Daan Verhaghe: 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.
Daan Verhaghe
Largest movements
- Cash -€9,673
down €9,673 (-72.4%), from €13,359 to €3,686
mainly Other debts (-€25,514) and Tax, wage and social debts (-€5,835)
- Tangible fixed assets -€7,654
down €7,654 (-36.5%), from €20,980 to €13,326
of which Furniture and vehicles: -€3,881
- Receivables within one year -€4,994
down €4,994 (-16.5%), from €30,288 to €25,294
of which Trade receivables: -€14,188
- Deferred charges and accrued income +€1,551
up €1,551 (+1,012%), from €153 to €1,705
- Other debts -€25,514
down €25,514 (-67.1%), from €38,014 to €12,500
- Reserves +€7,300
up €7,300 (+98.0%), from €7,450 to €14,750
- Tax, wage and social debts -€5,835
down €5,835 (-44.5%), from €13,110 to €7,274
- Trade debts +€3,276
up €3,276 (+88.4%), from €3,705 to €6,981
- Gross operating margin -€18,316
down €18,316 (-45.9%), from €39,940 to €21,624
- Depreciation -€6,486
down €6,486 (-43.8%), from €14,818 to €8,333
- Other operating charges +€1,274
up €1,274 (+76.0%), from €1,677 to €2,951
- Financial charges -€620
down €620 (-67.9%), from €912 to €293
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 | €64,780 | €44,010 | -€20,770 | -32.1% |
| Fixed assets | 21/28 | €20,980 | €13,326 | -€7,654 | -36.5% |
| Tangible fixed assets | 22/27 | €20,980 | €13,326 | -€7,654 | -36.5% |
| Land and buildings | 22 | €6,431 | €5,705 | -€725 | -11.3% |
| Plant, machinery and equipment | 23 | €10,002 | €6,955 | -€3,047 | -30.5% |
| Furniture and vehicles | 24 | €4,548 | €666 | -€3,881 | -85.4% |
| Current assets | 29/58 | €43,800 | €30,684 | -€13,116 | -29.9% |
| Amounts receivable within one year | 40/41 | €30,288 | €25,294 | -€4,994 | -16.5% |
| Trade receivables | 40 | €30,038 | €15,850 | -€14,188 | -47.2% |
| Other amounts receivable | 41 | €250 | €9,444 | +€9,194 | +3,679% |
| Cash at bank and in hand | 54/58 | €13,359 | €3,686 | -€9,673 | -72.4% |
| Deferred charges and accrued income | 490/1 | €153 | €1,705 | +€1,551 | +1,012% |
| Total equity and liabilities | 10/49 | €64,780 | €44,010 | -€20,770 | -32.1% |
| Equity | 10/15 | €9,952 | €17,255 | +€7,303 | +73.4% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €7,450 | €14,750 | +€7,300 | +98.0% |
| Distributable reserves | 133 | €7,450 | €14,750 | +€7,300 | +98.0% |
| Profit (loss) carried forward | 14 | €2 | €5 | +€3 | +140% |
| Amounts payable | 17/49 | €54,828 | €26,755 | -€28,073 | -51.2% |
| Amounts payable within one year | 42/48 | €54,828 | €26,755 | -€28,073 | -51.2% |
| Trade debts | 44 | €3,705 | €6,981 | +€3,276 | +88.4% |
| Suppliers | 440/4 | €3,705 | €6,981 | +€3,276 | +88.4% |
| Taxes, remuneration and social security | 45 | €13,110 | €7,274 | -€5,835 | -44.5% |
| Taxes | 450/3 | €13,110 | €7,274 | -€5,835 | -44.5% |
| Other amounts payable | 47/48 | €38,014 | €12,500 | -€25,514 | -67.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,818 | €8,333 | -€6,486 | -43.8% |
| Other operating charges | 640/8 | €1,677 | €2,951 | +€1,274 | +76.0% |
| Gross operating margin | 9900 | €39,940 | €21,624 | -€18,316 | -45.9% |
| Operating profit (loss) | 9901 | €23,444 | €10,340 | -€13,104 | -55.9% |
| Financial charges | 65/66B | €912 | €293 | -€620 | -67.9% |
| Recurring financial charges | 65 | €912 | €293 | -€620 | -67.9% |
| Profit (loss) for the period before taxes | 9903 | €22,532 | €10,047 | -€12,485 | -55.4% |
| Income taxes | 67/77 | €2,580 | €2,744 | +€164 | +6.4% |
| Profit (loss) for the period | 9904 | €19,952 | €7,303 | -€12,649 | -63.4% |
| Profit (loss) for the period to be appropriated | 9905 | €19,952 | €7,303 | -€12,649 | -63.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.