ANDRE & DIRK VERHOEVEN: 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.
ANDRE & DIRK VERHOEVEN
Largest movements
- Cash +€100,737
up €100,737 (+46.1%), from €218,364 to €319,100
mainly Current investments (+€82,993) and Stocks and contracts (+€23,997)
- Current investments -€82,993
down €82,993 (-58.4%), from €142,097 to €59,105
- Stocks and contracts -€23,997
down €23,997 (-100%), from €23,997 to €0
of which Stocks: -€12,997
- Other debts -€12,444
down €12,444 (-37.8%), from €32,959 to €20,515
- Reserves +€6,625
up €6,625 (+3.2%), from €210,264 to €216,888
- Accrued charges and deferred income -€5,205
down €5,205 (-73.7%), from €7,066 to €1,861
- Gross operating margin +€40,219
up €40,219 (+83.6%), from €48,121 to €88,340
- Staff costs +€28,548
up €28,548 (+46.1%), from €61,980 to €90,529
- Financial charges +€10,933
up €10,933, from -€8,807 to €2,126
- Depreciation -€4,048
down €4,048 (-100%), from €4,048 to €0
- Financial income +€1,435
up €1,435 (+12.1%), from €11,856 to €13,291
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 | €422,266 | €414,862 | -€7,404 | -1.8% |
| Fixed assets | 21/28 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €422,266 | €414,862 | -€7,404 | -1.8% |
| Stocks and contracts in progress | 3 | €23,997 | €0 | -€23,997 | -100% |
| Stocks | 30/36 | €12,997 | €0 | -€12,997 | -100% |
| Contracts in progress | 37 | €11,000 | €0 | -€11,000 | -100% |
| Amounts receivable within one year | 40/41 | €37,290 | €36,120 | -€1,170 | -3.1% |
| Trade receivables | 40 | €23,488 | €23,063 | -€425 | -1.8% |
| Other amounts receivable | 41 | €13,802 | €13,057 | -€746 | -5.4% |
| Current investments | 50/53 | €142,097 | €59,105 | -€82,993 | -58.4% |
| Cash at bank and in hand | 54/58 | €218,364 | €319,100 | +€100,737 | +46.1% |
| Deferred charges and accrued income | 490/1 | €518 | €537 | +€19 | +3.7% |
| Total equity and liabilities | 10/49 | €422,266 | €414,862 | -€7,404 | -1.8% |
| Equity | 10/15 | €367,461 | €374,086 | +€6,625 | +1.8% |
| Contributions | 10/11 | €157,197 | €157,197 | = | 0.0% |
| Reserves | 13 | €210,264 | €216,888 | +€6,625 | +3.2% |
| Distributable reserves | 133 | €210,264 | €216,888 | +€6,625 | +3.2% |
| Amounts payable | 17/49 | €54,805 | €40,776 | -€14,029 | -25.6% |
| Amounts payable within one year | 42/48 | €47,739 | €38,915 | -€8,825 | -18.5% |
| Trade debts | 44 | €6,558 | €6,801 | +€244 | +3.7% |
| Suppliers | 440/4 | €6,558 | €6,801 | +€244 | +3.7% |
| Taxes, remuneration and social security | 45 | €8,223 | €11,599 | +€3,376 | +41.1% |
| Taxes | 450/3 | - | €548 | +€548 | |
| Remuneration and social security | 454/9 | €8,223 | €11,050 | +€2,827 | +34.4% |
| Other amounts payable | 47/48 | €32,959 | €20,515 | -€12,444 | -37.8% |
| Accrued charges and deferred income | 492/3 | €7,066 | €1,861 | -€5,205 | -73.7% |
| Remuneration, social security and pensions | 62 | €61,980 | €90,529 | +€28,548 | +46.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,048 | €0 | -€4,048 | -100% |
| Other operating charges | 640/8 | €1,343 | €1,248 | -€95 | -7.1% |
| Gross operating margin | 9900 | €48,121 | €88,340 | +€40,219 | +83.6% |
| Operating profit (loss) | 9901 | -€19,250 | -€3,437 | +€15,813 | +82.1% |
| Financial income | 75/76B | €11,856 | €13,291 | +€1,435 | +12.1% |
| Recurring financial income | 75 | €11,856 | €13,291 | +€1,435 | +12.1% |
| Financial charges | 65/66B | -€8,807 | €2,126 | +€10,933 | |
| Recurring financial charges | 65 | -€8,807 | €2,126 | +€10,933 | |
| Profit (loss) for the period before taxes | 9903 | €1,412 | €7,728 | +€6,316 | +447% |
| Income taxes | 67/77 | €520 | €1,103 | +€583 | +112% |
| Profit (loss) for the period | 9904 | €892 | €6,625 | +€5,733 | +642% |
| Profit (loss) for the period to be appropriated | 9905 | €892 | €6,625 | +€5,733 | +642% |
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 25 October 2026 via checked.be.