VERHULST CONSTRUCT: 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 CONSTRUCT
Largest movements
- Cash +€18,136
up €18,136 (+7,761%), from €234 to €18,370
mainly Other debts (+€12,848) and Tax, wage and social debts (+€2,449)
- Receivables within one year -€1,270
down €1,270 (-24.2%), from €5,251 to €3,981
of which Trade receivables: -€3,302
- Financial fixed assets +€1,125
new in 2025: €1,125
- Tangible fixed assets -€481
down €481 (-46.2%), from €1,040 to €560
- Other debts +€12,848
up €12,848 (+22.4%), from €57,296 to €70,143
- Tax, wage and social debts +€2,449
new in 2025: €2,449
- Profit (loss) carried forward +€2,127
up €2,127 (+3.8%), from -€55,474 to -€53,348
- Accrued charges and deferred income +€400
new in 2025: €400
- Trade debts -€312
down €312 (-11.5%), from €2,704 to €2,392
- Gross operating margin +€91,371
up €91,371, from -€84,055 to €7,317
- Financial charges -€13,984
down €13,984 (-84.6%), from €16,529 to €2,544
- Financial income -€2,786
down €2,786 (-95.7%), from €2,910 to €124
- Taxes -€2,412
down €2,412 (-56.1%), from €4,301 to €1,889
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 | €6,525 | €24,036 | +€17,511 | +268% |
| Fixed assets | 21/28 | €1,040 | €1,685 | +€644 | +61.9% |
| Tangible fixed assets | 22/27 | €1,040 | €560 | -€481 | -46.2% |
| Plant, machinery and equipment | 23 | €1,040 | €560 | -€481 | -46.2% |
| Financial fixed assets | 28 | - | €1,125 | +€1,125 | |
| Current assets | 29/58 | €5,485 | €22,351 | +€16,867 | +308% |
| Amounts receivable within one year | 40/41 | €5,251 | €3,981 | -€1,270 | -24.2% |
| Trade receivables | 40 | €4,673 | €1,371 | -€3,302 | -70.7% |
| Other amounts receivable | 41 | €578 | €2,610 | +€2,032 | +351% |
| Cash at bank and in hand | 54/58 | €234 | €18,370 | +€18,136 | +7,761% |
| Total equity and liabilities | 10/49 | €6,525 | €24,036 | +€17,511 | +268% |
| Equity | 10/15 | -€53,474 | -€51,348 | +€2,127 | +4.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€55,474 | -€53,348 | +€2,127 | +3.8% |
| Amounts payable | 17/49 | €59,999 | €75,384 | +€15,384 | +25.6% |
| Amounts payable within one year | 42/48 | €59,999 | €74,984 | +€14,985 | +25.0% |
| Trade debts | 44 | €2,704 | €2,392 | -€312 | -11.5% |
| Suppliers | 440/4 | €2,704 | €2,392 | -€312 | -11.5% |
| Taxes, remuneration and social security | 45 | - | €2,449 | +€2,449 | |
| Taxes | 450/3 | - | €2,449 | +€2,449 | |
| Other amounts payable | 47/48 | €57,296 | €70,143 | +€12,848 | +22.4% |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €481 | €481 | = | 0.0% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | -€84,055 | €7,317 | +€91,371 | |
| Operating profit (loss) | 9901 | -€84,923 | €6,436 | +€91,359 | |
| Financial income | 75/76B | €2,910 | €124 | -€2,786 | -95.7% |
| Recurring financial income | 75 | €2,910 | €124 | -€2,786 | -95.7% |
| Financial charges | 65/66B | €16,529 | €2,544 | -€13,984 | -84.6% |
| Recurring financial charges | 65 | €16,529 | €2,544 | -€13,984 | -84.6% |
| Profit (loss) for the period before taxes | 9903 | -€98,541 | €4,016 | +€102,557 | |
| Income taxes | 67/77 | €4,301 | €1,889 | -€2,412 | -56.1% |
| Profit (loss) for the period | 9904 | -€102,842 | €2,127 | +€104,969 | |
| Profit (loss) for the period to be appropriated | 9905 | -€102,842 | €2,127 | +€104,969 |
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 13 October 2026 via checked.be.