VERHULST DEVELOPMENT GROUP: 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 DEVELOPMENT GROUP
Largest movements
- Cash +€41,485
up €41,485 (+45.7%), from €90,816 to €132,301
mainly Net result for the year (+€51,086) and Trade debts (+€11,388)
- Tangible fixed assets +€11,221
up €11,221 (+291%), from €3,852 to €15,073
of which Furniture and vehicles: +€9,133
- Receivables within one year +€1,837
up €1,837 (+6.0%), from €30,781 to €32,619
of which Other amounts receivable: +€2,127
- Profit (loss) carried forward +€51,086
up €51,086 (+55.8%), from €91,588 to €142,674
- Tax, wage and social debts -€12,381
down €12,381 (-42.6%), from €29,038 to €16,657
- Trade debts +€11,388
up €11,388 (+1,744%), from €653 to €12,041
- Current portion of long-term debt +€5,476
new in 2025: €5,476
- Other operating charges -€11,023
down €11,023 (-88.7%), from €12,422 to €1,399
- Taxes +€2,933
up €2,933 (+25.9%), from €11,311 to €14,244
- Gross operating margin +€2,092
up €2,092 (+3.2%), from €66,113 to €68,205
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 | €125,450 | €179,993 | +€54,543 | +43.5% |
| Fixed assets | 21/28 | €3,852 | €15,073 | +€11,221 | +291% |
| Tangible fixed assets | 22/27 | €3,852 | €15,073 | +€11,221 | +291% |
| Plant, machinery and equipment | 23 | €2,345 | €4,433 | +€2,088 | +89.1% |
| Furniture and vehicles | 24 | €1,507 | €10,640 | +€9,133 | +606% |
| Current assets | 29/58 | €121,597 | €164,920 | +€43,323 | +35.6% |
| Amounts receivable within one year | 40/41 | €30,781 | €32,619 | +€1,837 | +6.0% |
| Trade receivables | 40 | €30,781 | €30,492 | -€289 | -0.9% |
| Other amounts receivable | 41 | - | €2,127 | +€2,127 | |
| Cash at bank and in hand | 54/58 | €90,816 | €132,301 | +€41,485 | +45.7% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €125,450 | €179,993 | +€54,543 | +43.5% |
| Equity | 10/15 | €94,588 | €145,674 | +€51,086 | +54.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €91,588 | €142,674 | +€51,086 | +55.8% |
| Amounts payable | 17/49 | €30,862 | €34,318 | +€3,457 | +11.2% |
| Amounts payable within one year | 42/48 | €30,862 | €34,318 | +€3,457 | +11.2% |
| Current portion of amounts payable after more than one year | 42 | - | €5,476 | +€5,476 | |
| Financial debts | 43 | - | €143 | +€143 | |
| Credit institutions | 430/8 | - | €143 | +€143 | |
| Trade debts | 44 | €653 | €12,041 | +€11,388 | +1,744% |
| Suppliers | 440/4 | €653 | €12,041 | +€11,388 | +1,744% |
| Taxes, remuneration and social security | 45 | €29,038 | €16,657 | -€12,381 | -42.6% |
| Taxes | 450/3 | €29,038 | €16,657 | -€12,381 | -42.6% |
| Other amounts payable | 47/48 | €1,170 | €0 | -€1,170 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,748 | €1,283 | -€466 | -26.6% |
| Other operating charges | 640/8 | €12,422 | €1,399 | -€11,023 | -88.7% |
| Gross operating margin | 9900 | €66,113 | €68,205 | +€2,092 | +3.2% |
| Operating profit (loss) | 9901 | €51,943 | €65,524 | +€13,581 | +26.1% |
| Financial income | 75/76B | €15 | €37 | +€22 | +148% |
| Recurring financial income | 75 | €15 | €37 | +€22 | +148% |
| Financial charges | 65/66B | €109 | €231 | +€122 | +112% |
| Recurring financial charges | 65 | €109 | €231 | +€122 | +112% |
| Profit (loss) for the period before taxes | 9903 | €51,849 | €65,330 | +€13,481 | +26.0% |
| Income taxes | 67/77 | €11,311 | €14,244 | +€2,933 | +25.9% |
| Profit (loss) for the period | 9904 | €40,538 | €51,086 | +€10,549 | +26.0% |
| Profit (loss) for the period to be appropriated | 9905 | €40,538 | €51,086 | +€10,549 | +26.0% |
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 15 October 2026 via checked.be.