Dr. Vanherweghe Pieter: what changed
Dr. Vanherweghe Pieter
Largest movements
- Cash -€62,892
down €62,892 (-99.6%), from €63,136 to €244
mainly Contributions, distributions and other (-€155,000) and Investment in fixed assets (net) (-€13,916)
- Receivables within one year -€5,283
down €5,283 (-33.7%), from €15,697 to €10,413
of which Other amounts receivable: -€6,058
- Tangible fixed assets +€3,407
up €3,407 (+3.8%), from €89,819 to €93,226
of which Other tangible fixed assets: +€83,451
- Deferred charges and accrued income -€2,718
down €2,718 (-43.1%), from €6,309 to €3,591
- Reserves -€105,473
down €105,473 (-67.5%), from €156,230 to €50,756
- Other debts +€65,080
new in 2025: €65,080
- Tax, wage and social debts -€12,083
down €12,083 (-80.4%), from €15,036 to €2,954
- Current portion of long-term debt -€10,114
no longer reported in 2025 (was €10,114)
- Accrued charges and deferred income -€5,985
down €5,985 (-39.1%), from €15,290 to €9,305
- Gross operating margin -€16,622
down €16,622 (-18.3%), from €90,881 to €74,259
- Depreciation -€6,191
down €6,191 (-37.1%), from €16,700 to €10,509
- Taxes -€2,083
down €2,083 (-13.9%), from €15,036 to €12,954
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €200,088 | €132,602 | -€67,486 | -33.7% |
| Fixed assets | 21/28 | €114,946 | €118,353 | +€3,407 | +3.0% |
| Tangible fixed assets | 22/27 | €89,819 | €93,226 | +€3,407 | +3.8% |
| Plant, machinery and equipment | 23 | €443 | - | -€443 | |
| Furniture and vehicles | 24 | €17,933 | €9,775 | -€8,158 | -45.5% |
| Leasing and similar rights | 25 | €71,443 | - | -€71,443 | |
| Other tangible fixed assets | 26 | - | €83,451 | +€83,451 | |
| Financial fixed assets | 28 | €25,128 | €25,128 | = | 0.0% |
| Current assets | 29/58 | €85,142 | €14,248 | -€70,893 | -83.3% |
| Amounts receivable within one year | 40/41 | €15,697 | €10,413 | -€5,283 | -33.7% |
| Trade receivables | 40 | - | €775 | +€775 | |
| Other amounts receivable | 41 | €15,697 | €9,638 | -€6,058 | -38.6% |
| Cash at bank and in hand | 54/58 | €63,136 | €244 | -€62,892 | -99.6% |
| Deferred charges and accrued income | 490/1 | €6,309 | €3,591 | -€2,718 | -43.1% |
| Total equity and liabilities | 10/49 | €200,088 | €132,602 | -€67,486 | -33.7% |
| Equity | 10/15 | €158,230 | €52,756 | -€105,473 | -66.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €156,230 | €50,756 | -€105,473 | -67.5% |
| Distributable reserves | 133 | €156,230 | €50,756 | -€105,473 | -67.5% |
| Amounts payable | 17/49 | €41,858 | €79,845 | +€37,987 | +90.8% |
| Amounts payable within one year | 42/48 | €26,568 | €70,541 | +€43,972 | +166% |
| Current portion of amounts payable after more than one year | 42 | €10,114 | - | -€10,114 | |
| Trade debts | 44 | €1,418 | €2,507 | +€1,090 | +76.9% |
| Suppliers | 440/4 | €1,418 | €2,507 | +€1,090 | +76.9% |
| Taxes, remuneration and social security | 45 | €15,036 | €2,954 | -€12,083 | -80.4% |
| Taxes | 450/3 | €15,036 | €2,954 | -€12,083 | -80.4% |
| Other amounts payable | 47/48 | - | €65,080 | +€65,080 | |
| Accrued charges and deferred income | 492/3 | €15,290 | €9,305 | -€5,985 | -39.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,700 | €10,509 | -€6,191 | -37.1% |
| Other operating charges | 640/8 | €750 | €969 | +€220 | +29.3% |
| Gross operating margin | 9900 | €90,881 | €74,259 | -€16,622 | -18.3% |
| Operating profit (loss) | 9901 | €73,432 | €62,781 | -€10,651 | -14.5% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €756 | €300 | -€456 | -60.3% |
| Recurring financial charges | 65 | €756 | €300 | -€456 | -60.3% |
| Profit (loss) for the period before taxes | 9903 | €72,675 | €62,480 | -€10,195 | -14.0% |
| Income taxes | 67/77 | €15,036 | €12,954 | -€2,083 | -13.9% |
| Profit (loss) for the period | 9904 | €57,639 | €49,527 | -€8,112 | -14.1% |
| Profit (loss) for the period to be appropriated | 9905 | €57,639 | €49,527 | -€8,112 | -14.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.