A. VERHAMME: 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.
A. VERHAMME
Largest movements
- Cash -€125,209
down €125,209 (-32.7%), from €382,487 to €257,278
mainly Contributions, distributions and other (-€208,528) and Current investments (-€60,000)
- Current investments +€60,000
up €60,000 (+37.5%), from €160,000 to €220,000
- Tangible fixed assets +€6,265
up €6,265 (+9.4%), from €66,980 to €73,245
of which Furniture and vehicles: +€8,362
- Reserves -€117,514
down €117,514 (-20.0%), from €586,136 to €468,622
- Other debts +€58,395
new in 2025: €58,395
- Gross operating margin +€36,094
up €36,094 (+17.6%), from €205,494 to €241,588
- Financial charges +€29,470
up €29,470 (+47.3%), from €62,323 to €91,793
of which Financial charges: +€28,981
- Taxes -€5,244
down €5,244 (-10.6%), from €49,433 to €44,190
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 | €621,415 | €561,805 | -€59,610 | -9.6% |
| Fixed assets | 21/28 | €68,267 | €74,282 | +€6,015 | +8.8% |
| Tangible fixed assets | 22/27 | €66,980 | €73,245 | +€6,265 | +9.4% |
| Land and buildings | 22 | €56,319 | €54,651 | -€1,668 | -3.0% |
| Plant, machinery and equipment | 23 | €1,015 | €585 | -€430 | -42.3% |
| Furniture and vehicles | 24 | €9,646 | €18,009 | +€8,362 | +86.7% |
| Financial fixed assets | 28 | €1,287 | €1,037 | -€250 | -19.4% |
| Current assets | 29/58 | €553,148 | €487,523 | -€65,625 | -11.9% |
| Amounts receivable within one year | 40/41 | €9,754 | €8,874 | -€880 | -9.0% |
| Trade receivables | 40 | €7,667 | €2,348 | -€5,318 | -69.4% |
| Other amounts receivable | 41 | €2,088 | €6,526 | +€4,438 | +213% |
| Current investments | 50/53 | €160,000 | €220,000 | +€60,000 | +37.5% |
| Cash at bank and in hand | 54/58 | €382,487 | €257,278 | -€125,209 | -32.7% |
| Deferred charges and accrued income | 490/1 | €907 | €1,371 | +€465 | +51.3% |
| Total equity and liabilities | 10/49 | €621,415 | €561,805 | -€59,610 | -9.6% |
| Equity | 10/15 | €592,336 | €474,822 | -€117,514 | -19.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €586,136 | €468,622 | -€117,514 | -20.0% |
| Distributable reserves | 133 | €586,136 | €468,622 | -€117,514 | -20.0% |
| Amounts payable | 17/49 | €29,079 | €86,983 | +€57,904 | +199% |
| Amounts payable within one year | 42/48 | €29,079 | €86,983 | +€57,904 | +199% |
| Trade debts | 44 | €6,172 | €4,949 | -€1,224 | -19.8% |
| Suppliers | 440/4 | €6,172 | €4,949 | -€1,224 | -19.8% |
| Taxes, remuneration and social security | 45 | €22,907 | €23,640 | +€733 | +3.2% |
| Taxes | 450/3 | €21,329 | €22,061 | +€733 | +3.4% |
| Remuneration and social security | 454/9 | €1,578 | €1,578 | = | 0.0% |
| Other amounts payable | 47/48 | - | €58,395 | +€58,395 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,790 | €17,393 | +€1,604 | +10.2% |
| Other operating charges | 640/8 | €299 | €686 | +€387 | +129% |
| Gross operating margin | 9900 | €205,494 | €241,588 | +€36,094 | +17.6% |
| Operating profit (loss) | 9901 | €189,405 | €223,508 | +€34,103 | +18.0% |
| Financial income | 75/76B | €4,338 | €3,488 | -€850 | -19.6% |
| Recurring financial income | 75 | €4,338 | €3,488 | -€850 | -19.6% |
| Financial charges | 65/66B | €62,323 | €91,793 | +€29,470 | +47.3% |
| Recurring financial charges | 65 | €62,323 | €91,304 | +€28,981 | +46.5% |
| Non-recurring financial charges | 66B | - | €489 | +€489 | |
| Profit (loss) for the period before taxes | 9903 | €131,421 | €135,204 | +€3,783 | +2.9% |
| Income taxes | 67/77 | €49,433 | €44,190 | -€5,244 | -10.6% |
| Profit (loss) for the period | 9904 | €81,987 | €91,014 | +€9,027 | +11.0% |
| Profit (loss) for the period to be appropriated | 9905 | €81,987 | €91,014 | +€9,027 | +11.0% |
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 17 October 2026 via checked.be.