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
- Stocks and contracts +€144,749
up €144,749 (+56.9%), from €254,279 to €399,028
- Tangible fixed assets +€92,527
up €92,527 (+79.9%), from €115,757 to €208,285
of which Furniture and vehicles: +€69,361
- Receivables within one year +€30,755
up €30,755 (+129.0%), from €23,845 to €54,600
of which Trade receivables: +€24,077
- Intangible fixed assets -€28,950
down €28,950 (-75.4%), from €38,389 to €9,439
- Cash -€22,535
down €22,535 (-14.5%), from €155,525 to €132,990
mainly Stocks and contracts (-€144,749) and Investment in fixed assets (net) (-€143,804)
- Reserves +€258,189
up €258,189 (+63.0%), from €409,732 to €667,921
of which Distributable reserves: +€258,189
- Trade debts -€24,387
down €24,387 (-20.9%), from €116,734 to €92,347
- Tax, wage and social debts -€9,900
down €9,900 (-59.7%), from €16,575 to €6,675
- Gross operating margin +€68,856
up €68,856 (+17.2%), from €400,223 to €469,080
- Depreciation +€21,829
up €21,829 (+37.4%), from €58,398 to €80,227
- Taxes +€12,600
up €12,600 (+13.1%), from €96,075 to €108,675
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 | €593,041 | €816,943 | +€223,902 | +37.8% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €154,146 | €217,723 | +€63,577 | +41.2% |
| Intangible fixed assets | 21 | €38,389 | €9,439 | -€28,950 | -75.4% |
| Tangible fixed assets | 22/27 | €115,757 | €208,285 | +€92,527 | +79.9% |
| Land and buildings | 22 | €8,504 | €31,838 | +€23,334 | +274.4% |
| Plant, machinery and equipment | 23 | €35,070 | €34,902 | -€168 | -0.5% |
| Furniture and vehicles | 24 | €72,183 | €141,544 | +€69,361 | +96.1% |
| Current assets | 29/58 | €438,895 | €599,220 | +€160,325 | +36.5% |
| Stocks and contracts in progress | 3 | €254,279 | €399,028 | +€144,749 | +56.9% |
| Stocks | 30/36 | €254,279 | €399,028 | +€144,749 | +56.9% |
| Amounts receivable within one year | 40/41 | €23,845 | €54,600 | +€30,755 | +129.0% |
| Trade receivables | 40 | €20,977 | €45,054 | +€24,077 | +114.8% |
| Other amounts receivable | 41 | €2,868 | €9,546 | +€6,678 | +232.8% |
| Cash at bank and in hand | 54/58 | €155,525 | €132,990 | -€22,535 | -14.5% |
| Deferred charges and accrued income | 490/1 | €5,246 | €12,602 | +€7,356 | +140.2% |
| Total equity and liabilities | 10/49 | €593,041 | €816,943 | +€223,902 | +37.8% |
| Equity | 10/15 | €459,732 | €717,921 | +€258,189 | +56.2% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €409,732 | €667,921 | +€258,189 | +63.0% |
| Non-distributable reserves | 130/1 | €5,000 | €5,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €404,732 | €662,921 | +€258,189 | +63.8% |
| Amounts payable | 17/49 | €133,309 | €99,022 | -€34,287 | -25.7% |
| Amounts payable within one year | 42/48 | €133,309 | €99,022 | -€34,287 | -25.7% |
| Trade debts | 44 | €116,734 | €92,347 | -€24,387 | -20.9% |
| Suppliers | 440/4 | €116,734 | €92,347 | -€24,387 | -20.9% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €16,575 | €6,675 | -€9,900 | -59.7% |
| Taxes | 450/3 | €16,575 | €6,675 | -€9,900 | -59.7% |
| Non-recurring operating income | 76A | €6,136 | €10,096 | +€3,960 | +64.5% |
| Remuneration, social security and pensions | 62 | €2,588 | €602 | -€1,986 | -76.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,398 | €80,227 | +€21,829 | +37.4% |
| Other operating charges | 640/8 | €16,929 | €16,901 | -€28 | -0.2% |
| Gross operating margin | 9900 | €400,223 | €469,080 | +€68,856 | +17.2% |
| Operating profit (loss) | 9901 | €322,308 | €371,349 | +€49,041 | +15.2% |
| Financial charges | 65/66B | €4,371 | €4,484 | +€114 | +2.6% |
| Recurring financial charges | 65 | €4,371 | €4,484 | +€114 | +2.6% |
| Profit (loss) for the period before taxes | 9903 | €317,938 | €366,865 | +€48,927 | +15.4% |
| Income taxes | 67/77 | €96,075 | €108,675 | +€12,600 | +13.1% |
| Profit (loss) for the period | 9904 | €221,862 | €258,189 | +€36,327 | +16.4% |
| Profit (loss) for the period to be appropriated | 9905 | €221,862 | €258,189 | +€36,327 | +16.4% |
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 10 October 2026 via checked.be.