VERHEL: 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.
What changed
VERHEL
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€75,996
2024 · €87,337-€11,341
Equity
€359,297
2024 · €366,551-€7,254
Cash
€208,529
2024 · €175,935+€32,594
Balance sheet total
€1.8m
2024 · €1.8m-€42,500
Largest movements
Assets
- Tangible fixed assets -€76,737
down €76,737 (-4.7%), from €1.6m to €1.6m
- Cash +€32,594
up €32,594 (+18.5%), from €175,935 to €208,529
mainly Depreciation (+€76,737) and Net result for the year (+€75,996)
Equity and liabilities
- Other debts -€29,911
down €29,911 (-23.6%), from €126,886 to €96,975
Income statement
- Gross operating margin -€22,711
down €22,711 (-8.4%), from €269,407 to €246,696
- Financial charges -€5,235
down €5,235 (-14.0%), from €37,494 to €32,259
- Taxes -€4,372
down €4,372 (-13.4%), from €32,668 to €28,296
- Depreciation -€3,651
down €3,651 (-4.5%), from €80,387 to €76,737
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.
Result 2024
€87,337
Gross operating margin
-€22,711
Depreciation
+€3,651
Other operating charges
-€1,912
Financial income
+€24
Financial charges
+€5,235
Taxes
+€4,372
Result 2025
€75,996
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.
From operations
+€126,699
Investment
€0
Financing
-€94,105
Cash 2024
€175,935
From operations (derived)
+€126,699
Net result for the year
+€75,996
Depreciation
+€76,737
Receivables within one year
-€2,457
Deferred charges and accrued income
+€814
Provisions
-€859
Trade debts
+€5,608
Tax, wage and social debts
-€4,372
Other debts
-€29,911
Accrued charges and deferred income
+€5,143
Financing
-€94,105
Debts after one year
-€18,118
Current portion of long-term debt
+€7,289
Short-term financial debts
-€26
Contributions, distributions and other
-€83,250
Cash 2025
€208,529
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,828,095 | €1,785,594 | -€42,500 | -2.3% |
| Fixed assets | 21/28 | €1,649,353 | €1,572,617 | -€76,737 | -4.7% |
| Tangible fixed assets | 22/27 | €1,649,353 | €1,572,617 | -€76,737 | -4.7% |
| Land and buildings | 22 | €1,649,353 | €1,572,617 | -€76,737 | -4.7% |
| Current assets | 29/58 | €178,741 | €212,978 | +€34,236 | +19.2% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | - | €2,457 | +€2,457 | |
| Trade receivables | 40 | - | €2,457 | +€2,457 | |
| Cash at bank and in hand | 54/58 | €175,935 | €208,529 | +€32,594 | +18.5% |
| Deferred charges and accrued income | 490/1 | €2,806 | €1,992 | -€814 | -29.0% |
| Total equity and liabilities | 10/49 | €1,828,095 | €1,785,594 | -€42,500 | -2.3% |
| Equity | 10/15 | €366,551 | €359,297 | -€7,254 | -2.0% |
| Contributions | 10/11 | €194,500 | €194,500 | = | 0.0% |
| Capital | 10 | €194,500 | €194,500 | = | 0.0% |
| Issued capital | 100 | €194,500 | €194,500 | = | 0.0% |
| Reserves | 13 | €92,664 | €84,311 | -€8,353 | -9.0% |
| Non-distributable reserves | 130/1 | €19,450 | €19,450 | = | 0.0% |
| Legal reserve | 130 | €19,450 | €19,450 | = | 0.0% |
| Tax-exempt reserves | 132 | €71,266 | €62,913 | -€8,353 | -11.7% |
| Distributable reserves | 133 | €1,948 | €1,948 | = | 0.0% |
| Profit (loss) carried forward | 14 | €79,387 | €80,486 | +€1,099 | +1.4% |
| Provisions and deferred taxes | 16 | €25,680 | €24,821 | -€859 | -3.3% |
| Deferred taxes | 168 | €25,680 | €24,821 | -€859 | -3.3% |
| Amounts payable | 17/49 | €1,435,864 | €1,401,476 | -€34,387 | -2.4% |
| Amounts payable after more than one year | 17 | €1,148,875 | €1,130,758 | -€18,118 | -1.6% |
| Financial debts | 170/4 | €1,125,723 | €1,109,330 | -€16,393 | -1.5% |
| Other amounts payable | 178/9 | €23,153 | €21,428 | -€1,725 | -7.5% |
| Amounts payable within one year | 42/48 | €265,979 | €244,567 | -€21,412 | -8.1% |
| Current portion of amounts payable after more than one year | 42 | €107,825 | €115,114 | +€7,289 | +6.8% |
| Financial debts | 43 | €6,773 | €6,746 | -€26 | -0.4% |
| Credit institutions | 430/8 | €6,773 | €6,746 | -€26 | -0.4% |
| Trade debts | 44 | €11,827 | €17,435 | +€5,608 | +47.4% |
| Suppliers | 440/4 | €11,827 | €17,435 | +€5,608 | +47.4% |
| Taxes, remuneration and social security | 45 | €12,668 | €8,296 | -€4,372 | -34.5% |
| Taxes | 450/3 | €12,668 | €8,296 | -€4,372 | -34.5% |
| Other amounts payable | 47/48 | €126,886 | €96,975 | -€29,911 | -23.6% |
| Accrued charges and deferred income | 492/3 | €21,010 | €26,152 | +€5,143 | +24.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,387 | €76,737 | -€3,651 | -4.5% |
| Other operating charges | 640/8 | €32,456 | €34,367 | +€1,912 | +5.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €269,407 | €246,696 | -€22,711 | -8.4% |
| Operating profit (loss) | 9901 | €156,564 | €135,592 | -€20,972 | -13.4% |
| Financial income | 75/76B | €75 | €100 | +€24 | +32.6% |
| Recurring financial income | 75 | €75 | €100 | +€24 | +32.6% |
| Financial charges | 65/66B | €37,494 | €32,259 | -€5,235 | -14.0% |
| Recurring financial charges | 65 | €37,494 | €32,259 | -€5,235 | -14.0% |
| Profit (loss) for the period before taxes | 9903 | €119,146 | €103,433 | -€15,713 | -13.2% |
| Transfer from deferred taxes | 780 | €859 | €859 | = | 0.0% |
| Income taxes | 67/77 | €32,668 | €28,296 | -€4,372 | -13.4% |
| Profit (loss) for the period | 9904 | €87,337 | €75,996 | -€11,341 | -13.0% |
| Transfer from tax-exempt reserves | 789 | €8,353 | €8,353 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €95,690 | €84,349 | -€11,341 | -11.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.