@VERHO: 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.
@VERHO
Largest movements
- Cash -€211,058
down €211,058 (-80.2%), from €263,094 to €52,036
mainly Contributions, distributions and other (-€230,000) and Other debts (-€178,199)
- Receivables within one year +€175,026
up €175,026 (+36.0%), from €486,552 to €661,578
of which Other amounts receivable: +€114,546
- Stocks and contracts -€70,000
down €70,000 (-10.0%), from €700,000 to €630,000
- Receivables after one year -€50,000
down €50,000 (-74.6%), from €67,000 to €17,000
- Other debts -€178,199
down €178,199 (-16.4%), from €1.1m to €909,068
- Short-term financial debts +€146,032
up €146,032 (+250.9%), from €58,205 to €204,238
- Tax, wage and social debts -€129,079
down €129,079 (-77.9%), from €165,745 to €36,666
of which Remuneration and social security: -€126,592
- Reserves +€16,227
up €16,227 (+122.8%), from €13,213 to €29,440
- Staff costs -€105,878
down €105,878 (-12.0%), from €879,636 to €773,758
- Gross operating margin -€19,112
down €19,112 (-1.8%), from €1.1m to €1.1m
- Financial charges -€18,815
down €18,815 (-58.7%), from €32,050 to €13,235
- Financial income -€11,181
down €11,181 (-72.5%), from €15,415 to €4,235
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 | €1,564,373 | €1,406,689 | -€157,684 | -10.1% |
| Fixed assets | 21/28 | €41,633 | €45,292 | +€3,659 | +8.8% |
| Tangible fixed assets | 22/27 | €41,633 | €45,292 | +€3,659 | +8.8% |
| Land and buildings | 22 | - | €3,033 | +€3,033 | |
| Plant, machinery and equipment | 23 | €4,059 | €2,749 | -€1,310 | -32.3% |
| Furniture and vehicles | 24 | €23,436 | €31,840 | +€8,404 | +35.9% |
| Leasing and similar rights | 25 | €14,138 | €7,670 | -€6,468 | -45.7% |
| Current assets | 29/58 | €1,522,740 | €1,361,398 | -€161,343 | -10.6% |
| Amounts receivable after more than one year | 29 | €67,000 | €17,000 | -€50,000 | -74.6% |
| Other amounts receivable | 291 | €67,000 | €17,000 | -€50,000 | -74.6% |
| Stocks and contracts in progress | 3 | €700,000 | €630,000 | -€70,000 | -10.0% |
| Stocks | 30/36 | €700,000 | €630,000 | -€70,000 | -10.0% |
| Amounts receivable within one year | 40/41 | €486,552 | €661,578 | +€175,026 | +36.0% |
| Trade receivables | 40 | €438,892 | €499,372 | +€60,480 | +13.8% |
| Other amounts receivable | 41 | €47,660 | €162,206 | +€114,546 | +240.3% |
| Cash at bank and in hand | 54/58 | €263,094 | €52,036 | -€211,058 | -80.2% |
| Deferred charges and accrued income | 490/1 | €6,094 | €783 | -€5,311 | -87.2% |
| Total equity and liabilities | 10/49 | €1,564,373 | €1,406,689 | -€157,684 | -10.1% |
| Equity | 10/15 | €28,213 | €44,440 | +€16,227 | +57.5% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €13,213 | €29,440 | +€16,227 | +122.8% |
| Distributable reserves | 133 | €13,213 | €29,440 | +€16,227 | +122.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,536,160 | €1,362,250 | -€173,911 | -11.3% |
| Amounts payable after more than one year | 17 | €7,989 | €8,655 | +€666 | +8.3% |
| Financial debts | 170/4 | €7,989 | €8,655 | +€666 | +8.3% |
| Amounts payable within one year | 42/48 | €1,527,126 | €1,353,595 | -€173,532 | -11.4% |
| Current portion of amounts payable after more than one year | 42 | €6,550 | €6,268 | -€282 | -4.3% |
| Financial debts | 43 | €58,205 | €204,238 | +€146,032 | +250.9% |
| Credit institutions | 430/8 | €58,205 | €204,238 | +€146,032 | +250.9% |
| Trade debts | 44 | €209,360 | €197,355 | -€12,004 | -5.7% |
| Suppliers | 440/4 | €209,360 | €197,355 | -€12,004 | -5.7% |
| Taxes, remuneration and social security | 45 | €165,745 | €36,666 | -€129,079 | -77.9% |
| Taxes | 450/3 | €7,936 | €5,450 | -€2,487 | -31.3% |
| Remuneration and social security | 454/9 | €157,809 | €31,217 | -€126,592 | -80.2% |
| Other amounts payable | 47/48 | €1,087,266 | €909,068 | -€178,199 | -16.4% |
| Accrued charges and deferred income | 492/3 | €1,045 | €0 | -€1,045 | -100.0% |
| Remuneration, social security and pensions | 62 | €879,636 | €773,758 | -€105,878 | -12.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,247 | €19,410 | +€4,163 | +27.3% |
| Other operating charges | 640/8 | €3,066 | €6,843 | +€3,777 | +123.2% |
| Gross operating margin | 9900 | €1,081,634 | €1,062,522 | -€19,112 | -1.8% |
| Operating profit (loss) | 9901 | €183,685 | €262,510 | +€78,826 | +42.9% |
| Financial income | 75/76B | €15,415 | €4,235 | -€11,181 | -72.5% |
| Recurring financial income | 75 | €15,415 | €4,235 | -€11,181 | -72.5% |
| Financial charges | 65/66B | €32,050 | €13,235 | -€18,815 | -58.7% |
| Recurring financial charges | 65 | €32,050 | €13,235 | -€18,815 | -58.7% |
| Profit (loss) for the period before taxes | 9903 | €167,050 | €253,510 | +€86,460 | +51.8% |
| Income taxes | 67/77 | €6,390 | €7,283 | +€893 | +14.0% |
| Profit (loss) for the period | 9904 | €160,660 | €246,227 | +€85,567 | +53.3% |
| Profit (loss) for the period to be appropriated | 9905 | €160,660 | €246,227 | +€85,567 | +53.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.