Dr. Verheye: 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. Verheye
Largest movements
- Cash -€175,663
down €175,663 (-23.2%), from €758,743 to €583,080
mainly Contributions, distributions and other (-€186,830) and Receivables within one year (-€111,764)
- Receivables within one year +€111,764
up €111,764 (+675.4%), from €16,549 to €128,313
of which Trade receivables: +€76,645
- Tangible fixed assets -€21,768
down €21,768 (-3.6%), from €602,174 to €580,406
of which Land and buildings: -€25,169
- Financial fixed assets -€14,735
down €14,735 (-40.8%), from €36,144 to €21,409
- Other debts -€77,885
down €77,885 (-51.4%), from €151,480 to €73,595
- Tax, wage and social debts -€17,229
down €17,229 (-89.6%), from €19,229 to €2,000
of which Taxes: -€17,229
- Gross operating margin -€145,546
down €145,546 (-30.8%), from €472,353 to €326,807
- Taxes -€44,197
down €44,197 (-32.7%), from €134,983 to €90,786
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.
Cash bridge derived
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 | €1,420,413 | €1,318,483 | -€101,930 | -7.2% |
| Fixed assets | 21/28 | €638,318 | €601,815 | -€36,503 | -5.7% |
| Tangible fixed assets | 22/27 | €602,174 | €580,406 | -€21,768 | -3.6% |
| Land and buildings | 22 | €544,488 | €519,319 | -€25,169 | -4.6% |
| Plant, machinery and equipment | 23 | €10,313 | €18,153 | +€7,840 | +76.0% |
| Furniture and vehicles | 24 | €47,373 | €42,934 | -€4,439 | -9.4% |
| Financial fixed assets | 28 | €36,144 | €21,409 | -€14,735 | -40.8% |
| Current assets | 29/58 | €782,095 | €716,668 | -€65,427 | -8.4% |
| Amounts receivable within one year | 40/41 | €16,549 | €128,313 | +€111,764 | +675.4% |
| Trade receivables | 40 | €9,525 | €86,170 | +€76,645 | +804.7% |
| Other amounts receivable | 41 | €7,024 | €42,143 | +€35,119 | +500.0% |
| Cash at bank and in hand | 54/58 | €758,743 | €583,080 | -€175,663 | -23.2% |
| Deferred charges and accrued income | 490/1 | €6,803 | €5,275 | -€1,528 | -22.5% |
| Total equity and liabilities | 10/49 | €1,420,413 | €1,318,483 | -€101,930 | -7.2% |
| Equity | 10/15 | €1,235,815 | €1,234,771 | -€1,044 | -0.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,223,415 | €1,222,371 | -€1,044 | -0.1% |
| Distributable reserves | 133 | €1,223,415 | €1,222,371 | -€1,044 | -0.1% |
| Amounts payable | 17/49 | €184,598 | €83,712 | -€100,886 | -54.7% |
| Amounts payable within one year | 42/48 | €184,598 | €83,712 | -€100,886 | -54.7% |
| Current portion of amounts payable after more than one year | 42 | €13,889 | - | -€13,889 | |
| Trade debts | 44 | - | €8,117 | +€8,117 | |
| Suppliers | 440/4 | - | €8,117 | +€8,117 | |
| Taxes, remuneration and social security | 45 | €19,229 | €2,000 | -€17,229 | -89.6% |
| Taxes | 450/3 | €17,229 | - | -€17,229 | |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €151,480 | €73,595 | -€77,885 | -51.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,688 | €56,204 | +€3,516 | +6.7% |
| Gross operating margin | 9900 | €472,353 | €326,807 | -€145,546 | -30.8% |
| Operating profit (loss) | 9901 | €419,665 | €270,603 | -€149,062 | -35.5% |
| Financial income | 75/76B | €2,059 | €6,327 | +€4,268 | +207.3% |
| Recurring financial income | 75 | €2,059 | €6,327 | +€4,268 | +207.3% |
| Financial charges | 65/66B | €990 | €358 | -€632 | -63.8% |
| Recurring financial charges | 65 | €990 | €358 | -€632 | -63.8% |
| Profit (loss) for the period before taxes | 9903 | €420,734 | €276,572 | -€144,162 | -34.3% |
| Income taxes | 67/77 | €134,983 | €90,786 | -€44,197 | -32.7% |
| Profit (loss) for the period | 9904 | €285,751 | €185,786 | -€99,965 | -35.0% |
| Profit (loss) for the period to be appropriated | 9905 | €285,751 | €185,786 | -€99,965 | -35.0% |
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 11 October 2026 via checked.be.