VERHAEGEN: 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
VERHAEGEN
NACE 49.320, Non-scheduled passenger transport by road
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€30,947
2024 · €66,711-€35,765
Equity
€788,540
2024 · €757,594+€30,947
Cash
€22,750
2024 · €35,853-€13,103
Balance sheet total
€1.3m
2024 · €1.3m-€30,500
Largest movements
Assets
- Tangible fixed assets -€13,628
down €13,628 (-1.1%), from €1.3m to €1.3m
of which Land and buildings: -€13,338
Equity and liabilities
- Reserves +€30,947
up €30,947 (+4.2%), from €739,002 to €769,948
- Debts after one year -€28,582
down €28,582 (-30.3%), from €94,297 to €65,715
- Other debts -€16,839
down €16,839 (-9.7%), from €173,348 to €156,510
- Tax, wage and social debts -€15,818
down €15,818 (-21.8%), from €72,621 to €56,803
Income statement
- Gross operating margin -€69,972
down €69,972 (-37.4%), from €187,294 to €117,322
- Taxes -€18,708
down €18,708 (-50.7%), from €36,899 to €18,191
- Financial charges -€18,272
down €18,272 (-64.3%), from €28,418 to €10,147
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
€66,711
Gross operating margin
-€69,972
Depreciation
-€1,001
Other operating charges
-€425
Financial income
-€1,346
Financial charges
+€18,272
Taxes
+€18,708
Result 2025
€30,947
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.
From operations
+€32,007
Investment
-€25,344
Financing
-€19,766
Cash 2024
€35,853
From operations (derived)
+€32,007
Net result for the year
+€30,947
Depreciation
+€38,972
Receivables within one year
+€2,643
Deferred charges and accrued income
+€1,126
Provisions
-€2,638
Trade debts
+€1,193
Tax, wage and social debts
-€15,818
Advances received
-€3,450
Other debts
-€16,839
Accrued charges and deferred income
-€4,128
Investment (derived)
-€25,344
Investment in fixed assets (net)
-€25,344
Financing
-€19,766
Debts after one year
-€28,582
Current portion of long-term debt
+€377
Short-term financial debts
+€8,439
Cash 2025
€22,750
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,323,705 | €1,293,206 | -€30,500 | -2.3% |
| Fixed assets | 21/28 | €1,270,348 | €1,256,721 | -€13,628 | -1.1% |
| Tangible fixed assets | 22/27 | €1,268,448 | €1,254,821 | -€13,628 | -1.1% |
| Land and buildings | 22 | €1,261,896 | €1,248,558 | -€13,338 | -1.1% |
| Plant, machinery and equipment | 23 | €6,552 | €6,263 | -€290 | -4.4% |
| Financial fixed assets | 28 | €1,900 | €1,900 | = | 0.0% |
| Current assets | 29/58 | €53,357 | €36,485 | -€16,872 | -31.6% |
| Amounts receivable within one year | 40/41 | €15,857 | €13,214 | -€2,643 | -16.7% |
| Trade receivables | 40 | €15,316 | €13,030 | -€2,286 | -14.9% |
| Other amounts receivable | 41 | €541 | €184 | -€357 | -66.0% |
| Cash at bank and in hand | 54/58 | €35,853 | €22,750 | -€13,103 | -36.5% |
| Deferred charges and accrued income | 490/1 | €1,648 | €521 | -€1,126 | -68.4% |
| Total equity and liabilities | 10/49 | €1,323,705 | €1,293,206 | -€30,500 | -2.3% |
| Equity | 10/15 | €757,594 | €788,540 | +€30,947 | +4.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €739,002 | €769,948 | +€30,947 | +4.2% |
| Distributable reserves | 133 | €739,002 | €769,948 | +€30,947 | +4.2% |
| Provisions and deferred taxes | 16 | €2,638 | €0 | -€2,638 | -100.0% |
| Provisions for liabilities and charges | 160/5 | €2,638 | €0 | -€2,638 | -100.0% |
| Environmental obligations | 163 | €2,638 | €0 | -€2,638 | -100.0% |
| Amounts payable | 17/49 | €563,474 | €504,665 | -€58,809 | -10.4% |
| Amounts payable after more than one year | 17 | €94,297 | €65,715 | -€28,582 | -30.3% |
| Financial debts | 170/4 | €94,297 | €65,715 | -€28,582 | -30.3% |
| Amounts payable within one year | 42/48 | €462,347 | €436,249 | -€26,098 | -5.6% |
| Current portion of amounts payable after more than one year | 42 | €28,205 | €28,582 | +€377 | +1.3% |
| Financial debts | 43 | €184,000 | €192,439 | +€8,439 | +4.6% |
| Credit institutions | 430/8 | €184,000 | €192,439 | +€8,439 | +4.6% |
| Trade debts | 44 | €722 | €1,915 | +€1,193 | +165.3% |
| Suppliers | 440/4 | €722 | €1,915 | +€1,193 | +165.3% |
| Advances received on contracts in progress | 46 | €3,450 | €0 | -€3,450 | -100.0% |
| Taxes, remuneration and social security | 45 | €72,621 | €56,803 | -€15,818 | -21.8% |
| Taxes | 450/3 | €72,621 | €56,803 | -€15,818 | -21.8% |
| Other amounts payable | 47/48 | €173,348 | €156,510 | -€16,839 | -9.7% |
| Accrued charges and deferred income | 492/3 | €6,830 | €2,702 | -€4,128 | -60.4% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,971 | €38,972 | +€1,001 | +2.6% |
| Other operating charges | 640/8 | €18,641 | €19,066 | +€425 | +2.3% |
| Gross operating margin | 9900 | €187,294 | €117,322 | -€69,972 | -37.4% |
| Operating profit (loss) | 9901 | €130,682 | €59,284 | -€71,398 | -54.6% |
| Financial income | 75/76B | €1,346 | €0 | -€1,346 | -100.0% |
| Recurring financial income | 75 | €1,346 | €0 | -€1,346 | -100.0% |
| Financial charges | 65/66B | €28,418 | €10,147 | -€18,272 | -64.3% |
| Recurring financial charges | 65 | €28,418 | €10,147 | -€18,272 | -64.3% |
| Profit (loss) for the period before taxes | 9903 | €103,610 | €49,137 | -€54,473 | -52.6% |
| Income taxes | 67/77 | €36,899 | €18,191 | -€18,708 | -50.7% |
| Profit (loss) for the period | 9904 | €66,711 | €30,947 | -€35,765 | -53.6% |
| Profit (loss) for the period to be appropriated | 9905 | €66,711 | €30,947 | -€35,765 | -53.6% |
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 11 October 2026 via checked.be.