Verhelst Projects: what changed
Two fiscal 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 Projects
Largest movements
- Cash -€272,491
down €272,491 (-67.1%), from €406,220 to €133,729
mainly Investment in fixed assets (net) (-€278,926) and Other debts (-€152,401)
- Financial fixed assets +€226,027
up €226,027 (+109.9%), from €205,641 to €431,668
- Tangible fixed assets -€101,797
down €101,797 (-21.5%), from €474,130 to €372,333
- Receivables within one year +€59,482
up €59,482 (+30.8%), from €193,069 to €252,551
of which Trade receivables: +€49,404
- Intangible fixed assets -€21,380
down €21,380 (-28.8%), from €74,157 to €52,777
- Other debts -€152,401
down €152,401 (-99.9%), from €152,506 to €105
- Reserves +€72,295
up €72,295 (+9.3%), from €775,127 to €847,421
- Trade debts -€21,585
down €21,585 (-62.2%), from €34,713 to €13,128
- Debts after one year +€15,183
up €15,183 (+6.2%), from €243,543 to €258,726
of which Financial debts: +€15,183
- Gross operating margin -€43,415
down €43,415 (-12.4%), from €350,533 to €307,118
- Depreciation +€15,505
up €15,505 (+9.7%), from €160,571 to €176,076
- Taxes -€15,020
down €15,020 (-27.2%), from €55,167 to €40,147
- Financial charges +€6,261
up €6,261 (+56.1%), from €11,161 to €17,423
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.
Cash bridge derived
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 | €1,360,307 | €1,249,719 | -€110,588 | -8.1% |
| Fixed assets | 21/28 | €753,928 | €856,778 | +€102,850 | +13.6% |
| Intangible fixed assets | 21 | €74,157 | €52,777 | -€21,380 | -28.8% |
| Tangible fixed assets | 22/27 | €474,130 | €372,333 | -€101,797 | -21.5% |
| Land and buildings | 22 | €243,652 | €195,783 | -€47,869 | -19.6% |
| Plant, machinery and equipment | 23 | €21,630 | €14,685 | -€6,945 | -32.1% |
| Furniture and vehicles | 24 | €208,848 | €161,865 | -€46,983 | -22.5% |
| Financial fixed assets | 28 | €205,641 | €431,668 | +€226,027 | +109.9% |
| Current assets | 29/58 | €606,378 | €392,940 | -€213,438 | -35.2% |
| Amounts receivable within one year | 40/41 | €193,069 | €252,551 | +€59,482 | +30.8% |
| Trade receivables | 40 | €168,081 | €217,486 | +€49,404 | +29.4% |
| Other amounts receivable | 41 | €24,988 | €35,065 | +€10,078 | +40.3% |
| Cash at bank and in hand | 54/58 | €406,220 | €133,729 | -€272,491 | -67.1% |
| Deferred charges and accrued income | 490/1 | €7,090 | €6,660 | -€429 | -6.1% |
| Total equity and liabilities | 10/49 | €1,360,307 | €1,249,719 | -€110,588 | -8.1% |
| Equity | 10/15 | €793,727 | €866,021 | +€72,295 | +9.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €775,127 | €847,421 | +€72,295 | +9.3% |
| Distributable reserves | 133 | €775,127 | €847,421 | +€72,295 | +9.3% |
| Amounts payable | 17/49 | €566,580 | €383,697 | -€182,883 | -32.3% |
| Amounts payable after more than one year | 17 | €243,543 | €258,726 | +€15,183 | +6.2% |
| Financial debts | 170/4 | €239,889 | €255,072 | +€15,183 | +6.3% |
| Other amounts payable | 178/9 | €3,654 | €3,654 | = | 0.0% |
| Amounts payable within one year | 42/48 | €323,037 | €124,971 | -€198,066 | -61.3% |
| Current portion of amounts payable after more than one year | 42 | €86,427 | €79,423 | -€7,003 | -8.1% |
| Financial debts | 43 | €35,310 | €25,245 | -€10,065 | -28.5% |
| Credit institutions | 430/8 | €35,310 | €25,245 | -€10,065 | -28.5% |
| Trade debts | 44 | €34,713 | €13,128 | -€21,585 | -62.2% |
| Suppliers | 440/4 | €34,713 | €13,128 | -€21,585 | -62.2% |
| Taxes, remuneration and social security | 45 | €14,082 | €7,071 | -€7,011 | -49.8% |
| Taxes | 450/3 | €14,082 | €7,071 | -€7,011 | -49.8% |
| Other amounts payable | 47/48 | €152,506 | €105 | -€152,401 | -99.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €160,571 | €176,076 | +€15,505 | +9.7% |
| Other operating charges | 640/8 | €4,199 | €3,579 | -€620 | -14.8% |
| Gross operating margin | 9900 | €350,533 | €307,118 | -€43,415 | -12.4% |
| Operating profit (loss) | 9901 | €185,764 | €127,464 | -€58,300 | -31.4% |
| Financial income | 75/76B | €2,440 | €2,401 | -€39 | -1.6% |
| Recurring financial income | 75 | €2,440 | €2,401 | -€39 | -1.6% |
| Financial charges | 65/66B | €11,161 | €17,423 | +€6,261 | +56.1% |
| Recurring financial charges | 65 | €11,161 | €17,423 | +€6,261 | +56.1% |
| Profit (loss) for the period before taxes | 9903 | €177,042 | €112,442 | -€64,600 | -36.5% |
| Income taxes | 67/77 | €55,167 | €40,147 | -€15,020 | -27.2% |
| Profit (loss) for the period | 9904 | €121,875 | €72,295 | -€49,580 | -40.7% |
| Profit (loss) for the period to be appropriated | 9905 | €121,875 | €72,295 | -€49,580 | -40.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.