D. VERHEYEN: 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.
D. VERHEYEN
Largest movements
- Receivables within one year -€8,843
down €8,843 (-63.0%), from €14,042 to €5,199
of which Trade receivables: -€8,843
- Intangible fixed assets +€6,286
new in 2025: €6,286
- Tangible fixed assets +€3,538
new in 2025: €3,538
- Cash -€1,685
down €1,685 (-100%), from €1,685 to €0
mainly Investment in fixed assets (net) (-€10,661) and Trade debts (-€5,459)
- Trade debts -€5,459
down €5,459 (-81.6%), from €6,689 to €1,230
- Reserves +€2,184
up €2,184 (+25.7%), from €8,501 to €10,685
- Tax, wage and social debts +€1,674
up €1,674 (+16.0%), from €10,453 to €12,127
of which Taxes: +€1,674
- Gross operating margin -€5,954
down €5,954 (-45.5%), from €13,083 to €7,129
- Taxes -€1,583
down €1,583 (-46.0%), from €3,442 to €1,859
- Depreciation +€836
new in 2025: €836
- Financial charges +€362
up €362 (+30.3%), from €1,196 to €1,559
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 | €46,011 | €45,023 | -€988 | -2.1% |
| Fixed assets | 21/28 | €30,000 | €39,824 | +€9,824 | +32.7% |
| Intangible fixed assets | 21 | - | €6,286 | +€6,286 | |
| Tangible fixed assets | 22/27 | - | €3,538 | +€3,538 | |
| Furniture and vehicles | 24 | - | €3,538 | +€3,538 | |
| Financial fixed assets | 28 | €30,000 | €30,000 | = | 0.0% |
| Current assets | 29/58 | €16,011 | €5,199 | -€10,812 | -67.5% |
| Amounts receivable within one year | 40/41 | €14,042 | €5,199 | -€8,843 | -63.0% |
| Trade receivables | 40 | €14,042 | €5,199 | -€8,843 | -63.0% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €1,685 | €0 | -€1,685 | -100% |
| Deferred charges and accrued income | 490/1 | €284 | €0 | -€284 | -100% |
| Total equity and liabilities | 10/49 | €46,011 | €45,023 | -€988 | -2.1% |
| Equity | 10/15 | €11,501 | €13,685 | +€2,184 | +19.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €8,501 | €10,685 | +€2,184 | +25.7% |
| Distributable reserves | 133 | €8,501 | €10,685 | +€2,184 | +25.7% |
| Amounts payable | 17/49 | €34,510 | €31,337 | -€3,172 | -9.2% |
| Amounts payable within one year | 42/48 | €34,510 | €31,337 | -€3,172 | -9.2% |
| Financial debts | 43 | - | €199 | +€199 | |
| Credit institutions | 430/8 | - | €199 | +€199 | |
| Trade debts | 44 | €6,689 | €1,230 | -€5,459 | -81.6% |
| Suppliers | 440/4 | €6,689 | €1,230 | -€5,459 | -81.6% |
| Taxes, remuneration and social security | 45 | €10,453 | €12,127 | +€1,674 | +16.0% |
| Taxes | 450/3 | €7,453 | €9,127 | +€1,674 | +22.5% |
| Remuneration and social security | 454/9 | €3,000 | €3,000 | = | 0.0% |
| Other amounts payable | 47/48 | €17,367 | €17,782 | +€414 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €836 | +€836 | |
| Other operating charges | 640/8 | €690 | €733 | +€43 | +6.2% |
| Gross operating margin | 9900 | €13,083 | €7,129 | -€5,954 | -45.5% |
| Operating profit (loss) | 9901 | €12,392 | €5,559 | -€6,834 | -55.1% |
| Financial income | 75/76B | €42 | €43 | +€2 | +3.7% |
| Recurring financial income | 75 | €42 | €43 | +€2 | +3.7% |
| Financial charges | 65/66B | €1,196 | €1,559 | +€362 | +30.3% |
| Recurring financial charges | 65 | €1,196 | €1,559 | +€362 | +30.3% |
| Profit (loss) for the period before taxes | 9903 | €11,238 | €4,044 | -€7,194 | -64.0% |
| Income taxes | 67/77 | €3,442 | €1,859 | -€1,583 | -46.0% |
| Profit (loss) for the period | 9904 | €7,796 | €2,184 | -€5,612 | -72.0% |
| Profit (loss) for the period to be appropriated | 9905 | €7,796 | €2,184 | -€5,612 | -72.0% |
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 19 October 2026 via checked.be.