VERHAFIN: 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.
VERHAFIN
Largest movements
- Receivables after one year +€150,000
new in 2025: €150,000
- Receivables within one year -€77,554
down €77,554 (-100%), from €77,554 to €0
- Cash -€71,306
down €71,306 (-66.6%), from €106,999 to €35,692
mainly Receivables after one year (-€150,000) and Contributions, distributions and other (-€138,016)
- Tangible fixed assets -€35,252
down €35,252 (-26.7%), from €132,068 to €96,816
of which Furniture and vehicles: -€18,917
- Current investments -€30,000
down €30,000 (-12.0%), from €249,709 to €219,709
- Reserves -€88,082
down €88,082 (-20.3%), from €434,337 to €346,256
- Other debts +€26,189
up €26,189 (+23.2%), from €112,906 to €139,095
- Gross operating margin -€15,249
down €15,249 (-12.4%), from €122,992 to €107,742
- Financial income +€3,524
up €3,524 (+58.9%), from €5,982 to €9,506
- Taxes -€2,775
down €2,775 (-9.0%), from €30,837 to €28,062
- Other operating charges +€1,622
up €1,622 (+87.3%), from €1,859 to €3,480
- Depreciation -€1,369
down €1,369 (-3.7%), from €36,621 to €35,252
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 | €911,027 | €849,594 | -€61,433 | -6.7% |
| Fixed assets | 21/28 | €474,592 | €439,340 | -€35,252 | -7.4% |
| Tangible fixed assets | 22/27 | €132,068 | €96,816 | -€35,252 | -26.7% |
| Land and buildings | 22 | €60,405 | €44,581 | -€15,824 | -26.2% |
| Plant, machinery and equipment | 23 | €5,113 | €4,601 | -€512 | -10.0% |
| Furniture and vehicles | 24 | €66,551 | €47,634 | -€18,917 | -28.4% |
| Financial fixed assets | 28 | €342,524 | €342,524 | = | 0.0% |
| Current assets | 29/58 | €436,435 | €410,254 | -€26,181 | -6.0% |
| Amounts receivable after more than one year | 29 | - | €150,000 | +€150,000 | |
| Other amounts receivable | 291 | - | €150,000 | +€150,000 | |
| Amounts receivable within one year | 40/41 | €77,554 | €0 | -€77,554 | -100% |
| Other amounts receivable | 41 | €77,554 | €0 | -€77,554 | -100% |
| Current investments | 50/53 | €249,709 | €219,709 | -€30,000 | -12.0% |
| Cash at bank and in hand | 54/58 | €106,999 | €35,692 | -€71,306 | -66.6% |
| Deferred charges and accrued income | 490/1 | €2,173 | €4,853 | +€2,679 | +123% |
| Total equity and liabilities | 10/49 | €911,027 | €849,594 | -€61,433 | -6.7% |
| Equity | 10/15 | €785,332 | €697,250 | -€88,082 | -11.2% |
| Contributions | 10/11 | €350,994 | €350,994 | = | 0.0% |
| Reserves | 13 | €434,337 | €346,256 | -€88,082 | -20.3% |
| Distributable reserves | 133 | €434,337 | €346,256 | -€88,082 | -20.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €125,695 | €152,344 | +€26,649 | +21.2% |
| Amounts payable within one year | 42/48 | €125,695 | €152,344 | +€26,649 | +21.2% |
| Financial debts | 43 | - | €6,732 | +€6,732 | |
| Credit institutions | 430/8 | - | €6,732 | +€6,732 | |
| Trade debts | 44 | €5,962 | €604 | -€5,358 | -89.9% |
| Suppliers | 440/4 | €5,962 | €604 | -€5,358 | -89.9% |
| Taxes, remuneration and social security | 45 | €6,827 | €5,913 | -€914 | -13.4% |
| Taxes | 450/3 | €6,827 | €3,713 | -€3,114 | -45.6% |
| Remuneration and social security | 454/9 | €0 | €2,200 | +€2,200 | |
| Other amounts payable | 47/48 | €112,906 | €139,095 | +€26,189 | +23.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,621 | €35,252 | -€1,369 | -3.7% |
| Other operating charges | 640/8 | €1,859 | €3,480 | +€1,622 | +87.3% |
| Gross operating margin | 9900 | €122,992 | €107,742 | -€15,249 | -12.4% |
| Operating profit (loss) | 9901 | €84,512 | €69,010 | -€15,503 | -18.3% |
| Financial income | 75/76B | €5,982 | €9,506 | +€3,524 | +58.9% |
| Recurring financial income | 75 | €5,982 | €9,506 | +€3,524 | +58.9% |
| Financial charges | 65/66B | €159 | €519 | +€361 | +228% |
| Recurring financial charges | 65 | €159 | €519 | +€361 | +228% |
| Profit (loss) for the period before taxes | 9903 | €90,336 | €77,997 | -€12,339 | -13.7% |
| Income taxes | 67/77 | €30,837 | €28,062 | -€2,775 | -9.0% |
| Profit (loss) for the period | 9904 | €59,499 | €49,935 | -€9,564 | -16.1% |
| Profit (loss) for the period to be appropriated | 9905 | €59,499 | €49,935 | -€9,564 | -16.1% |
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 16 October 2026 via checked.be.