VERHULST: 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.
VERHULST
Largest movements
- Receivables within one year +€431,622
up €431,622 (+57,771%), from €747 to €432,369
of which Other amounts receivable: +€431,622
- Tangible fixed assets -€31,738
down €31,738 (-70.8%), from €44,819 to €13,081
of which Other tangible fixed assets: -€16,568
- Reserves +€341,830
up €341,830 (+4,909%), from €6,963 to €348,792
of which Tax-exempt reserves: +€341,830
- Provisions +€113,943
new in 2025: €113,943
- Short-term financial debts -€29,470
no longer reported in 2025 (was €29,470)
- Profit (loss) carried forward -€28,289
down €28,289 (-55.0%), from -€51,473 to -€79,763
- Gross operating margin +€457,017
up €457,017, from -€23,334 to €433,683
- Depreciation -€4,398
down €4,398 (-66.4%), from €6,629 to €2,230
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 | €47,584 | €445,625 | +€398,042 | +837% |
| Fixed assets | 21/28 | €44,819 | €13,081 | -€31,738 | -70.8% |
| Tangible fixed assets | 22/27 | €44,819 | €13,081 | -€31,738 | -70.8% |
| Land and buildings | 22 | €28,251 | €13,081 | -€15,169 | -53.7% |
| Other tangible fixed assets | 26 | €16,568 | - | -€16,568 | |
| Current assets | 29/58 | €2,764 | €432,544 | +€429,780 | +15,547% |
| Amounts receivable within one year | 40/41 | €747 | €432,369 | +€431,622 | +57,771% |
| Trade receivables | 40 | €428 | €428 | = | 0.0% |
| Other amounts receivable | 41 | €319 | €431,941 | +€431,622 | +135,339% |
| Cash at bank and in hand | 54/58 | €1,304 | €175 | -€1,129 | -86.6% |
| Deferred charges and accrued income | 490/1 | €713 | - | -€713 | |
| Total equity and liabilities | 10/49 | €47,584 | €445,625 | +€398,042 | +837% |
| Equity | 10/15 | €17,989 | €331,530 | +€313,540 | +1,743% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €6,963 | €348,792 | +€341,830 | +4,909% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €341,830 | +€341,830 | |
| Distributable reserves | 133 | €713 | €713 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€51,473 | -€79,763 | -€28,289 | -55.0% |
| Provisions and deferred taxes | 16 | - | €113,943 | +€113,943 | |
| Deferred taxes | 168 | - | €113,943 | +€113,943 | |
| Amounts payable | 17/49 | €29,594 | €152 | -€29,442 | -99.5% |
| Amounts payable within one year | 42/48 | €29,594 | €152 | -€29,442 | -99.5% |
| Financial debts | 43 | €29,470 | - | -€29,470 | |
| Credit institutions | 430/8 | €29,470 | - | -€29,470 | |
| Trade debts | 44 | €124 | €152 | +€29 | +23.0% |
| Suppliers | 440/4 | €124 | €152 | +€29 | +23.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,629 | €2,230 | -€4,398 | -66.4% |
| Other operating charges | 640/8 | €2,273 | €1,915 | -€358 | -15.8% |
| Gross operating margin | 9900 | -€23,334 | €433,683 | +€457,017 | |
| Operating profit (loss) | 9901 | -€32,235 | €429,538 | +€461,773 | |
| Financial charges | 65/66B | €1,849 | €2,054 | +€206 | +11.1% |
| Recurring financial charges | 65 | €1,849 | €2,054 | +€206 | +11.1% |
| Profit (loss) for the period before taxes | 9903 | -€34,084 | €427,484 | +€461,567 | |
| Transfer to deferred taxes | 680 | - | €113,943 | +€113,943 | |
| Profit (loss) for the period | 9904 | -€34,084 | €313,540 | +€347,624 | |
| Transfer to tax-exempt reserves | 689 | - | €341,830 | +€341,830 | |
| Profit (loss) for the period to be appropriated | 9905 | -€34,084 | -€28,289 | +€5,795 | +17.0% |
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 21 October 2026 via checked.be.