VERHAERT: what changed
Two fiscal 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.
VERHAERT
Largest movements
- Cash -€11,937
down €11,937 (-10.6%), from €112,531 to €100,594
mainly Tax, wage and social debts (-€13,966) and Net result for the year (-€745)
- Tax, wage and social debts -€13,966
down €13,966 (-95.4%), from €14,637 to €671
- Turnover -€48,955
down €48,955 (-82.8%), from €59,155 to €10,200
- Goods and materials -€23,229
down €23,229 (-100.0%), from €23,229 to €0
- Taxes -€5,915
down €5,915 (-78.4%), from €7,543 to €1,628
- Services and other goods +€1,202
up €1,202 (+16.0%), from €7,528 to €8,730
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €739,676 | €724,965 | -€14,711 | -2.0% |
| Current assets | 29/58 | €739,676 | €724,965 | -€14,711 | -2.0% |
| Stocks and contracts in progress | 3 | €504,245 | €504,245 | = | 0.0% |
| Stocks | 30/36 | €504,245 | €504,245 | = | 0.0% |
| Property held for sale | 35 | €504,245 | €504,245 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €120,000 | €120,126 | +€126 | +0.1% |
| Trade receivables | 40 | - | €126 | +€126 | |
| Other amounts receivable | 41 | €120,000 | €120,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €112,531 | €100,594 | -€11,937 | -10.6% |
| Deferred charges and accrued income | 490/1 | €2,900 | €0 | -€2,900 | -100.0% |
| Total equity and liabilities | 10/49 | €739,676 | €724,965 | -€14,711 | -2.0% |
| Equity | 10/15 | €687,958 | €687,213 | -€745 | -0.1% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €625,458 | €624,713 | -€745 | -0.1% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Distributable reserves | 133 | €619,208 | €618,463 | -€745 | -0.1% |
| Amounts payable | 17/49 | €51,718 | €37,752 | -€13,966 | -27.0% |
| Amounts payable within one year | 42/48 | €51,718 | €37,752 | -€13,966 | -27.0% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Advances received on contracts in progress | 46 | €37,081 | €37,081 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €14,637 | €671 | -€13,966 | -95.4% |
| Taxes | 450/3 | €14,637 | €671 | -€13,966 | -95.4% |
| Operating income | 70/76A | €59,155 | €10,200 | -€48,955 | -82.8% |
| Turnover | 70 | €59,155 | €10,200 | -€48,955 | -82.8% |
| Operating charges | 60/66A | €31,391 | €9,261 | -€22,130 | -70.5% |
| Goods for resale, raw materials and consumables | 60 | €23,229 | €0 | -€23,229 | -100.0% |
| Purchases | 600/8 | €23,229 | €0 | -€23,229 | -100.0% |
| Services and other goods | 61 | €7,528 | €8,730 | +€1,202 | +16.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Other operating charges | 640/8 | €634 | €532 | -€103 | -16.2% |
| Operating profit (loss) | 9901 | €27,764 | €939 | -€26,825 | -96.6% |
| Financial income | 75/76B | €3 | €0 | -€3 | -100.0% |
| Recurring financial income | 75 | €3 | €0 | -€3 | -100.0% |
| Other financial income | 752/9 | €3 | €0 | -€3 | -100.0% |
| Financial charges | 65/66B | €85 | €56 | -€30 | -34.7% |
| Recurring financial charges | 65 | €85 | €56 | -€30 | -34.7% |
| Other financial charges | 652/9 | €85 | €56 | -€30 | -34.7% |
| Profit (loss) for the period before taxes | 9903 | €27,681 | €883 | -€26,799 | -96.8% |
| Income taxes | 67/77 | €7,543 | €1,628 | -€5,915 | -78.4% |
| Taxes | 670/3 | €7,543 | €1,628 | -€5,915 | -78.4% |
| Profit (loss) for the period | 9904 | €20,138 | -€745 | -€20,883 | |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €20,138 | -€745 | -€20,883 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.