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
- Tangible fixed assets -€45,856
down €45,856 (-5.5%), from €835,690 to €789,834
of which Land and buildings: -€35,443
- Deferred charges and accrued income +€12,259
new in 2025: €12,259
- Profit (loss) carried forward -€23,787
down €23,787 (-11.9%), from -€199,218 to -€223,005
- Debts after one year -€21,928
down €21,928 (-9.1%), from €241,830 to €219,902
- Reserves -€17,614
down €17,614 (-2.5%), from €707,273 to €689,658
of which Distributable reserves: -€14,286
- Trade debts +€11,932
up €11,932 (+40460.9%), from €29 to €11,961
- Other debts +€10,000
new in 2025: €10,000
- Gross operating margin +€3,914
up €3,914 (+19.5%), from €20,074 to €23,988
- Financial charges -€355
down €355 (-8.8%), from €4,022 to €3,667
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 | €851,729 | €813,373 | -€38,356 | -4.5% |
| Fixed assets | 21/28 | €835,690 | €789,834 | -€45,856 | -5.5% |
| Tangible fixed assets | 22/27 | €835,690 | €789,834 | -€45,856 | -5.5% |
| Land and buildings | 22 | €802,236 | €766,793 | -€35,443 | -4.4% |
| Furniture and vehicles | 24 | €33,455 | €23,041 | -€10,414 | -31.1% |
| Current assets | 29/58 | €16,038 | €23,539 | +€7,501 | +46.8% |
| Amounts receivable within one year | 40/41 | €89 | €148 | +€59 | +66.7% |
| Other amounts receivable | 41 | €89 | €148 | +€59 | +66.7% |
| Cash at bank and in hand | 54/58 | €15,950 | €11,132 | -€4,817 | -30.2% |
| Deferred charges and accrued income | 490/1 | - | €12,259 | +€12,259 | |
| Total equity and liabilities | 10/49 | €851,729 | €813,373 | -€38,356 | -4.5% |
| Equity | 10/15 | €570,055 | €528,654 | -€41,401 | -7.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €707,273 | €689,658 | -€17,614 | -2.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €93,073 | €89,744 | -€3,328 | -3.6% |
| Distributable reserves | 133 | €608,000 | €593,714 | -€14,286 | -2.3% |
| Profit (loss) carried forward | 14 | -€199,218 | -€223,005 | -€23,787 | -11.9% |
| Provisions and deferred taxes | 16 | €17,752 | €16,642 | -€1,110 | -6.3% |
| Deferred taxes | 168 | €17,752 | €16,642 | -€1,110 | -6.3% |
| Amounts payable | 17/49 | €263,922 | €268,077 | +€4,155 | +1.6% |
| Amounts payable after more than one year | 17 | €241,830 | €219,902 | -€21,928 | -9.1% |
| Financial debts | 170/4 | €241,830 | €219,902 | -€21,928 | -9.1% |
| Amounts payable within one year | 42/48 | €22,092 | €48,175 | +€26,083 | +118.1% |
| Current portion of amounts payable after more than one year | 42 | €21,628 | €21,928 | +€300 | +1.4% |
| Trade debts | 44 | €29 | €11,961 | +€11,932 | +40460.9% |
| Suppliers | 440/4 | €29 | €11,961 | +€11,932 | +40460.9% |
| Taxes, remuneration and social security | 45 | €435 | €4,286 | +€3,851 | +885.2% |
| Taxes | 450/3 | - | €4,286 | +€4,286 | |
| Remuneration and social security | 454/9 | €435 | - | -€435 | |
| Other amounts payable | 47/48 | - | €10,000 | +€10,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,061 | €47,155 | +€94 | +0.2% |
| Other operating charges | 640/8 | €1,386 | €1,297 | -€89 | -6.4% |
| Gross operating margin | 9900 | €20,074 | €23,988 | +€3,914 | +19.5% |
| Operating profit (loss) | 9901 | -€28,373 | -€24,465 | +€3,908 | +13.8% |
| Financial income | 75/76B | €96 | €68 | -€28 | -29.3% |
| Recurring financial income | 75 | €96 | €68 | -€28 | -29.3% |
| Financial charges | 65/66B | €4,022 | €3,667 | -€355 | -8.8% |
| Recurring financial charges | 65 | €4,022 | €3,667 | -€355 | -8.8% |
| Profit (loss) for the period before taxes | 9903 | -€32,299 | -€28,064 | +€4,235 | +13.1% |
| Transfer from deferred taxes | 780 | €1,110 | €1,110 | = | 0.0% |
| Income taxes | 67/77 | €99 | €161 | +€63 | +63.5% |
| Profit (loss) for the period | 9904 | -€31,288 | -€27,115 | +€4,173 | +13.3% |
| Transfer from tax-exempt reserves | 789 | €3,328 | €3,328 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,959 | -€23,787 | +€4,173 | +14.9% |
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 6 October 2026 via checked.be.