PROXY VERHAEREN: 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.
What changed
PROXY VERHAEREN
NACE 47.110, Non-specialised retail sale with food, beverages or tobacco predominating
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€184,072
2024 · €63,369+€120,703
Equity
€529,835
2024 · €351,946+€177,889
Cash
€235,632
2024 · €230,868+€4,764
Balance sheet total
€2.6m
2024 · €2.5m+€104,202
Largest movements
Assets
- Receivables within one year +€243,678
up €243,678 (+20.8%), from €1.2m to €1.4m
of which Other amounts receivable: +€235,442
- Intangible fixed assets -€103,934
no longer reported in 2025 (was €103,934)
- Tangible fixed assets -€100,701
down €100,701 (-21.2%), from €474,290 to €373,589
- Deferred charges and accrued income +€45,702
up €45,702 (+117%), from €39,095 to €84,797
Equity and liabilities
- Profit (loss) carried forward +€184,072
up €184,072 (+167%), from €110,034 to €294,106
- Trade debts +€152,755
up €152,755 (+19.7%), from €776,242 to €928,997
- Other debts -€135,453
down €135,453 (-37.1%), from €364,788 to €229,335
- Debts after one year -€132,669
down €132,669 (-22.1%), from €600,823 to €468,154
- Tax, wage and social debts +€42,589
up €42,589 (+26.0%), from €163,984 to €206,573
of which Remuneration and social security: +€21,343
Income statement
- Gross operating margin +€177,747
up €177,747 (+12.4%), from €1.4m to €1.6m
- Taxes +€55,956
up €55,956 (+189%), from €29,672 to €85,628
- Staff costs +€23,883
up €23,883 (+2.5%), from €970,341 to €994,224
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.
Result 2024
€63,369
Gross operating margin
+€177,747
Staff costs
-€23,883
Depreciation
+€15,078
Other operating charges
+€3,501
Financial income
-€297
Financial charges
+€4,512
Taxes
-€55,956
Result 2025
€184,072
raises the resultlowers the result
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.
From operations
+€228,799
Investment
-€64,262
Financing
-€159,774
Cash 2024
€230,868
From operations (derived)
+€228,799
Net result for the year
+€184,072
Depreciation
+€268,898
Stocks and contracts
-€14,694
Receivables within one year
-€243,678
Deferred charges and accrued income
-€45,702
Provisions
-€631
Trade debts
+€152,755
Tax, wage and social debts
+€42,589
Other debts
-€135,453
Accrued charges and deferred income
+€20,644
Investment (derived)
-€64,262
Investment in fixed assets (net)
-€64,262
Financing
-€159,774
Debts after one year
-€132,669
Current portion of long-term debt
-€20,922
Contributions, distributions and other
-€6,183
Cash 2025
€235,632
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,463,033 | €2,567,235 | +€104,202 | +4.2% |
| Fixed assets | 21/28 | €580,813 | €376,178 | -€204,635 | -35.2% |
| Intangible fixed assets | 21 | €103,934 | - | -€103,934 | |
| Tangible fixed assets | 22/27 | €474,290 | €373,589 | -€100,701 | -21.2% |
| Plant, machinery and equipment | 23 | €238,064 | €205,314 | -€32,750 | -13.8% |
| Furniture and vehicles | 24 | €86,371 | €64,057 | -€22,315 | -25.8% |
| Other tangible fixed assets | 26 | €149,854 | €104,218 | -€45,636 | -30.5% |
| Financial fixed assets | 28 | €2,589 | €2,589 | = | 0.0% |
| Current assets | 29/58 | €1,882,220 | €2,191,057 | +€308,837 | +16.4% |
| Stocks and contracts in progress | 3 | €442,185 | €456,879 | +€14,694 | +3.3% |
| Stocks | 30/36 | €442,185 | €456,879 | +€14,694 | +3.3% |
| Amounts receivable within one year | 40/41 | €1,170,072 | €1,413,750 | +€243,678 | +20.8% |
| Trade receivables | 40 | €16,923 | €25,158 | +€8,235 | +48.7% |
| Other amounts receivable | 41 | €1,153,150 | €1,388,592 | +€235,442 | +20.4% |
| Cash at bank and in hand | 54/58 | €230,868 | €235,632 | +€4,764 | +2.1% |
| Deferred charges and accrued income | 490/1 | €39,095 | €84,797 | +€45,702 | +117% |
| Total equity and liabilities | 10/49 | €2,463,033 | €2,567,235 | +€104,202 | +4.2% |
| Equity | 10/15 | €351,946 | €529,835 | +€177,889 | +50.5% |
| Contributions | 10/11 | €105,000 | €105,000 | = | 0.0% |
| Capital | 10 | €105,000 | €105,000 | = | 0.0% |
| Issued capital | 100 | €105,000 | €105,000 | = | 0.0% |
| Reserves | 13 | €107,165 | €107,165 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,500 | €10,500 | = | 0.0% |
| Legal reserve | 130 | €10,500 | €10,500 | = | 0.0% |
| Distributable reserves | 133 | €96,665 | €96,665 | = | 0.0% |
| Profit (loss) carried forward | 14 | €110,034 | €294,106 | +€184,072 | +167% |
| Investment grants | 15 | €29,748 | €23,565 | -€6,183 | -20.8% |
| Provisions and deferred taxes | 16 | €13,731 | €13,100 | -€631 | -4.6% |
| Deferred taxes | 168 | €13,731 | €13,100 | -€631 | -4.6% |
| Amounts payable | 17/49 | €2,097,356 | €2,024,301 | -€73,056 | -3.5% |
| Amounts payable after more than one year | 17 | €600,823 | €468,154 | -€132,669 | -22.1% |
| Financial debts | 170/4 | €600,823 | €468,154 | -€132,669 | -22.1% |
| Amounts payable within one year | 42/48 | €1,458,605 | €1,497,574 | +€38,969 | +2.7% |
| Current portion of amounts payable after more than one year | 42 | €153,590 | €132,669 | -€20,922 | -13.6% |
| Trade debts | 44 | €776,242 | €928,997 | +€152,755 | +19.7% |
| Suppliers | 440/4 | €776,242 | €928,997 | +€152,755 | +19.7% |
| Taxes, remuneration and social security | 45 | €163,984 | €206,573 | +€42,589 | +26.0% |
| Taxes | 450/3 | €55,772 | €77,017 | +€21,245 | +38.1% |
| Remuneration and social security | 454/9 | €108,212 | €129,556 | +€21,343 | +19.7% |
| Other amounts payable | 47/48 | €364,788 | €229,335 | -€135,453 | -37.1% |
| Accrued charges and deferred income | 492/3 | €37,929 | €58,573 | +€20,644 | +54.4% |
| Remuneration, social security and pensions | 62 | €970,341 | €994,224 | +€23,883 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €283,976 | €268,898 | -€15,078 | -5.3% |
| Other operating charges | 640/8 | €47,270 | €43,769 | -€3,501 | -7.4% |
| Gross operating margin | 9900 | €1,428,648 | €1,606,395 | +€177,747 | +12.4% |
| Operating profit (loss) | 9901 | €127,061 | €299,505 | +€172,444 | +136% |
| Financial income | 75/76B | €7,165 | €6,868 | -€297 | -4.2% |
| Recurring financial income | 75 | €7,165 | €6,868 | -€297 | -4.2% |
| Financial charges | 65/66B | €41,185 | €36,673 | -€4,512 | -11.0% |
| Recurring financial charges | 65 | €41,185 | €36,673 | -€4,512 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | €93,041 | €269,700 | +€176,659 | +190% |
| Income taxes | 67/77 | €29,672 | €85,628 | +€55,956 | +189% |
| Profit (loss) for the period | 9904 | €63,369 | €184,072 | +€120,703 | +190% |
| Profit (loss) for the period to be appropriated | 9905 | €63,369 | €184,072 | +€120,703 | +190% |
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 19 October 2026 via checked.be.