De Voerman: what changed
Two fiscal 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.
De Voerman
Largest movements
- Tangible fixed assets -€17,828
down €17,828 (-8.4%), from €212,079 to €194,251
- Cash -€4,714
down €4,714 (-77.8%), from €6,058 to €1,344
mainly Net result for the year (-€32,131) and Trade debts (-€5,732)
- Profit (loss) carried forward -€32,131
down €32,131 (-22.3%), from -€144,353 to -€176,484
- Other debts +€20,893
up €20,893 (+6.5%), from €321,396 to €342,289
- Trade debts -€5,732
down €5,732 (-27.9%), from €20,544 to €14,812
- Tax, wage and social debts -€3,128
down €3,128 (-32.8%), from €9,544 to €6,416
of which Taxes: -€1,609
- Gross operating margin -€19,088
down €19,088 (-62.6%), from €30,490 to €11,401
- Staff costs -€9,318
down €9,318 (-36.5%), from €25,554 to €16,236
- Depreciation -€9,058
down €9,058 (-27.9%), from €32,486 to €23,427
- Other operating charges -€703
down €703 (-21.5%), from €3,276 to €2,573
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.
Cash bridge derived
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 | €227,890 | €207,792 | -€20,098 | -8.8% |
| Fixed assets | 21/28 | €212,079 | €194,251 | -€17,828 | -8.4% |
| Tangible fixed assets | 22/27 | €212,079 | €194,251 | -€17,828 | -8.4% |
| Land and buildings | 22 | €161,668 | €154,619 | -€7,049 | -4.4% |
| Plant, machinery and equipment | 23 | €9,672 | €6,545 | -€3,126 | -32.3% |
| Furniture and vehicles | 24 | €8,864 | €4,582 | -€4,282 | -48.3% |
| Other tangible fixed assets | 26 | €31,875 | €28,505 | -€3,370 | -10.6% |
| Current assets | 29/58 | €15,811 | €13,541 | -€2,270 | -14.4% |
| Stocks and contracts in progress | 3 | €7,630 | €7,420 | -€210 | -2.7% |
| Stocks | 30/36 | €7,630 | €7,420 | -€210 | -2.7% |
| Amounts receivable within one year | 40/41 | €1,915 | €3,458 | +€1,543 | +80.5% |
| Trade receivables | 40 | €1,915 | €3,458 | +€1,543 | +80.5% |
| Cash at bank and in hand | 54/58 | €6,058 | €1,344 | -€4,714 | -77.8% |
| Deferred charges and accrued income | 490/1 | €208 | €1,319 | +€1,111 | +533.0% |
| Total equity and liabilities | 10/49 | €227,890 | €207,792 | -€20,098 | -8.8% |
| Equity | 10/15 | -€123,594 | -€155,725 | -€32,131 | -26.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,159 | €2,159 | = | 0.0% |
| Distributable reserves | 133 | €2,159 | €2,159 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€144,353 | -€176,484 | -€32,131 | -22.3% |
| Amounts payable | 17/49 | €351,484 | €363,517 | +€12,033 | +3.4% |
| Amounts payable within one year | 42/48 | €351,484 | €363,517 | +€12,033 | +3.4% |
| Trade debts | 44 | €20,544 | €14,812 | -€5,732 | -27.9% |
| Suppliers | 440/4 | €20,544 | €14,812 | -€5,732 | -27.9% |
| Taxes, remuneration and social security | 45 | €9,544 | €6,416 | -€3,128 | -32.8% |
| Taxes | 450/3 | €7,680 | €6,072 | -€1,609 | -20.9% |
| Remuneration and social security | 454/9 | €1,863 | €344 | -€1,519 | -81.5% |
| Other amounts payable | 47/48 | €321,396 | €342,289 | +€20,893 | +6.5% |
| Non-recurring operating income | 76A | €210 | €1,300 | +€1,090 | +518.9% |
| Remuneration, social security and pensions | 62 | €25,554 | €16,236 | -€9,318 | -36.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,486 | €23,427 | -€9,058 | -27.9% |
| Other operating charges | 640/8 | €3,276 | €2,573 | -€703 | -21.5% |
| Gross operating margin | 9900 | €30,490 | €11,401 | -€19,088 | -62.6% |
| Operating profit (loss) | 9901 | -€30,826 | -€30,835 | -€9 | 0.0% |
| Financial charges | 65/66B | €1,329 | €1,296 | -€33 | -2.5% |
| Recurring financial charges | 65 | €1,329 | €1,296 | -€33 | -2.5% |
| Profit (loss) for the period before taxes | 9903 | -€32,155 | -€32,131 | +€24 | +0.1% |
| Profit (loss) for the period | 9904 | -€32,155 | -€32,131 | +€24 | +0.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€32,155 | -€32,131 | +€24 | +0.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.