DIRK 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.
DIRK VERHEYEN
Largest movements
- Tangible fixed assets +€383,004
up €383,004 (+34.0%), from €1.1m to €1.5m
of which Land and buildings: +€408,977
- Receivables within one year +€269,414
up €269,414 (+580%), from €46,425 to €315,839
of which Trade receivables: +€196,943
- Cash +€85,726
up €85,726 (+101%), from €84,465 to €170,191
mainly Net result for the year (+€326,788) and Debts after one year (+€236,849)
- Reserves +€326,788
up €326,788 (+53.2%), from €614,542 to €941,330
- Debts after one year +€236,849
up €236,849 (+34.0%), from €697,177 to €934,026
- Tax, wage and social debts +€165,521
up €165,521 (+534%), from €30,984 to €196,505
- Other debts -€60,883
no longer reported in 2025 (was €60,883)
- Short-term financial debts +€35,185
new in 2025: €35,185
- Gross operating margin +€242,937
up €242,937 (+76.2%), from €318,934 to €561,871
- Taxes +€81,164
up €81,164 (+103%), from €78,929 to €160,093
- Depreciation +€11,494
up €11,494 (+32.4%), from €35,501 to €46,996
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 | €1,535,421 | €2,262,669 | +€727,248 | +47.4% |
| Fixed assets | 21/28 | €1,126,521 | €1,509,525 | +€383,004 | +34.0% |
| Tangible fixed assets | 22/27 | €1,126,521 | €1,509,525 | +€383,004 | +34.0% |
| Land and buildings | 22 | €1,043,518 | €1,452,495 | +€408,977 | +39.2% |
| Furniture and vehicles | 24 | €83,002 | €57,030 | -€25,973 | -31.3% |
| Current assets | 29/58 | €408,901 | €753,144 | +€344,243 | +84.2% |
| Amounts receivable after more than one year | 29 | €200,000 | €190,000 | -€10,000 | -5.0% |
| Other amounts receivable | 291 | €200,000 | €190,000 | -€10,000 | -5.0% |
| Amounts receivable within one year | 40/41 | €46,425 | €315,839 | +€269,414 | +580% |
| Trade receivables | 40 | €46,425 | €243,368 | +€196,943 | +424% |
| Other amounts receivable | 41 | - | €72,471 | +€72,471 | |
| Current investments | 50/53 | €73,952 | €73,952 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €84,465 | €170,191 | +€85,726 | +101% |
| Deferred charges and accrued income | 490/1 | €4,059 | €3,163 | -€896 | -22.1% |
| Total equity and liabilities | 10/49 | €1,535,421 | €2,262,669 | +€727,248 | +47.4% |
| Equity | 10/15 | €633,142 | €959,930 | +€326,788 | +51.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €614,542 | €941,330 | +€326,788 | +53.2% |
| Distributable reserves | 133 | €614,542 | €941,330 | +€326,788 | +53.2% |
| Amounts payable | 17/49 | €902,280 | €1,302,739 | +€400,460 | +44.4% |
| Amounts payable after more than one year | 17 | €697,177 | €934,026 | +€236,849 | +34.0% |
| Financial debts | 170/4 | €697,177 | €934,026 | +€236,849 | +34.0% |
| Amounts payable within one year | 42/48 | €205,102 | €368,713 | +€163,611 | +79.8% |
| Current portion of amounts payable after more than one year | 42 | €103,070 | €135,729 | +€32,659 | +31.7% |
| Financial debts | 43 | - | €35,185 | +€35,185 | |
| Other loans | 439 | - | €35,185 | +€35,185 | |
| Trade debts | 44 | €10,165 | €1,293 | -€8,872 | -87.3% |
| Suppliers | 440/4 | €10,165 | €1,293 | -€8,872 | -87.3% |
| Taxes, remuneration and social security | 45 | €30,984 | €196,505 | +€165,521 | +534% |
| Taxes | 450/3 | €30,984 | €196,505 | +€165,521 | +534% |
| Other amounts payable | 47/48 | €60,883 | - | -€60,883 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,501 | €46,996 | +€11,494 | +32.4% |
| Other operating charges | 640/8 | €3,726 | €6,163 | +€2,437 | +65.4% |
| Gross operating margin | 9900 | €318,934 | €561,871 | +€242,937 | +76.2% |
| Operating profit (loss) | 9901 | €279,706 | €508,712 | +€229,006 | +81.9% |
| Financial income | 75/76B | €6,650 | €10,597 | +€3,947 | +59.4% |
| Recurring financial income | 75 | €6,650 | €10,597 | +€3,947 | +59.4% |
| Financial charges | 65/66B | €33,365 | €32,428 | -€938 | -2.8% |
| Recurring financial charges | 65 | €33,365 | €32,428 | -€938 | -2.8% |
| Profit (loss) for the period before taxes | 9903 | €252,991 | €486,881 | +€233,890 | +92.4% |
| Income taxes | 67/77 | €78,929 | €160,093 | +€81,164 | +103% |
| Profit (loss) for the period | 9904 | €174,062 | €326,788 | +€152,726 | +87.7% |
| Profit (loss) for the period to be appropriated | 9905 | €174,062 | €326,788 | +€152,726 | +87.7% |
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 17 October 2026 via checked.be.