VERHOEYEN: 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.
VERHOEYEN
Largest movements
- Cash +€26,116
up €26,116 (+74.2%), from €35,199 to €61,315
mainly Net result for the year (+€16,150) and Receivables within one year (+€10,114)
- Receivables within one year -€10,114
down €10,114 (-52.0%), from €19,463 to €9,349
of which Trade receivables: -€10,850
- Tangible fixed assets -€4,872
down €4,872 (-13.6%), from €35,837 to €30,965
- Deferred charges and accrued income -€1,790
no longer reported in 2025 (was €1,790)
- Reserves +€14,484
up €14,484 (+73.6%), from €19,688 to €34,172
- Trade debts -€5,649
down €5,649 (-65.7%), from €8,601 to €2,951
- Gross operating margin +€10,197
up €10,197 (+42.9%), from €23,773 to €33,970
- Taxes +€2,107
up €2,107 (+36.1%), from €5,840 to €7,948
- Other operating charges +€696
up €696 (+56.7%), from €1,228 to €1,923
- Depreciation +€582
up €582 (+11.5%), from €5,080 to €5,662
- Financial charges +€341
up €341 (+14.3%), from €2,376 to €2,717
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 | €94,224 | €102,774 | +€8,550 | +9.1% |
| Formation expenses | 20 | €1,935 | €1,145 | -€790 | -40.8% |
| Fixed assets | 21/28 | €35,837 | €30,965 | -€4,872 | -13.6% |
| Tangible fixed assets | 22/27 | €35,837 | €30,965 | -€4,872 | -13.6% |
| Land and buildings | 22 | €16,009 | €13,940 | -€2,070 | -12.9% |
| Furniture and vehicles | 24 | €6,337 | €4,391 | -€1,946 | -30.7% |
| Other tangible fixed assets | 26 | €13,491 | €12,634 | -€857 | -6.4% |
| Current assets | 29/58 | €56,452 | €70,664 | +€14,212 | +25.2% |
| Amounts receivable within one year | 40/41 | €19,463 | €9,349 | -€10,114 | -52.0% |
| Trade receivables | 40 | €15,764 | €4,914 | -€10,850 | -68.8% |
| Other amounts receivable | 41 | €3,699 | €4,436 | +€737 | +19.9% |
| Cash at bank and in hand | 54/58 | €35,199 | €61,315 | +€26,116 | +74.2% |
| Deferred charges and accrued income | 490/1 | €1,790 | - | -€1,790 | |
| Total equity and liabilities | 10/49 | €94,224 | €102,774 | +€8,550 | +9.1% |
| Equity | 10/15 | €24,688 | €39,172 | +€14,484 | +58.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Contributions outside capital | 11 | €5,000 | €5,000 | = | 0.0% |
| Other | 1109/19 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €19,688 | €34,172 | +€14,484 | +73.6% |
| Distributable reserves | 133 | €19,688 | €34,172 | +€14,484 | +73.6% |
| Amounts payable | 17/49 | €69,536 | €63,602 | -€5,934 | -8.5% |
| Amounts payable after more than one year | 17 | €28,632 | €27,847 | -€785 | -2.7% |
| Financial debts | 170/4 | €11,782 | €3,197 | -€8,585 | -72.9% |
| Other amounts payable | 178/9 | €16,850 | €24,650 | +€7,800 | +46.3% |
| Amounts payable within one year | 42/48 | €31,634 | €25,908 | -€5,727 | -18.1% |
| Current portion of amounts payable after more than one year | 42 | €9,563 | €8,585 | -€978 | -10.2% |
| Trade debts | 44 | €8,601 | €2,951 | -€5,649 | -65.7% |
| Suppliers | 440/4 | €8,601 | €2,951 | -€5,649 | -65.7% |
| Taxes, remuneration and social security | 45 | €6,320 | €6,320 | = | 0.0% |
| Taxes | 450/3 | €6,320 | €6,320 | = | 0.0% |
| Other amounts payable | 47/48 | €7,151 | €8,051 | +€900 | +12.6% |
| Accrued charges and deferred income | 492/3 | €9,270 | €9,847 | +€578 | +6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,080 | €5,662 | +€582 | +11.5% |
| Other operating charges | 640/8 | €1,228 | €1,923 | +€696 | +56.7% |
| Gross operating margin | 9900 | €23,773 | €33,970 | +€10,197 | +42.9% |
| Operating profit (loss) | 9901 | €17,466 | €26,384 | +€8,919 | +51.1% |
| Financial income | 75/76B | €242 | €430 | +€188 | +78.0% |
| Recurring financial income | 75 | €242 | €430 | +€188 | +78.0% |
| Financial charges | 65/66B | €2,376 | €2,717 | +€341 | +14.3% |
| Recurring financial charges | 65 | €2,376 | €2,717 | +€341 | +14.3% |
| Profit (loss) for the period before taxes | 9903 | €15,331 | €24,097 | +€8,767 | +57.2% |
| Income taxes | 67/77 | €5,840 | €7,948 | +€2,107 | +36.1% |
| Profit (loss) for the period | 9904 | €9,491 | €16,150 | +€6,659 | +70.2% |
| Profit (loss) for the period to be appropriated | 9905 | €9,491 | €16,150 | +€6,659 | +70.2% |
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 16 October 2026 via checked.be.