VERHEYEN ESTATES: what changed
What changed
VERHEYEN ESTATES
NACE 68.121, Development of residential building projects
filed annual accounts (NBB)
Net result for the year
-€410,060
2024 · €33,502-€443,562
Equity
€3.9m
2024 · €4.3m-€410,060
Cash
€260,661
2024 · €615,689-€355,028
Balance sheet total
€13.3m
2024 · €10.2m+€3.1m
Largest movements
Assets
- Stocks and contracts +€3.6m
up €3.6m (+85.3%), from €4.2m to €7.8m
- Cash -€355,028
down €355,028 (-57.7%), from €615,689 to €260,661
mainly Stocks and contracts (-€3.6m) and Net result for the year (-€410,060)
- Tangible fixed assets -€144,896
down €144,896 (-4.3%), from €3.4m to €3.2m
of which Land and buildings: -€106,314
- Financial fixed assets +€143,687
up €143,687 (+8.0%), from €1.8m to €1.9m
Equity and liabilities
- Debts after one year +€3.2m
up €3.2m (+81.7%), from €3.9m to €7.1m
- Short-term financial debts +€480,000
up €480,000 (+28.2%), from €1.7m to €2.2m
- Reserves -€335,622
down €335,622 (-13.1%), from €2.6m to €2.2m
of which Distributable reserves: -€335,622
Income statement
- Gross operating margin -€639,632
down €639,632, from €577,558 to -€62,074
- Financial charges -€229,902
down €229,902 (-90.0%), from €255,562 to €25,660
- Financial income -€144,678
down €144,678 (-96.4%), from €150,058 to €5,380
- Staff costs -€126,138
down €126,138 (-44.7%), from €282,298 to €156,160
- Depreciation +€24,722
up €24,722 (+18.1%), from €136,410 to €161,132
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€33,502
Gross operating margin
-€639,632
Staff costs
+€126,138
Depreciation
-€24,722
Other operating charges
+€9,388
Financial income
-€144,678
Financial charges
+€229,902
Taxes
+€42
Result 2025
-€410,060
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€3.9m
Investment
-€142,132
Financing
+€3.7m
Cash 2024
€615,689
From operations (derived)
-€3.9m
Net result for the year
-€410,060
Depreciation
+€161,132
Stocks and contracts
-€3.6m
Receivables within one year
+€54,663
Deferred charges and accrued income
+€16,495
Trade debts
-€65,680
Tax, wage and social debts
-€49,868
Accrued charges and deferred income
-€2,593
Investment (derived)
-€142,132
Investment in fixed assets (net)
-€149,465
Current investments
+€7,333
Financing
+€3.7m
Debts after one year
+€3.2m
Current portion of long-term debt
-€4,496
Short-term financial debts
+€480,000
Cash 2025
€260,661
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,185,877 | €13,314,260 | +€3.1m | +30.7% |
| Fixed assets | 21/28 | €5,206,656 | €5,194,988 | -€11,668 | -0.2% |
| Intangible fixed assets | 21 | €21,407 | €10,948 | -€10,459 | -48.9% |
| Tangible fixed assets | 22/27 | €3,383,023 | €3,238,127 | -€144,896 | -4.3% |
| Land and buildings | 22 | €3,268,000 | €3,161,686 | -€106,314 | -3.3% |
| Plant, machinery and equipment | 23 | €79,895 | €58,254 | -€21,641 | -27.1% |
| Furniture and vehicles | 24 | €35,129 | €18,188 | -€16,941 | -48.2% |
| Financial fixed assets | 28 | €1,802,225 | €1,945,913 | +€143,687 | +8.0% |
| Current assets | 29/58 | €4,979,221 | €8,119,272 | +€3.1m | +63.1% |
| Stocks and contracts in progress | 3 | €4,190,423 | €7,763,992 | +€3.6m | +85.3% |
| Stocks | 30/36 | €4,190,423 | €7,763,992 | +€3.6m | +85.3% |
| Amounts receivable within one year | 40/41 | €118,415 | €63,752 | -€54,663 | -46.2% |
| Trade receivables | 40 | €4,040 | €1,000 | -€3,040 | -75.2% |
| Other amounts receivable | 41 | €114,374 | €62,752 | -€51,622 | -45.1% |
| Current investments | 50/53 | €7,333 | €0 | -€7,333 | -100% |
| Cash at bank and in hand | 54/58 | €615,689 | €260,661 | -€355,028 | -57.7% |
| Deferred charges and accrued income | 490/1 | €47,361 | €30,866 | -€16,495 | -34.8% |
| Total equity and liabilities | 10/49 | €10,185,877 | €13,314,260 | +€3.1m | +30.7% |
| Equity | 10/15 | €4,349,593 | €3,939,533 | -€410,060 | -9.4% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Revaluation surpluses | 12 | €1,728,441 | €1,654,003 | -€74,438 | -4.3% |
| Reserves | 13 | €2,559,652 | €2,224,030 | -€335,622 | -13.1% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €2,553,502 | €2,217,880 | -€335,622 | -13.1% |
| Amounts payable | 17/49 | €5,836,284 | €9,374,726 | +€3.5m | +60.6% |
| Amounts payable after more than one year | 17 | €3,894,527 | €7,075,607 | +€3.2m | +81.7% |
| Financial debts | 170/4 | €3,894,527 | €7,075,607 | +€3.2m | +81.7% |
| Amounts payable within one year | 42/48 | €1,914,317 | €2,274,272 | +€359,956 | +18.8% |
| Current portion of amounts payable after more than one year | 42 | €25,638 | €21,142 | -€4,496 | -17.5% |
| Financial debts | 43 | €1,700,000 | €2,180,000 | +€480,000 | +28.2% |
| Credit institutions | 430/8 | €1,700,000 | €2,180,000 | +€480,000 | +28.2% |
| Trade debts | 44 | €131,082 | €65,402 | -€65,680 | -50.1% |
| Suppliers | 440/4 | €131,082 | €65,402 | -€65,680 | -50.1% |
| Taxes, remuneration and social security | 45 | €57,575 | €7,707 | -€49,868 | -86.6% |
| Taxes | 450/3 | €24,458 | €3,674 | -€20,784 | -85.0% |
| Remuneration and social security | 454/9 | €33,118 | €4,033 | -€29,084 | -87.8% |
| Other amounts payable | 47/48 | €22 | €22 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €27,440 | €24,847 | -€2,593 | -9.4% |
| Remuneration, social security and pensions | 62 | €282,298 | €156,160 | -€126,138 | -44.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €136,410 | €161,132 | +€24,722 | +18.1% |
| Other operating charges | 640/8 | €18,366 | €8,978 | -€9,388 | -51.1% |
| Gross operating margin | 9900 | €577,558 | -€62,074 | -€639,632 | |
| Operating profit (loss) | 9901 | €140,484 | -€388,345 | -€528,828 | |
| Financial income | 75/76B | €150,058 | €5,380 | -€144,678 | -96.4% |
| Recurring financial income | 75 | €150,058 | €5,380 | -€144,678 | -96.4% |
| Financial charges | 65/66B | €255,562 | €25,660 | -€229,902 | -90.0% |
| Recurring financial charges | 65 | €255,562 | €25,660 | -€229,902 | -90.0% |
| Profit (loss) for the period before taxes | 9903 | €34,980 | -€408,624 | -€443,604 | |
| Income taxes | 67/77 | €1,478 | €1,436 | -€42 | -2.8% |
| Profit (loss) for the period | 9904 | €33,502 | -€410,060 | -€443,562 | |
| Profit (loss) for the period to be appropriated | 9905 | €33,502 | -€410,060 | -€443,562 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.