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
- Cash -€15,744
down €15,744 (-73.0%), from €21,554 to €5,810
mainly Debts after one year (-€7,824) and Net result for the year (-€5,288)
- Debts after one year -€7,824
down €7,824 (-5.9%), from €132,824 to €125,000
- Profit (loss) carried forward -€5,288
down €5,288 (-2.0%), from -€266,397 to -€271,685
- Financial charges -€2,871
down €2,871 (-32.7%), from €8,776 to €5,905
- Gross operating margin -€2,516
down €2,516 (-47.1%), from €5,347 to €2,831
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 | €327,534 | €311,586 | -€15,948 | -4.9% |
| Fixed assets | 21/28 | €305,776 | €305,776 | = | 0.0% |
| Tangible fixed assets | 22/27 | €305,776 | €305,776 | = | 0.0% |
| Land and buildings | 22 | €305,776 | €305,776 | = | 0.0% |
| Current assets | 29/58 | €21,758 | €5,810 | -€15,948 | -73.3% |
| Amounts receivable within one year | 40/41 | €204 | - | -€204 | |
| Trade receivables | 40 | €204 | - | -€204 | |
| Cash at bank and in hand | 54/58 | €21,554 | €5,810 | -€15,744 | -73.0% |
| Total equity and liabilities | 10/49 | €327,534 | €311,586 | -€15,948 | -4.9% |
| Equity | 10/15 | €27,203 | €21,915 | -€5,288 | -19.4% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Revaluation surpluses | 12 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €18,600 | €18,600 | = | 0.0% |
| Distributable reserves | 133 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€266,397 | -€271,685 | -€5,288 | -2.0% |
| Amounts payable | 17/49 | €300,331 | €289,671 | -€10,660 | -3.5% |
| Amounts payable after more than one year | 17 | €132,824 | €125,000 | -€7,824 | -5.9% |
| Financial debts | 170/4 | €132,824 | €125,000 | -€7,824 | -5.9% |
| Amounts payable within one year | 42/48 | €167,507 | €164,671 | -€2,836 | -1.7% |
| Current portion of amounts payable after more than one year | 42 | €6,903 | €7,235 | +€332 | +4.8% |
| Trade debts | 44 | €15,618 | €14,258 | -€1,360 | -8.7% |
| Suppliers | 440/4 | €15,618 | €14,258 | -€1,360 | -8.7% |
| Taxes, remuneration and social security | 45 | €612 | €770 | +€158 | +25.8% |
| Taxes | 450/3 | €612 | €770 | +€158 | +25.8% |
| Other amounts payable | 47/48 | €144,374 | €142,408 | -€1,966 | -1.4% |
| Other operating charges | 640/8 | €2,206 | €2,214 | +€8 | +0.4% |
| Gross operating margin | 9900 | €5,347 | €2,831 | -€2,516 | -47.1% |
| Operating profit (loss) | 9901 | €3,141 | €617 | -€2,524 | -80.4% |
| Financial income | 75/76B | €16 | - | -€16 | |
| Recurring financial income | 75 | €16 | - | -€16 | |
| Financial charges | 65/66B | €8,776 | €5,905 | -€2,871 | -32.7% |
| Recurring financial charges | 65 | €8,776 | €5,905 | -€2,871 | -32.7% |
| Profit (loss) for the period before taxes | 9903 | -€5,619 | -€5,288 | +€331 | +5.9% |
| Profit (loss) for the period | 9904 | -€5,619 | -€5,288 | +€331 | +5.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,619 | -€5,288 | +€331 | +5.9% |
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 5 October 2026 via checked.be.