VERHAERT: 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.
VERHAERT
Largest movements
- Tangible fixed assets +€85,767
up €85,767 (+15.4%), from €555,210 to €640,977
of which Plant, machinery and equipment: +€130,189
- Cash -€77,153
down €77,153 (-28.6%), from €269,992 to €192,839
mainly Investment in fixed assets (net) (-€259,478) and Trade debts (-€235,647)
- Receivables within one year -€63,627
down €63,627 (-28.7%), from €221,509 to €157,882
of which Trade receivables: -€67,970
- Stocks and contracts -€20,015
down €20,015 (-17.2%), from €116,171 to €96,156
- Deferred charges and accrued income +€11,701
up €11,701 (+196.8%), from €5,947 to €17,648
- Trade debts -€235,647
down €235,647 (-36.3%), from €648,607 to €412,960
- Debts after one year +€130,672
up €130,672 (+322.5%), from €40,521 to €171,193
- Current portion of long-term debt +€20,946
up €20,946 (+31.1%), from €67,377 to €88,323
- Gross operating margin +€49,240
up €49,240 (+33.4%), from €147,515 to €196,755
- Depreciation +€48,267
up €48,267 (+38.5%), from €125,444 to €173,711
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 | €1,169,324 | €1,105,996 | -€63,328 | -5.4% |
| Fixed assets | 21/28 | €555,705 | €641,472 | +€85,767 | +15.4% |
| Tangible fixed assets | 22/27 | €555,210 | €640,977 | +€85,767 | +15.4% |
| Land and buildings | 22 | €283,579 | €249,271 | -€34,308 | -12.1% |
| Plant, machinery and equipment | 23 | €202,182 | €332,372 | +€130,189 | +64.4% |
| Furniture and vehicles | 24 | €69,449 | €59,334 | -€10,114 | -14.6% |
| Financial fixed assets | 28 | €495 | €495 | = | 0.0% |
| Current assets | 29/58 | €613,619 | €464,524 | -€149,095 | -24.3% |
| Stocks and contracts in progress | 3 | €116,171 | €96,156 | -€20,015 | -17.2% |
| Stocks | 30/36 | €116,171 | €96,156 | -€20,015 | -17.2% |
| Amounts receivable within one year | 40/41 | €221,509 | €157,882 | -€63,627 | -28.7% |
| Trade receivables | 40 | €184,578 | €116,608 | -€67,970 | -36.8% |
| Other amounts receivable | 41 | €36,931 | €41,274 | +€4,343 | +11.8% |
| Cash at bank and in hand | 54/58 | €269,992 | €192,839 | -€77,153 | -28.6% |
| Deferred charges and accrued income | 490/1 | €5,947 | €17,648 | +€11,701 | +196.8% |
| Total equity and liabilities | 10/49 | €1,169,324 | €1,105,996 | -€63,328 | -5.4% |
| Equity | 10/15 | €407,289 | €415,656 | +€8,367 | +2.1% |
| Contributions | 10/11 | €31,000 | €31,000 | = | 0.0% |
| Reserves | 13 | €376,289 | €384,656 | +€8,367 | +2.2% |
| Tax-exempt reserves | 132 | €18,628 | €18,628 | = | 0.0% |
| Distributable reserves | 133 | €357,661 | €366,028 | +€8,367 | +2.3% |
| Amounts payable | 17/49 | €762,035 | €690,340 | -€71,695 | -9.4% |
| Amounts payable after more than one year | 17 | €40,521 | €171,193 | +€130,672 | +322.5% |
| Financial debts | 170/4 | €40,521 | €171,193 | +€130,672 | +322.5% |
| Amounts payable within one year | 42/48 | €721,515 | €509,664 | -€211,851 | -29.4% |
| Current portion of amounts payable after more than one year | 42 | €67,377 | €88,323 | +€20,946 | +31.1% |
| Trade debts | 44 | €648,607 | €412,960 | -€235,647 | -36.3% |
| Suppliers | 440/4 | €648,607 | €412,960 | -€235,647 | -36.3% |
| Taxes, remuneration and social security | 45 | €5,530 | €8,381 | +€2,851 | +51.5% |
| Taxes | 450/3 | €3,004 | €4,734 | +€1,730 | +57.6% |
| Remuneration and social security | 454/9 | €2,527 | €3,647 | +€1,120 | +44.3% |
| Accrued charges and deferred income | 492/3 | - | €9,484 | +€9,484 | |
| Non-recurring operating income | 76A | €0 | €1,926 | +€1,926 | |
| Remuneration, social security and pensions | 62 | €3,964 | €4,233 | +€269 | +6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €125,444 | €173,711 | +€48,267 | +38.5% |
| Other operating charges | 640/8 | €3,533 | €3,427 | -€106 | -3.0% |
| Gross operating margin | 9900 | €147,515 | €196,755 | +€49,240 | +33.4% |
| Operating profit (loss) | 9901 | €14,574 | €15,384 | +€810 | +5.6% |
| Financial income | 75/76B | €130 | €1,213 | +€1,083 | +836.4% |
| Recurring financial income | 75 | €130 | €1,213 | +€1,083 | +836.4% |
| Financial charges | 65/66B | €5,762 | €6,446 | +€684 | +11.9% |
| Recurring financial charges | 65 | €5,762 | €6,446 | +€684 | +11.9% |
| Profit (loss) for the period before taxes | 9903 | €8,942 | €10,151 | +€1,209 | +13.5% |
| Income taxes | 67/77 | €3,324 | €1,784 | -€1,540 | -46.3% |
| Profit (loss) for the period | 9904 | €5,618 | €8,367 | +€2,749 | +48.9% |
| Profit (loss) for the period to be appropriated | 9905 | €5,618 | €8,367 | +€2,749 | +48.9% |
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 9 October 2026 via checked.be.