VERHEMELDONCK: 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.
VERHEMELDONCK
Largest movements
- Cash +€98,174
up €98,174 (+24.3%), from €403,847 to €502,021
mainly Depreciation (+€157,581) and Net result for the year (+€124,068)
- Intangible fixed assets -€30,192
down €30,192 (-4.9%), from €617,731 to €587,539
- Tangible fixed assets -€23,433
down €23,433 (-19.9%), from €117,749 to €94,316
of which Furniture and vehicles: -€16,784
- Reserves +€124,068
up €124,068 (+24.2%), from €513,186 to €637,254
of which Distributable reserves: +€124,068
- Debts after one year -€119,432
down €119,432 (-28.3%), from €421,852 to €302,421
- Tax, wage and social debts +€38,215
up €38,215 (+52.4%), from €72,957 to €111,172
of which Taxes: +€23,091
- Gross operating margin +€158,223
up €158,223 (+30.3%), from €521,924 to €680,147
- Taxes +€28,393
up €28,393 (+129.5%), from €21,922 to €50,315
- Staff costs +€24,346
up €24,346 (+7.9%), from €309,818 to €334,164
- Depreciation +€18,490
up €18,490 (+13.3%), from €139,091 to €157,581
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 | €1,242,162 | €1,287,031 | +€44,868 | +3.6% |
| Fixed assets | 21/28 | €735,765 | €682,140 | -€53,625 | -7.3% |
| Intangible fixed assets | 21 | €617,731 | €587,539 | -€30,192 | -4.9% |
| Tangible fixed assets | 22/27 | €117,749 | €94,316 | -€23,433 | -19.9% |
| Land and buildings | 22 | €74,124 | €68,130 | -€5,994 | -8.1% |
| Plant, machinery and equipment | 23 | €1,186 | €531 | -€655 | -55.2% |
| Furniture and vehicles | 24 | €42,439 | €25,655 | -€16,784 | -39.5% |
| Financial fixed assets | 28 | €285 | €285 | = | 0.0% |
| Current assets | 29/58 | €506,398 | €604,890 | +€98,493 | +19.4% |
| Amounts receivable within one year | 40/41 | €97,484 | €97,010 | -€473 | -0.5% |
| Trade receivables | 40 | €4,148 | - | -€4,148 | |
| Other amounts receivable | 41 | €93,335 | €97,010 | +€3,675 | +3.9% |
| Cash at bank and in hand | 54/58 | €403,847 | €502,021 | +€98,174 | +24.3% |
| Deferred charges and accrued income | 490/1 | €5,066 | €5,859 | +€792 | +15.6% |
| Total equity and liabilities | 10/49 | €1,242,162 | €1,287,031 | +€44,868 | +3.6% |
| Equity | 10/15 | €519,386 | €643,454 | +€124,068 | +23.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €513,186 | €637,254 | +€124,068 | +24.2% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €12,000 | €12,000 | = | 0.0% |
| Distributable reserves | 133 | €499,327 | €623,394 | +€124,068 | +24.8% |
| Provisions and deferred taxes | 16 | €12,395 | €12,395 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €12,395 | €12,395 | = | 0.0% |
| Pensions and similar obligations | 160 | €12,395 | €12,395 | = | 0.0% |
| Amounts payable | 17/49 | €710,381 | €631,182 | -€79,200 | -11.1% |
| Amounts payable after more than one year | 17 | €421,852 | €302,421 | -€119,432 | -28.3% |
| Financial debts | 170/4 | €421,852 | €302,421 | -€119,432 | -28.3% |
| Amounts payable within one year | 42/48 | €288,529 | €328,761 | +€40,232 | +13.9% |
| Current portion of amounts payable after more than one year | 42 | €119,813 | €119,432 | -€381 | -0.3% |
| Financial debts | 43 | €10,001 | €15,000 | +€4,999 | +50.0% |
| Credit institutions | 430/8 | €10,001 | €15,000 | +€4,999 | +50.0% |
| Trade debts | 44 | €22,006 | €18,561 | -€3,445 | -15.7% |
| Suppliers | 440/4 | €22,006 | €18,561 | -€3,445 | -15.7% |
| Advances received on contracts in progress | 46 | - | €482 | +€482 | |
| Taxes, remuneration and social security | 45 | €72,957 | €111,172 | +€38,215 | +52.4% |
| Taxes | 450/3 | €24,120 | €47,211 | +€23,091 | +95.7% |
| Remuneration and social security | 454/9 | €48,837 | €63,961 | +€15,124 | +31.0% |
| Other amounts payable | 47/48 | €63,752 | €64,114 | +€363 | +0.6% |
| Remuneration, social security and pensions | 62 | €309,818 | €334,164 | +€24,346 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €139,091 | €157,581 | +€18,490 | +13.3% |
| Other operating charges | 640/8 | €5,843 | €6,495 | +€652 | +11.2% |
| Gross operating margin | 9900 | €521,924 | €680,147 | +€158,223 | +30.3% |
| Operating profit (loss) | 9901 | €67,173 | €181,907 | +€114,734 | +170.8% |
| Financial income | 75/76B | €1 | €84 | +€84 | +13306.3% |
| Recurring financial income | 75 | €1 | €84 | +€84 | +13306.3% |
| Financial charges | 65/66B | €5,906 | €7,609 | +€1,703 | +28.8% |
| Recurring financial charges | 65 | €5,906 | €7,609 | +€1,703 | +28.8% |
| Profit (loss) for the period before taxes | 9903 | €61,267 | €174,382 | +€113,115 | +184.6% |
| Income taxes | 67/77 | €21,922 | €50,315 | +€28,393 | +129.5% |
| Profit (loss) for the period | 9904 | €39,345 | €124,068 | +€84,722 | +215.3% |
| Profit (loss) for the period to be appropriated | 9905 | €39,345 | €124,068 | +€84,722 | +215.3% |
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 11 October 2026 via checked.be.