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.
VERHAEGEN
Largest movements
- Receivables within one year +€11,534
up €11,534 (+71.0%), from €16,247 to €27,781
- Tangible fixed assets +€3,647
up €3,647 (+160%), from €2,274 to €5,921
of which Furniture and vehicles: +€2,834
- Deferred charges and accrued income -€3,425
down €3,425 (-9.0%), from €38,132 to €34,707
- Cash +€2,882
up €2,882 (+20.1%), from €14,322 to €17,204
mainly Tax, wage and social debts (+€11,360) and Other debts (+€3,630)
- Tax, wage and social debts +€11,360
up €11,360 (+140%), from €8,087 to €19,447
of which Taxes: +€11,135
- Other debts +€3,630
up €3,630 (+52.0%), from €6,983 to €10,613
- Gross operating margin -€31,910
down €31,910 (-82.7%), from €38,591 to €6,681
- Taxes -€5,814
down €5,814 (-68.5%), from €8,489 to €2,674
- Other operating charges -€2,075
down €2,075 (-44.1%), from €4,706 to €2,631
- Depreciation +€1,840
up €1,840 (+767%), from €240 to €2,080
- Staff costs -€1,108
down €1,108 (-80.7%), from €1,373 to €265
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 | €70,975 | €85,612 | +€14,638 | +20.6% |
| Fixed assets | 21/28 | €2,274 | €5,921 | +€3,647 | +160% |
| Tangible fixed assets | 22/27 | €2,274 | €5,921 | +€3,647 | +160% |
| Plant, machinery and equipment | 23 | - | €813 | +€813 | |
| Furniture and vehicles | 24 | €2,274 | €5,108 | +€2,834 | +125% |
| Current assets | 29/58 | €68,701 | €79,691 | +€10,991 | +16.0% |
| Amounts receivable within one year | 40/41 | €16,247 | €27,781 | +€11,534 | +71.0% |
| Other amounts receivable | 41 | €16,247 | €27,781 | +€11,534 | +71.0% |
| Cash at bank and in hand | 54/58 | €14,322 | €17,204 | +€2,882 | +20.1% |
| Deferred charges and accrued income | 490/1 | €38,132 | €34,707 | -€3,425 | -9.0% |
| Total equity and liabilities | 10/49 | €70,975 | €85,612 | +€14,638 | +20.6% |
| Equity | 10/15 | €55,905 | €55,101 | -€804 | -1.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €54,905 | €54,101 | -€804 | -1.5% |
| Amounts payable | 17/49 | €15,070 | €30,511 | +€15,442 | +102% |
| Amounts payable within one year | 42/48 | €15,070 | €30,511 | +€15,442 | +102% |
| Trade debts | 44 | - | €452 | +€452 | |
| Suppliers | 440/4 | - | €452 | +€452 | |
| Taxes, remuneration and social security | 45 | €8,087 | €19,447 | +€11,360 | +140% |
| Taxes | 450/3 | €8,087 | €19,222 | +€11,135 | +138% |
| Remuneration and social security | 454/9 | - | €225 | +€225 | |
| Other amounts payable | 47/48 | €6,983 | €10,613 | +€3,630 | +52.0% |
| Non-recurring operating income | 76A | €6,372 | - | -€6,372 | |
| Remuneration, social security and pensions | 62 | €1,373 | €265 | -€1,108 | -80.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €240 | €2,080 | +€1,840 | +767% |
| Other operating charges | 640/8 | €4,706 | €2,631 | -€2,075 | -44.1% |
| Gross operating margin | 9900 | €38,591 | €6,681 | -€31,910 | -82.7% |
| Operating profit (loss) | 9901 | €32,271 | €1,705 | -€30,566 | -94.7% |
| Financial income | 75/76B | - | €483 | +€483 | |
| Recurring financial income | 75 | - | €483 | +€483 | |
| Financial charges | 65/66B | €809 | €317 | -€492 | -60.8% |
| Recurring financial charges | 65 | €809 | €317 | -€492 | -60.8% |
| Profit (loss) for the period before taxes | 9903 | €31,462 | €1,870 | -€29,592 | -94.1% |
| Income taxes | 67/77 | €8,489 | €2,674 | -€5,814 | -68.5% |
| Profit (loss) for the period | 9904 | €22,973 | -€804 | -€23,777 | |
| Profit (loss) for the period to be appropriated | 9905 | €22,973 | -€804 | -€23,777 |
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 23 October 2026 via checked.be.