Vervaeke Helmuth: 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.
Vervaeke Helmuth
Largest movements
- Receivables within one year +€54,774
up €54,774 (+267.3%), from €20,489 to €75,263
of which Trade receivables: +€61,424
- Tangible fixed assets -€31,439
down €31,439 (-3.7%), from €844,209 to €812,770
of which Land and buildings: -€24,800
- Stocks and contracts -€24,794
down €24,794 (-11.9%), from €208,215 to €183,421
- Cash -€19,298
down €19,298 (-70.2%), from €27,506 to €8,208
mainly Receivables within one year (-€54,774) and Net result for the year (-€53,153)
- Profit (loss) carried forward -€53,153
down €53,153 (-167.5%), from -€31,733 to -€84,886
- Other debts +€34,264
up €34,264 (+3.1%), from €1.1m to €1.1m
- Gross operating margin -€12,576
down €12,576 (-90.5%), from €13,897 to €1,321
- Depreciation +€7,968
up €7,968 (+18.3%), from €43,490 to €51,458
- Other operating charges +€739
up €739 (+26.7%), from €2,772 to €3,511
- Financial income +€385
up €385 (+271.1%), from €142 to €527
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 | €1,103,072 | €1,082,315 | -€20,757 | -1.9% |
| Fixed assets | 21/28 | €844,209 | €812,770 | -€31,439 | -3.7% |
| Tangible fixed assets | 22/27 | €844,209 | €812,770 | -€31,439 | -3.7% |
| Land and buildings | 22 | €596,566 | €571,766 | -€24,800 | -4.2% |
| Plant, machinery and equipment | 23 | €231,694 | €228,863 | -€2,831 | -1.2% |
| Furniture and vehicles | 24 | €15,949 | €12,141 | -€3,808 | -23.9% |
| Current assets | 29/58 | €258,863 | €269,545 | +€10,682 | +4.1% |
| Stocks and contracts in progress | 3 | €208,215 | €183,421 | -€24,794 | -11.9% |
| Stocks | 30/36 | €208,215 | €183,421 | -€24,794 | -11.9% |
| Amounts receivable within one year | 40/41 | €20,489 | €75,263 | +€54,774 | +267.3% |
| Trade receivables | 40 | €13,839 | €75,263 | +€61,424 | +443.8% |
| Other amounts receivable | 41 | €6,650 | - | -€6,650 | |
| Cash at bank and in hand | 54/58 | €27,506 | €8,208 | -€19,298 | -70.2% |
| Deferred charges and accrued income | 490/1 | €2,653 | €2,653 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,103,072 | €1,082,315 | -€20,757 | -1.9% |
| Equity | 10/15 | -€12,731 | -€65,884 | -€53,153 | -417.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €402 | €402 | = | 0.0% |
| Distributable reserves | 133 | €402 | €402 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€31,733 | -€84,886 | -€53,153 | -167.5% |
| Amounts payable | 17/49 | €1,115,803 | €1,148,199 | +€32,396 | +2.9% |
| Amounts payable within one year | 42/48 | €1,115,803 | €1,148,199 | +€32,396 | +2.9% |
| Trade debts | 44 | €3,564 | €1,141 | -€2,423 | -68.0% |
| Suppliers | 440/4 | €3,564 | €1,141 | -€2,423 | -68.0% |
| Taxes, remuneration and social security | 45 | - | €555 | +€555 | |
| Taxes | 450/3 | - | €555 | +€555 | |
| Other amounts payable | 47/48 | €1,112,239 | €1,146,503 | +€34,264 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,490 | €51,458 | +€7,968 | +18.3% |
| Other operating charges | 640/8 | €2,772 | €3,511 | +€739 | +26.7% |
| Gross operating margin | 9900 | €13,897 | €1,321 | -€12,576 | -90.5% |
| Operating profit (loss) | 9901 | -€32,365 | -€53,648 | -€21,283 | -65.8% |
| Financial income | 75/76B | €142 | €527 | +€385 | +271.1% |
| Recurring financial income | 75 | €142 | €527 | +€385 | +271.1% |
| Financial charges | 65/66B | €119 | €32 | -€87 | -73.1% |
| Recurring financial charges | 65 | €119 | €32 | -€87 | -73.1% |
| Profit (loss) for the period before taxes | 9903 | -€32,342 | -€53,153 | -€20,811 | -64.3% |
| Profit (loss) for the period | 9904 | -€32,342 | -€53,153 | -€20,811 | -64.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€32,342 | -€53,153 | -€20,811 | -64.3% |
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 8 October 2026 via checked.be.