VERHEUST: 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.
VERHEUST
Largest movements
- Cash -€62,963
down €62,963 (-78.0%), from €80,721 to €17,758
mainly Other debts (-€45,700) and Tax, wage and social debts (-€29,525)
- Tangible fixed assets -€21,736
down €21,736 (-11.1%), from €195,202 to €173,466
- Receivables within one year +€21,374
up €21,374 (+10.4%), from €206,057 to €227,432
of which Other amounts receivable: +€33,173
- Short-term financial debts +€49,742
up €49,742 (+39.8%), from €125,000 to €174,742
- Other debts -€45,700
down €45,700 (-77.2%), from €59,186 to €13,486
- Tax, wage and social debts -€29,525
down €29,525 (-39.4%), from €74,897 to €45,372
of which Taxes: -€25,627
- Profit (loss) carried forward -€22,799
down €22,799 (-43.8%), from €52,013 to €29,214
- Debts after one year -€10,012
down €10,012 (-22.5%), from €44,413 to €34,400
- Gross operating margin -€140,881
down €140,881 (-54.9%), from €256,520 to €115,638
- Write-downs -€22,939
down €22,939 (-42.6%), from €53,886 to €30,946
- Taxes -€14,952
down €14,952 (-95.9%), from €15,591 to €638
- Staff costs -€12,794
down €12,794 (-18.3%), from €69,766 to €56,972
- Financial income +€3,514
up €3,514 (+569%), from €617 to €4,131
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 | €500,041 | €434,689 | -€65,352 | -13.1% |
| Fixed assets | 21/28 | €196,834 | €173,466 | -€23,368 | -11.9% |
| Intangible fixed assets | 21 | €1,632 | €0 | -€1,632 | -100% |
| Tangible fixed assets | 22/27 | €195,202 | €173,466 | -€21,736 | -11.1% |
| Land and buildings | 22 | €124,597 | €113,946 | -€10,652 | -8.5% |
| Plant, machinery and equipment | 23 | €11,254 | €11,286 | +€33 | +0.3% |
| Furniture and vehicles | 24 | €3,095 | €1,042 | -€2,053 | -66.3% |
| Leasing and similar rights | 25 | €56,256 | €47,192 | -€9,064 | -16.1% |
| Current assets | 29/58 | €303,207 | €261,223 | -€41,985 | -13.8% |
| Stocks and contracts in progress | 3 | €10,003 | €8,731 | -€1,272 | -12.7% |
| Stocks | 30/36 | €10,003 | €8,731 | -€1,272 | -12.7% |
| Amounts receivable within one year | 40/41 | €206,057 | €227,432 | +€21,374 | +10.4% |
| Trade receivables | 40 | €161,590 | €149,791 | -€11,799 | -7.3% |
| Other amounts receivable | 41 | €44,467 | €77,640 | +€33,173 | +74.6% |
| Cash at bank and in hand | 54/58 | €80,721 | €17,758 | -€62,963 | -78.0% |
| Deferred charges and accrued income | 490/1 | €6,426 | €7,302 | +€876 | +13.6% |
| Total equity and liabilities | 10/49 | €500,041 | €434,689 | -€65,352 | -13.1% |
| Equity | 10/15 | €125,860 | €103,061 | -€22,799 | -18.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €55,246 | €55,246 | = | 0.0% |
| Distributable reserves | 133 | €55,246 | €55,246 | = | 0.0% |
| Profit (loss) carried forward | 14 | €52,013 | €29,214 | -€22,799 | -43.8% |
| Amounts payable | 17/49 | €374,181 | €331,628 | -€42,553 | -11.4% |
| Amounts payable after more than one year | 17 | €44,413 | €34,400 | -€10,012 | -22.5% |
| Financial debts | 170/4 | €44,413 | €34,400 | -€10,012 | -22.5% |
| Amounts payable within one year | 42/48 | €329,768 | €295,637 | -€34,132 | -10.4% |
| Current portion of amounts payable after more than one year | 42 | €12,193 | €12,698 | +€505 | +4.1% |
| Financial debts | 43 | €125,000 | €174,742 | +€49,742 | +39.8% |
| Credit institutions | 430/8 | €125,000 | €174,742 | +€49,742 | +39.8% |
| Trade debts | 44 | €58,492 | €49,338 | -€9,154 | -15.7% |
| Suppliers | 440/4 | €58,492 | €49,338 | -€9,154 | -15.7% |
| Taxes, remuneration and social security | 45 | €74,897 | €45,372 | -€29,525 | -39.4% |
| Taxes | 450/3 | €58,625 | €32,999 | -€25,627 | -43.7% |
| Remuneration and social security | 454/9 | €16,272 | €12,373 | -€3,898 | -24.0% |
| Other amounts payable | 47/48 | €59,186 | €13,486 | -€45,700 | -77.2% |
| Accrued charges and deferred income | 492/3 | €0 | €1,591 | +€1,591 | |
| Remuneration, social security and pensions | 62 | €69,766 | €56,972 | -€12,794 | -18.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,087 | €34,615 | +€2,528 | +7.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €53,886 | €30,946 | -€22,939 | -42.6% |
| Other operating charges | 640/8 | €1,506 | €4,830 | +€3,324 | +221% |
| Non-recurring operating charges | 66A | - | €1,777 | +€1,777 | |
| Gross operating margin | 9900 | €256,520 | €115,638 | -€140,881 | -54.9% |
| Operating profit (loss) | 9901 | €99,274 | -€13,502 | -€112,776 | |
| Financial income | 75/76B | €617 | €4,131 | +€3,514 | +569% |
| Recurring financial income | 75 | €617 | €4,131 | +€3,514 | +569% |
| Financial charges | 65/66B | €11,588 | €12,790 | +€1,203 | +10.4% |
| Recurring financial charges | 65 | €11,588 | €12,790 | +€1,203 | +10.4% |
| Profit (loss) for the period before taxes | 9903 | €88,304 | -€22,161 | -€110,465 | |
| Income taxes | 67/77 | €15,591 | €638 | -€14,952 | -95.9% |
| Profit (loss) for the period | 9904 | €72,713 | -€22,799 | -€95,513 | |
| Profit (loss) for the period to be appropriated | 9905 | €72,713 | -€22,799 | -€95,513 |
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 24 October 2026 via checked.be.