DAVID HAVERBEKE: 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.
DAVID HAVERBEKE
Largest movements
- Receivables within one year -€102,061
down €102,061 (-74.6%), from €136,722 to €34,661
of which Other amounts receivable: -€102,061
- Cash +€23,422
up €23,422 (+80.4%), from €29,127 to €52,548
mainly Depreciation (+€125,664) and Receivables within one year (+€102,061)
- Tangible fixed assets -€13,487
down €13,487 (-1.8%), from €765,289 to €751,803
of which Land and buildings: -€87,726
- Reserves -€82,601
down €82,601 (-14.7%), from €561,568 to €478,967
of which Distributable reserves: -€72,338
- Profit (loss) carried forward -€53,738
down €53,738, from €2,415 to -€51,323
- Other debts +€32,090
new in 2025: €32,090
- Current portion of long-term debt +€12,898
up €12,898 (+25.1%), from €51,471 to €64,369
- Depreciation +€21,213
up €21,213 (+20.3%), from €104,451 to €125,664
- Other operating charges +€13,469
up €13,469 (+440%), from €3,061 to €16,530
- Gross operating margin -€8,087
down €8,087 (-4.7%), from €172,919 to €164,831
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 | €1,041,987 | €954,646 | -€87,341 | -8.4% |
| Fixed assets | 21/28 | €765,289 | €751,803 | -€13,487 | -1.8% |
| Tangible fixed assets | 22/27 | €765,289 | €751,803 | -€13,487 | -1.8% |
| Land and buildings | 22 | €684,348 | €596,622 | -€87,726 | -12.8% |
| Plant, machinery and equipment | 23 | €61,585 | €58,408 | -€3,177 | -5.2% |
| Furniture and vehicles | 24 | €19,356 | €96,773 | +€77,417 | +400% |
| Current assets | 29/58 | €276,697 | €202,843 | -€73,854 | -26.7% |
| Amounts receivable after more than one year | 29 | €103,900 | €98,273 | -€5,628 | -5.4% |
| Other amounts receivable | 291 | €103,900 | €98,273 | -€5,628 | -5.4% |
| Amounts receivable within one year | 40/41 | €136,722 | €34,661 | -€102,061 | -74.6% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €136,722 | €34,661 | -€102,061 | -74.6% |
| Cash at bank and in hand | 54/58 | €29,127 | €52,548 | +€23,422 | +80.4% |
| Deferred charges and accrued income | 490/1 | €6,949 | €17,361 | +€10,413 | +150% |
| Total equity and liabilities | 10/49 | €1,041,987 | €954,646 | -€87,341 | -8.4% |
| Equity | 10/15 | €655,159 | €518,820 | -€136,339 | -20.8% |
| Contributions | 10/11 | €91,176 | €91,176 | = | 0.0% |
| Reserves | 13 | €561,568 | €478,967 | -€82,601 | -14.7% |
| Non-distributable reserves | 130/1 | €10,263 | €0 | -€10,263 | -100% |
| Reserves not available under the articles | 1311 | €10,263 | €0 | -€10,263 | -100% |
| Tax-exempt reserves | 132 | €63,150 | €63,150 | = | 0.0% |
| Distributable reserves | 133 | €488,155 | €415,817 | -€72,338 | -14.8% |
| Profit (loss) carried forward | 14 | €2,415 | -€51,323 | -€53,738 | |
| Amounts payable | 17/49 | €386,827 | €435,825 | +€48,998 | +12.7% |
| Amounts payable after more than one year | 17 | €305,694 | €308,050 | +€2,356 | +0.8% |
| Financial debts | 170/4 | €305,694 | €308,050 | +€2,356 | +0.8% |
| Amounts payable within one year | 42/48 | €67,497 | €123,656 | +€56,159 | +83.2% |
| Current portion of amounts payable after more than one year | 42 | €51,471 | €64,369 | +€12,898 | +25.1% |
| Trade debts | 44 | €1,110 | €5,598 | +€4,489 | +404% |
| Suppliers | 440/4 | €1,110 | €5,598 | +€4,489 | +404% |
| Taxes, remuneration and social security | 45 | €14,917 | €21,599 | +€6,682 | +44.8% |
| Taxes | 450/3 | €558 | €7,181 | +€6,623 | +1,187% |
| Remuneration and social security | 454/9 | €14,359 | €14,418 | +€59 | +0.4% |
| Other amounts payable | 47/48 | - | €32,090 | +€32,090 | |
| Accrued charges and deferred income | 492/3 | €13,636 | €4,119 | -€9,517 | -69.8% |
| Non-recurring operating income | 76A | - | €2,996 | +€2,996 | |
| Remuneration, social security and pensions | 62 | €56,935 | €56,933 | -€2 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,451 | €125,664 | +€21,213 | +20.3% |
| Other operating charges | 640/8 | €3,061 | €16,530 | +€13,469 | +440% |
| Non-recurring operating charges | 66A | €0 | €14,699 | +€14,699 | |
| Gross operating margin | 9900 | €172,919 | €164,831 | -€8,087 | -4.7% |
| Operating profit (loss) | 9901 | €8,472 | -€48,994 | -€57,466 | |
| Financial income | 75/76B | €2,011 | €3,729 | +€1,718 | +85.4% |
| Recurring financial income | 75 | €2,011 | €3,729 | +€1,718 | +85.4% |
| Financial charges | 65/66B | €8,180 | €8,163 | -€17 | -0.2% |
| Recurring financial charges | 65 | €8,180 | €8,163 | -€17 | -0.2% |
| Profit (loss) for the period before taxes | 9903 | €2,303 | -€53,428 | -€55,732 | |
| Income taxes | 67/77 | €512 | €309 | -€202 | -39.5% |
| Profit (loss) for the period | 9904 | €1,791 | -€53,738 | -€55,529 | |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €1,791 | -€53,738 | -€55,529 |
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 24 October 2026 via checked.be.