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 -€19,535
down €19,535 (-7.4%), from €263,759 to €244,224
of which Land and buildings: -€18,589
- Cash +€15,680
up €15,680 (+60.4%), from €25,949 to €41,630
mainly Depreciation (+€19,535) and Other debts (+€2,271)
- Reserves -€149,160
down €149,160 (-36.6%), from €407,664 to €258,504
of which Distributable reserves: -€149,160
- Profit (loss) carried forward +€142,950
up €142,950, from -€142,950 to €0
- Gross operating margin +€8,738
up €8,738 (+88.5%), from €9,875 to €18,613
- Depreciation -€2,444
down €2,444 (-11.1%), from €21,980 to €19,535
- Other operating charges -€503
down €503 (-8.8%), from €5,721 to €5,219
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 | €291,692 | €286,014 | -€5,678 | -1.9% |
| Fixed assets | 21/28 | €263,759 | €244,224 | -€19,535 | -7.4% |
| Tangible fixed assets | 22/27 | €263,759 | €244,224 | -€19,535 | -7.4% |
| Land and buildings | 22 | €258,219 | €239,630 | -€18,589 | -7.2% |
| Furniture and vehicles | 24 | €5,540 | €4,594 | -€946 | -17.1% |
| Current assets | 29/58 | €27,933 | €41,790 | +€13,857 | +49.6% |
| Amounts receivable within one year | 40/41 | €1,984 | €0 | -€1,984 | -100% |
| Other amounts receivable | 41 | €1,984 | €0 | -€1,984 | -100% |
| Cash at bank and in hand | 54/58 | €25,949 | €41,630 | +€15,680 | +60.4% |
| Deferred charges and accrued income | 490/1 | - | €160 | +€160 | |
| Total equity and liabilities | 10/49 | €291,692 | €286,014 | -€5,678 | -1.9% |
| Equity | 10/15 | €283,306 | €277,096 | -€6,210 | -2.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €407,664 | €258,504 | -€149,160 | -36.6% |
| Non-distributable reserves | 130/1 | €6,414 | €6,414 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,414 | €6,414 | = | 0.0% |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Distributable reserves | 133 | €345,000 | €195,840 | -€149,160 | -43.2% |
| Profit (loss) carried forward | 14 | -€142,950 | €0 | +€142,950 | |
| Amounts payable | 17/49 | €8,386 | €8,918 | +€531 | +6.3% |
| Amounts payable within one year | 42/48 | €5,477 | €5,959 | +€481 | +8.8% |
| Trade debts | 44 | €5,177 | €3,547 | -€1,630 | -31.5% |
| Suppliers | 440/4 | €5,177 | €3,547 | -€1,630 | -31.5% |
| Taxes, remuneration and social security | 45 | €300 | €141 | -€159 | -53.1% |
| Taxes | 450/3 | €300 | €141 | -€159 | -53.1% |
| Other amounts payable | 47/48 | €0 | €2,271 | +€2,271 | |
| Accrued charges and deferred income | 492/3 | €2,909 | €2,959 | +€50 | +1.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,980 | €19,535 | -€2,444 | -11.1% |
| Other operating charges | 640/8 | €5,721 | €5,219 | -€503 | -8.8% |
| Gross operating margin | 9900 | €9,875 | €18,613 | +€8,738 | +88.5% |
| Operating profit (loss) | 9901 | -€17,826 | -€6,141 | +€11,685 | +65.5% |
| Financial income | 75/76B | €96 | €135 | +€38 | +39.9% |
| Recurring financial income | 75 | €96 | €135 | +€38 | +39.9% |
| Financial charges | 65/66B | €227 | €168 | -€59 | -25.9% |
| Recurring financial charges | 65 | €227 | €168 | -€59 | -25.9% |
| Profit (loss) for the period before taxes | 9903 | -€17,957 | -€6,175 | +€11,782 | +65.6% |
| Income taxes | 67/77 | €174 | €35 | -€139 | -80.0% |
| Profit (loss) for the period | 9904 | -€18,131 | -€6,210 | +€11,921 | +65.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,131 | -€6,210 | +€11,921 | +65.8% |
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 18 October 2026 via checked.be.