CARL VERHOFSTEDE: 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.
CARL VERHOFSTEDE
Largest movements
- Tangible fixed assets -€8,454
down €8,454 (-22.5%), from €37,516 to €29,062
- Cash +€3,462
up €3,462 (+4.1%), from €83,717 to €87,179
mainly Net result for the year (+€32,061) and Tax, wage and social debts (+€13,636)
- Other debts -€49,745
down €49,745 (-99.5%), from €50,000 to €255
- Reserves +€32,061
up €32,061 (+94.7%), from €33,842 to €65,903
- Tax, wage and social debts +€13,636
up €13,636 (+59.2%), from €23,033 to €36,668
of which Taxes: +€15,665
- Gross operating margin -€7,153
down €7,153 (-10.9%), from €65,664 to €58,511
- Depreciation -€3,159
down €3,159 (-23.1%), from €13,681 to €10,522
- Other operating charges -€1,441
down €1,441 (-79.8%), from €1,804 to €364
- Taxes -€745
down €745 (-4.6%), from €16,288 to €15,543
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 | €122,737 | €118,081 | -€4,656 | -3.8% |
| Fixed assets | 21/28 | €37,516 | €29,062 | -€8,454 | -22.5% |
| Tangible fixed assets | 22/27 | €37,516 | €29,062 | -€8,454 | -22.5% |
| Furniture and vehicles | 24 | €37,516 | €29,062 | -€8,454 | -22.5% |
| Current assets | 29/58 | €85,221 | €89,019 | +€3,798 | +4.5% |
| Cash at bank and in hand | 54/58 | €83,717 | €87,179 | +€3,462 | +4.1% |
| Deferred charges and accrued income | 490/1 | €1,504 | €1,840 | +€336 | +22.3% |
| Total equity and liabilities | 10/49 | €122,737 | €118,081 | -€4,656 | -3.8% |
| Equity | 10/15 | €48,842 | €80,903 | +€32,061 | +65.6% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €33,842 | €65,903 | +€32,061 | +94.7% |
| Distributable reserves | 133 | €33,842 | €65,903 | +€32,061 | +94.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | 0.0% |
| Amounts payable | 17/49 | €73,895 | €37,178 | -€36,717 | -49.7% |
| Amounts payable within one year | 42/48 | €73,834 | €37,094 | -€36,740 | -49.8% |
| Trade debts | 44 | €802 | €170 | -€631 | -78.8% |
| Suppliers | 440/4 | €802 | €170 | -€631 | -78.8% |
| Taxes, remuneration and social security | 45 | €23,033 | €36,668 | +€13,636 | +59.2% |
| Taxes | 450/3 | €21,004 | €36,668 | +€15,665 | +74.6% |
| Remuneration and social security | 454/9 | €2,029 | - | -€2,029 | |
| Other amounts payable | 47/48 | €50,000 | €255 | -€49,745 | -99.5% |
| Accrued charges and deferred income | 492/3 | €61 | €84 | +€23 | +38.1% |
| Non-recurring operating income | 76A | €1,498 | - | -€1,498 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,681 | €10,522 | -€3,159 | -23.1% |
| Other operating charges | 640/8 | €1,804 | €364 | -€1,441 | -79.8% |
| Gross operating margin | 9900 | €65,664 | €58,511 | -€7,153 | -10.9% |
| Operating profit (loss) | 9901 | €50,178 | €47,625 | -€2,553 | -5.1% |
| Financial charges | 65/66B | €48 | €21 | -€27 | -56.0% |
| Recurring financial charges | 65 | €48 | €21 | -€27 | -56.0% |
| Profit (loss) for the period before taxes | 9903 | €50,130 | €47,604 | -€2,526 | -5.0% |
| Income taxes | 67/77 | €16,288 | €15,543 | -€745 | -4.6% |
| Profit (loss) for the period | 9904 | €33,842 | €32,061 | -€1,781 | -5.3% |
| Profit (loss) for the period to be appropriated | 9905 | €33,842 | €32,061 | -€1,781 | -5.3% |
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 26 October 2026 via checked.be.