Dr. 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. Verheyen
Largest movements
- Receivables within one year +€25,746
up €25,746 (+33.9%), from €76,057 to €101,802
of which Trade receivables: +€37,580
- Cash -€7,298
down €7,298 (-19.1%), from €38,274 to €30,976
mainly Contributions, distributions and other (-€108,510) and Receivables within one year (-€25,746)
- Other debts +€9,503
up €9,503 (+11.5%), from €82,730 to €92,234
- Tax, wage and social debts +€8,533
up €8,533 (+58.4%), from €14,599 to €23,132
- Gross operating margin +€12,605
up €12,605 (+9.7%), from €130,312 to €142,918
- Taxes +€4,306
up €4,306 (+15.6%), from €27,549 to €31,855
- Depreciation -€1,641
down €1,641 (-58.8%), from €2,788 to €1,147
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 | €116,815 | €134,875 | +€18,059 | +15.5% |
| Fixed assets | 21/28 | €2,485 | €2,097 | -€388 | -15.6% |
| Tangible fixed assets | 22/27 | €2,485 | €2,097 | -€388 | -15.6% |
| Plant, machinery and equipment | 23 | - | €530 | +€530 | |
| Furniture and vehicles | 24 | €2,485 | €1,567 | -€918 | -36.9% |
| Current assets | 29/58 | €114,331 | €132,778 | +€18,448 | +16.1% |
| Amounts receivable within one year | 40/41 | €76,057 | €101,802 | +€25,746 | +33.9% |
| Trade receivables | 40 | €55,854 | €93,434 | +€37,580 | +67.3% |
| Other amounts receivable | 41 | €20,203 | €8,368 | -€11,835 | -58.6% |
| Cash at bank and in hand | 54/58 | €38,274 | €30,976 | -€7,298 | -19.1% |
| Total equity and liabilities | 10/49 | €116,815 | €134,875 | +€18,059 | +15.5% |
| Equity | 10/15 | €18,600 | €18,600 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €98,215 | €116,275 | +€18,059 | +18.4% |
| Amounts payable within one year | 42/48 | €98,215 | €116,275 | +€18,059 | +18.4% |
| Trade debts | 44 | €886 | €909 | +€23 | +2.7% |
| Suppliers | 440/4 | €886 | €909 | +€23 | +2.7% |
| Taxes, remuneration and social security | 45 | €14,599 | €23,132 | +€8,533 | +58.4% |
| Taxes | 450/3 | €14,599 | €23,132 | +€8,533 | +58.4% |
| Other amounts payable | 47/48 | €82,730 | €92,234 | +€9,503 | +11.5% |
| Remuneration, social security and pensions | 62 | €630 | €0 | -€630 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,788 | €1,147 | -€1,641 | -58.8% |
| Other operating charges | 640/8 | €2,244 | €1,572 | -€672 | -29.9% |
| Gross operating margin | 9900 | €130,312 | €142,918 | +€12,605 | +9.7% |
| Operating profit (loss) | 9901 | €124,651 | €140,199 | +€15,548 | +12.5% |
| Financial income | 75/76B | €297 | €207 | -€90 | -30.2% |
| Recurring financial income | 75 | €297 | €207 | -€90 | -30.2% |
| Financial charges | 65/66B | €69 | €40 | -€29 | -41.4% |
| Recurring financial charges | 65 | €69 | €40 | -€29 | -41.4% |
| Profit (loss) for the period before taxes | 9903 | €124,879 | €140,366 | +€15,487 | +12.4% |
| Income taxes | 67/77 | €27,549 | €31,855 | +€4,306 | +15.6% |
| Profit (loss) for the period | 9904 | €97,330 | €108,510 | +€11,180 | +11.5% |
| Profit (loss) for the period to be appropriated | 9905 | €97,330 | €108,510 | +€11,180 | +11.5% |
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.