Dr. Aaron Verhoeven: 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.
Dr. Aaron Verhoeven
Largest movements
- Cash +€17,728
up €17,728 (+155%), from €11,421 to €29,149
mainly Net result for the year (+€22,672) and Depreciation (+€8,156)
- Receivables within one year +€15,981
new in 2025: €15,981
of which Other amounts receivable: +€14,208
- Tangible fixed assets -€6,577
down €6,577 (-27.0%), from €24,313 to €17,737
of which Furniture and vehicles: -€7,585
- Deferred charges and accrued income -€2,889
down €2,889 (-47.9%), from €6,033 to €3,144
- Reserves +€22,672
up €22,672 (+93.9%), from €24,142 to €46,814
- Tax, wage and social debts +€5,841
up €5,841 (+56.3%), from €10,365 to €16,206
of which Taxes: +€4,999
- Other debts -€3,740
down €3,740 (-100%), from €3,740 to €0
- Accrued charges and deferred income -€861
down €861 (-100%), from €861 to €0
- Gross operating margin +€18,250
up €18,250 (+90.6%), from €20,140 to €38,390
- Taxes +€3,807
up €3,807 (+116%), from €3,277 to €7,084
- Financial charges -€1,221
down €1,221 (-89.1%), from €1,371 to €150
- Other operating charges +€406
up €406 (+135%), from €300 to €705
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 | €41,768 | €66,011 | +€24,243 | +58.0% |
| Fixed assets | 21/28 | €24,313 | €17,737 | -€6,577 | -27.0% |
| Tangible fixed assets | 22/27 | €24,313 | €17,737 | -€6,577 | -27.0% |
| Plant, machinery and equipment | 23 | €469 | €1,478 | +€1,008 | +215% |
| Furniture and vehicles | 24 | €23,844 | €16,259 | -€7,585 | -31.8% |
| Current assets | 29/58 | €17,454 | €48,274 | +€30,820 | +177% |
| Amounts receivable within one year | 40/41 | - | €15,981 | +€15,981 | |
| Trade receivables | 40 | - | €1,773 | +€1,773 | |
| Other amounts receivable | 41 | - | €14,208 | +€14,208 | |
| Cash at bank and in hand | 54/58 | €11,421 | €29,149 | +€17,728 | +155% |
| Deferred charges and accrued income | 490/1 | €6,033 | €3,144 | -€2,889 | -47.9% |
| Total equity and liabilities | 10/49 | €41,768 | €66,011 | +€24,243 | +58.0% |
| Equity | 10/15 | €26,642 | €49,314 | +€22,672 | +85.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €24,142 | €46,814 | +€22,672 | +93.9% |
| Distributable reserves | 133 | €24,142 | €46,814 | +€22,672 | +93.9% |
| Amounts payable | 17/49 | €15,126 | €16,697 | +€1,571 | +10.4% |
| Amounts payable within one year | 42/48 | €14,265 | €16,697 | +€2,432 | +17.1% |
| Trade debts | 44 | €159 | €491 | +€332 | +209% |
| Suppliers | 440/4 | €159 | €491 | +€332 | +209% |
| Taxes, remuneration and social security | 45 | €10,365 | €16,206 | +€5,841 | +56.3% |
| Taxes | 450/3 | €7,356 | €12,356 | +€4,999 | +68.0% |
| Remuneration and social security | 454/9 | €3,009 | €3,850 | +€841 | +28.0% |
| Other amounts payable | 47/48 | €3,740 | €0 | -€3,740 | -100% |
| Accrued charges and deferred income | 492/3 | €861 | €0 | -€861 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,122 | €8,156 | +€35 | +0.4% |
| Other operating charges | 640/8 | €300 | €705 | +€406 | +135% |
| Gross operating margin | 9900 | €20,140 | €38,390 | +€18,250 | +90.6% |
| Operating profit (loss) | 9901 | €11,719 | €29,528 | +€17,810 | +152% |
| Financial income | 75/76B | - | €377 | +€377 | |
| Recurring financial income | 75 | - | €377 | +€377 | |
| Financial charges | 65/66B | €1,371 | €150 | -€1,221 | -89.1% |
| Recurring financial charges | 65 | €1,371 | €150 | -€1,221 | -89.1% |
| Profit (loss) for the period before taxes | 9903 | €10,348 | €29,756 | +€19,408 | +188% |
| Income taxes | 67/77 | €3,277 | €7,084 | +€3,807 | +116% |
| Profit (loss) for the period | 9904 | €7,071 | €22,672 | +€15,601 | +221% |
| Profit (loss) for the period to be appropriated | 9905 | €7,071 | €22,672 | +€15,601 | +221% |
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.