VERHOFAX: what changed
VERHOFAX
Largest movements
- Tangible fixed assets -€32,210
down €32,210 (-8.1%), from €398,027 to €365,817
of which Land and buildings: -€21,279
- Cash -€20,424
down €20,424 (-77.6%), from €26,325 to €5,901
mainly Receivables within one year (-€17,878) and Debts after one year (-€15,298)
- Receivables within one year +€17,878
up €17,878 (+70.9%), from €25,230 to €43,108
of which Other amounts receivable: +€14,392
- Debts after one year -€15,298
down €15,298 (-14.3%), from €107,283 to €91,985
- Reserves -€10,332
down €10,332 (-8.1%), from €128,297 to €117,965
of which Tax-exempt reserves: -€10,332
- Current portion of long-term debt -€6,218
down €6,218 (-28.9%), from €21,516 to €15,298
- Financial charges -€27,790
down €27,790 (-86.4%), from €32,161 to €4,372
of which Non-recurring financial charges: -€27,268
- Gross operating margin -€21,873
down €21,873 (-38.6%), from €56,717 to €34,844
- Taxes -€5,287
down €5,287 (-46.5%), from €11,376 to €6,089
- Other operating charges +€2,323
up €2,323 (+92.2%), from €2,519 to €4,841
- Depreciation -€699
down €699 (-2.1%), from €32,909 to €32,210
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €606,061 | €572,149 | -€33,912 | -5.6% |
| Fixed assets | 21/28 | €553,767 | €521,557 | -€32,210 | -5.8% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €398,027 | €365,817 | -€32,210 | -8.1% |
| Land and buildings | 22 | €363,824 | €342,545 | -€21,279 | -5.8% |
| Furniture and vehicles | 24 | €34,203 | €23,272 | -€10,931 | -32.0% |
| Financial fixed assets | 28 | €155,740 | €155,740 | = | 0.0% |
| Current assets | 29/58 | €52,294 | €50,592 | -€1,703 | -3.3% |
| Amounts receivable within one year | 40/41 | €25,230 | €43,108 | +€17,878 | +70.9% |
| Trade receivables | 40 | €10,759 | €14,244 | +€3,485 | +32.4% |
| Other amounts receivable | 41 | €14,471 | €28,863 | +€14,392 | +99.5% |
| Cash at bank and in hand | 54/58 | €26,325 | €5,901 | -€20,424 | -77.6% |
| Deferred charges and accrued income | 490/1 | €739 | €1,583 | +€844 | +114% |
| Total equity and liabilities | 10/49 | €606,061 | €572,149 | -€33,912 | -5.6% |
| Equity | 10/15 | €192,024 | €185,923 | -€6,102 | -3.2% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | - | -€61,973 | |
| Issued capital | 100 | €61,973 | - | -€61,973 | |
| Reserves | 13 | €128,297 | €117,965 | -€10,332 | -8.1% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | - | -€6,197 | |
| Reserves not available under the articles | 1311 | - | €6,197 | +€6,197 | |
| Tax-exempt reserves | 132 | €122,099 | €111,767 | -€10,332 | -8.5% |
| Profit (loss) carried forward | 14 | €1,754 | €5,984 | +€4,230 | +241% |
| Provisions and deferred taxes | 16 | €62,872 | €57,552 | -€5,320 | -8.5% |
| Deferred taxes | 168 | €62,872 | €57,552 | -€5,320 | -8.5% |
| Amounts payable | 17/49 | €351,165 | €328,675 | -€22,491 | -6.4% |
| Amounts payable after more than one year | 17 | €107,283 | €91,985 | -€15,298 | -14.3% |
| Financial debts | 170/4 | €107,283 | €91,985 | -€15,298 | -14.3% |
| Amounts payable within one year | 42/48 | €243,882 | €235,864 | -€8,018 | -3.3% |
| Current portion of amounts payable after more than one year | 42 | €21,516 | €15,298 | -€6,218 | -28.9% |
| Trade debts | 44 | €240 | €510 | +€270 | +112% |
| Suppliers | 440/4 | €240 | €510 | +€270 | +112% |
| Taxes, remuneration and social security | 45 | €14,485 | €8,589 | -€5,897 | -40.7% |
| Taxes | 450/3 | €11,985 | €6,089 | -€5,897 | -49.2% |
| Remuneration and social security | 454/9 | €2,500 | €2,500 | = | 0.0% |
| Other amounts payable | 47/48 | €207,640 | €211,468 | +€3,828 | +1.8% |
| Accrued charges and deferred income | 492/3 | - | €825 | +€825 | |
| Non-recurring operating income | 76A | €500 | - | -€500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,909 | €32,210 | -€699 | -2.1% |
| Other operating charges | 640/8 | €2,519 | €4,841 | +€2,323 | +92.2% |
| Gross operating margin | 9900 | €56,717 | €34,844 | -€21,873 | -38.6% |
| Operating profit (loss) | 9901 | €21,289 | -€2,207 | -€23,496 | |
| Financial income | 75/76B | €754 | €1,246 | +€492 | +65.2% |
| Recurring financial income | 75 | €754 | €1,246 | +€492 | +65.2% |
| Financial charges | 65/66B | €32,161 | €4,372 | -€27,790 | -86.4% |
| Recurring financial charges | 65 | €4,893 | €4,372 | -€521 | -10.7% |
| Non-recurring financial charges | 66B | €27,268 | - | -€27,268 | |
| Profit (loss) for the period before taxes | 9903 | -€10,119 | -€5,333 | +€4,785 | +47.3% |
| Transfer from deferred taxes | 780 | €5,320 | €5,320 | = | 0.0% |
| Income taxes | 67/77 | €11,376 | €6,089 | -€5,287 | -46.5% |
| Profit (loss) for the period | 9904 | -€16,174 | -€6,102 | +€10,072 | +62.3% |
| Transfer from tax-exempt reserves | 789 | €10,332 | €10,332 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,842 | €4,230 | +€10,072 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 October 2024 and 31 October 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.