VERHAGEN: 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.
VERHAGEN
Largest movements
- Receivables within one year +€14,661
up €14,661 (+104%), from €14,139 to €28,799
of which Other amounts receivable: +€12,674
- Stocks and contracts +€9,915
up €9,915 (+54.1%), from €18,330 to €28,245
- Tangible fixed assets -€1,570
down €1,570 (-21.0%), from €7,462 to €5,892
of which Land and buildings: -€975
- Profit (loss) carried forward +€29,054
up €29,054, from -€23,632 to €5,421
- Trade debts -€7,909
down €7,909 (-26.7%), from €29,588 to €21,678
- Tax, wage and social debts +€5,876
up €5,876 (+32.1%), from €18,326 to €24,201
of which Remuneration and social security: +€5,407
- Other debts -€2,889
no longer reported in 2025 (was €2,889)
- Short-term financial debts -€1,240
no longer reported in 2025 (was €1,240)
- Gross operating margin +€37,578
up €37,578 (+35.5%), from €105,710 to €143,288
- Staff costs -€19,544
down €19,544 (-15.1%), from €129,773 to €110,229
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 | €47,010 | €69,901 | +€22,891 | +48.7% |
| Fixed assets | 21/28 | €7,462 | €5,892 | -€1,570 | -21.0% |
| Tangible fixed assets | 22/27 | €7,462 | €5,892 | -€1,570 | -21.0% |
| Land and buildings | 22 | €6,583 | €5,607 | -€975 | -14.8% |
| Furniture and vehicles | 24 | €879 | €284 | -€595 | -67.7% |
| Current assets | 29/58 | €39,548 | €64,009 | +€24,462 | +61.9% |
| Stocks and contracts in progress | 3 | €18,330 | €28,245 | +€9,915 | +54.1% |
| Stocks | 30/36 | €18,330 | €28,245 | +€9,915 | +54.1% |
| Amounts receivable within one year | 40/41 | €14,139 | €28,799 | +€14,661 | +104% |
| Trade receivables | 40 | €13,534 | €15,520 | +€1,986 | +14.7% |
| Other amounts receivable | 41 | €605 | €13,280 | +€12,674 | +2,094% |
| Cash at bank and in hand | 54/58 | €6,207 | €5,907 | -€299 | -4.8% |
| Deferred charges and accrued income | 490/1 | €872 | €1,058 | +€185 | +21.3% |
| Total equity and liabilities | 10/49 | €47,010 | €69,901 | +€22,891 | +48.7% |
| Equity | 10/15 | -€5,032 | €24,021 | +€29,054 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,632 | €5,421 | +€29,054 | |
| Amounts payable | 17/49 | €52,042 | €45,880 | -€6,162 | -11.8% |
| Amounts payable within one year | 42/48 | €52,042 | €45,880 | -€6,162 | -11.8% |
| Financial debts | 43 | €1,240 | - | -€1,240 | |
| Credit institutions | 430/8 | €1,240 | - | -€1,240 | |
| Trade debts | 44 | €29,588 | €21,678 | -€7,909 | -26.7% |
| Suppliers | 440/4 | €29,588 | €21,678 | -€7,909 | -26.7% |
| Taxes, remuneration and social security | 45 | €18,326 | €24,201 | +€5,876 | +32.1% |
| Taxes | 450/3 | €10,020 | €10,489 | +€469 | +4.7% |
| Remuneration and social security | 454/9 | €8,306 | €13,713 | +€5,407 | +65.1% |
| Other amounts payable | 47/48 | €2,889 | - | -€2,889 | |
| Remuneration, social security and pensions | 62 | €129,773 | €110,229 | -€19,544 | -15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,614 | €1,570 | -€43 | -2.7% |
| Other operating charges | 640/8 | €595 | €610 | +€14 | +2.4% |
| Gross operating margin | 9900 | €105,710 | €143,288 | +€37,578 | +35.5% |
| Operating profit (loss) | 9901 | -€26,272 | €30,879 | +€57,151 | |
| Financial income | 75/76B | €109 | €232 | +€123 | +112% |
| Recurring financial income | 75 | €109 | €232 | +€123 | +112% |
| Financial charges | 65/66B | €850 | €698 | -€151 | -17.8% |
| Recurring financial charges | 65 | €850 | €698 | -€151 | -17.8% |
| Profit (loss) for the period before taxes | 9903 | -€27,012 | €30,413 | +€57,425 | |
| Income taxes | 67/77 | - | €1,359 | +€1,359 | |
| Profit (loss) for the period | 9904 | -€27,012 | €29,054 | +€56,065 | |
| Profit (loss) for the period to be appropriated | 9905 | -€27,012 | €29,054 | +€56,065 |
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 31 October 2026 via checked.be.