VERHULST E.: 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 E.
Largest movements
- Tangible fixed assets -€15,924
down €15,924 (-24.0%), from €66,250 to €50,326
of which Land and buildings: -€8,800
- Stocks and contracts -€15,469
down €15,469 (-29.8%), from €51,876 to €36,407
- Receivables within one year -€7,152
down €7,152 (-47.4%), from €15,085 to €7,933
- Cash +€2,066
up €2,066 (+32.7%), from €6,314 to €8,380
mainly Depreciation (+€17,324) and Stocks and contracts (+€15,469)
- Debts after one year -€19,241
down €19,241 (-63.9%), from €30,114 to €10,873
- Other debts -€11,986
down €11,986 (-39.4%), from €30,383 to €18,397
- Trade debts -€3,533
down €3,533 (-55.0%), from €6,421 to €2,888
- Tax, wage and social debts -€1,714
down €1,714 (-20.0%), from €8,580 to €6,866
of which Taxes: -€1,781
- Provisions +€12,000
up €12,000, from -€12,000 to €0
- Write-downs -€6,000
down €6,000, from €3,000 to -€3,000
- Gross operating margin +€4,749
up €4,749 (+5.2%), from €92,170 to €96,919
- Staff costs +€1,091
up €1,091 (+1.5%), from €73,085 to €74,176
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 | €141,786 | €105,660 | -€36,126 | -25.5% |
| Fixed assets | 21/28 | €66,250 | €50,326 | -€15,924 | -24.0% |
| Tangible fixed assets | 22/27 | €66,250 | €50,326 | -€15,924 | -24.0% |
| Land and buildings | 22 | €44,000 | €35,200 | -€8,800 | -20.0% |
| Plant, machinery and equipment | 23 | €4,001 | €2,997 | -€1,004 | -25.1% |
| Furniture and vehicles | 24 | €2,400 | €0 | -€2,400 | -100.0% |
| Other tangible fixed assets | 26 | €15,849 | €12,129 | -€3,720 | -23.5% |
| Current assets | 29/58 | €75,536 | €55,334 | -€20,202 | -26.7% |
| Stocks and contracts in progress | 3 | €51,876 | €36,407 | -€15,469 | -29.8% |
| Stocks | 30/36 | €51,876 | €36,407 | -€15,469 | -29.8% |
| Amounts receivable within one year | 40/41 | €15,085 | €7,933 | -€7,152 | -47.4% |
| Trade receivables | 40 | €15,085 | €7,933 | -€7,152 | -47.4% |
| Cash at bank and in hand | 54/58 | €6,314 | €8,380 | +€2,066 | +32.7% |
| Deferred charges and accrued income | 490/1 | €2,261 | €2,614 | +€353 | +15.6% |
| Total equity and liabilities | 10/49 | €141,786 | €105,660 | -€36,126 | -25.5% |
| Equity | 10/15 | €45,837 | €47,193 | +€1,356 | +3.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €27,237 | €28,593 | +€1,356 | +5.0% |
| Distributable reserves | 133 | €27,237 | €28,593 | +€1,356 | +5.0% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Pensions and similar obligations | 160 | €0 | - | = | |
| Amounts payable | 17/49 | €95,949 | €58,466 | -€37,482 | -39.1% |
| Amounts payable after more than one year | 17 | €30,114 | €10,873 | -€19,241 | -63.9% |
| Financial debts | 170/4 | €30,114 | €10,873 | -€19,241 | -63.9% |
| Amounts payable within one year | 42/48 | €65,835 | €47,393 | -€18,441 | -28.0% |
| Current portion of amounts payable after more than one year | 42 | €20,451 | €19,241 | -€1,210 | -5.9% |
| Trade debts | 44 | €6,421 | €2,888 | -€3,533 | -55.0% |
| Suppliers | 440/4 | €6,421 | €2,888 | -€3,533 | -55.0% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €8,580 | €6,866 | -€1,714 | -20.0% |
| Taxes | 450/3 | €3,428 | €1,647 | -€1,781 | -52.0% |
| Remuneration and social security | 454/9 | €5,151 | €5,219 | +€68 | +1.3% |
| Other amounts payable | 47/48 | €30,383 | €18,397 | -€11,986 | -39.4% |
| Accrued charges and deferred income | 492/3 | - | €200 | +€200 | |
| Remuneration, social security and pensions | 62 | €73,085 | €74,176 | +€1,091 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,905 | €17,324 | -€581 | -3.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,000 | -€3,000 | -€6,000 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€12,000 | €0 | +€12,000 | |
| Other operating charges | 640/8 | €4,984 | €4,945 | -€39 | -0.8% |
| Gross operating margin | 9900 | €92,170 | €96,919 | +€4,749 | +5.2% |
| Operating profit (loss) | 9901 | €5,197 | €3,475 | -€1,722 | -33.1% |
| Financial income | 75/76B | €19 | €151 | +€132 | +681.1% |
| Recurring financial income | 75 | €19 | €151 | +€132 | +681.1% |
| Financial charges | 65/66B | €1,259 | €1,842 | +€583 | +46.3% |
| Recurring financial charges | 65 | €1,259 | €1,842 | +€583 | +46.3% |
| Profit (loss) for the period before taxes | 9903 | €3,957 | €1,784 | -€2,173 | -54.9% |
| Income taxes | 67/77 | €565 | €428 | -€138 | -24.4% |
| Profit (loss) for the period | 9904 | €3,392 | €1,356 | -€2,036 | -60.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,392 | €1,356 | -€2,036 | -60.0% |
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 3 October 2026 via checked.be.