Verheeken: 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.
Verheeken
Largest movements
- Stocks and contracts +€40,852
up €40,852 (+13.5%), from €303,024 to €343,876
- Deferred charges and accrued income +€17,060
up €17,060 (+253%), from €6,741 to €23,801
- Receivables within one year +€7,702
up €7,702 (+165%), from €4,679 to €12,381
of which Trade receivables: +€7,529
- Reserves +€53,953
up €53,953 (+23.0%), from €234,650 to €288,602
- Current portion of long-term debt +€16,281
up €16,281 (+250%), from €6,524 to €22,804
- Debts after one year -€12,804
down €12,804 (-24.5%), from €52,316 to €39,511
- Short-term financial debts -€6,000
down €6,000 (-100%), from €6,000 to €0
of which Other loans: -€6,000
- Tax, wage and social debts +€4,983
up €4,983 (+30.6%), from €16,309 to €21,292
of which Taxes: +€5,874
- Gross operating margin +€49,193
up €49,193 (+62.7%), from €78,436 to €127,629
- Taxes +€13,840
up €13,840 (+177%), from €7,833 to €21,674
- Financial income +€2,059
up €2,059 (+47.0%), from €4,385 to €6,445
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €384,730 | €451,876 | +€67,146 | +17.5% |
| Fixed assets | 21/28 | €59,563 | €63,477 | +€3,913 | +6.6% |
| Tangible fixed assets | 22/27 | €59,308 | €63,222 | +€3,913 | +6.6% |
| Land and buildings | 22 | €7,403 | €6,473 | -€930 | -12.6% |
| Plant, machinery and equipment | 23 | €49,088 | €44,929 | -€4,159 | -8.5% |
| Furniture and vehicles | 24 | €1,705 | €11,134 | +€9,429 | +553% |
| Other tangible fixed assets | 26 | €1,112 | €686 | -€426 | -38.3% |
| Financial fixed assets | 28 | €255 | €255 | = | 0.0% |
| Current assets | 29/58 | €325,167 | €388,399 | +€63,233 | +19.4% |
| Stocks and contracts in progress | 3 | €303,024 | €343,876 | +€40,852 | +13.5% |
| Stocks | 30/36 | €303,024 | €343,876 | +€40,852 | +13.5% |
| Amounts receivable within one year | 40/41 | €4,679 | €12,381 | +€7,702 | +165% |
| Trade receivables | 40 | €4,679 | €12,208 | +€7,529 | +161% |
| Other amounts receivable | 41 | - | €173 | +€173 | |
| Cash at bank and in hand | 54/58 | €10,722 | €8,341 | -€2,382 | -22.2% |
| Deferred charges and accrued income | 490/1 | €6,741 | €23,801 | +€17,060 | +253% |
| Total equity and liabilities | 10/49 | €384,730 | €451,876 | +€67,146 | +17.5% |
| Equity | 10/15 | €240,850 | €294,802 | +€53,953 | +22.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €234,650 | €288,602 | +€53,953 | +23.0% |
| Distributable reserves | 133 | €234,650 | €288,602 | +€53,953 | +23.0% |
| Amounts payable | 17/49 | €143,880 | €157,073 | +€13,193 | +9.2% |
| Amounts payable after more than one year | 17 | €52,316 | €39,511 | -€12,804 | -24.5% |
| Financial debts | 170/4 | €52,316 | €39,511 | -€12,804 | -24.5% |
| Amounts payable within one year | 42/48 | €90,484 | €112,690 | +€22,207 | +24.5% |
| Current portion of amounts payable after more than one year | 42 | €6,524 | €22,804 | +€16,281 | +250% |
| Financial debts | 43 | €6,000 | €0 | -€6,000 | -100% |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | €6,000 | €0 | -€6,000 | -100% |
| Trade debts | 44 | €20,934 | €23,856 | +€2,922 | +14.0% |
| Suppliers | 440/4 | €20,934 | €23,856 | +€2,922 | +14.0% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €16,309 | €21,292 | +€4,983 | +30.6% |
| Taxes | 450/3 | €9,192 | €15,066 | +€5,874 | +63.9% |
| Remuneration and social security | 454/9 | €7,117 | €6,226 | -€891 | -12.5% |
| Other amounts payable | 47/48 | €40,717 | €44,737 | +€4,021 | +9.9% |
| Accrued charges and deferred income | 492/3 | €1,081 | €4,872 | +€3,791 | +351% |
| Remuneration, social security and pensions | 62 | €38,298 | €38,999 | +€701 | +1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,021 | €10,937 | +€916 | +9.1% |
| Other operating charges | 640/8 | €2,339 | €1,504 | -€835 | -35.7% |
| Gross operating margin | 9900 | €78,436 | €127,629 | +€49,193 | +62.7% |
| Operating profit (loss) | 9901 | €27,779 | €76,189 | +€48,410 | +174% |
| Financial income | 75/76B | €4,385 | €6,445 | +€2,059 | +47.0% |
| Recurring financial income | 75 | €4,385 | €6,445 | +€2,059 | +47.0% |
| Financial charges | 65/66B | €7,066 | €7,008 | -€59 | -0.8% |
| Recurring financial charges | 65 | €7,066 | €7,008 | -€59 | -0.8% |
| Profit (loss) for the period before taxes | 9903 | €25,098 | €75,626 | +€50,528 | +201% |
| Income taxes | 67/77 | €7,833 | €21,674 | +€13,840 | +177% |
| Profit (loss) for the period | 9904 | €17,265 | €53,953 | +€36,688 | +213% |
| Profit (loss) for the period to be appropriated | 9905 | €17,265 | €53,953 | +€36,688 | +213% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.