DR. GUY VERHULST: 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. GUY VERHULST
Largest movements
- Cash +€23,230
up €23,230 (+14.0%), from €165,470 to €188,700
mainly Other debts (+€72,205) and Depreciation (+€23,291)
- Tangible fixed assets -€17,672
down €17,672 (-18.0%), from €98,439 to €80,767
- Receivables within one year +€16,154
up €16,154 (+164%), from €9,853 to €26,007
- Other debts +€72,205
up €72,205 (+7,383%), from €978 to €73,183
- Reserves -€39,951
down €39,951 (-15.9%), from €250,803 to €210,852
- Trade debts -€11,773
down €11,773 (-83.3%), from €14,131 to €2,358
- Gross operating margin -€44,930
down €44,930 (-47.1%), from €95,469 to €50,539
- Taxes -€13,186
down €13,186 (-48.5%), from €27,180 to €13,994
- Depreciation +€2,202
up €2,202 (+10.4%), from €21,089 to €23,291
- Financial income -€1,604
down €1,604 (-77.1%), from €2,081 to €477
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 | €278,312 | €298,793 | +€20,481 | +7.4% |
| Fixed assets | 21/28 | €98,439 | €80,767 | -€17,672 | -18.0% |
| Tangible fixed assets | 22/27 | €98,439 | €80,767 | -€17,672 | -18.0% |
| Land and buildings | 22 | €45,063 | €37,436 | -€7,627 | -16.9% |
| Plant, machinery and equipment | 23 | €37,455 | €30,016 | -€7,439 | -19.9% |
| Furniture and vehicles | 24 | €15,921 | €13,315 | -€2,606 | -16.4% |
| Current assets | 29/58 | €179,873 | €218,026 | +€38,153 | +21.2% |
| Amounts receivable within one year | 40/41 | €9,853 | €26,007 | +€16,154 | +164% |
| Other amounts receivable | 41 | €9,853 | €26,007 | +€16,154 | +164% |
| Cash at bank and in hand | 54/58 | €165,470 | €188,700 | +€23,230 | +14.0% |
| Deferred charges and accrued income | 490/1 | €4,550 | €3,319 | -€1,231 | -27.1% |
| Total equity and liabilities | 10/49 | €278,312 | €298,793 | +€20,481 | +7.4% |
| Equity | 10/15 | €263,203 | €223,252 | -€39,951 | -15.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €250,803 | €210,852 | -€39,951 | -15.9% |
| Distributable reserves | 133 | €250,803 | €210,852 | -€39,951 | -15.9% |
| Amounts payable | 17/49 | €15,109 | €75,541 | +€60,432 | +400% |
| Amounts payable within one year | 42/48 | €15,109 | €75,541 | +€60,432 | +400% |
| Trade debts | 44 | €14,131 | €2,358 | -€11,773 | -83.3% |
| Suppliers | 440/4 | €14,131 | €2,358 | -€11,773 | -83.3% |
| Other amounts payable | 47/48 | €978 | €73,183 | +€72,205 | +7,383% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,089 | €23,291 | +€2,202 | +10.4% |
| Gross operating margin | 9900 | €95,469 | €50,539 | -€44,930 | -47.1% |
| Operating profit (loss) | 9901 | €74,380 | €27,248 | -€47,132 | -63.4% |
| Financial income | 75/76B | €2,081 | €477 | -€1,604 | -77.1% |
| Recurring financial income | 75 | €2,081 | €477 | -€1,604 | -77.1% |
| Financial charges | 65/66B | €557 | €870 | +€313 | +56.2% |
| Recurring financial charges | 65 | €557 | €870 | +€313 | +56.2% |
| Profit (loss) for the period before taxes | 9903 | €75,904 | €26,855 | -€49,049 | -64.6% |
| Income taxes | 67/77 | €27,180 | €13,994 | -€13,186 | -48.5% |
| Profit (loss) for the period | 9904 | €48,724 | €12,861 | -€35,863 | -73.6% |
| Profit (loss) for the period to be appropriated | 9905 | €48,724 | €12,861 | -€35,863 | -73.6% |
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 31 October 2026 via checked.be.