VERHEYDEN: 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.
VERHEYDEN
Largest movements
- Tangible fixed assets -€13,740
down €13,740 (-47.5%), from €28,949 to €15,209
- Receivables within one year +€12,283
up €12,283 (+43.3%), from €28,343 to €40,626
of which Trade receivables: +€8,544
- Cash +€7,554
up €7,554 (+61.9%), from €12,213 to €19,767
mainly Depreciation (+€14,865) and Net result for the year (+€13,192)
- Reserves +€12,900
up €12,900 (+37.4%), from €34,459 to €47,359
- Short-term financial debts -€9,927
no longer reported in 2025 (was €9,927)
- Tax, wage and social debts +€4,428
up €4,428 (+104%), from €4,276 to €8,704
- Trade debts -€1,498
down €1,498 (-78.9%), from €1,898 to €400
- Gross operating margin +€3,175
up €3,175 (+10.4%), from €30,627 to €33,802
- Financial income +€1,743
new in 2025: €1,743
- Depreciation -€1,708
down €1,708 (-10.3%), from €16,573 to €14,865
- Taxes +€1,266
up €1,266 (+26.4%), from €4,790 to €6,056
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 | €70,003 | €76,198 | +€6,195 | +8.8% |
| Fixed assets | 21/28 | €28,999 | €15,259 | -€13,740 | -47.4% |
| Tangible fixed assets | 22/27 | €28,949 | €15,209 | -€13,740 | -47.5% |
| Furniture and vehicles | 24 | €28,949 | €15,209 | -€13,740 | -47.5% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €41,004 | €60,939 | +€19,935 | +48.6% |
| Amounts receivable within one year | 40/41 | €28,343 | €40,626 | +€12,283 | +43.3% |
| Trade receivables | 40 | €4,066 | €12,610 | +€8,544 | +210% |
| Other amounts receivable | 41 | €24,277 | €28,016 | +€3,739 | +15.4% |
| Cash at bank and in hand | 54/58 | €12,213 | €19,767 | +€7,554 | +61.9% |
| Deferred charges and accrued income | 490/1 | €448 | €546 | +€98 | +21.9% |
| Total equity and liabilities | 10/49 | €70,003 | €76,198 | +€6,195 | +8.8% |
| Equity | 10/15 | €53,902 | €67,094 | +€13,192 | +24.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €34,459 | €47,359 | +€12,900 | +37.4% |
| Distributable reserves | 133 | €34,459 | €47,359 | +€12,900 | +37.4% |
| Profit (loss) carried forward | 14 | €851 | €1,143 | +€292 | +34.3% |
| Amounts payable | 17/49 | €16,101 | €9,104 | -€6,997 | -43.5% |
| Amounts payable within one year | 42/48 | €16,101 | €9,104 | -€6,997 | -43.5% |
| Financial debts | 43 | €9,927 | - | -€9,927 | |
| Credit institutions | 430/8 | €9,927 | - | -€9,927 | |
| Trade debts | 44 | €1,898 | €400 | -€1,498 | -78.9% |
| Suppliers | 440/4 | €1,898 | €400 | -€1,498 | -78.9% |
| Taxes, remuneration and social security | 45 | €4,276 | €8,704 | +€4,428 | +104% |
| Taxes | 450/3 | €4,276 | €8,704 | +€4,428 | +104% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,573 | €14,865 | -€1,708 | -10.3% |
| Other operating charges | 640/8 | €1,160 | €1,088 | -€72 | -6.2% |
| Gross operating margin | 9900 | €30,627 | €33,802 | +€3,175 | +10.4% |
| Operating profit (loss) | 9901 | €12,894 | €17,849 | +€4,955 | +38.4% |
| Financial income | 75/76B | - | €1,743 | +€1,743 | |
| Recurring financial income | 75 | - | €1,743 | +€1,743 | |
| Financial charges | 65/66B | €522 | €344 | -€178 | -34.1% |
| Recurring financial charges | 65 | €522 | €344 | -€178 | -34.1% |
| Profit (loss) for the period before taxes | 9903 | €12,372 | €19,248 | +€6,876 | +55.6% |
| Income taxes | 67/77 | €4,790 | €6,056 | +€1,266 | +26.4% |
| Profit (loss) for the period | 9904 | €7,582 | €13,192 | +€5,610 | +74.0% |
| Profit (loss) for the period to be appropriated | 9905 | €7,582 | €13,192 | +€5,610 | +74.0% |
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 14 October 2026 via checked.be.