Dr. T. Verhoogen: 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. T. Verhoogen
Largest movements
- Current investments -€150,000
no longer reported in 2025 (was €150,000)
- Cash -€119,710
down €119,710 (-58.1%), from €206,039 to €86,328
mainly Contributions, distributions and other (-€500,894) and Tax, wage and social debts (-€65,047)
- Receivables after one year -€60,000
no longer reported in 2025 (was €60,000)
- Deferred charges and accrued income +€31,671
new in 2025: €31,671
- Reserves -€350,610
no longer reported in 2025 (was €350,610)
- Other debts +€121,084
up €121,084 (+21,190%), from €571 to €121,655
- Tax, wage and social debts -€65,047
down €65,047 (-96.6%), from €67,340 to €2,293
- Gross operating margin +€34,549
up €34,549 (+21.5%), from €161,056 to €195,605
- Taxes +€7,745
up €7,745 (+20.9%), from €37,054 to €44,799
- Financial income -€2,863
down €2,863 (-56.5%), from €5,069 to €2,206
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 | €421,608 | €126,448 | -€295,160 | -70.0% |
| Fixed assets | 21/28 | €894 | €4,850 | +€3,956 | +443% |
| Tangible fixed assets | 22/27 | €894 | €4,850 | +€3,956 | +443% |
| Plant, machinery and equipment | 23 | €894 | €91 | -€802 | -89.8% |
| Furniture and vehicles | 24 | - | €4,758 | +€4,758 | |
| Current assets | 29/58 | €420,715 | €121,598 | -€299,117 | -71.1% |
| Amounts receivable after more than one year | 29 | €60,000 | - | -€60,000 | |
| Other amounts receivable | 291 | €60,000 | - | -€60,000 | |
| Amounts receivable within one year | 40/41 | €4,676 | €3,599 | -€1,077 | -23.0% |
| Trade receivables | 40 | €1,263 | €736 | -€527 | -41.7% |
| Other amounts receivable | 41 | €3,413 | €2,863 | -€550 | -16.1% |
| Current investments | 50/53 | €150,000 | - | -€150,000 | |
| Cash at bank and in hand | 54/58 | €206,039 | €86,328 | -€119,710 | -58.1% |
| Deferred charges and accrued income | 490/1 | - | €31,671 | +€31,671 | |
| Total equity and liabilities | 10/49 | €421,608 | €126,448 | -€295,160 | -70.0% |
| Equity | 10/15 | €353,110 | €2,500 | -€350,610 | -99.3% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €350,610 | - | -€350,610 | |
| Distributable reserves | 133 | €350,610 | - | -€350,610 | |
| Amounts payable | 17/49 | €68,498 | €123,948 | +€55,450 | +81.0% |
| Amounts payable within one year | 42/48 | €68,498 | €123,948 | +€55,450 | +81.0% |
| Trade debts | 44 | €587 | - | -€587 | |
| Suppliers | 440/4 | €587 | - | -€587 | |
| Taxes, remuneration and social security | 45 | €67,340 | €2,293 | -€65,047 | -96.6% |
| Taxes | 450/3 | €67,340 | €2,293 | -€65,047 | -96.6% |
| Other amounts payable | 47/48 | €571 | €121,655 | +€121,084 | +21,190% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,036 | €955 | -€80 | -7.7% |
| Other operating charges | 640/8 | €268 | €746 | +€478 | +178% |
| Gross operating margin | 9900 | €161,056 | €195,605 | +€34,549 | +21.5% |
| Operating profit (loss) | 9901 | €159,752 | €193,904 | +€34,152 | +21.4% |
| Financial income | 75/76B | €5,069 | €2,206 | -€2,863 | -56.5% |
| Recurring financial income | 75 | €5,069 | €2,206 | -€2,863 | -56.5% |
| Financial charges | 65/66B | €1,291 | €1,028 | -€263 | -20.4% |
| Recurring financial charges | 65 | €1,291 | €1,028 | -€263 | -20.4% |
| Profit (loss) for the period before taxes | 9903 | €163,530 | €195,082 | +€31,552 | +19.3% |
| Income taxes | 67/77 | €37,054 | €44,799 | +€7,745 | +20.9% |
| Profit (loss) for the period | 9904 | €126,476 | €150,283 | +€23,807 | +18.8% |
| Profit (loss) for the period to be appropriated | 9905 | €126,476 | €150,283 | +€23,807 | +18.8% |
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 30 October 2026 via checked.be.