Verhavert: 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.
Verhavert
Largest movements
- Cash -€47,719
down €47,719 (-54.5%), from €87,566 to €39,848
mainly Debts after one year (-€235,710) and Investment in fixed assets (net) (-€43,744)
- Tangible fixed assets +€17,216
up €17,216 (+2.9%), from €596,349 to €613,566
of which Land and buildings: +€17,597
- Receivables within one year -€10,668
down €10,668 (-51.1%), from €20,866 to €10,198
of which Other amounts receivable: -€13,381
- Reserves +€429,202
up €429,202 (+270%), from €158,960 to €588,162
of which Distributable reserves: +€506,302
- Debts after one year -€235,710
down €235,710 (-100%), from €235,710 to €0
- Profit (loss) carried forward -€198,001
down €198,001 (-100%), from €198,001 to €0
- Other debts +€52,709
new in 2025: €52,709
- Current portion of long-term debt -€35,693
down €35,693 (-100%), from €35,693 to €0
- Staff costs -€348,055
down €348,055 (-100%), from €348,055 to €0
- Gross operating margin +€48,424
up €48,424 (+23.0%), from €210,444 to €258,868
- Financial charges -€42,633
down €42,633 (-78.0%), from €54,647 to €12,013
- Financial income +€29,689
up €29,689 (+3,446%), from €862 to €30,551
- Depreciation -€12,984
down €12,984 (-32.6%), from €39,796 to €26,812
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 | €705,066 | €669,748 | -€35,318 | -5.0% |
| Fixed assets | 21/28 | €596,634 | €613,566 | +€16,932 | +2.8% |
| Tangible fixed assets | 22/27 | €596,349 | €613,566 | +€17,216 | +2.9% |
| Land and buildings | 22 | €594,825 | €612,422 | +€17,597 | +3.0% |
| Furniture and vehicles | 24 | €1,524 | €1,143 | -€381 | -25.0% |
| Financial fixed assets | 28 | €285 | €0 | -€285 | -100% |
| Current assets | 29/58 | €108,432 | €56,183 | -€52,249 | -48.2% |
| Amounts receivable within one year | 40/41 | €20,866 | €10,198 | -€10,668 | -51.1% |
| Trade receivables | 40 | - | €2,713 | +€2,713 | |
| Other amounts receivable | 41 | €20,866 | €7,485 | -€13,381 | -64.1% |
| Cash at bank and in hand | 54/58 | €87,566 | €39,848 | -€47,719 | -54.5% |
| Deferred charges and accrued income | 490/1 | - | €6,137 | +€6,137 | |
| Total equity and liabilities | 10/49 | €705,066 | €669,748 | -€35,318 | -5.0% |
| Equity | 10/15 | €375,561 | €606,762 | +€231,201 | +61.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | - | -€18,600 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €158,960 | €588,162 | +€429,202 | +270% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Tax-exempt reserves | 132 | €77,100 | €0 | -€77,100 | -100% |
| Distributable reserves | 133 | €80,000 | €586,302 | +€506,302 | +633% |
| Profit (loss) carried forward | 14 | €198,001 | €0 | -€198,001 | -100% |
| Amounts payable | 17/49 | €329,505 | €62,987 | -€266,518 | -80.9% |
| Amounts payable after more than one year | 17 | €235,710 | €0 | -€235,710 | -100% |
| Financial debts | 170/4 | €235,710 | €0 | -€235,710 | -100% |
| Amounts payable within one year | 42/48 | €63,795 | €62,987 | -€808 | -1.3% |
| Current portion of amounts payable after more than one year | 42 | €35,693 | €0 | -€35,693 | -100% |
| Financial debts | 43 | €2,512 | €8 | -€2,504 | -99.7% |
| Credit institutions | 430/8 | €2,512 | €8 | -€2,504 | -99.7% |
| Trade debts | 44 | - | €10,271 | +€10,271 | |
| Suppliers | 440/4 | - | €10,271 | +€10,271 | |
| Taxes, remuneration and social security | 45 | €25,591 | €0 | -€25,591 | -100% |
| Taxes | 450/3 | €3,128 | €0 | -€3,128 | -100% |
| Remuneration and social security | 454/9 | €22,463 | €0 | -€22,463 | -100% |
| Other amounts payable | 47/48 | - | €52,709 | +€52,709 | |
| Accrued charges and deferred income | 492/3 | €30,000 | €0 | -€30,000 | -100% |
| Non-recurring operating income | 76A | - | €36,311 | +€36,311 | |
| Remuneration, social security and pensions | 62 | €348,055 | €0 | -€348,055 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,796 | €26,812 | -€12,984 | -32.6% |
| Other operating charges | 640/8 | €6,045 | €1,067 | -€4,979 | -82.4% |
| Non-recurring operating charges | 66A | €61,045 | €17,901 | -€43,144 | -70.7% |
| Gross operating margin | 9900 | €210,444 | €258,868 | +€48,424 | +23.0% |
| Operating profit (loss) | 9901 | -€244,497 | €213,088 | +€457,585 | |
| Financial income | 75/76B | €862 | €30,551 | +€29,689 | +3,446% |
| Recurring financial income | 75 | €862 | €30,551 | +€29,689 | +3,446% |
| Financial charges | 65/66B | €54,647 | €12,013 | -€42,633 | -78.0% |
| Recurring financial charges | 65 | €54,647 | €12,013 | -€42,633 | -78.0% |
| Profit (loss) for the period before taxes | 9903 | -€298,282 | €231,626 | +€529,908 | |
| Income taxes | 67/77 | €3,799 | €425 | -€3,374 | -88.8% |
| Profit (loss) for the period | 9904 | -€302,081 | €231,201 | +€533,282 | |
| Profit (loss) for the period to be appropriated | 9905 | -€302,081 | €231,201 | +€533,282 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.