VERHOEST: 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.
VERHOEST
Largest movements
- Stocks and contracts +€423,527
up €423,527 (+33.0%), from €1.3m to €1.7m
- Receivables within one year -€414,188
down €414,188 (-50.6%), from €819,146 to €404,958
of which Trade receivables: -€425,451
- Tangible fixed assets -€117,294
down €117,294 (-15.4%), from €762,097 to €644,803
of which Land and buildings: -€114,583
- Cash +€55,416
up €55,416 (+110%), from €50,152 to €105,568
mainly Receivables within one year (+€414,188) and Net result for the year (+€314,547)
- Debts after one year -€233,121
down €233,121 (-19.9%), from €1.2m to €937,076
- Reserves +€214,547
up €214,547 (+24.3%), from €882,727 to €1.1m
- Other debts +€63,753
up €63,753 (+793%), from €8,040 to €71,793
- Trade debts -€55,813
down €55,813 (-12.9%), from €434,299 to €378,486
- Current portion of long-term debt -€38,046
down €38,046 (-10.2%), from €371,830 to €333,785
- Gross operating margin +€120,011
up €120,011 (+14.8%), from €808,215 to €928,225
- Depreciation +€58,232
up €58,232 (+31.0%), from €187,594 to €245,826
- Taxes +€12,545
up €12,545 (+14.6%), from €86,088 to €98,633
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 | €2,927,478 | €2,885,880 | -€41,599 | -1.4% |
| Formation expenses | 20 | €186 | €14 | -€172 | -92.4% |
| Fixed assets | 21/28 | €771,235 | €650,296 | -€120,939 | -15.7% |
| Intangible fixed assets | 21 | €9,138 | €5,493 | -€3,645 | -39.9% |
| Tangible fixed assets | 22/27 | €762,097 | €644,803 | -€117,294 | -15.4% |
| Land and buildings | 22 | €114,583 | €0 | -€114,583 | -100% |
| Plant, machinery and equipment | 23 | €104,640 | €86,183 | -€18,457 | -17.6% |
| Furniture and vehicles | 24 | €542,874 | €452,424 | -€90,450 | -16.7% |
| Other tangible fixed assets | 26 | - | €106,197 | +€106,197 | |
| Current assets | 29/58 | €2,156,057 | €2,235,570 | +€79,512 | +3.7% |
| Stocks and contracts in progress | 3 | €1,282,427 | €1,705,953 | +€423,527 | +33.0% |
| Stocks | 30/36 | €1,282,427 | €1,705,953 | +€423,527 | +33.0% |
| Amounts receivable within one year | 40/41 | €819,146 | €404,958 | -€414,188 | -50.6% |
| Trade receivables | 40 | €808,986 | €383,536 | -€425,451 | -52.6% |
| Other amounts receivable | 41 | €10,160 | €21,422 | +€11,263 | +111% |
| Cash at bank and in hand | 54/58 | €50,152 | €105,568 | +€55,416 | +110% |
| Deferred charges and accrued income | 490/1 | €4,333 | €19,090 | +€14,758 | +341% |
| Total equity and liabilities | 10/49 | €2,927,478 | €2,885,880 | -€41,599 | -1.4% |
| Equity | 10/15 | €887,527 | €1,102,074 | +€214,547 | +24.2% |
| Contributions | 10/11 | €4,800 | €4,800 | = | 0.0% |
| Reserves | 13 | €882,727 | €1,097,274 | +€214,547 | +24.3% |
| Distributable reserves | 133 | €882,727 | €1,097,274 | +€214,547 | +24.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €2,039,951 | €1,783,805 | -€256,145 | -12.6% |
| Amounts payable after more than one year | 17 | €1,170,197 | €937,076 | -€233,121 | -19.9% |
| Financial debts | 170/4 | €1,170,197 | €937,076 | -€233,121 | -19.9% |
| Amounts payable within one year | 42/48 | €869,754 | €846,114 | -€23,639 | -2.7% |
| Current portion of amounts payable after more than one year | 42 | €371,830 | €333,785 | -€38,046 | -10.2% |
| Financial debts | 43 | €10,000 | €39,167 | +€29,167 | +292% |
| Credit institutions | 430/8 | €10,000 | €39,167 | +€29,167 | +292% |
| Trade debts | 44 | €434,299 | €378,486 | -€55,813 | -12.9% |
| Suppliers | 440/4 | €434,299 | €378,486 | -€55,813 | -12.9% |
| Taxes, remuneration and social security | 45 | €45,584 | €22,884 | -€22,700 | -49.8% |
| Taxes | 450/3 | €17,839 | €7,298 | -€10,541 | -59.1% |
| Remuneration and social security | 454/9 | €27,745 | €15,586 | -€12,159 | -43.8% |
| Other amounts payable | 47/48 | €8,040 | €71,793 | +€63,753 | +793% |
| Accrued charges and deferred income | 492/3 | - | €615 | +€615 | |
| Remuneration, social security and pensions | 62 | €202,805 | €211,113 | +€8,308 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €187,594 | €245,826 | +€58,232 | +31.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€604 | -€1,230 | -€625 | -103% |
| Other operating charges | 640/8 | €6,675 | €6,059 | -€616 | -9.2% |
| Non-recurring operating charges | 66A | - | €18,310 | +€18,310 | |
| Gross operating margin | 9900 | €808,215 | €928,225 | +€120,011 | +14.8% |
| Operating profit (loss) | 9901 | €411,745 | €448,147 | +€36,402 | +8.8% |
| Financial income | 75/76B | €451 | €2,649 | +€2,198 | +488% |
| Recurring financial income | 75 | €451 | €2,649 | +€2,198 | +488% |
| Financial charges | 65/66B | €40,996 | €37,616 | -€3,380 | -8.2% |
| Recurring financial charges | 65 | €40,996 | €37,616 | -€3,380 | -8.2% |
| Profit (loss) for the period before taxes | 9903 | €371,200 | €413,180 | +€41,979 | +11.3% |
| Income taxes | 67/77 | €86,088 | €98,633 | +€12,545 | +14.6% |
| Profit (loss) for the period | 9904 | €285,112 | €314,547 | +€29,434 | +10.3% |
| Profit (loss) for the period to be appropriated | 9905 | €285,112 | €314,547 | +€29,434 | +10.3% |
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 18 October 2026 via checked.be.