VERHULST MANAGEMENT: 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 MANAGEMENT
Largest movements
- Receivables within one year -€216,744
down €216,744 (-70.4%), from €307,961 to €91,217
of which Other amounts receivable: -€245,997
- Cash +€102,719
up €102,719 (+1,196%), from €8,592 to €111,311
mainly Receivables within one year (+€216,744) and Depreciation (+€12,246)
- Tangible fixed assets -€12,246
down €12,246 (-27.0%), from €45,412 to €33,166
- Profit (loss) carried forward -€77,621
down €77,621 (-47.5%), from €163,293 to €85,672
- Other debts -€40,688
down €40,688 (-38.0%), from €107,206 to €66,518
- Debts after one year -€9,164
down €9,164 (-12.0%), from €76,191 to €67,027
- Gross operating margin -€50,889
down €50,889, from €40,405 to -€10,484
- Financial income -€3,524
down €3,524 (-62.0%), from €5,683 to €2,159
- Financial charges +€2,115
up €2,115 (+53.0%), from €3,991 to €6,106
- Taxes -€1,807
down €1,807 (-85.5%), from €2,113 to €306
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 | €362,015 | €235,744 | -€126,271 | -34.9% |
| Fixed assets | 21/28 | €45,462 | €33,216 | -€12,246 | -26.9% |
| Tangible fixed assets | 22/27 | €45,412 | €33,166 | -€12,246 | -27.0% |
| Furniture and vehicles | 24 | €45,412 | €33,166 | -€12,246 | -27.0% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €316,553 | €202,528 | -€114,025 | -36.0% |
| Amounts receivable within one year | 40/41 | €307,961 | €91,217 | -€216,744 | -70.4% |
| Trade receivables | 40 | - | €29,253 | +€29,253 | |
| Other amounts receivable | 41 | €307,961 | €61,964 | -€245,997 | -79.9% |
| Cash at bank and in hand | 54/58 | €8,592 | €111,311 | +€102,719 | +1,196% |
| Total equity and liabilities | 10/49 | €362,015 | €235,744 | -€126,271 | -34.9% |
| Equity | 10/15 | €165,793 | €88,172 | -€77,621 | -46.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Contributions outside capital | 11 | €2,500 | €2,500 | = | 0.0% |
| Other | 1109/19 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €163,293 | €85,672 | -€77,621 | -47.5% |
| Amounts payable | 17/49 | €196,222 | €147,572 | -€48,650 | -24.8% |
| Amounts payable after more than one year | 17 | €76,191 | €67,027 | -€9,164 | -12.0% |
| Financial debts | 170/4 | €76,191 | €67,027 | -€9,164 | -12.0% |
| Amounts payable within one year | 42/48 | €118,531 | €79,045 | -€39,486 | -33.3% |
| Current portion of amounts payable after more than one year | 42 | €8,775 | €9,164 | +€389 | +4.4% |
| Trade debts | 44 | €2,550 | €828 | -€1,722 | -67.5% |
| Suppliers | 440/4 | €2,550 | €828 | -€1,722 | -67.5% |
| Taxes, remuneration and social security | 45 | - | €2,535 | +€2,535 | |
| Taxes | 450/3 | - | €2,535 | +€2,535 | |
| Other amounts payable | 47/48 | €107,206 | €66,518 | -€40,688 | -38.0% |
| Accrued charges and deferred income | 492/3 | €1,500 | €1,500 | = | 0.0% |
| Non-recurring operating income | 76A | €12,500 | - | -€12,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,526 | €12,246 | -€280 | -2.2% |
| Other operating charges | 640/8 | €627 | €638 | +€11 | +1.8% |
| Gross operating margin | 9900 | €40,405 | -€10,484 | -€50,889 | |
| Operating profit (loss) | 9901 | €27,252 | -€23,368 | -€50,620 | |
| Financial income | 75/76B | €5,683 | €2,159 | -€3,524 | -62.0% |
| Recurring financial income | 75 | €5,683 | €2,159 | -€3,524 | -62.0% |
| Financial charges | 65/66B | €3,991 | €6,106 | +€2,115 | +53.0% |
| Recurring financial charges | 65 | €3,991 | €6,106 | +€2,115 | +53.0% |
| Profit (loss) for the period before taxes | 9903 | €28,944 | -€27,315 | -€56,259 | |
| Income taxes | 67/77 | €2,113 | €306 | -€1,807 | -85.5% |
| Profit (loss) for the period | 9904 | €26,831 | -€27,621 | -€54,452 | |
| Profit (loss) for the period to be appropriated | 9905 | €26,831 | -€27,621 | -€54,452 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.