Verhaegen: what changed
Verhaegen
Largest movements
- Tangible fixed assets +€44,987
up €44,987 (+608%), from €7,403 to €52,390
of which Leasing and similar rights: +€44,792
- Cash -€35,821
down €35,821 (-55.6%), from €64,477 to €28,655
mainly Investment in fixed assets (net) (-€48,051) and Net result for the year (-€15,893)
- Receivables within one year +€5,339
up €5,339 (+15.3%), from €34,920 to €40,258
of which Trade receivables: +€3,787
- Deferred charges and accrued income +€2,528
up €2,528 (+36.0%), from €7,019 to €9,546
- Debts after one year +€34,228
new in 2025: €34,228
- Reserves -€15,893
down €15,893 (-57.4%), from €27,691 to €11,799
- Current portion of long-term debt +€8,572
new in 2025: €8,572
- Trade debts -€7,504
down €7,504 (-92.8%), from €8,090 to €586
- Other debts -€2,371
down €2,371 (-4.0%), from €59,436 to €57,065
- Gross operating margin -€14,086
down €14,086, from €10,975 to -€3,110
- Other operating charges +€6,364
up €6,364 (+812%), from €784 to €7,148
- Taxes -€1,832
down €1,832 (-100%), from €1,832 to €0
- Staff costs +€1,754
new in 2025: €1,754
- Depreciation +€876
up €876 (+40.0%), from €2,188 to €3,064
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 | €113,818 | €130,850 | +€17,032 | +15.0% |
| Fixed assets | 21/28 | €7,403 | €52,390 | +€44,987 | +608% |
| Tangible fixed assets | 22/27 | €7,403 | €52,390 | +€44,987 | +608% |
| Plant, machinery and equipment | 23 | €1,336 | €953 | -€383 | -28.7% |
| Furniture and vehicles | 24 | €6,067 | €6,645 | +€578 | +9.5% |
| Leasing and similar rights | 25 | - | €44,792 | +€44,792 | |
| Current assets | 29/58 | €106,415 | €78,460 | -€27,955 | -26.3% |
| Amounts receivable within one year | 40/41 | €34,920 | €40,258 | +€5,339 | +15.3% |
| Trade receivables | 40 | €29,726 | €33,513 | +€3,787 | +12.7% |
| Other amounts receivable | 41 | €5,194 | €6,746 | +€1,552 | +29.9% |
| Cash at bank and in hand | 54/58 | €64,477 | €28,655 | -€35,821 | -55.6% |
| Deferred charges and accrued income | 490/1 | €7,019 | €9,546 | +€2,528 | +36.0% |
| Total equity and liabilities | 10/49 | €113,818 | €130,850 | +€17,032 | +15.0% |
| Equity | 10/15 | €46,291 | €30,399 | -€15,893 | -34.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €27,691 | €11,799 | -€15,893 | -57.4% |
| Distributable reserves | 133 | €27,691 | €11,799 | -€15,893 | -57.4% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €67,527 | €100,451 | +€32,924 | +48.8% |
| Amounts payable after more than one year | 17 | - | €34,228 | +€34,228 | |
| Financial debts | 170/4 | - | €34,228 | +€34,228 | |
| Amounts payable within one year | 42/48 | €67,527 | €66,223 | -€1,304 | -1.9% |
| Current portion of amounts payable after more than one year | 42 | - | €8,572 | +€8,572 | |
| Trade debts | 44 | €8,090 | €586 | -€7,504 | -92.8% |
| Suppliers | 440/4 | €8,090 | €586 | -€7,504 | -92.8% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €59,436 | €57,065 | -€2,371 | -4.0% |
| Remuneration, social security and pensions | 62 | - | €1,754 | +€1,754 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,188 | €3,064 | +€876 | +40.0% |
| Other operating charges | 640/8 | €784 | €7,148 | +€6,364 | +812% |
| Gross operating margin | 9900 | €10,975 | -€3,110 | -€14,086 | |
| Operating profit (loss) | 9901 | €8,003 | -€15,077 | -€23,080 | |
| Financial income | 75/76B | €1 | €53 | +€51 | +4,721% |
| Recurring financial income | 75 | €1 | €53 | +€51 | +4,721% |
| Financial charges | 65/66B | €108 | €869 | +€760 | +702% |
| Recurring financial charges | 65 | €108 | €869 | +€760 | +702% |
| Profit (loss) for the period before taxes | 9903 | €7,896 | -€15,893 | -€23,789 | |
| Income taxes | 67/77 | €1,832 | €0 | -€1,832 | -100% |
| Profit (loss) for the period | 9904 | €6,064 | -€15,893 | -€21,957 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,064 | -€15,893 | -€21,957 |
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 7 November 2026 via checked.be.