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
- Receivables within one year +€8,696
up €8,696 (+6.4%), from €136,198 to €144,894
of which Other amounts receivable: +€11,772
- Other debts -€25,894
down €25,894 (-62.9%), from €41,175 to €15,281
- Short-term financial debts +€20,305
up €20,305 (+44,596%), from €46 to €20,350
- Reserves +€18,288
up €18,288 (+16.4%), from €111,253 to €129,542
- Tax, wage and social debts -€7,011
down €7,011 (-40.4%), from €17,339 to €10,327
- Gross operating margin -€12,710
down €12,710 (-24.7%), from €51,365 to €38,655
- Taxes -€2,360
down €2,360 (-18.6%), from €12,687 to €10,327
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 | €178,316 | €185,459 | +€7,143 | +4.0% |
| Fixed assets | 21/28 | €39,098 | €38,029 | -€1,069 | -2.7% |
| Tangible fixed assets | 22/27 | €37,955 | €36,886 | -€1,069 | -2.8% |
| Land and buildings | 22 | €37,289 | €36,434 | -€855 | -2.3% |
| Furniture and vehicles | 24 | €666 | €452 | -€214 | -32.2% |
| Financial fixed assets | 28 | €1,143 | €1,143 | = | 0.0% |
| Current assets | 29/58 | €139,218 | €147,430 | +€8,212 | +5.9% |
| Amounts receivable within one year | 40/41 | €136,198 | €144,894 | +€8,696 | +6.4% |
| Trade receivables | 40 | €3,273 | €197 | -€3,076 | -94.0% |
| Other amounts receivable | 41 | €132,924 | €144,696 | +€11,772 | +8.9% |
| Cash at bank and in hand | 54/58 | €534 | €0 | -€534 | -100.0% |
| Deferred charges and accrued income | 490/1 | €2,486 | €2,536 | +€50 | +2.0% |
| Total equity and liabilities | 10/49 | €178,316 | €185,459 | +€7,143 | +4.0% |
| Equity | 10/15 | €119,194 | €137,482 | +€18,288 | +15.3% |
| Contributions | 10/11 | €7,941 | €7,941 | = | 0.0% |
| Reserves | 13 | €111,253 | €129,542 | +€18,288 | +16.4% |
| Distributable reserves | 133 | €111,253 | €129,542 | +€18,288 | +16.4% |
| Amounts payable | 17/49 | €59,122 | €47,977 | -€11,145 | -18.9% |
| Amounts payable within one year | 42/48 | €59,122 | €47,977 | -€11,145 | -18.9% |
| Financial debts | 43 | €46 | €20,350 | +€20,305 | +44,596% |
| Credit institutions | 430/8 | €46 | €20,350 | +€20,305 | +44,596% |
| Trade debts | 44 | €563 | €2,018 | +€1,455 | +259% |
| Suppliers | 440/4 | €563 | €2,018 | +€1,455 | +259% |
| Taxes, remuneration and social security | 45 | €17,339 | €10,327 | -€7,011 | -40.4% |
| Taxes | 450/3 | €17,339 | €10,327 | -€7,011 | -40.4% |
| Other amounts payable | 47/48 | €41,175 | €15,281 | -€25,894 | -62.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,058 | €1,069 | +€12 | +1.1% |
| Other operating charges | 640/8 | €6,219 | €6,380 | +€161 | +2.6% |
| Non-recurring operating charges | 66A | €5,585 | €1,904 | -€3,681 | -65.9% |
| Gross operating margin | 9900 | €51,365 | €38,655 | -€12,710 | -24.7% |
| Operating profit (loss) | 9901 | €38,503 | €29,301 | -€9,202 | -23.9% |
| Financial charges | 65/66B | €495 | €685 | +€190 | +38.4% |
| Recurring financial charges | 65 | €495 | €685 | +€190 | +38.4% |
| Profit (loss) for the period before taxes | 9903 | €38,007 | €28,615 | -€9,392 | -24.7% |
| Income taxes | 67/77 | €12,687 | €10,327 | -€2,360 | -18.6% |
| Profit (loss) for the period | 9904 | €25,320 | €18,288 | -€7,032 | -27.8% |
| Profit (loss) for the period to be appropriated | 9905 | €25,320 | €18,288 | -€7,032 | -27.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.