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
- Stocks and contracts -€40,470
down €40,470 (-51.9%), from €77,918 to €37,448
- Tangible fixed assets +€29,170
up €29,170 (+19.3%), from €151,413 to €180,583
of which Leasing and similar rights: +€63,876
- Other debts -€32,460
down €32,460 (-57.9%), from €56,063 to €23,603
- Debts after one year +€23,918
up €23,918 (+91.8%), from €26,068 to €49,986
- Current portion of long-term debt +€9,798
up €9,798 (+28.4%), from €34,443 to €44,240
- Trade debts -€7,905
down €7,905 (-19.9%), from €39,627 to €31,722
- Profit (loss) carried forward -€5,019
down €5,019 (-100%), from €5,019 to €0
- Staff costs -€88,833
no longer reported in 2025 (was €88,833)
- Gross operating margin -€86,366
down €86,366 (-56.3%), from €153,359 to €66,993
- Depreciation +€28,988
up €28,988 (+51.1%), from €56,695 to €85,684
- Financial income +€19,230
new in 2025: €19,230
- Financial charges +€1,694
up €1,694 (+201%), from €842 to €2,536
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 | €279,360 | €267,948 | -€11,412 | -4.1% |
| Fixed assets | 21/28 | €151,413 | €180,583 | +€29,170 | +19.3% |
| Tangible fixed assets | 22/27 | €151,413 | €180,583 | +€29,170 | +19.3% |
| Land and buildings | 22 | €4,241 | €8,708 | +€4,467 | +105% |
| Plant, machinery and equipment | 23 | €4,857 | €636 | -€4,221 | -86.9% |
| Furniture and vehicles | 24 | €142,316 | €107,364 | -€34,952 | -24.6% |
| Leasing and similar rights | 25 | - | €63,876 | +€63,876 | |
| Current assets | 29/58 | €127,946 | €87,364 | -€40,582 | -31.7% |
| Stocks and contracts in progress | 3 | €77,918 | €37,448 | -€40,470 | -51.9% |
| Contracts in progress | 37 | €77,918 | €37,448 | -€40,470 | -51.9% |
| Amounts receivable within one year | 40/41 | €47,881 | €45,258 | -€2,622 | -5.5% |
| Trade receivables | 40 | €35,189 | €30,266 | -€4,923 | -14.0% |
| Other amounts receivable | 41 | €12,692 | €14,993 | +€2,301 | +18.1% |
| Cash at bank and in hand | 54/58 | €2,148 | €4,658 | +€2,510 | +117% |
| Total equity and liabilities | 10/49 | €279,360 | €267,948 | -€11,412 | -4.1% |
| Equity | 10/15 | €123,159 | €118,277 | -€4,882 | -4.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €99,540 | €99,677 | +€137 | +0.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €99,540 | €99,677 | +€137 | +0.1% |
| Profit (loss) carried forward | 14 | €5,019 | €0 | -€5,019 | -100% |
| Amounts payable | 17/49 | €156,201 | €149,671 | -€6,530 | -4.2% |
| Amounts payable after more than one year | 17 | €26,068 | €49,986 | +€23,918 | +91.8% |
| Financial debts | 170/4 | €26,068 | €49,986 | +€23,918 | +91.8% |
| Amounts payable within one year | 42/48 | €130,132 | €99,565 | -€30,567 | -23.5% |
| Current portion of amounts payable after more than one year | 42 | €34,443 | €44,240 | +€9,798 | +28.4% |
| Trade debts | 44 | €39,627 | €31,722 | -€7,905 | -19.9% |
| Suppliers | 440/4 | €39,627 | €31,722 | -€7,905 | -19.9% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €56,063 | €23,603 | -€32,460 | -57.9% |
| Accrued charges and deferred income | 492/3 | - | €120 | +€120 | |
| Remuneration, social security and pensions | 62 | €88,833 | - | -€88,833 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,695 | €85,684 | +€28,988 | +51.1% |
| Other operating charges | 640/8 | €1,877 | €2,720 | +€843 | +44.9% |
| Gross operating margin | 9900 | €153,359 | €66,993 | -€86,366 | -56.3% |
| Operating profit (loss) | 9901 | €5,953 | -€21,411 | -€27,364 | |
| Financial income | 75/76B | - | €19,230 | +€19,230 | |
| Recurring financial income | 75 | - | €19,230 | +€19,230 | |
| Financial charges | 65/66B | €842 | €2,536 | +€1,694 | +201% |
| Recurring financial charges | 65 | €842 | €2,536 | +€1,694 | +201% |
| Profit (loss) for the period before taxes | 9903 | €5,111 | -€4,717 | -€9,828 | |
| Income taxes | 67/77 | €91 | €165 | +€74 | +81.1% |
| Profit (loss) for the period | 9904 | €5,019 | -€4,882 | -€9,902 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,019 | -€4,882 | -€9,902 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.