Verhavert: what changed
Two fiscal 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.
Verhavert
Largest movements
- Tangible fixed assets -€63,714
down €63,714 (-6.1%), from €1.0m to €972,350
of which Land and buildings: -€63,399
- Cash +€32,663
up €32,663 (+74.6%), from €43,797 to €76,460
mainly Depreciation (+€65,529) and Net result for the year (+€17,104)
- Debts after one year -€50,018
down €50,018 (-18.7%), from €267,630 to €217,612
- Reserves +€17,104
up €17,104 (+2.9%), from €582,265 to €599,369
of which Distributable reserves: +€17,104
- Financial charges -€6,834
down €6,834 (-32.2%), from €21,234 to €14,400
- Gross operating margin -€5,071
down €5,071 (-4.4%), from €116,313 to €111,243
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 | €1,090,754 | €1,055,904 | -€34,850 | -3.2% |
| Fixed assets | 21/28 | €1,036,064 | €972,350 | -€63,714 | -6.1% |
| Tangible fixed assets | 22/27 | €1,036,064 | €972,350 | -€63,714 | -6.1% |
| Land and buildings | 22 | €1,035,270 | €971,871 | -€63,399 | -6.1% |
| Plant, machinery and equipment | 23 | €324 | €81 | -€242 | -74.9% |
| Furniture and vehicles | 24 | €471 | €398 | -€72 | -15.4% |
| Current assets | 29/58 | €54,690 | €83,554 | +€28,864 | +52.8% |
| Amounts receivable within one year | 40/41 | €10,540 | €6,584 | -€3,956 | -37.5% |
| Trade receivables | 40 | €16 | €0 | -€16 | -100.0% |
| Other amounts receivable | 41 | €10,525 | €6,584 | -€3,940 | -37.4% |
| Cash at bank and in hand | 54/58 | €43,797 | €76,460 | +€32,663 | +74.6% |
| Deferred charges and accrued income | 490/1 | €352 | €509 | +€157 | +44.5% |
| Total equity and liabilities | 10/49 | €1,090,754 | €1,055,904 | -€34,850 | -3.2% |
| Equity | 10/15 | €636,802 | €653,905 | +€17,104 | +2.7% |
| Contributions | 10/11 | €54,537 | €54,537 | = | 0.0% |
| Reserves | 13 | €582,265 | €599,369 | +€17,104 | +2.9% |
| Non-distributable reserves | 130/1 | €2,279 | €2,279 | = | 0.0% |
| Other | 1319 | €2,279 | €2,279 | = | 0.0% |
| Tax-exempt reserves | 132 | €81,610 | €81,610 | = | 0.0% |
| Distributable reserves | 133 | €498,376 | €515,480 | +€17,104 | +3.4% |
| Amounts payable | 17/49 | €453,952 | €401,999 | -€51,953 | -11.4% |
| Amounts payable after more than one year | 17 | €267,630 | €217,612 | -€50,018 | -18.7% |
| Financial debts | 170/4 | €267,630 | €217,612 | -€50,018 | -18.7% |
| Amounts payable within one year | 42/48 | €186,323 | €184,387 | -€1,936 | -1.0% |
| Current portion of amounts payable after more than one year | 42 | €49,099 | €50,018 | +€919 | +1.9% |
| Trade debts | 44 | €0 | €2,818 | +€2,818 | |
| Suppliers | 440/4 | €0 | €2,818 | +€2,818 | |
| Taxes, remuneration and social security | 45 | €5,132 | €3,629 | -€1,503 | -29.3% |
| Taxes | 450/3 | €5,132 | €3,629 | -€1,503 | -29.3% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €132,092 | €127,922 | -€4,170 | -3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,612 | €65,529 | -€83 | -0.1% |
| Other operating charges | 640/8 | €6,469 | €6,368 | -€102 | -1.6% |
| Gross operating margin | 9900 | €116,313 | €111,243 | -€5,071 | -4.4% |
| Operating profit (loss) | 9901 | €44,233 | €39,346 | -€4,886 | -11.0% |
| Financial income | 75/76B | €636 | €195 | -€441 | -69.3% |
| Recurring financial income | 75 | €636 | €195 | -€441 | -69.3% |
| Financial charges | 65/66B | €21,234 | €14,400 | -€6,834 | -32.2% |
| Recurring financial charges | 65 | €21,234 | €14,400 | -€6,834 | -32.2% |
| Profit (loss) for the period before taxes | 9903 | €23,634 | €25,141 | +€1,507 | +6.4% |
| Income taxes | 67/77 | €7,628 | €8,037 | +€410 | +5.4% |
| Profit (loss) for the period | 9904 | €16,007 | €17,104 | +€1,097 | +6.9% |
| Profit (loss) for the period to be appropriated | 9905 | €16,007 | €17,104 | +€1,097 | +6.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.