DR. LIEN 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. LIEN VERHULST
Largest movements
- Cash -€39,581
down €39,581 (-28.5%), from €138,882 to €99,301
mainly Contributions, distributions and other (-€99,307) and Investment in fixed assets (net) (-€28,256)
- Tangible fixed assets +€26,871
up €26,871 (+1,815%), from €1,480 to €28,352
of which Land and buildings: +€25,165
- Deferred charges and accrued income +€17,512
up €17,512 (+749%), from €2,338 to €19,850
- Receivables within one year -€8,054
down €8,054 (-9.7%), from €83,068 to €75,014
of which Trade receivables: -€9,021
- Current investments +€5,940
up €5,940 (+63.2%), from €9,405 to €15,345
- Other debts +€18,364
up €18,364 (+10.2%), from €180,582 to €198,946
- Tax, wage and social debts -€9,668
down €9,668 (-36.7%), from €26,359 to €16,691
of which Taxes: -€8,147
- Current portion of long-term debt -€4,960
no longer reported in 2025 (was €4,960)
No income-statement line moved by more than 1% of the activity.
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 | €235,173 | €237,861 | +€2,688 | +1.1% |
| Fixed assets | 21/28 | €1,480 | €28,352 | +€26,871 | +1,815% |
| Tangible fixed assets | 22/27 | €1,480 | €28,352 | +€26,871 | +1,815% |
| Land and buildings | 22 | €562 | €25,727 | +€25,165 | +4,478% |
| Plant, machinery and equipment | 23 | €918 | €2,624 | +€1,706 | +186% |
| Current assets | 29/58 | €233,693 | €209,510 | -€24,183 | -10.3% |
| Amounts receivable within one year | 40/41 | €83,068 | €75,014 | -€8,054 | -9.7% |
| Trade receivables | 40 | €28,068 | €19,046 | -€9,021 | -32.1% |
| Other amounts receivable | 41 | €55,000 | €55,968 | +€968 | +1.8% |
| Current investments | 50/53 | €9,405 | €15,345 | +€5,940 | +63.2% |
| Cash at bank and in hand | 54/58 | €138,882 | €99,301 | -€39,581 | -28.5% |
| Deferred charges and accrued income | 490/1 | €2,338 | €19,850 | +€17,512 | +749% |
| Total equity and liabilities | 10/49 | €235,173 | €237,861 | +€2,688 | +1.1% |
| Equity | 10/15 | €18,716 | €18,716 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €116 | €116 | = | 0.0% |
| Tax-exempt reserves | 132 | €116 | €116 | = | 0.0% |
| Amounts payable | 17/49 | €216,457 | €219,145 | +€2,688 | +1.2% |
| Amounts payable within one year | 42/48 | €214,047 | €217,633 | +€3,586 | +1.7% |
| Current portion of amounts payable after more than one year | 42 | €4,960 | - | -€4,960 | |
| Trade debts | 44 | €2,147 | €1,996 | -€151 | -7.0% |
| Suppliers | 440/4 | €2,147 | €1,996 | -€151 | -7.0% |
| Taxes, remuneration and social security | 45 | €26,359 | €16,691 | -€9,668 | -36.7% |
| Taxes | 450/3 | €24,838 | €16,691 | -€8,147 | -32.8% |
| Remuneration and social security | 454/9 | €1,520 | - | -€1,520 | |
| Other amounts payable | 47/48 | €180,582 | €198,946 | +€18,364 | +10.2% |
| Accrued charges and deferred income | 492/3 | €2,410 | €1,512 | -€898 | -37.3% |
| Remuneration, social security and pensions | 62 | €8,323 | €7,502 | -€821 | -9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €556 | €1,385 | +€829 | +149% |
| Other operating charges | 640/8 | €115 | €126 | +€11 | +9.6% |
| Gross operating margin | 9900 | €138,759 | €138,006 | -€753 | -0.5% |
| Operating profit (loss) | 9901 | €129,765 | €128,993 | -€772 | -0.6% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €2,169 | €1,891 | -€279 | -12.8% |
| Recurring financial charges | 65 | €2,169 | €1,891 | -€279 | -12.8% |
| Profit (loss) for the period before taxes | 9903 | €127,596 | €127,102 | -€494 | -0.4% |
| Income taxes | 67/77 | €27,857 | €27,795 | -€63 | -0.2% |
| Profit (loss) for the period | 9904 | €99,739 | €99,307 | -€431 | -0.4% |
| Profit (loss) for the period to be appropriated | 9905 | €99,739 | €99,307 | -€431 | -0.4% |
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 24 October 2026 via checked.be.