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
- Cash -€185,419
down €185,419 (-68.4%), from €271,206 to €85,787
mainly Contributions, distributions and other (-€196,417) and Receivables within one year (-€161,839)
- Receivables within one year +€161,839
up €161,839 (+74.5%), from €217,329 to €379,168
of which Other amounts receivable: +€160,470
- Tangible fixed assets +€16,700
up €16,700 (+657%), from €2,541 to €19,241
- Trade debts +€13,238
up €13,238 (+12.2%), from €108,923 to €122,161
- Provisions -€11,138
down €11,138 (-27.8%), from €40,000 to €28,862
- Debts after one year -€10,231
down €10,231 (-100%), from €10,231 to €0
- Tax, wage and social debts +€9,350
up €9,350 (+17.0%), from €54,928 to €64,278
of which Remuneration and social security: +€10,410
- Staff costs +€63,170
up €63,170 (+581%), from €10,880 to €74,050
- Provisions -€40,000
down €40,000 (-100%), from €40,000 to €0
- Taxes -€28,133
down €28,133 (-82.6%), from €34,040 to €5,907
- Gross operating margin -€5,222
down €5,222 (-1.7%), from €299,576 to €294,354
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 | €502,318 | €500,237 | -€2,081 | -0.4% |
| Fixed assets | 21/28 | €7,041 | €22,241 | +€15,200 | +216% |
| Intangible fixed assets | 21 | €4,500 | €3,000 | -€1,500 | -33.3% |
| Tangible fixed assets | 22/27 | €2,541 | €19,241 | +€16,700 | +657% |
| Furniture and vehicles | 24 | €2,541 | €19,241 | +€16,700 | +657% |
| Current assets | 29/58 | €495,276 | €477,995 | -€17,281 | -3.5% |
| Stocks and contracts in progress | 3 | €5,050 | €6,347 | +€1,297 | +25.7% |
| Stocks | 30/36 | €5,050 | €6,347 | +€1,297 | +25.7% |
| Amounts receivable within one year | 40/41 | €217,329 | €379,168 | +€161,839 | +74.5% |
| Trade receivables | 40 | €10,698 | €12,067 | +€1,369 | +12.8% |
| Other amounts receivable | 41 | €206,631 | €367,101 | +€160,470 | +77.7% |
| Cash at bank and in hand | 54/58 | €271,206 | €85,787 | -€185,419 | -68.4% |
| Deferred charges and accrued income | 490/1 | €1,691 | €6,694 | +€5,002 | +296% |
| Total equity and liabilities | 10/49 | €502,318 | €500,237 | -€2,081 | -0.4% |
| Equity | 10/15 | €276,860 | €273,358 | -€3,502 | -1.3% |
| Contributions | 10/11 | €18,549 | €18,549 | = | 0.0% |
| Reserves | 13 | €61,894 | €61,894 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €61,894 | €61,894 | = | 0.0% |
| Profit (loss) carried forward | 14 | €196,417 | €192,915 | -€3,502 | -1.8% |
| Provisions and deferred taxes | 16 | €40,000 | €28,862 | -€11,138 | -27.8% |
| Provisions for liabilities and charges | 160/5 | €40,000 | €28,862 | -€11,138 | -27.8% |
| Major repairs and maintenance | 162 | €40,000 | €28,862 | -€11,138 | -27.8% |
| Amounts payable | 17/49 | €185,458 | €198,017 | +€12,559 | +6.8% |
| Amounts payable after more than one year | 17 | €10,231 | €0 | -€10,231 | -100% |
| Financial debts | 170/4 | €10,231 | €0 | -€10,231 | -100% |
| Amounts payable within one year | 42/48 | €174,564 | €197,592 | +€23,028 | +13.2% |
| Current portion of amounts payable after more than one year | 42 | €10,114 | €10,231 | +€117 | +1.2% |
| Trade debts | 44 | €108,923 | €122,161 | +€13,238 | +12.2% |
| Suppliers | 440/4 | €108,923 | €122,161 | +€13,238 | +12.2% |
| Advances received on contracts in progress | 46 | €599 | €922 | +€323 | +53.9% |
| Taxes, remuneration and social security | 45 | €54,928 | €64,278 | +€9,350 | +17.0% |
| Taxes | 450/3 | €41,007 | €39,947 | -€1,060 | -2.6% |
| Remuneration and social security | 454/9 | €13,921 | €24,331 | +€10,410 | +74.8% |
| Accrued charges and deferred income | 492/3 | €663 | €425 | -€238 | -35.9% |
| Remuneration, social security and pensions | 62 | €10,880 | €74,050 | +€63,170 | +581% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,815 | €10,442 | +€2,628 | +33.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €40,000 | €0 | -€40,000 | -100% |
| Other operating charges | 640/8 | €5,555 | €8,009 | +€2,454 | +44.2% |
| Gross operating margin | 9900 | €299,576 | €294,354 | -€5,222 | -1.7% |
| Operating profit (loss) | 9901 | €235,327 | €201,853 | -€33,474 | -14.2% |
| Financial income | 75/76B | - | €2,342 | +€2,342 | |
| Recurring financial income | 75 | - | €2,342 | +€2,342 | |
| Financial charges | 65/66B | €4,870 | €5,373 | +€503 | +10.3% |
| Recurring financial charges | 65 | €4,870 | €5,373 | +€503 | +10.3% |
| Profit (loss) for the period before taxes | 9903 | €230,457 | €198,822 | -€31,635 | -13.7% |
| Income taxes | 67/77 | €34,040 | €5,907 | -€28,133 | -82.6% |
| Profit (loss) for the period | 9904 | €196,417 | €192,915 | -€3,502 | -1.8% |
| Profit (loss) for the period to be appropriated | 9905 | €196,417 | €192,915 | -€3,502 | -1.8% |
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 19 October 2026 via checked.be.