VERHULST W: what changed
VERHULST W
Largest movements
- Tangible fixed assets +€188,131
up €188,131 (+86.6%), from €217,132 to €405,263
of which Plant, machinery and equipment: +€207,359
- Cash +€111,110
up €111,110 (+59.3%), from €187,348 to €298,457
mainly Trade debts (+€320,356) and Depreciation (+€151,809)
- Receivables within one year -€107,904
down €107,904 (-9.9%), from €1.1m to €986,742
of which Other amounts receivable: -€112,625
- Trade debts +€320,356
up €320,356 (+39.5%), from €811,530 to €1.1m
- Reserves -€98,746
down €98,746 (-16.0%), from €618,290 to €519,545
of which Distributable reserves: -€98,746
- Tax, wage and social debts -€37,006
down €37,006 (-77.7%), from €47,615 to €10,609
- Depreciation +€40,104
up €40,104 (+35.9%), from €111,705 to €151,809
- Gross operating margin +€16,181
up €16,181 (+6.7%), from €241,612 to €257,793
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,500,396 | €1,690,462 | +€190,066 | +12.7% |
| Fixed assets | 21/28 | €217,702 | €405,263 | +€187,561 | +86.2% |
| Tangible fixed assets | 22/27 | €217,132 | €405,263 | +€188,131 | +86.6% |
| Plant, machinery and equipment | 23 | €173,268 | €380,626 | +€207,359 | +120% |
| Furniture and vehicles | 24 | €43,864 | €24,636 | -€19,228 | -43.8% |
| Financial fixed assets | 28 | €570 | - | -€570 | |
| Current assets | 29/58 | €1,282,694 | €1,285,199 | +€2,505 | +0.2% |
| Amounts receivable within one year | 40/41 | €1,094,645 | €986,742 | -€107,904 | -9.9% |
| Trade receivables | 40 | €982,020 | €986,742 | +€4,721 | +0.5% |
| Other amounts receivable | 41 | €112,625 | - | -€112,625 | |
| Cash at bank and in hand | 54/58 | €187,348 | €298,457 | +€111,110 | +59.3% |
| Deferred charges and accrued income | 490/1 | €701 | - | -€701 | |
| Total equity and liabilities | 10/49 | €1,500,396 | €1,690,462 | +€190,066 | +12.7% |
| Equity | 10/15 | €641,251 | €542,505 | -€98,746 | -15.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €618,290 | €519,545 | -€98,746 | -16.0% |
| Non-distributable reserves | 130/1 | €2,621 | €2,621 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,621 | €2,621 | = | 0.0% |
| Distributable reserves | 133 | €615,670 | €516,924 | -€98,746 | -16.0% |
| Profit (loss) carried forward | 14 | €4,360 | €4,360 | = | 0.0% |
| Amounts payable | 17/49 | €859,145 | €1,147,957 | +€288,812 | +33.6% |
| Amounts payable within one year | 42/48 | €859,145 | €1,147,957 | +€288,812 | +33.6% |
| Trade debts | 44 | €811,530 | €1,131,886 | +€320,356 | +39.5% |
| Suppliers | 440/4 | €811,530 | €1,131,886 | +€320,356 | +39.5% |
| Taxes, remuneration and social security | 45 | €47,615 | €10,609 | -€37,006 | -77.7% |
| Taxes | 450/3 | €47,615 | €10,609 | -€37,006 | -77.7% |
| Other amounts payable | 47/48 | - | €5,462 | +€5,462 | |
| Non-recurring operating income | 76A | €12,109 | - | -€12,109 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,705 | €151,809 | +€40,104 | +35.9% |
| Other operating charges | 640/8 | €118 | €120 | +€2 | +1.7% |
| Non-recurring operating charges | 66A | €25,060 | - | -€25,060 | |
| Gross operating margin | 9900 | €241,612 | €257,793 | +€16,181 | +6.7% |
| Operating profit (loss) | 9901 | €104,729 | €105,864 | +€1,135 | +1.1% |
| Financial income | 75/76B | €1 | €0 | -€1 | -98.0% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -98.0% |
| Financial charges | 65/66B | €69 | €70 | +€0 | +0.6% |
| Recurring financial charges | 65 | €69 | €70 | +€0 | +0.6% |
| Profit (loss) for the period before taxes | 9903 | €104,661 | €105,795 | +€1,133 | +1.1% |
| Income taxes | 67/77 | €33,301 | €33,298 | -€3 | 0.0% |
| Profit (loss) for the period | 9904 | €71,360 | €72,496 | +€1,136 | +1.6% |
| Profit (loss) for the period to be appropriated | 9905 | €71,360 | €72,496 | +€1,136 | +1.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.