VERHEYEN: what changed
Two fiscal 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.
VERHEYEN
Largest movements
- Cash +€18,338
up €18,338 (+20.1%), from €91,373 to €109,710
mainly Depreciation (+€43,947) and Net result for the year (+€35,297)
- Tangible fixed assets -€16,620
down €16,620 (-13.1%), from €126,758 to €110,139
of which Furniture and vehicles: -€13,777
- Receivables within one year -€5,684
down €5,684 (-27.3%), from €20,801 to €15,116
of which Other amounts receivable: -€5,928
- Deferred charges and accrued income -€3,889
no longer reported in 2025 (was €3,889)
- Other debts +€21,487
up €21,487 (+93.5%), from €22,988 to €44,475
- Tax, wage and social debts -€10,178
down €10,178 (-22.8%), from €44,657 to €34,479
of which Remuneration and social security: -€8,404
- Current portion of long-term debt -€9,130
down €9,130 (-59.7%), from €15,292 to €6,161
- Trade debts -€7,956
down €7,956 (-17.9%), from €44,561 to €36,605
- Debts after one year -€6,161
no longer reported in 2025 (was €6,161)
- Gross operating margin -€22,215
down €22,215 (-5.5%), from €407,445 to €385,229
- Depreciation -€8,995
down €8,995 (-17.0%), from €52,943 to €43,947
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 | €271,799 | €264,158 | -€7,641 | -2.8% |
| Fixed assets | 21/28 | €129,608 | €112,989 | -€16,620 | -12.8% |
| Tangible fixed assets | 22/27 | €126,758 | €110,139 | -€16,620 | -13.1% |
| Plant, machinery and equipment | 23 | €71,454 | €68,611 | -€2,843 | -4.0% |
| Furniture and vehicles | 24 | €55,305 | €41,528 | -€13,777 | -24.9% |
| Financial fixed assets | 28 | €2,850 | €2,850 | = | 0.0% |
| Current assets | 29/58 | €142,191 | €151,169 | +€8,978 | +6.3% |
| Stocks and contracts in progress | 3 | €26,128 | €26,343 | +€214 | +0.8% |
| Stocks | 30/36 | €26,128 | €26,343 | +€214 | +0.8% |
| Amounts receivable within one year | 40/41 | €20,801 | €15,116 | -€5,684 | -27.3% |
| Trade receivables | 40 | €5,174 | €5,418 | +€244 | +4.7% |
| Other amounts receivable | 41 | €15,627 | €9,699 | -€5,928 | -37.9% |
| Cash at bank and in hand | 54/58 | €91,373 | €109,710 | +€18,338 | +20.1% |
| Deferred charges and accrued income | 490/1 | €3,889 | - | -€3,889 | |
| Total equity and liabilities | 10/49 | €271,799 | €264,158 | -€7,641 | -2.8% |
| Equity | 10/15 | €138,141 | €142,438 | +€4,297 | +3.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €119,549 | €123,846 | +€4,297 | +3.6% |
| 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 | €10,039 | €10,039 | = | 0.0% |
| Distributable reserves | 133 | €107,651 | €111,948 | +€4,297 | +4.0% |
| Amounts payable | 17/49 | €133,658 | €121,720 | -€11,938 | -8.9% |
| Amounts payable after more than one year | 17 | €6,161 | - | -€6,161 | |
| Financial debts | 170/4 | €6,161 | - | -€6,161 | |
| Amounts payable within one year | 42/48 | €127,497 | €121,720 | -€5,777 | -4.5% |
| Current portion of amounts payable after more than one year | 42 | €15,292 | €6,161 | -€9,130 | -59.7% |
| Trade debts | 44 | €44,561 | €36,605 | -€7,956 | -17.9% |
| Suppliers | 440/4 | €44,561 | €36,605 | -€7,956 | -17.9% |
| Taxes, remuneration and social security | 45 | €44,657 | €34,479 | -€10,178 | -22.8% |
| Taxes | 450/3 | €6,859 | €5,085 | -€1,774 | -25.9% |
| Remuneration and social security | 454/9 | €37,797 | €29,393 | -€8,404 | -22.2% |
| Other amounts payable | 47/48 | €22,988 | €44,475 | +€21,487 | +93.5% |
| Remuneration, social security and pensions | 62 | €301,031 | €299,150 | -€1,881 | -0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,943 | €43,947 | -€8,995 | -17.0% |
| Other operating charges | 640/8 | €1,475 | €1,521 | +€47 | +3.2% |
| Gross operating margin | 9900 | €407,445 | €385,229 | -€22,215 | -5.5% |
| Operating profit (loss) | 9901 | €51,996 | €40,611 | -€11,385 | -21.9% |
| Financial income | 75/76B | €195 | €522 | +€327 | +168.1% |
| Recurring financial income | 75 | €195 | €522 | +€327 | +168.1% |
| Financial charges | 65/66B | €2,293 | €2,306 | +€13 | +0.6% |
| Recurring financial charges | 65 | €2,293 | €2,306 | +€13 | +0.6% |
| Profit (loss) for the period before taxes | 9903 | €49,898 | €38,826 | -€11,071 | -22.2% |
| Income taxes | 67/77 | €2,579 | €3,530 | +€951 | +36.9% |
| Profit (loss) for the period | 9904 | €47,319 | €35,297 | -€12,022 | -25.4% |
| Profit (loss) for the period to be appropriated | 9905 | €47,319 | €35,297 | -€12,022 | -25.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.