VERHELST: 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.
VERHELST
Largest movements
- Tangible fixed assets -€307,520
down €307,520 (-57.8%), from €532,473 to €224,953
of which Land and buildings: -€296,447
- Cash +€183,132
up €183,132 (+4,379%), from €4,182 to €187,314
mainly Investment in fixed assets (net) (+€297,565) and Net result for the year (+€146,434)
- Other debts -€212,723
down €212,723 (-86.8%), from €245,088 to €32,365
- Reserves +€136,961
up €136,961 (+67.0%), from €204,376 to €341,337
of which Distributable reserves: +€232,363
- Provisions -€63,601
down €63,601 (-83.5%), from €76,207 to €12,606
- Profit (loss) carried forward +€9,473
no longer reported in 2025 (was -€9,473)
- Tax, wage and social debts +€5,894
up €5,894 (+198%), from €2,972 to €8,866
- Gross operating margin +€190,719
up €190,719 (+1,527%), from €12,491 to €203,210
- Taxes +€105,511
up €105,511 (+27,245%), from €387 to €105,898
- Depreciation -€10,186
down €10,186 (-50.6%), from €20,142 to €9,956
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 | €539,106 | €413,774 | -€125,332 | -23.2% |
| Fixed assets | 21/28 | €532,473 | €224,953 | -€307,520 | -57.8% |
| Tangible fixed assets | 22/27 | €532,473 | €224,953 | -€307,520 | -57.8% |
| Land and buildings | 22 | €296,447 | - | -€296,447 | |
| Plant, machinery and equipment | 23 | €2,355 | €932 | -€1,424 | -60.4% |
| Furniture and vehicles | 24 | €516 | - | -€516 | |
| Other tangible fixed assets | 26 | €233,155 | €224,021 | -€9,134 | -3.9% |
| Current assets | 29/58 | €6,633 | €188,821 | +€182,189 | +2,747% |
| Cash at bank and in hand | 54/58 | €4,182 | €187,314 | +€183,132 | +4,379% |
| Deferred charges and accrued income | 490/1 | €2,450 | €1,507 | -€943 | -38.5% |
| Total equity and liabilities | 10/49 | €539,106 | €413,774 | -€125,332 | -23.2% |
| Equity | 10/15 | €213,503 | €359,937 | +€146,434 | +68.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €204,376 | €341,337 | +€136,961 | +67.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €114,311 | €18,909 | -€95,402 | -83.5% |
| Distributable reserves | 133 | €88,205 | €320,568 | +€232,363 | +263% |
| Profit (loss) carried forward | 14 | -€9,473 | - | +€9,473 | |
| Provisions and deferred taxes | 16 | €76,207 | €12,606 | -€63,601 | -83.5% |
| Deferred taxes | 168 | €76,207 | €12,606 | -€63,601 | -83.5% |
| Amounts payable | 17/49 | €249,396 | €41,231 | -€208,165 | -83.5% |
| Amounts payable within one year | 42/48 | €249,396 | €41,231 | -€208,165 | -83.5% |
| Trade debts | 44 | €1,336 | - | -€1,336 | |
| Suppliers | 440/4 | €1,336 | - | -€1,336 | |
| Taxes, remuneration and social security | 45 | €2,972 | €8,866 | +€5,894 | +198% |
| Taxes | 450/3 | €2,972 | €8,866 | +€5,894 | +198% |
| Other amounts payable | 47/48 | €245,088 | €32,365 | -€212,723 | -86.8% |
| Non-recurring operating income | 76A | - | €207,435 | +€207,435 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,142 | €9,956 | -€10,186 | -50.6% |
| Other operating charges | 640/8 | €4,458 | €4,471 | +€12 | +0.3% |
| Gross operating margin | 9900 | €12,491 | €203,210 | +€190,719 | +1,527% |
| Operating profit (loss) | 9901 | -€12,110 | €188,783 | +€200,893 | |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €48 | €53 | +€4 | +9.4% |
| Recurring financial charges | 65 | €48 | €53 | +€4 | +9.4% |
| Profit (loss) for the period before taxes | 9903 | -€12,157 | €188,731 | +€200,887 | |
| Transfer from deferred taxes | 780 | €3,265 | €63,601 | +€60,337 | +1,848% |
| Income taxes | 67/77 | €387 | €105,898 | +€105,511 | +27,245% |
| Profit (loss) for the period | 9904 | -€9,279 | €146,434 | +€155,713 | |
| Transfer from tax-exempt reserves | 789 | €4,897 | €95,402 | +€90,505 | +1,848% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,382 | €241,836 | +€246,218 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.