VERHELST ENGINEERS: 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 ENGINEERS
Largest movements
- Receivables within one year -€27,860
down €27,860 (-39.6%), from €70,282 to €42,422
of which Trade receivables: -€34,032
- Cash +€8,964
up €8,964 (+24.3%), from €36,899 to €45,862
mainly Other debts (+€29,273) and Receivables within one year (+€27,860)
- Deferred charges and accrued income +€2,694
up €2,694 (+15.4%), from €17,530 to €20,224
- Profit (loss) carried forward -€42,886
no longer reported in 2025 (was €42,886)
- Other debts +€29,273
up €29,273 (+235%), from €12,457 to €41,730
- Trade debts -€9,669
down €9,669 (-23.4%), from €41,249 to €31,580
- Tax, wage and social debts +€5,923
up €5,923 (+18.4%), from €32,255 to €38,177
of which Remuneration and social security: +€12,057
- Gross operating margin -€35,460
down €35,460 (-19.8%), from €179,523 to €144,064
- Staff costs +€11,669
up €11,669 (+8.6%), from €136,447 to €148,116
- Depreciation -€4,920
down €4,920 (-64.1%), from €7,674 to €2,754
- Taxes -€4,374
down €4,374 (-69.9%), from €6,256 to €1,883
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 | €131,568 | €114,830 | -€16,739 | -12.7% |
| Fixed assets | 21/28 | €6,858 | €6,321 | -€537 | -7.8% |
| Tangible fixed assets | 22/27 | €3,870 | €3,333 | -€537 | -13.9% |
| Furniture and vehicles | 24 | €3,870 | €3,333 | -€537 | -13.9% |
| Financial fixed assets | 28 | €2,988 | €2,988 | = | 0.0% |
| Current assets | 29/58 | €124,710 | €108,509 | -€16,202 | -13.0% |
| Amounts receivable within one year | 40/41 | €70,282 | €42,422 | -€27,860 | -39.6% |
| Trade receivables | 40 | €70,282 | €36,250 | -€34,032 | -48.4% |
| Other amounts receivable | 41 | - | €6,172 | +€6,172 | |
| Cash at bank and in hand | 54/58 | €36,899 | €45,862 | +€8,964 | +24.3% |
| Deferred charges and accrued income | 490/1 | €17,530 | €20,224 | +€2,694 | +15.4% |
| Total equity and liabilities | 10/49 | €131,568 | €114,830 | -€16,739 | -12.7% |
| Equity | 10/15 | €44,386 | €1,500 | -€42,886 | -96.6% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €42,886 | - | -€42,886 | |
| Amounts payable | 17/49 | €87,182 | €113,330 | +€26,148 | +30.0% |
| Amounts payable within one year | 42/48 | €87,182 | €113,330 | +€26,148 | +30.0% |
| Financial debts | 43 | €1,221 | €1,842 | +€621 | +50.8% |
| Credit institutions | 430/8 | €1,221 | €1,842 | +€621 | +50.8% |
| Trade debts | 44 | €41,249 | €31,580 | -€9,669 | -23.4% |
| Suppliers | 440/4 | €41,249 | €31,580 | -€9,669 | -23.4% |
| Taxes, remuneration and social security | 45 | €32,255 | €38,177 | +€5,923 | +18.4% |
| Taxes | 450/3 | €27,095 | €20,961 | -€6,134 | -22.6% |
| Remuneration and social security | 454/9 | €5,160 | €17,217 | +€12,057 | +234% |
| Other amounts payable | 47/48 | €12,457 | €41,730 | +€29,273 | +235% |
| Remuneration, social security and pensions | 62 | €136,447 | €148,116 | +€11,669 | +8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,674 | €2,754 | -€4,920 | -64.1% |
| Other operating charges | 640/8 | €756 | €1,230 | +€474 | +62.6% |
| Gross operating margin | 9900 | €179,523 | €144,064 | -€35,460 | -19.8% |
| Operating profit (loss) | 9901 | €34,646 | -€8,036 | -€42,682 | |
| Financial income | 75/76B | €41 | - | -€41 | |
| Recurring financial income | 75 | €41 | - | -€41 | |
| Financial charges | 65/66B | €240 | €218 | -€22 | -9.2% |
| Recurring financial charges | 65 | €240 | €218 | -€22 | -9.2% |
| Profit (loss) for the period before taxes | 9903 | €34,446 | -€8,254 | -€42,701 | |
| Income taxes | 67/77 | €6,256 | €1,883 | -€4,374 | -69.9% |
| Profit (loss) for the period | 9904 | €28,190 | -€10,137 | -€38,327 | |
| Profit (loss) for the period to be appropriated | 9905 | €28,190 | -€10,137 | -€38,327 |
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 26 October 2026 via checked.be.