | 40/41 | €187,546 | €139,736 | -€47,810 | -25.5% |
| Trade receivables | 40 | €184,107 | €137,868 | -€46,239 | -25.1% |
| Other amounts receivable | 41 | €3,439 | €1,868 | -€1,571 | -45.7% |
| Cash at bank and in hand | 54/58 | €46,007 | €109,503 | +€63,496 | +138% |
| Deferred charges and accrued income | 490/1 | €406 | €1,620 | +€1,214 | +299% |
| Total equity and liabilities | 10/49 | €1,354,633 | €1,396,169 | +€41,536 | +3.1% |
| Equity | 10/15 | €236,215 | €239,943 | +€3,728 | +1.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €216,215 | €219,943 | +€3,728 | +1.7% |
| Amounts payable | 17/49 | €1,118,418 | €1,156,226 | +€37,808 | +3.4% |
| Amounts payable after more than one year | 17 | €907,407 | €881,247 | -€26,160 | -2.9% |
| Financial debts | 170/4 | €907,407 | €881,247 | -€26,160 | -2.9% |
| Amounts payable within one year | 42/48 | €211,011 | €274,979 | +€63,968 | +30.3% |
| Current portion of amounts payable after more than one year | 42 | €100,863 | €106,425 | +€5,562 | +5.5% |
| Trade debts | 44 | €12,166 | €40,801 | +€28,635 | +235% |
| Suppliers | 440/4 | €12,166 | €40,801 | +€28,635 | +235% |
| Taxes, remuneration and social security | 45 | €3,719 | €3,527 | -€192 | -5.2% |
| Remuneration and social security | 454/9 | €3,719 | €3,527 | -€192 | -5.2% |
| Other amounts payable | 47/48 | €94,263 | €124,226 | +€29,963 | +31.8% |
| Non-recurring operating income | 76A | €1,272 | €13,221 | +€11,949 | +939% |
| Remuneration, social security and pensions | 62 | €65,399 | €113,690 | +€48,291 | +73.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €140,654 | €136,358 | -€4,296 | -3.1% |
| Other operating charges | 640/8 | €644 | €345 | -€299 | -46.4% |
| Non-recurring operating charges | 66A | - | €4,782 | +€4,782 | |
| Gross operating margin | 9900 | €280,595 | €297,927 | +€17,332 | +6.2% |
| Operating profit (loss) | 9901 | €73,898 | €42,752 | -€31,146 | -42.1% |
| Financial income | 75/76B | €1,520 | €353 | -€1,167 | -76.8% |
| Recurring financial income | 75 | €1,520 | €353 | -€1,167 | -76.8% |
| Financial charges | 65/66B | €34,005 | €39,377 | +€5,372 | +15.8% |
| Recurring financial charges | 65 | €34,005 | €39,377 | +€5,372 | +15.8% |
| Profit (loss) for the period before taxes | 9903 | €41,413 | €3,728 | -€37,685 | -91.0% |
| Profit (loss) for the period | 9904 | €41,413 | €3,728 | -€37,685 | -91.0% |
| Profit (loss) for the period to be appropriated | 9905 | €41,413 | €3,728 | -€37,685 | -91.0% |
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 13 October 2026 via checked.be.