VERHEGGEN: 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.
VERHEGGEN
Largest movements
- Current investments +€75,582
up €75,582 (+94.9%), from €79,634 to €155,216
- Cash +€50,150
up €50,150 (+21.9%), from €229,398 to €279,548
mainly Net result for the year (+€106,016) and Receivables within one year (+€31,549)
- Tangible fixed assets +€43,522
up €43,522 (+67.6%), from €64,402 to €107,923
of which Furniture and vehicles: +€55,434
- Receivables within one year -€31,549
down €31,549 (-38.8%), from €81,392 to €49,843
of which Trade receivables: -€31,436
- Reserves +€90,100
up €90,100 (+22.8%), from €395,905 to €486,005
of which Distributable reserves: +€90,161
- Debts after one year +€26,789
new in 2025: €26,789
- Tax, wage and social debts +€16,303
up €16,303 (+77.0%), from €21,170 to €37,473
of which Taxes: +€14,586
- Other debts -€7,742
down €7,742 (-62.5%), from €12,394 to €4,652
- Current portion of long-term debt +€7,651
new in 2025: €7,651
- Gross operating margin +€66,547
up €66,547 (+31.0%), from €214,436 to €280,984
- Staff costs +€31,632
up €31,632 (+45.6%), from €69,356 to €100,988
- Depreciation -€10,090
down €10,090 (-27.3%), from €36,987 to €26,897
- Taxes +€9,113
up €9,113 (+29.0%), from €31,442 to €40,556
- Financial income +€7,171
up €7,171 (+2,367%), from €303 to €7,473
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 | €484,838 | €622,417 | +€137,579 | +28.4% |
| Fixed assets | 21/28 | €65,748 | €109,070 | +€43,322 | +65.9% |
| Intangible fixed assets | 21 | €479 | €279 | -€200 | -41.8% |
| Tangible fixed assets | 22/27 | €64,402 | €107,923 | +€43,522 | +67.6% |
| Land and buildings | 22 | €48,729 | €41,983 | -€6,747 | -13.8% |
| Plant, machinery and equipment | 23 | €13,587 | €8,421 | -€5,165 | -38.0% |
| Furniture and vehicles | 24 | €2,086 | €57,519 | +€55,434 | +2,658% |
| Financial fixed assets | 28 | €867 | €867 | = | 0.0% |
| Current assets | 29/58 | €419,090 | €513,347 | +€94,257 | +22.5% |
| Stocks and contracts in progress | 3 | €20,190 | €18,193 | -€1,998 | -9.9% |
| Stocks | 30/36 | €20,190 | €18,193 | -€1,998 | -9.9% |
| Amounts receivable within one year | 40/41 | €81,392 | €49,843 | -€31,549 | -38.8% |
| Trade receivables | 40 | €80,788 | €49,352 | -€31,436 | -38.9% |
| Other amounts receivable | 41 | €603 | €491 | -€113 | -18.7% |
| Current investments | 50/53 | €79,634 | €155,216 | +€75,582 | +94.9% |
| Cash at bank and in hand | 54/58 | €229,398 | €279,548 | +€50,150 | +21.9% |
| Deferred charges and accrued income | 490/1 | €8,477 | €10,548 | +€2,072 | +24.4% |
| Total equity and liabilities | 10/49 | €484,838 | €622,417 | +€137,579 | +28.4% |
| Equity | 10/15 | €414,497 | €504,597 | +€90,100 | +21.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €395,905 | €486,005 | +€90,100 | +22.8% |
| Tax-exempt reserves | 132 | €7,498 | €7,437 | -€61 | -0.8% |
| Distributable reserves | 133 | €388,407 | €478,568 | +€90,161 | +23.2% |
| Provisions and deferred taxes | 16 | €15 | - | -€15 | |
| Deferred taxes | 168 | €15 | - | -€15 | |
| Amounts payable | 17/49 | €70,326 | €117,820 | +€47,494 | +67.5% |
| Amounts payable after more than one year | 17 | - | €26,789 | +€26,789 | |
| Financial debts | 170/4 | - | €26,789 | +€26,789 | |
| Amounts payable within one year | 42/48 | €70,326 | €91,032 | +€20,705 | +29.4% |
| Current portion of amounts payable after more than one year | 42 | - | €7,651 | +€7,651 | |
| Trade debts | 44 | €36,762 | €41,255 | +€4,493 | +12.2% |
| Suppliers | 440/4 | €36,762 | €41,255 | +€4,493 | +12.2% |
| Taxes, remuneration and social security | 45 | €21,170 | €37,473 | +€16,303 | +77.0% |
| Taxes | 450/3 | €12,399 | €26,985 | +€14,586 | +118% |
| Remuneration and social security | 454/9 | €8,771 | €10,488 | +€1,717 | +19.6% |
| Other amounts payable | 47/48 | €12,394 | €4,652 | -€7,742 | -62.5% |
| Remuneration, social security and pensions | 62 | €69,356 | €100,988 | +€31,632 | +45.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,987 | €26,897 | -€10,090 | -27.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,931 | - | -€3,931 | |
| Other operating charges | 640/8 | €2,163 | €4,192 | +€2,029 | +93.8% |
| Gross operating margin | 9900 | €214,436 | €280,984 | +€66,547 | +31.0% |
| Operating profit (loss) | 9901 | €101,999 | €148,907 | +€46,908 | +46.0% |
| Financial income | 75/76B | €303 | €7,473 | +€7,171 | +2,367% |
| Recurring financial income | 75 | €303 | €7,473 | +€7,171 | +2,367% |
| Financial charges | 65/66B | €7,060 | €9,824 | +€2,764 | +39.2% |
| Recurring financial charges | 65 | €7,060 | €9,824 | +€2,764 | +39.2% |
| Profit (loss) for the period before taxes | 9903 | €95,242 | €146,556 | +€51,314 | +53.9% |
| Transfer from deferred taxes | 780 | €2,741 | €15 | -€2,726 | -99.4% |
| Income taxes | 67/77 | €31,442 | €40,556 | +€9,113 | +29.0% |
| Profit (loss) for the period | 9904 | €66,541 | €106,016 | +€39,475 | +59.3% |
| Transfer from tax-exempt reserves | 789 | €10,714 | €61 | -€10,654 | -99.4% |
| Profit (loss) for the period to be appropriated | 9905 | €77,255 | €106,076 | +€28,821 | +37.3% |
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.