VERHELST CEDRIC: 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 CEDRIC
Largest movements
- Tangible fixed assets +€57,002
up €57,002 (+48.6%), from €117,349 to €174,351
of which Land and buildings: +€83,823
- Cash +€21,201
up €21,201 (+32.2%), from €65,845 to €87,045
mainly Depreciation (+€49,770) and Debts after one year (+€34,933)
- Receivables within one year -€21,101
down €21,101 (-58.4%), from €36,160 to €15,060
of which Trade receivables: -€24,304
- Current investments +€8,223
up €8,223 (+43.4%), from €18,938 to €27,161
- Debts after one year +€34,933
new in 2025: €34,933
- Reserves +€12,600
up €12,600 (+7.4%), from €169,478 to €182,078
- Trade debts +€11,237
up €11,237 (+245,339%), from €5 to €11,241
- Other debts +€5,587
up €5,587 (+14.8%), from €37,791 to €43,378
- Current portion of long-term debt +€5,229
up €5,229 (+120%), from €4,366 to €9,595
- Gross operating margin -€27,097
down €27,097 (-28.8%), from €93,952 to €66,855
- Depreciation -€12,973
down €12,973 (-20.7%), from €62,744 to €49,770
- Taxes -€5,658
down €5,658 (-63.5%), from €8,906 to €3,248
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 | €242,989 | €308,489 | +€65,501 | +27.0% |
| Fixed assets | 21/28 | €117,349 | €174,351 | +€57,002 | +48.6% |
| Tangible fixed assets | 22/27 | €117,349 | €174,351 | +€57,002 | +48.6% |
| Land and buildings | 22 | €789 | €84,612 | +€83,823 | +10,620% |
| Plant, machinery and equipment | 23 | €113,508 | €81,718 | -€31,790 | -28.0% |
| Furniture and vehicles | 24 | €3,052 | €8,020 | +€4,969 | +163% |
| Current assets | 29/58 | €125,640 | €134,139 | +€8,499 | +6.8% |
| Amounts receivable within one year | 40/41 | €36,160 | €15,060 | -€21,101 | -58.4% |
| Trade receivables | 40 | €35,050 | €10,745 | -€24,304 | -69.3% |
| Other amounts receivable | 41 | €1,110 | €4,314 | +€3,204 | +289% |
| Current investments | 50/53 | €18,938 | €27,161 | +€8,223 | +43.4% |
| Cash at bank and in hand | 54/58 | €65,845 | €87,045 | +€21,201 | +32.2% |
| Deferred charges and accrued income | 490/1 | €4,697 | €4,873 | +€176 | +3.7% |
| Total equity and liabilities | 10/49 | €242,989 | €308,489 | +€65,501 | +27.0% |
| Equity | 10/15 | €188,078 | €200,678 | +€12,600 | +6.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €169,478 | €182,078 | +€12,600 | +7.4% |
| Distributable reserves | 133 | €169,478 | €182,078 | +€12,600 | +7.4% |
| Amounts payable | 17/49 | €54,911 | €107,812 | +€52,901 | +96.3% |
| Amounts payable after more than one year | 17 | - | €34,933 | +€34,933 | |
| Other amounts payable | 178/9 | - | €34,933 | +€34,933 | |
| Amounts payable within one year | 42/48 | €46,630 | €66,750 | +€20,120 | +43.1% |
| Current portion of amounts payable after more than one year | 42 | €4,366 | €9,595 | +€5,229 | +120% |
| Trade debts | 44 | €5 | €11,241 | +€11,237 | +245,339% |
| Suppliers | 440/4 | €5 | €11,241 | +€11,237 | +245,339% |
| Taxes, remuneration and social security | 45 | €4,468 | €2,535 | -€1,933 | -43.3% |
| Taxes | 450/3 | €4,468 | €2,535 | -€1,933 | -43.3% |
| Other amounts payable | 47/48 | €37,791 | €43,378 | +€5,587 | +14.8% |
| Accrued charges and deferred income | 492/3 | €8,281 | €6,129 | -€2,152 | -26.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,744 | €49,770 | -€12,973 | -20.7% |
| Other operating charges | 640/8 | €174 | €408 | +€235 | +135% |
| Gross operating margin | 9900 | €93,952 | €66,855 | -€27,097 | -28.8% |
| Operating profit (loss) | 9901 | €31,034 | €16,676 | -€14,358 | -46.3% |
| Financial income | 75/76B | €56 | €219 | +€163 | +294% |
| Recurring financial income | 75 | €56 | €219 | +€163 | +294% |
| Financial charges | 65/66B | €520 | €1,046 | +€527 | +101% |
| Recurring financial charges | 65 | €520 | €1,046 | +€527 | +101% |
| Profit (loss) for the period before taxes | 9903 | €30,570 | €15,849 | -€14,722 | -48.2% |
| Income taxes | 67/77 | €8,906 | €3,248 | -€5,658 | -63.5% |
| Profit (loss) for the period | 9904 | €21,664 | €12,600 | -€9,064 | -41.8% |
| Profit (loss) for the period to be appropriated | 9905 | €21,664 | €12,600 | -€9,064 | -41.8% |
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 30 October 2026 via checked.be.