VERHEYEN R.: 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.
VERHEYEN R.
Largest movements
- Current investments +€250,000
new in 2025: €250,000
- Cash -€121,139
down €121,139 (-26.2%), from €463,102 to €341,963
mainly Current investments (-€250,000) and Investment in fixed assets (net) (-€19,364)
- Tangible fixed assets -€57,486
down €57,486 (-2.6%), from €2.2m to €2.2m
of which Land and buildings: -€57,486
- Profit (loss) carried forward +€53,711
up €53,711 (+40.3%), from €133,137 to €186,848
- Other debts +€32,596
up €32,596 (+3.5%), from €937,892 to €970,489
- Financial income -€18,019
down €18,019 (-87.0%), from €20,712 to €2,693
- Gross operating margin +€16,246
up €16,246 (+9.3%), from €175,275 to €191,522
- Financial charges -€15,793
down €15,793 (-25.1%), from €62,857 to €47,064
- Taxes +€10,493
up €10,493 (+130%), from €8,064 to €18,557
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 | €2,709,306 | €2,778,141 | +€68,835 | +2.5% |
| Fixed assets | 21/28 | €2,234,426 | €2,176,940 | -€57,486 | -2.6% |
| Tangible fixed assets | 22/27 | €2,234,426 | €2,176,940 | -€57,486 | -2.6% |
| Land and buildings | 22 | €1,281,490 | €1,224,004 | -€57,486 | -4.5% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Other tangible fixed assets | 26 | €952,936 | €952,936 | = | 0.0% |
| Current assets | 29/58 | €474,880 | €601,201 | +€126,321 | +26.6% |
| Amounts receivable within one year | 40/41 | €2,831 | - | -€2,831 | |
| Other amounts receivable | 41 | €2,831 | - | -€2,831 | |
| Current investments | 50/53 | - | €250,000 | +€250,000 | |
| Cash at bank and in hand | 54/58 | €463,102 | €341,963 | -€121,139 | -26.2% |
| Deferred charges and accrued income | 490/1 | €8,948 | €9,238 | +€291 | +3.2% |
| Total equity and liabilities | 10/49 | €2,709,306 | €2,778,141 | +€68,835 | +2.5% |
| Equity | 10/15 | €1,608,551 | €1,641,691 | +€33,140 | +2.1% |
| Contributions | 10/11 | €1,014,380 | €1,014,380 | = | 0.0% |
| Reserves | 13 | €461,034 | €440,463 | -€20,571 | -4.5% |
| Tax-exempt reserves | 132 | €453,236 | €432,665 | -€20,571 | -4.5% |
| Distributable reserves | 133 | €7,798 | €7,798 | = | 0.0% |
| Profit (loss) carried forward | 14 | €133,137 | €186,848 | +€53,711 | +40.3% |
| Provisions and deferred taxes | 16 | €149,128 | €142,271 | -€6,857 | -4.6% |
| Deferred taxes | 168 | €149,128 | €142,271 | -€6,857 | -4.6% |
| Amounts payable | 17/49 | €951,627 | €994,179 | +€42,552 | +4.5% |
| Amounts payable within one year | 42/48 | €951,627 | €994,179 | +€42,552 | +4.5% |
| Trade debts | 44 | €162 | €1,894 | +€1,732 | +1,067% |
| Suppliers | 440/4 | €162 | €1,894 | +€1,732 | +1,067% |
| Taxes, remuneration and social security | 45 | €13,572 | €21,796 | +€8,224 | +60.6% |
| Taxes | 450/3 | €13,572 | €21,796 | +€8,224 | +60.6% |
| Other amounts payable | 47/48 | €937,892 | €970,489 | +€32,596 | +3.5% |
| Non-recurring operating income | 76A | - | €0 | +€0 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,163 | €76,850 | +€1,687 | +2.2% |
| Other operating charges | 640/8 | €24,691 | €25,461 | +€770 | +3.1% |
| Gross operating margin | 9900 | €175,275 | €191,522 | +€16,246 | +9.3% |
| Operating profit (loss) | 9901 | €75,421 | €89,211 | +€13,790 | +18.3% |
| Financial income | 75/76B | €20,712 | €2,693 | -€18,019 | -87.0% |
| Recurring financial income | 75 | €20,712 | €2,693 | -€18,019 | -87.0% |
| Financial charges | 65/66B | €62,857 | €47,064 | -€15,793 | -25.1% |
| Recurring financial charges | 65 | €62,857 | €47,064 | -€15,793 | -25.1% |
| Profit (loss) for the period before taxes | 9903 | €33,277 | €44,840 | +€11,564 | +34.7% |
| Transfer from deferred taxes | 780 | €6,857 | €6,857 | = | 0.0% |
| Income taxes | 67/77 | €8,064 | €18,557 | +€10,493 | +130% |
| Profit (loss) for the period | 9904 | €32,069 | €33,140 | +€1,071 | +3.3% |
| Transfer from tax-exempt reserves | 789 | €20,571 | €20,571 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €52,640 | €53,711 | +€1,071 | +2.0% |
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 17 October 2026 via checked.be.