VERHEMA: 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.
VERHEMA
Largest movements
- Tangible fixed assets +€579,555
up €579,555 (+536.2%), from €108,093 to €687,649
of which Land and buildings: +€542,562
- Cash -€253,795
down €253,795 (-87.8%), from €289,140 to €35,345
mainly Investment in fixed assets (net) (-€654,236) and Receivables within one year (-€97,776)
- Receivables within one year +€97,776
up €97,776 (+342.9%), from €28,518 to €126,294
of which Other amounts receivable: +€104,093
- Debts after one year +€454,959
new in 2025: €454,959
- Gross operating margin -€326,613
down €326,613, from €232,714 to -€93,899
- Financial income +€152,595
up €152,595 (+143.1%), from €106,620 to €259,215
- Taxes -€54,069
down €54,069 (-67.8%), from €79,723 to €25,654
- Financial charges +€18,691
up €18,691 (+287.0%), from €6,513 to €25,204
of which Financial charges: +€12,847
- Depreciation +€16,575
up €16,575 (+51.8%), from €32,010 to €48,585
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 | €3,711,674 | €4,190,283 | +€478,609 | +12.9% |
| Fixed assets | 21/28 | €112,998 | €718,649 | +€605,651 | +536.0% |
| Tangible fixed assets | 22/27 | €108,093 | €687,649 | +€579,555 | +536.2% |
| Land and buildings | 22 | - | €542,562 | +€542,562 | |
| Plant, machinery and equipment | 23 | €1,096 | €503 | -€594 | -54.1% |
| Furniture and vehicles | 24 | €103,045 | €142,470 | +€39,425 | +38.3% |
| Other tangible fixed assets | 26 | €3,952 | €2,114 | -€1,838 | -46.5% |
| Financial fixed assets | 28 | €4,905 | €31,000 | +€26,095 | +532.0% |
| Current assets | 29/58 | €3,598,675 | €3,471,634 | -€127,042 | -3.5% |
| Amounts receivable within one year | 40/41 | €28,518 | €126,294 | +€97,776 | +342.9% |
| Trade receivables | 40 | €22,675 | €16,357 | -€6,317 | -27.9% |
| Other amounts receivable | 41 | €5,844 | €109,937 | +€104,093 | +1781.2% |
| Current investments | 50/53 | €3,272,956 | €3,304,997 | +€32,040 | +1.0% |
| Cash at bank and in hand | 54/58 | €289,140 | €35,345 | -€253,795 | -87.8% |
| Deferred charges and accrued income | 490/1 | €8,060 | €4,998 | -€3,062 | -38.0% |
| Total equity and liabilities | 10/49 | €3,711,674 | €4,190,283 | +€478,609 | +12.9% |
| Equity | 10/15 | €3,697,375 | €3,702,460 | +€5,085 | +0.1% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Reserves | 13 | €3,577,375 | €3,582,460 | +€5,085 | +0.1% |
| Non-distributable reserves | 130/1 | €7,100 | - | -€7,100 | |
| Reserves not available under the articles | 1311 | €7,100 | - | -€7,100 | |
| Distributable reserves | 133 | €3,570,275 | €3,582,460 | +€12,185 | +0.3% |
| Amounts payable | 17/49 | €14,299 | €487,822 | +€473,524 | +3311.6% |
| Amounts payable after more than one year | 17 | - | €454,959 | +€454,959 | |
| Financial debts | 170/4 | - | €454,959 | +€454,959 | |
| Amounts payable within one year | 42/48 | €14,299 | €32,863 | +€18,564 | +129.8% |
| Current portion of amounts payable after more than one year | 42 | - | €26,587 | +€26,587 | |
| Trade debts | 44 | €4,094 | €4,064 | -€31 | -0.7% |
| Suppliers | 440/4 | €4,094 | €4,064 | -€31 | -0.7% |
| Taxes, remuneration and social security | 45 | €10,205 | €2,213 | -€7,992 | -78.3% |
| Taxes | 450/3 | €8,068 | - | -€8,068 | |
| Remuneration and social security | 454/9 | €2,136 | €2,213 | +€76 | +3.6% |
| Non-recurring operating income | 76A | €12,830 | - | -€12,830 | |
| Remuneration, social security and pensions | 62 | €17,366 | €17,794 | +€429 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,010 | €48,585 | +€16,575 | +51.8% |
| Other operating charges | 640/8 | €2,105 | €3,101 | +€996 | +47.3% |
| Gross operating margin | 9900 | €232,714 | -€93,899 | -€326,613 | |
| Operating profit (loss) | 9901 | €181,233 | -€163,379 | -€344,612 | |
| Financial income | 75/76B | €106,620 | €259,215 | +€152,595 | +143.1% |
| Recurring financial income | 75 | €106,620 | €259,215 | +€152,595 | +143.1% |
| Financial charges | 65/66B | €6,513 | €25,204 | +€18,691 | +287.0% |
| Recurring financial charges | 65 | €6,513 | €19,360 | +€12,847 | +197.3% |
| Non-recurring financial charges | 66B | - | €5,844 | +€5,844 | |
| Profit (loss) for the period before taxes | 9903 | €281,340 | €70,632 | -€210,708 | -74.9% |
| Income taxes | 67/77 | €79,723 | €25,654 | -€54,069 | -67.8% |
| Profit (loss) for the period | 9904 | €201,617 | €44,978 | -€156,639 | -77.7% |
| Transfer from tax-exempt reserves | 789 | €101,040 | - | -€101,040 | |
| Transfer to tax-exempt reserves | 689 | €101,040 | - | -€101,040 | |
| Profit (loss) for the period to be appropriated | 9905 | €201,617 | €44,978 | -€156,639 | -77.7% |
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 9 October 2026 via checked.be.