VERHOLLE MARCEL: 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.
VERHOLLE MARCEL
Largest movements
- Cash -€85,602
down €85,602 (-9.7%), from €885,435 to €799,833
mainly Other debts (-€243,118) and Investment in fixed assets (net) (-€94,307)
- Receivables within one year -€56,972
down €56,972 (-30.4%), from €187,134 to €130,162
of which Trade receivables: -€65,001
- Tangible fixed assets +€35,321
up €35,321 (+26.0%), from €136,022 to €171,343
of which Plant, machinery and equipment: +€63,577
- Stocks and contracts -€20,734
down €20,734 (-7.7%), from €267,922 to €247,188
- Other debts -€243,118
down €243,118 (-94.3%), from €257,763 to €14,645
- Reserves +€149,956
up €149,956 (+13.9%), from €1.1m to €1.2m
- Tax, wage and social debts -€20,459
down €20,459 (-30.2%), from €67,829 to €47,370
- Gross operating margin -€168,951
down €168,951 (-30.7%), from €550,194 to €381,242
- Taxes -€43,634
down €43,634 (-40.8%), from €106,903 to €63,269
- Depreciation -€18,918
down €18,918 (-23.3%), from €81,164 to €62,246
- Staff costs -€15,492
down €15,492 (-13.9%), from €111,431 to €95,939
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 | €1,485,452 | €1,353,675 | -€131,776 | -8.9% |
| Fixed assets | 21/28 | €144,081 | €176,143 | +€32,062 | +22.3% |
| Intangible fixed assets | 21 | €8,059 | €4,800 | -€3,259 | -40.4% |
| Tangible fixed assets | 22/27 | €136,022 | €171,343 | +€35,321 | +26.0% |
| Land and buildings | 22 | €65,660 | €62,257 | -€3,403 | -5.2% |
| Plant, machinery and equipment | 23 | €29,296 | €92,873 | +€63,577 | +217% |
| Furniture and vehicles | 24 | €9,522 | €6,877 | -€2,645 | -27.8% |
| Leasing and similar rights | 25 | €31,544 | €9,336 | -€22,208 | -70.4% |
| Current assets | 29/58 | €1,341,371 | €1,177,533 | -€163,838 | -12.2% |
| Stocks and contracts in progress | 3 | €267,922 | €247,188 | -€20,734 | -7.7% |
| Stocks | 30/36 | €267,922 | €247,188 | -€20,734 | -7.7% |
| Amounts receivable within one year | 40/41 | €187,134 | €130,162 | -€56,972 | -30.4% |
| Trade receivables | 40 | €186,675 | €121,674 | -€65,001 | -34.8% |
| Other amounts receivable | 41 | €459 | €8,489 | +€8,030 | +1,750% |
| Cash at bank and in hand | 54/58 | €885,435 | €799,833 | -€85,602 | -9.7% |
| Deferred charges and accrued income | 490/1 | €880 | €350 | -€530 | -60.2% |
| Total equity and liabilities | 10/49 | €1,485,452 | €1,353,675 | -€131,776 | -8.9% |
| Equity | 10/15 | €1,112,172 | €1,262,128 | +€149,956 | +13.5% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €1,080,852 | €1,230,808 | +€149,956 | +13.9% |
| Distributable reserves | 133 | €1,080,852 | €1,230,808 | +€149,956 | +13.9% |
| Profit (loss) carried forward | 14 | €334 | €334 | = | 0.0% |
| Amounts payable | 17/49 | €373,280 | €91,547 | -€281,732 | -75.5% |
| Amounts payable after more than one year | 17 | €4,818 | - | -€4,818 | |
| Financial debts | 170/4 | €4,818 | - | -€4,818 | |
| Amounts payable within one year | 42/48 | €367,744 | €90,768 | -€276,976 | -75.3% |
| Current portion of amounts payable after more than one year | 42 | €19,105 | €6,420 | -€12,685 | -66.4% |
| Trade debts | 44 | €23,047 | €22,333 | -€714 | -3.1% |
| Suppliers | 440/4 | €23,047 | €22,333 | -€714 | -3.1% |
| Taxes, remuneration and social security | 45 | €67,829 | €47,370 | -€20,459 | -30.2% |
| Taxes | 450/3 | €67,829 | €47,370 | -€20,459 | -30.2% |
| Other amounts payable | 47/48 | €257,763 | €14,645 | -€243,118 | -94.3% |
| Accrued charges and deferred income | 492/3 | €717 | €780 | +€62 | +8.7% |
| Remuneration, social security and pensions | 62 | €111,431 | €95,939 | -€15,492 | -13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,164 | €62,246 | -€18,918 | -23.3% |
| Other operating charges | 640/8 | €7,738 | €7,975 | +€237 | +3.1% |
| Gross operating margin | 9900 | €550,194 | €381,242 | -€168,951 | -30.7% |
| Operating profit (loss) | 9901 | €349,860 | €215,083 | -€134,778 | -38.5% |
| Financial income | 75/76B | €8,060 | €7,564 | -€496 | -6.2% |
| Recurring financial income | 75 | €8,060 | €7,564 | -€496 | -6.2% |
| Financial charges | 65/66B | €9,698 | €7,723 | -€1,975 | -20.4% |
| Recurring financial charges | 65 | €9,698 | €7,723 | -€1,975 | -20.4% |
| Profit (loss) for the period before taxes | 9903 | €348,223 | €214,924 | -€133,299 | -38.3% |
| Income taxes | 67/77 | €106,903 | €63,269 | -€43,634 | -40.8% |
| Profit (loss) for the period | 9904 | €241,320 | €151,654 | -€89,666 | -37.2% |
| Profit (loss) for the period to be appropriated | 9905 | €241,320 | €151,654 | -€89,666 | -37.2% |
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 27 October 2026 via checked.be.