VERHULST: what changed
Two fiscal 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
- Stocks and contracts -€350,357
down €350,357 (-36.7%), from €955,207 to €604,850
- Receivables within one year -€76,459
down €76,459 (-10.5%), from €729,124 to €652,665
of which Trade receivables: -€96,654
- Cash -€57,755
down €57,755 (-65.1%), from €88,773 to €31,018
mainly Trade debts (-€412,679) and Investment in fixed assets (net) (-€105,453)
- Trade debts -€412,679
down €412,679 (-36.0%), from €1.1m to €735,178
- Debts after one year -€37,116
down €37,116 (-26.7%), from €138,972 to €101,857
- Current portion of long-term debt -€24,989
down €24,989 (-34.3%), from €72,802 to €47,813
- Staff costs +€25,679
up €25,679 (+7.0%), from €368,933 to €394,612
- Financial charges -€20,093
down €20,093 (-38.5%), from €52,237 to €32,144
- Depreciation +€6,236
up €6,236 (+7.5%), from €82,677 to €88,913
- Gross operating margin +€5,916
up €5,916 (+1.1%), from €556,376 to €562,292
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.
Cash bridge derived
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 | €2,217,726 | €1,758,506 | -€459,219 | -20.7% |
| Fixed assets | 21/28 | €422,531 | €439,071 | +€16,540 | +3.9% |
| Tangible fixed assets | 22/27 | €421,286 | €437,826 | +€16,540 | +3.9% |
| Land and buildings | 22 | €266,067 | €241,353 | -€24,714 | -9.3% |
| Plant, machinery and equipment | 23 | €3,064 | €1,943 | -€1,121 | -36.6% |
| Furniture and vehicles | 24 | €20,396 | €27,768 | +€7,372 | +36.1% |
| Other tangible fixed assets | 26 | €131,759 | €166,761 | +€35,002 | +26.6% |
| Financial fixed assets | 28 | €1,245 | €1,245 | = | 0.0% |
| Current assets | 29/58 | €1,795,195 | €1,319,435 | -€475,759 | -26.5% |
| Stocks and contracts in progress | 3 | €955,207 | €604,850 | -€350,357 | -36.7% |
| Stocks | 30/36 | €955,207 | €604,850 | -€350,357 | -36.7% |
| Amounts receivable within one year | 40/41 | €729,124 | €652,665 | -€76,459 | -10.5% |
| Trade receivables | 40 | €729,124 | €632,470 | -€96,654 | -13.3% |
| Other amounts receivable | 41 | €0 | €20,195 | +€20,195 | |
| Cash at bank and in hand | 54/58 | €88,773 | €31,018 | -€57,755 | -65.1% |
| Deferred charges and accrued income | 490/1 | €22,090 | €30,902 | +€8,812 | +39.9% |
| Total equity and liabilities | 10/49 | €2,217,726 | €1,758,506 | -€459,219 | -20.7% |
| Equity | 10/15 | €183,493 | €196,727 | +€13,234 | +7.2% |
| Contributions | 10/11 | €310,000 | €310,000 | = | 0.0% |
| Capital | 10 | €310,000 | €310,000 | = | 0.0% |
| Issued capital | 100 | €310,000 | €310,000 | = | 0.0% |
| Reserves | 13 | €1,650 | €1,650 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,650 | €1,650 | = | 0.0% |
| Legal reserve | 130 | €1,650 | €1,650 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€128,157 | -€114,923 | +€13,234 | +10.3% |
| Amounts payable | 17/49 | €2,034,233 | €1,561,779 | -€472,454 | -23.2% |
| Amounts payable after more than one year | 17 | €138,972 | €101,857 | -€37,116 | -26.7% |
| Financial debts | 170/4 | €138,972 | €101,857 | -€37,116 | -26.7% |
| Amounts payable within one year | 42/48 | €1,882,583 | €1,451,869 | -€430,715 | -22.9% |
| Current portion of amounts payable after more than one year | 42 | €72,802 | €47,813 | -€24,989 | -34.3% |
| Financial debts | 43 | €550,000 | €550,000 | = | 0.0% |
| Credit institutions | 430/8 | €550,000 | €550,000 | = | 0.0% |
| Trade debts | 44 | €1,147,857 | €735,178 | -€412,679 | -36.0% |
| Suppliers | 440/4 | €1,147,857 | €735,178 | -€412,679 | -36.0% |
| Taxes, remuneration and social security | 45 | €108,972 | €118,594 | +€9,622 | +8.8% |
| Taxes | 450/3 | €76,381 | €85,460 | +€9,079 | +11.9% |
| Remuneration and social security | 454/9 | €32,590 | €33,134 | +€543 | +1.7% |
| Other amounts payable | 47/48 | €2,952 | €284 | -€2,668 | -90.4% |
| Accrued charges and deferred income | 492/3 | €12,677 | €8,054 | -€4,623 | -36.5% |
| Remuneration, social security and pensions | 62 | €368,933 | €394,612 | +€25,679 | +7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,677 | €88,913 | +€6,236 | +7.5% |
| Other operating charges | 640/8 | €30,088 | €24,577 | -€5,511 | -18.3% |
| Gross operating margin | 9900 | €556,376 | €562,292 | +€5,916 | +1.1% |
| Operating profit (loss) | 9901 | €74,679 | €54,190 | -€20,488 | -27.4% |
| Financial income | 75/76B | €698 | €0 | -€698 | -100.0% |
| Recurring financial income | 75 | €698 | €0 | -€698 | -100.0% |
| Financial charges | 65/66B | €52,237 | €32,144 | -€20,093 | -38.5% |
| Recurring financial charges | 65 | €52,237 | €32,144 | -€20,093 | -38.5% |
| Profit (loss) for the period before taxes | 9903 | €23,140 | €22,047 | -€1,093 | -4.7% |
| Income taxes | 67/77 | €9,290 | €8,813 | -€478 | -5.1% |
| Profit (loss) for the period | 9904 | €13,849 | €13,234 | -€615 | -4.4% |
| Profit (loss) for the period to be appropriated | 9905 | €13,849 | €13,234 | -€615 | -4.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.