Dr. Jef 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.
Dr. Jef Verheyen
Largest movements
- Tangible fixed assets -€119,214
down €119,214 (-39.1%), from €305,189 to €185,975
of which Land and buildings: -€99,406
- Cash +€96,115
up €96,115 (+19.3%), from €497,353 to €593,468
mainly Net result for the year (+€281,599) and Investment in fixed assets (net) (+€93,907)
- Receivables after one year -€67,522
no longer reported in 2025 (was €67,522)
- Current investments +€36,775
up €36,775 (+11.4%), from €323,998 to €360,772
- Debts after one year -€85,412
no longer reported in 2025 (was €85,412)
- Reserves -€51,907
down €51,907 (-4.9%), from €1.1m to €1.0m
of which Distributable reserves: -€50,047
- Tax, wage and social debts +€49,641
up €49,641 (+406%), from €12,218 to €61,859
- Other debts +€45,225
new in 2025: €45,225
- Current portion of long-term debt -€17,981
no longer reported in 2025 (was €17,981)
- Gross operating margin +€137,581
up €137,581 (+45.4%), from €302,731 to €440,312
- Taxes +€48,681
up €48,681 (+58.7%), from €82,894 to €131,574
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 | €1,201,063 | €1,146,146 | -€54,917 | -4.6% |
| Fixed assets | 21/28 | €310,189 | €190,975 | -€119,214 | -38.4% |
| Tangible fixed assets | 22/27 | €305,189 | €185,975 | -€119,214 | -39.1% |
| Land and buildings | 22 | €235,181 | €135,775 | -€99,406 | -42.3% |
| Plant, machinery and equipment | 23 | €2,166 | €3,219 | +€1,054 | +48.7% |
| Furniture and vehicles | 24 | €30,215 | €17,250 | -€12,965 | -42.9% |
| Other tangible fixed assets | 26 | €37,628 | €29,731 | -€7,897 | -21.0% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €890,873 | €955,171 | +€64,297 | +7.2% |
| Amounts receivable after more than one year | 29 | €67,522 | - | -€67,522 | |
| Other amounts receivable | 291 | €67,522 | - | -€67,522 | |
| Amounts receivable within one year | 40/41 | €616 | - | -€616 | |
| Trade receivables | 40 | €616 | - | -€616 | |
| Current investments | 50/53 | €323,998 | €360,772 | +€36,775 | +11.4% |
| Cash at bank and in hand | 54/58 | €497,353 | €593,468 | +€96,115 | +19.3% |
| Deferred charges and accrued income | 490/1 | €1,385 | €930 | -€455 | -32.8% |
| Total equity and liabilities | 10/49 | €1,201,063 | €1,146,146 | -€54,917 | -4.6% |
| Equity | 10/15 | €1,073,823 | €1,021,916 | -€51,907 | -4.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,061,423 | €1,009,516 | -€51,907 | -4.9% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €1,059,563 | €1,009,516 | -€50,047 | -4.7% |
| Amounts payable | 17/49 | €127,239 | €124,230 | -€3,010 | -2.4% |
| Amounts payable after more than one year | 17 | €85,412 | - | -€85,412 | |
| Financial debts | 170/4 | €85,412 | - | -€85,412 | |
| Amounts payable within one year | 42/48 | €41,828 | €124,230 | +€82,402 | +197% |
| Current portion of amounts payable after more than one year | 42 | €17,981 | - | -€17,981 | |
| Trade debts | 44 | €11,629 | €17,146 | +€5,517 | +47.4% |
| Suppliers | 440/4 | €11,629 | €17,146 | +€5,517 | +47.4% |
| Taxes, remuneration and social security | 45 | €12,218 | €61,859 | +€49,641 | +406% |
| Taxes | 450/3 | €12,218 | €61,859 | +€49,641 | +406% |
| Other amounts payable | 47/48 | - | €45,225 | +€45,225 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,709 | €25,307 | -€3,402 | -11.8% |
| Other operating charges | 640/8 | €3,813 | €4,353 | +€540 | +14.2% |
| Gross operating margin | 9900 | €302,731 | €440,312 | +€137,581 | +45.4% |
| Operating profit (loss) | 9901 | €270,209 | €410,652 | +€140,443 | +52.0% |
| Financial income | 75/76B | €5,384 | €3,940 | -€1,444 | -26.8% |
| Recurring financial income | 75 | €5,384 | €3,940 | -€1,444 | -26.8% |
| Financial charges | 65/66B | €2,275 | €1,418 | -€857 | -37.7% |
| Recurring financial charges | 65 | €2,275 | €1,418 | -€857 | -37.7% |
| Profit (loss) for the period before taxes | 9903 | €273,318 | €413,174 | +€139,856 | +51.2% |
| Income taxes | 67/77 | €82,894 | €131,574 | +€48,681 | +58.7% |
| Profit (loss) for the period | 9904 | €190,424 | €281,599 | +€91,175 | +47.9% |
| Profit (loss) for the period to be appropriated | 9905 | €190,424 | €281,599 | +€91,175 | +47.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.