VERHELLE: 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.
VERHELLE
Largest movements
- Receivables within one year -€255,348
down €255,348 (-53.8%), from €475,060 to €219,712
of which Trade receivables: -€235,245
- Stocks and contracts -€240,792
down €240,792 (-38.0%), from €633,518 to €392,726
- Cash +€57,385
up €57,385 (+26.8%), from €214,227 to €271,612
mainly Receivables within one year (+€255,348) and Stocks and contracts (+€240,792)
- Tangible fixed assets -€31,520
down €31,520 (-18.9%), from €166,422 to €134,902
of which Land and buildings: -€18,447
- Trade debts -€403,829
down €403,829 (-78.5%), from €514,730 to €110,901
- Debts after one year -€150,000
down €150,000 (-60.0%), from €250,000 to €100,000
- Profit (loss) carried forward +€90,840
up €90,840, from -€57,456 to €33,384
- Accrued charges and deferred income -€20,960
down €20,960 (-60.9%), from €34,401 to €13,441
- Write-downs -€144,731
down €144,731 (-95.4%), from €151,635 to €6,904
- Gross operating margin +€19,249
up €19,249 (+5.3%), from €364,522 to €383,771
- Taxes +€16,709
up €16,709, from -€605 to €16,104
- Financial income +€5,885
up €5,885 (+63412.9%), from €9 to €5,894
- Financial charges +€4,650
up €4,650 (+30.4%), from €15,291 to €19,941
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 | €1,493,651 | €1,021,670 | -€471,981 | -31.6% |
| Fixed assets | 21/28 | €167,686 | €136,165 | -€31,520 | -18.8% |
| Tangible fixed assets | 22/27 | €166,422 | €134,902 | -€31,520 | -18.9% |
| Land and buildings | 22 | €126,821 | €108,375 | -€18,447 | -14.5% |
| Plant, machinery and equipment | 23 | €9,087 | €6,755 | -€2,332 | -25.7% |
| Furniture and vehicles | 24 | €30,514 | €19,772 | -€10,742 | -35.2% |
| Financial fixed assets | 28 | €1,263 | €1,263 | = | 0.0% |
| Current assets | 29/58 | €1,325,965 | €885,505 | -€440,460 | -33.2% |
| Stocks and contracts in progress | 3 | €633,518 | €392,726 | -€240,792 | -38.0% |
| Stocks | 30/36 | €633,518 | €392,726 | -€240,792 | -38.0% |
| Amounts receivable within one year | 40/41 | €475,060 | €219,712 | -€255,348 | -53.8% |
| Trade receivables | 40 | €451,024 | €215,778 | -€235,245 | -52.2% |
| Other amounts receivable | 41 | €24,036 | €3,934 | -€20,103 | -83.6% |
| Cash at bank and in hand | 54/58 | €214,227 | €271,612 | +€57,385 | +26.8% |
| Deferred charges and accrued income | 490/1 | €3,160 | €1,455 | -€1,705 | -54.0% |
| Total equity and liabilities | 10/49 | €1,493,651 | €1,021,670 | -€471,981 | -31.6% |
| Equity | 10/15 | €654,398 | €745,238 | +€90,840 | +13.9% |
| Contributions | 10/11 | €254,789 | €254,789 | = | 0.0% |
| Reserves | 13 | €457,065 | €457,065 | = | 0.0% |
| Non-distributable reserves | 130/1 | €9,540 | €9,540 | = | 0.0% |
| Reserves not available under the articles | 1311 | €9,540 | €9,540 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,437 | €7,437 | = | 0.0% |
| Distributable reserves | 133 | €440,088 | €440,088 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€57,456 | €33,384 | +€90,840 | |
| Amounts payable | 17/49 | €839,253 | €276,432 | -€562,821 | -67.1% |
| Amounts payable after more than one year | 17 | €250,000 | €100,000 | -€150,000 | -60.0% |
| Financial debts | 170/4 | €250,000 | €100,000 | -€150,000 | -60.0% |
| Amounts payable within one year | 42/48 | €554,852 | €162,991 | -€391,860 | -70.6% |
| Trade debts | 44 | €514,730 | €110,901 | -€403,829 | -78.5% |
| Suppliers | 440/4 | €514,730 | €110,901 | -€403,829 | -78.5% |
| Taxes, remuneration and social security | 45 | €39,672 | €51,641 | +€11,969 | +30.2% |
| Taxes | 450/3 | €6,426 | €16,981 | +€10,555 | +164.3% |
| Remuneration and social security | 454/9 | €33,246 | €34,660 | +€1,413 | +4.3% |
| Other amounts payable | 47/48 | €449 | €449 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €34,401 | €13,441 | -€20,960 | -60.9% |
| Remuneration, social security and pensions | 62 | €207,207 | €208,455 | +€1,248 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,066 | €31,520 | -€546 | -1.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €151,635 | €6,904 | -€144,731 | -95.4% |
| Other operating charges | 640/8 | €16,394 | €15,902 | -€492 | -3.0% |
| Gross operating margin | 9900 | €364,522 | €383,771 | +€19,249 | +5.3% |
| Operating profit (loss) | 9901 | -€42,779 | €120,991 | +€163,770 | |
| Financial income | 75/76B | €9 | €5,894 | +€5,885 | +63412.9% |
| Recurring financial income | 75 | €9 | €5,894 | +€5,885 | +63412.9% |
| Financial charges | 65/66B | €15,291 | €19,941 | +€4,650 | +30.4% |
| Recurring financial charges | 65 | €15,291 | €19,941 | +€4,650 | +30.4% |
| Profit (loss) for the period before taxes | 9903 | -€58,061 | €106,944 | +€165,005 | |
| Income taxes | 67/77 | -€605 | €16,104 | +€16,709 | |
| Profit (loss) for the period | 9904 | -€57,456 | €90,840 | +€148,296 | |
| Profit (loss) for the period to be appropriated | 9905 | -€57,456 | €90,840 | +€148,296 |
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 8 October 2026 via checked.be.