VERHEES: 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.
VERHEES
Largest movements
- Tangible fixed assets +€79,348
up €79,348 (+99.4%), from €79,823 to €159,171
of which Land and buildings: +€61,050
- Receivables within one year +€31,559
up €31,559 (+159.2%), from €19,823 to €51,381
of which Trade receivables: +€33,814
- Cash -€9,557
down €9,557 (-17.4%), from €54,789 to €45,233
mainly Investment in fixed assets (net) (-€108,142) and Receivables within one year (-€31,559)
- Debts after one year +€75,375
new in 2025: €75,375
- Trade debts +€11,814
up €11,814 (+70.5%), from €16,754 to €28,568
- Reserves +€9,010
up €9,010 (+8.9%), from €101,460 to €110,470
- Current portion of long-term debt +€7,263
new in 2025: €7,263
- Tax, wage and social debts -€7,115
down €7,115 (-82.2%), from €8,656 to €1,541
- Gross operating margin +€9,814
up €9,814 (+22.6%), from €43,374 to €53,188
- Depreciation +€5,358
up €5,358 (+22.9%), from €23,437 to €28,795
- Financial charges +€3,077
up €3,077 (+1637.1%), from €188 to €3,265
- Taxes -€1,840
down €1,840 (-35.9%), from €5,129 to €3,290
- Other operating charges +€1,216
up €1,216 (+83.8%), from €1,451 to €2,667
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 | €160,461 | €262,896 | +€102,435 | +63.8% |
| Fixed assets | 21/28 | €79,823 | €159,171 | +€79,348 | +99.4% |
| Tangible fixed assets | 22/27 | €79,823 | €159,171 | +€79,348 | +99.4% |
| Land and buildings | 22 | €15,743 | €76,793 | +€61,050 | +387.8% |
| Plant, machinery and equipment | 23 | €14,834 | €48,326 | +€33,492 | +225.8% |
| Furniture and vehicles | 24 | €49,247 | €34,052 | -€15,194 | -30.9% |
| Current assets | 29/58 | €80,638 | €103,724 | +€23,087 | +28.6% |
| Stocks and contracts in progress | 3 | €6,026 | €7,111 | +€1,085 | +18.0% |
| Stocks | 30/36 | €6,026 | €7,111 | +€1,085 | +18.0% |
| Amounts receivable within one year | 40/41 | €19,823 | €51,381 | +€31,559 | +159.2% |
| Trade receivables | 40 | €16,234 | €50,048 | +€33,814 | +208.3% |
| Other amounts receivable | 41 | €3,589 | €1,333 | -€2,256 | -62.9% |
| Cash at bank and in hand | 54/58 | €54,789 | €45,233 | -€9,557 | -17.4% |
| Total equity and liabilities | 10/49 | €160,461 | €262,896 | +€102,435 | +63.8% |
| Equity | 10/15 | €126,845 | €135,855 | +€9,010 | +7.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Outside capital | 11 | €18,592 | €18,592 | = | 0.0% |
| Other | 1109/19 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €101,460 | €110,470 | +€9,010 | +8.9% |
| Distributable reserves | 133 | €101,460 | €110,470 | +€9,010 | +8.9% |
| Profit (loss) carried forward | 14 | €6,794 | €6,794 | = | 0.0% |
| Amounts payable | 17/49 | €33,616 | €127,040 | +€93,424 | +277.9% |
| Amounts payable after more than one year | 17 | - | €75,375 | +€75,375 | |
| Financial debts | 170/4 | - | €75,375 | +€75,375 | |
| Amounts payable within one year | 42/48 | €33,616 | €51,666 | +€18,050 | +53.7% |
| Current portion of amounts payable after more than one year | 42 | - | €7,263 | +€7,263 | |
| Trade debts | 44 | €16,754 | €28,568 | +€11,814 | +70.5% |
| Suppliers | 440/4 | €16,754 | €28,568 | +€11,814 | +70.5% |
| Taxes, remuneration and social security | 45 | €8,656 | €1,541 | -€7,115 | -82.2% |
| Taxes | 450/3 | €8,656 | €1,541 | -€7,115 | -82.2% |
| Other amounts payable | 47/48 | €8,206 | €14,294 | +€6,088 | +74.2% |
| Remuneration, social security and pensions | 62 | €36 | -€239 | -€275 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,437 | €28,795 | +€5,358 | +22.9% |
| Other operating charges | 640/8 | €1,451 | €2,667 | +€1,216 | +83.8% |
| Gross operating margin | 9900 | €43,374 | €53,188 | +€9,814 | +22.6% |
| Operating profit (loss) | 9901 | €18,450 | €21,965 | +€3,515 | +19.1% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €188 | €3,265 | +€3,077 | +1637.1% |
| Recurring financial charges | 65 | €188 | €3,265 | +€3,077 | +1637.1% |
| Profit (loss) for the period before taxes | 9903 | €18,262 | €18,700 | +€438 | +2.4% |
| Income taxes | 67/77 | €5,129 | €3,290 | -€1,840 | -35.9% |
| Profit (loss) for the period | 9904 | €13,132 | €15,410 | +€2,278 | +17.3% |
| Profit (loss) for the period to be appropriated | 9905 | €13,132 | €15,410 | +€2,278 | +17.3% |
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 5 October 2026 via checked.be.