VERHODEKOR: 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.
VERHODEKOR
Largest movements
- Stocks and contracts +€602,230
up €602,230 (+315.5%), from €190,881 to €793,111
- Cash +€153,997
up €153,997 (+394.4%), from €39,049 to €193,046
mainly Short-term financial debts (+€331,021) and Other debts (+€274,738)
- Receivables within one year -€75,437
down €75,437 (-2.7%), from €2.8m to €2.8m
of which Trade receivables: -€49,408
- Short-term financial debts +€331,021
up €331,021 (+125.4%), from €264,000 to €595,021
- Other debts +€274,738
up €274,738 (+59.8%), from €459,099 to €733,837
- Debts after one year -€109,974
down €109,974 (-27.7%), from €397,716 to €287,742
- Reserves +€107,950
up €107,950 (+3.7%), from €2.9m to €3.0m
of which Tax-exempt reserves: +€63,150
- Trade debts +€106,084
up €106,084 (+859.9%), from €12,337 to €118,421
- Gross operating margin +€39,770
up €39,770 (+19.4%), from €205,037 to €244,807
- Financial income -€22,411
down €22,411 (-89.1%), from €25,139 to €2,729
- Financial charges +€15,583
up €15,583 (+69.5%), from €22,409 to €37,991
- Other operating charges -€13,787
down €13,787 (-56.9%), from €24,241 to €10,454
- Depreciation +€12,732
up €12,732 (+36.9%), from €34,521 to €47,253
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 | €4,210,584 | €4,853,306 | +€642,722 | +15.3% |
| Fixed assets | 21/28 | €1,148,922 | €1,106,691 | -€42,231 | -3.7% |
| Tangible fixed assets | 22/27 | €774,212 | €731,981 | -€42,231 | -5.5% |
| Land and buildings | 22 | €663,610 | €643,147 | -€20,463 | -3.1% |
| Plant, machinery and equipment | 23 | €2,316 | €1,380 | -€936 | -40.4% |
| Furniture and vehicles | 24 | €9,022 | €9,945 | +€923 | +10.2% |
| Leasing and similar rights | 25 | €99,264 | €77,510 | -€21,754 | -21.9% |
| Financial fixed assets | 28 | €374,710 | €374,710 | = | 0.0% |
| Current assets | 29/58 | €3,061,662 | €3,746,615 | +€684,953 | +22.4% |
| Stocks and contracts in progress | 3 | €190,881 | €793,111 | +€602,230 | +315.5% |
| Stocks | 30/36 | €190,881 | €793,111 | +€602,230 | +315.5% |
| Amounts receivable within one year | 40/41 | €2,830,382 | €2,754,945 | -€75,437 | -2.7% |
| Trade receivables | 40 | €1,131,433 | €1,082,024 | -€49,408 | -4.4% |
| Other amounts receivable | 41 | €1,698,950 | €1,672,921 | -€26,029 | -1.5% |
| Cash at bank and in hand | 54/58 | €39,049 | €193,046 | +€153,997 | +394.4% |
| Deferred charges and accrued income | 490/1 | €1,350 | €5,513 | +€4,163 | +308.3% |
| Total equity and liabilities | 10/49 | €4,210,584 | €4,853,306 | +€642,722 | +15.3% |
| Equity | 10/15 | €2,899,056 | €3,007,006 | +€107,950 | +3.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €2,880,464 | €2,988,414 | +€107,950 | +3.7% |
| Tax-exempt reserves | 132 | €65,710 | €128,860 | +€63,150 | +96.1% |
| Distributable reserves | 133 | €2,814,754 | €2,859,554 | +€44,800 | +1.6% |
| Amounts payable | 17/49 | €1,311,528 | €1,846,300 | +€534,772 | +40.8% |
| Amounts payable after more than one year | 17 | €397,716 | €287,742 | -€109,974 | -27.7% |
| Financial debts | 170/4 | €397,716 | €287,742 | -€109,974 | -27.7% |
| Amounts payable within one year | 42/48 | €913,812 | €1,558,558 | +€644,745 | +70.6% |
| Current portion of amounts payable after more than one year | 42 | €107,604 | €105,940 | -€1,664 | -1.5% |
| Financial debts | 43 | €264,000 | €595,021 | +€331,021 | +125.4% |
| Credit institutions | 430/8 | €264,000 | €595,021 | +€331,021 | +125.4% |
| Trade debts | 44 | €12,337 | €118,421 | +€106,084 | +859.9% |
| Suppliers | 440/4 | €12,337 | €118,421 | +€106,084 | +859.9% |
| Taxes, remuneration and social security | 45 | €70,772 | €5,339 | -€65,433 | -92.5% |
| Taxes | 450/3 | €70,772 | €5,339 | -€65,433 | -92.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €459,099 | €733,837 | +€274,738 | +59.8% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €5,000 | €0 | -€5,000 | -100.0% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,521 | €47,253 | +€12,732 | +36.9% |
| Other operating charges | 640/8 | €24,241 | €10,454 | -€13,787 | -56.9% |
| Gross operating margin | 9900 | €205,037 | €244,807 | +€39,770 | +19.4% |
| Operating profit (loss) | 9901 | €146,275 | €187,099 | +€40,824 | +27.9% |
| Financial income | 75/76B | €25,139 | €2,729 | -€22,411 | -89.1% |
| Recurring financial income | 75 | €25,139 | €2,729 | -€22,411 | -89.1% |
| Financial charges | 65/66B | €22,409 | €37,991 | +€15,583 | +69.5% |
| Recurring financial charges | 65 | €22,409 | €37,991 | +€15,583 | +69.5% |
| Profit (loss) for the period before taxes | 9903 | €149,006 | €151,837 | +€2,831 | +1.9% |
| Income taxes | 67/77 | €55,357 | €43,886 | -€11,471 | -20.7% |
| Profit (loss) for the period | 9904 | €93,649 | €107,950 | +€14,302 | +15.3% |
| Transfer to tax-exempt reserves | 689 | €63,150 | €0 | -€63,150 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €30,499 | €107,950 | +€77,452 | +254.0% |
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.