VERHEZEN: 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.
VERHEZEN
Largest movements
- Receivables within one year +€70,106
up €70,106 (+36.0%), from €194,902 to €265,007
of which Trade receivables: +€50,261
- Tangible fixed assets -€11,169
down €11,169 (-15.4%), from €72,353 to €61,184
of which Plant, machinery and equipment: -€10,664
- Cash +€8,674
up €8,674 (+3.2%), from €269,024 to €277,699
mainly Net result for the year (+€95,220) and Depreciation (+€27,333)
- Reserves +€95,220
up €95,220 (+22.5%), from €423,292 to €518,513
of which Distributable reserves: +€95,220
- Tax, wage and social debts -€16,565
down €16,565 (-30.2%), from €54,803 to €38,238
- Short-term financial debts -€8,112
no longer reported in 2025 (was €8,112)
- Staff costs -€20,953
no longer reported in 2025 (was €20,953)
- Depreciation +€6,333
up €6,333 (+30.2%), from €21,000 to €27,333
- Gross operating margin -€6,274
down €6,274 (-3.6%), from €172,878 to €166,604
- Financial charges +€2,327
up €2,327 (+239.3%), from €973 to €3,299
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 | €536,279 | €603,890 | +€67,611 | +12.6% |
| Fixed assets | 21/28 | €72,353 | €61,184 | -€11,169 | -15.4% |
| Tangible fixed assets | 22/27 | €72,353 | €61,184 | -€11,169 | -15.4% |
| Plant, machinery and equipment | 23 | €45,768 | €35,103 | -€10,664 | -23.3% |
| Furniture and vehicles | 24 | €26,585 | €26,081 | -€505 | -1.9% |
| Current assets | 29/58 | €463,926 | €542,706 | +€78,780 | +17.0% |
| Amounts receivable within one year | 40/41 | €194,902 | €265,007 | +€70,106 | +36.0% |
| Trade receivables | 40 | €4,746 | €55,007 | +€50,261 | +1059.1% |
| Other amounts receivable | 41 | €190,156 | €210,000 | +€19,844 | +10.4% |
| Cash at bank and in hand | 54/58 | €269,024 | €277,699 | +€8,674 | +3.2% |
| Total equity and liabilities | 10/49 | €536,279 | €603,890 | +€67,611 | +12.6% |
| Equity | 10/15 | €429,490 | €524,710 | +€95,220 | +22.2% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €423,292 | €518,513 | +€95,220 | +22.5% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €421,433 | €516,653 | +€95,220 | +22.6% |
| Amounts payable | 17/49 | €106,789 | €79,180 | -€27,609 | -25.9% |
| Amounts payable within one year | 42/48 | €106,789 | €79,180 | -€27,609 | -25.9% |
| Financial debts | 43 | €8,112 | - | -€8,112 | |
| Other loans | 439 | €8,112 | - | -€8,112 | |
| Trade debts | 44 | €43,875 | €40,942 | -€2,933 | -6.7% |
| Suppliers | 440/4 | €43,875 | €40,942 | -€2,933 | -6.7% |
| Taxes, remuneration and social security | 45 | €54,803 | €38,238 | -€16,565 | -30.2% |
| Taxes | 450/3 | €54,803 | €38,238 | -€16,565 | -30.2% |
| Remuneration, social security and pensions | 62 | €20,953 | - | -€20,953 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,000 | €27,333 | +€6,333 | +30.2% |
| Other operating charges | 640/8 | €1,454 | €1,529 | +€75 | +5.1% |
| Gross operating margin | 9900 | €172,878 | €166,604 | -€6,274 | -3.6% |
| Operating profit (loss) | 9901 | €129,471 | €137,742 | +€8,272 | +6.4% |
| Financial income | 75/76B | €1,092 | €1,051 | -€41 | -3.8% |
| Recurring financial income | 75 | €1,092 | €1,051 | -€41 | -3.8% |
| Financial charges | 65/66B | €973 | €3,299 | +€2,327 | +239.3% |
| Recurring financial charges | 65 | €973 | €3,299 | +€2,327 | +239.3% |
| Profit (loss) for the period before taxes | 9903 | €129,590 | €135,494 | +€5,904 | +4.6% |
| Income taxes | 67/77 | €38,704 | €40,274 | +€1,570 | +4.1% |
| Profit (loss) for the period | 9904 | €90,887 | €95,220 | +€4,334 | +4.8% |
| Profit (loss) for the period to be appropriated | 9905 | €90,887 | €95,220 | +€4,334 | +4.8% |
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 7 October 2026 via checked.be.