ANDRE VERHAEGHE: 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 VERHAEGHE
Largest movements
- Cash -€35,615
down €35,615 (-45.2%), from €78,835 to €43,220
mainly Receivables within one year (-€21,957) and Tax, wage and social debts (-€17,702)
- Receivables within one year +€21,957
up €21,957 (+6.4%), from €342,529 to €364,487
- Tangible fixed assets -€6,055
down €6,055 (-5.6%), from €109,043 to €102,988
- Tax, wage and social debts -€17,702
no longer reported in 2025 (was €17,702)
- Gross operating margin -€85,276
down €85,276 (-96.1%), from €88,737 to €3,461
- Taxes -€16,810
down €16,810 (-95.0%), from €17,702 to €892
- Financial income +€1,912
up €1,912 (+59.8%), from €3,198 to €5,111
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 | €530,407 | €510,695 | -€19,712 | -3.7% |
| Fixed assets | 21/28 | €109,043 | €102,988 | -€6,055 | -5.6% |
| Tangible fixed assets | 22/27 | €109,043 | €102,988 | -€6,055 | -5.6% |
| Land and buildings | 22 | €109,043 | €102,988 | -€6,055 | -5.6% |
| Current assets | 29/58 | €421,364 | €407,707 | -€13,658 | -3.2% |
| Amounts receivable within one year | 40/41 | €342,529 | €364,487 | +€21,957 | +6.4% |
| Other amounts receivable | 41 | €342,529 | €364,487 | +€21,957 | +6.4% |
| Cash at bank and in hand | 54/58 | €78,835 | €43,220 | -€35,615 | -45.2% |
| Total equity and liabilities | 10/49 | €530,407 | €510,695 | -€19,712 | -3.7% |
| Equity | 10/15 | €511,475 | €508,580 | -€2,895 | -0.6% |
| Contributions | 10/11 | €215,586 | €215,586 | = | 0.0% |
| Capital | 10 | €215,586 | €215,586 | = | 0.0% |
| Issued capital | 100 | €215,586 | €215,586 | = | 0.0% |
| Reserves | 13 | €92,209 | €92,209 | = | 0.0% |
| Non-distributable reserves | 130/1 | €21,559 | €21,559 | = | 0.0% |
| Legal reserve | 130 | €21,559 | €21,559 | = | 0.0% |
| Tax-exempt reserves | 132 | €45,585 | €40,015 | -€5,570 | -12.2% |
| Distributable reserves | 133 | €25,066 | €30,636 | +€5,570 | +22.2% |
| Profit (loss) carried forward | 14 | €203,680 | €200,785 | -€2,895 | -1.4% |
| Amounts payable | 17/49 | €18,932 | €2,115 | -€16,817 | -88.8% |
| Amounts payable within one year | 42/48 | €18,932 | €2,115 | -€16,817 | -88.8% |
| Trade debts | 44 | €375 | - | -€375 | |
| Suppliers | 440/4 | €375 | - | -€375 | |
| Taxes, remuneration and social security | 45 | €17,702 | - | -€17,702 | |
| Taxes | 450/3 | €17,702 | - | -€17,702 | |
| Other amounts payable | 47/48 | €856 | €2,115 | +€1,259 | +147% |
| Non-recurring operating income | 76A | €70,582 | - | -€70,582 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,055 | €6,055 | = | 0.0% |
| Other operating charges | 640/8 | €4,235 | €4,314 | +€80 | +1.9% |
| Gross operating margin | 9900 | €88,737 | €3,461 | -€85,276 | -96.1% |
| Operating profit (loss) | 9901 | €78,447 | -€6,909 | -€85,356 | |
| Financial income | 75/76B | €3,198 | €5,111 | +€1,912 | +59.8% |
| Recurring financial income | 75 | €3,198 | €5,111 | +€1,912 | +59.8% |
| Financial charges | 65/66B | €98 | €206 | +€108 | +110% |
| Recurring financial charges | 65 | €98 | €206 | +€108 | +110% |
| Profit (loss) for the period before taxes | 9903 | €81,547 | -€2,004 | -€83,551 | |
| Income taxes | 67/77 | €17,702 | €892 | -€16,810 | -95.0% |
| Profit (loss) for the period | 9904 | €63,845 | -€2,895 | -€66,741 | |
| Profit (loss) for the period to be appropriated | 9905 | €63,845 | -€2,895 | -€66,741 |
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 19 October 2026 via checked.be.