Bieke Verhelst: what changed
Bieke Verhelst
Largest movements
- Receivables within one year -€14,793
down €14,793 (-69.2%), from €21,367 to €6,574
of which Trade receivables: -€15,211
- Tangible fixed assets +€14,026
up €14,026 (+997%), from €1,407 to €15,433
of which Furniture and vehicles: +€13,522
- Cash -€7,887
down €7,887 (-20.1%), from €39,191 to €31,305
mainly Contributions, distributions and other (-€27,121) and Investment in fixed assets (net) (-€15,349)
- Reserves -€27,121
no longer reported in 2025 (was €27,121)
- Other debts +€18,951
up €18,951 (+184%), from €10,313 to €29,264
- Tax, wage and social debts -€7,356
down €7,356 (-66.5%), from €11,066 to €3,710
of which Taxes: -€4,718
- Current portion of long-term debt +€6,476
new in 2025: €6,476
- Trade debts -€6,212
down €6,212 (-68.8%), from €9,023 to €2,811
- Gross operating margin -€8,589
down €8,589 (-48.1%), from €17,853 to €9,264
- Taxes -€2,116
down €2,116 (-54.9%), from €3,857 to €1,741
- Financial charges -€688
down €688 (-52.7%), from €1,305 to €617
- Depreciation +€478
up €478 (+56.6%), from €845 to €1,323
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 | €63,517 | €54,397 | -€9,120 | -14.4% |
| Fixed assets | 21/28 | €1,407 | €15,433 | +€14,026 | +997% |
| Tangible fixed assets | 22/27 | €1,407 | €15,433 | +€14,026 | +997% |
| Plant, machinery and equipment | 23 | €1,407 | €1,911 | +€504 | +35.8% |
| Furniture and vehicles | 24 | - | €13,522 | +€13,522 | |
| Current assets | 29/58 | €62,110 | €38,964 | -€23,146 | -37.3% |
| Amounts receivable within one year | 40/41 | €21,367 | €6,574 | -€14,793 | -69.2% |
| Trade receivables | 40 | €16,027 | €816 | -€15,211 | -94.9% |
| Other amounts receivable | 41 | €5,340 | €5,759 | +€418 | +7.8% |
| Cash at bank and in hand | 54/58 | €39,191 | €31,305 | -€7,887 | -20.1% |
| Deferred charges and accrued income | 490/1 | €1,551 | €1,085 | -€467 | -30.1% |
| Total equity and liabilities | 10/49 | €63,517 | €54,397 | -€9,120 | -14.4% |
| Equity | 10/15 | €32,121 | €9,870 | -€22,250 | -69.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €27,121 | - | -€27,121 | |
| Distributable reserves | 133 | €27,121 | - | -€27,121 | |
| Profit (loss) carried forward | 14 | - | €4,870 | +€4,870 | |
| Amounts payable | 17/49 | €31,396 | €44,526 | +€13,130 | +41.8% |
| Amounts payable after more than one year | 17 | - | €2,206 | +€2,206 | |
| Financial debts | 170/4 | - | €2,206 | +€2,206 | |
| Amounts payable within one year | 42/48 | €30,402 | €42,320 | +€11,918 | +39.2% |
| Current portion of amounts payable after more than one year | 42 | - | €6,476 | +€6,476 | |
| Financial debts | 43 | - | €59 | +€59 | |
| Credit institutions | 430/8 | - | €59 | +€59 | |
| Trade debts | 44 | €9,023 | €2,811 | -€6,212 | -68.8% |
| Suppliers | 440/4 | €9,023 | €2,811 | -€6,212 | -68.8% |
| Taxes, remuneration and social security | 45 | €11,066 | €3,710 | -€7,356 | -66.5% |
| Taxes | 450/3 | €8,428 | €3,710 | -€4,718 | -56.0% |
| Remuneration and social security | 454/9 | €2,638 | - | -€2,638 | |
| Other amounts payable | 47/48 | €10,313 | €29,264 | +€18,951 | +184% |
| Accrued charges and deferred income | 492/3 | €994 | - | -€994 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €845 | €1,323 | +€478 | +56.6% |
| Other operating charges | 640/8 | €756 | €713 | -€43 | -5.6% |
| Gross operating margin | 9900 | €17,853 | €9,264 | -€8,589 | -48.1% |
| Operating profit (loss) | 9901 | €16,253 | €7,229 | -€9,024 | -55.5% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €1,305 | €617 | -€688 | -52.7% |
| Recurring financial charges | 65 | €1,305 | €617 | -€688 | -52.7% |
| Profit (loss) for the period before taxes | 9903 | €14,948 | €6,612 | -€8,336 | -55.8% |
| Income taxes | 67/77 | €3,857 | €1,741 | -€2,116 | -54.9% |
| Profit (loss) for the period | 9904 | €11,091 | €4,870 | -€6,221 | -56.1% |
| Profit (loss) for the period to be appropriated | 9905 | €11,091 | €4,870 | -€6,221 | -56.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.