VERHAEST: 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.
VERHAEST
Largest movements
- Cash -€93,160
down €93,160 (-77.1%), from €120,838 to €27,679
mainly Current investments (-€44,989) and Receivables within one year (-€31,877)
- Current investments +€44,989
up €44,989 (+435,944%), from €10 to €45,000
- Receivables within one year +€31,877
up €31,877 (+128%), from €25,001 to €56,878
of which Other amounts receivable: +€32,511
- Tangible fixed assets +€19,582
up €19,582 (+414%), from €4,725 to €24,307
of which Other tangible fixed assets: +€23,517
- Stocks and contracts +€2,197
up €2,197 (+24.6%), from €8,919 to €11,116
- Trade debts +€9,856
up €9,856 (+513%), from €1,922 to €11,778
- Current portion of long-term debt -€3,762
no longer reported in 2025 (was €3,762)
- Gross operating margin -€6,277
down €6,277 (-47.5%), from €13,226 to €6,949
- Depreciation -€3,251
down €3,251 (-40.2%), from €8,091 to €4,839
- Taxes -€856
down €856 (-46.1%), from €1,856 to €1,000
- Other operating charges -€337
down €337 (-24.9%), from €1,352 to €1,015
- Financial charges -€160
down €160 (-35.8%), from €447 to €287
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 | €160,093 | €165,731 | +€5,638 | +3.5% |
| Fixed assets | 21/28 | €5,325 | €24,907 | +€19,582 | +368% |
| Tangible fixed assets | 22/27 | €4,725 | €24,307 | +€19,582 | +414% |
| Plant, machinery and equipment | 23 | €590 | €442 | -€147 | -25.0% |
| Furniture and vehicles | 24 | €4,135 | €348 | -€3,787 | -91.6% |
| Other tangible fixed assets | 26 | - | €23,517 | +€23,517 | |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €154,768 | €140,824 | -€13,944 | -9.0% |
| Stocks and contracts in progress | 3 | €8,919 | €11,116 | +€2,197 | +24.6% |
| Stocks | 30/36 | €8,919 | €11,116 | +€2,197 | +24.6% |
| Amounts receivable within one year | 40/41 | €25,001 | €56,878 | +€31,877 | +128% |
| Trade receivables | 40 | €23,690 | €23,056 | -€634 | -2.7% |
| Other amounts receivable | 41 | €1,310 | €33,822 | +€32,511 | +2,481% |
| Current investments | 50/53 | €10 | €45,000 | +€44,989 | +435,944% |
| Cash at bank and in hand | 54/58 | €120,838 | €27,679 | -€93,160 | -77.1% |
| Deferred charges and accrued income | 490/1 | - | €151 | +€151 | |
| Total equity and liabilities | 10/49 | €160,093 | €165,731 | +€5,638 | +3.5% |
| Equity | 10/15 | €150,899 | €151,097 | +€198 | +0.1% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €125,930 | €125,930 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,600 | €3,600 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,600 | €3,600 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,330 | €2,330 | = | 0.0% |
| Distributable reserves | 133 | €120,000 | €120,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,969 | €6,167 | +€198 | +3.3% |
| Amounts payable | 17/49 | €9,195 | €14,635 | +€5,440 | +59.2% |
| Amounts payable within one year | 42/48 | €9,195 | €14,635 | +€5,440 | +59.2% |
| Current portion of amounts payable after more than one year | 42 | €3,762 | - | -€3,762 | |
| Trade debts | 44 | €1,922 | €11,778 | +€9,856 | +513% |
| Suppliers | 440/4 | €1,922 | €11,778 | +€9,856 | +513% |
| Taxes, remuneration and social security | 45 | €3,083 | €2,856 | -€227 | -7.4% |
| Taxes | 450/3 | €3,083 | €2,856 | -€227 | -7.4% |
| Other amounts payable | 47/48 | €428 | - | -€428 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,091 | €4,839 | -€3,251 | -40.2% |
| Other operating charges | 640/8 | €1,352 | €1,015 | -€337 | -24.9% |
| Gross operating margin | 9900 | €13,226 | €6,949 | -€6,277 | -47.5% |
| Operating profit (loss) | 9901 | €3,784 | €1,095 | -€2,689 | -71.1% |
| Financial income | 75/76B | €399 | €390 | -€9 | -2.1% |
| Recurring financial income | 75 | €399 | €390 | -€9 | -2.1% |
| Financial charges | 65/66B | €447 | €287 | -€160 | -35.8% |
| Recurring financial charges | 65 | €447 | €287 | -€160 | -35.8% |
| Profit (loss) for the period before taxes | 9903 | €3,736 | €1,198 | -€2,538 | -67.9% |
| Income taxes | 67/77 | €1,856 | €1,000 | -€856 | -46.1% |
| Profit (loss) for the period | 9904 | €1,880 | €198 | -€1,682 | -89.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,880 | €198 | -€1,682 | -89.5% |
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 19 October 2026 via checked.be.