Brecht Verhelle: 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.
Brecht Verhelle
Largest movements
- Receivables within one year +€11,578
up €11,578 (+29.8%), from €38,906 to €50,484
of which Other amounts receivable: +€23,290
- Tangible fixed assets -€4,931
down €4,931 (-2.5%), from €198,783 to €193,852
of which Land and buildings: -€5,231
- Deferred charges and accrued income +€3,304
up €3,304 (+95.3%), from €3,466 to €6,771
- Reserves +€25,000
up €25,000 (+50.5%), from €49,500 to €74,500
- Trade debts -€9,522
down €9,522 (-73.9%), from €12,878 to €3,356
- Debts after one year -€6,608
down €6,608 (-3.5%), from €188,312 to €181,705
- Gross operating margin +€34,957
up €34,957 (+164%), from €21,263 to €56,220
- Taxes +€10,797
up €10,797 (+1,354%), from €797 to €11,594
- Financial income +€1,282
up €1,282 (+89.0%), from €1,441 to €2,723
- Financial charges -€940
down €940 (-6.6%), from €14,202 to €13,262
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 | €283,951 | €294,689 | +€10,738 | +3.8% |
| Fixed assets | 21/28 | €199,298 | €194,067 | -€5,231 | -2.6% |
| Intangible fixed assets | 21 | €515 | €215 | -€300 | -58.2% |
| Tangible fixed assets | 22/27 | €198,783 | €193,852 | -€4,931 | -2.5% |
| Land and buildings | 22 | €193,415 | €188,184 | -€5,231 | -2.7% |
| Plant, machinery and equipment | 23 | €2,042 | €1,671 | -€371 | -18.2% |
| Furniture and vehicles | 24 | €3,326 | €3,997 | +€670 | +20.2% |
| Current assets | 29/58 | €84,653 | €100,622 | +€15,969 | +18.9% |
| Amounts receivable after more than one year | 29 | €41,000 | €41,000 | = | 0.0% |
| Other amounts receivable | 291 | €41,000 | €41,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €38,906 | €50,484 | +€11,578 | +29.8% |
| Trade receivables | 40 | €17,321 | €5,609 | -€11,712 | -67.6% |
| Other amounts receivable | 41 | €21,585 | €44,875 | +€23,290 | +108% |
| Cash at bank and in hand | 54/58 | €1,281 | €2,367 | +€1,086 | +84.8% |
| Deferred charges and accrued income | 490/1 | €3,466 | €6,771 | +€3,304 | +95.3% |
| Total equity and liabilities | 10/49 | €283,951 | €294,689 | +€10,738 | +3.8% |
| Equity | 10/15 | €66,070 | €91,145 | +€25,074 | +38.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €49,500 | €74,500 | +€25,000 | +50.5% |
| Distributable reserves | 133 | €49,500 | €74,500 | +€25,000 | +50.5% |
| Profit (loss) carried forward | 14 | €14,070 | €14,145 | +€74 | +0.5% |
| Amounts payable | 17/49 | €217,881 | €203,544 | -€14,337 | -6.6% |
| Amounts payable after more than one year | 17 | €188,312 | €181,705 | -€6,608 | -3.5% |
| Financial debts | 170/4 | €188,312 | €181,705 | -€6,608 | -3.5% |
| Amounts payable within one year | 42/48 | €28,739 | €21,037 | -€7,702 | -26.8% |
| Current portion of amounts payable after more than one year | 42 | €6,289 | €6,608 | +€318 | +5.1% |
| Trade debts | 44 | €12,878 | €3,356 | -€9,522 | -73.9% |
| Suppliers | 440/4 | €12,878 | €3,356 | -€9,522 | -73.9% |
| Taxes, remuneration and social security | 45 | €9,572 | €11,074 | +€1,502 | +15.7% |
| Taxes | 450/3 | €9,572 | €11,074 | +€1,502 | +15.7% |
| Accrued charges and deferred income | 492/3 | €829 | €803 | -€27 | -3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,794 | €7,262 | +€468 | +6.9% |
| Other operating charges | 640/8 | €1,753 | €1,751 | -€2 | -0.1% |
| Gross operating margin | 9900 | €21,263 | €56,220 | +€34,957 | +164% |
| Operating profit (loss) | 9901 | €12,715 | €47,207 | +€34,492 | +271% |
| Financial income | 75/76B | €1,441 | €2,723 | +€1,282 | +89.0% |
| Recurring financial income | 75 | €1,441 | €2,723 | +€1,282 | +89.0% |
| Financial charges | 65/66B | €14,202 | €13,262 | -€940 | -6.6% |
| Recurring financial charges | 65 | €14,202 | €13,262 | -€940 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | -€45 | €36,669 | +€36,714 | |
| Income taxes | 67/77 | €797 | €11,594 | +€10,797 | +1,354% |
| Profit (loss) for the period | 9904 | -€843 | €25,074 | +€25,917 | |
| Profit (loss) for the period to be appropriated | 9905 | -€843 | €25,074 | +€25,917 |
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 20 October 2026 via checked.be.