DR. VERHEYEN L.: 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 L.
Largest movements
- Current investments +€100,000
up €100,000 (+49.0%), from €204,000 to €304,000
- Tangible fixed assets -€53,926
down €53,926 (-67.2%), from €80,196 to €26,270
of which Land and buildings: -€39,838
- Cash -€50,454
down €50,454 (-29.5%), from €170,858 to €120,404
mainly Current investments (-€100,000) and Contributions, distributions and other (-€61,712)
- Deferred charges and accrued income +€21,111
up €21,111 (+23.1%), from €91,229 to €112,340
- Reserves +€19,205
up €19,205 (+4.1%), from €467,087 to €486,292
of which Distributable reserves: +€19,205
- Debts after one year -€12,079
down €12,079 (-47.8%), from €25,262 to €13,183
- Tax, wage and social debts +€7,004
up €7,004 (+73.0%), from €9,596 to €16,600
- Gross operating margin -€24,089
down €24,089 (-11.8%), from €203,971 to €179,882
- Taxes -€4,658
down €4,658 (-10.2%), from €45,859 to €41,201
- Financial income -€2,789
down €2,789 (-70.0%), from €3,982 to €1,193
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 | €547,286 | €563,014 | +€15,727 | +2.9% |
| Fixed assets | 21/28 | €80,196 | €26,270 | -€53,926 | -67.2% |
| Tangible fixed assets | 22/27 | €80,196 | €26,270 | -€53,926 | -67.2% |
| Land and buildings | 22 | €39,838 | €0 | -€39,838 | -100% |
| Plant, machinery and equipment | 23 | €2,306 | €1,415 | -€890 | -38.6% |
| Furniture and vehicles | 24 | €36,855 | €24,855 | -€12,000 | -32.6% |
| Other tangible fixed assets | 26 | €1,198 | €0 | -€1,198 | -100% |
| Current assets | 29/58 | €467,090 | €536,744 | +€69,654 | +14.9% |
| Amounts receivable within one year | 40/41 | €1,003 | €0 | -€1,003 | -100% |
| Trade receivables | 40 | €1,003 | €0 | -€1,003 | -100% |
| Current investments | 50/53 | €204,000 | €304,000 | +€100,000 | +49.0% |
| Cash at bank and in hand | 54/58 | €170,858 | €120,404 | -€50,454 | -29.5% |
| Deferred charges and accrued income | 490/1 | €91,229 | €112,340 | +€21,111 | +23.1% |
| Total equity and liabilities | 10/49 | €547,286 | €563,014 | +€15,727 | +2.9% |
| Equity | 10/15 | €480,387 | €499,592 | +€19,205 | +4.0% |
| Contributions | 10/11 | €13,300 | €13,300 | = | 0.0% |
| Reserves | 13 | €467,087 | €486,292 | +€19,205 | +4.1% |
| Tax-exempt reserves | 132 | €11,805 | €11,805 | = | 0.0% |
| Distributable reserves | 133 | €455,282 | €474,487 | +€19,205 | +4.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €66,899 | €63,422 | -€3,478 | -5.2% |
| Amounts payable after more than one year | 17 | €25,262 | €13,183 | -€12,079 | -47.8% |
| Financial debts | 170/4 | €25,262 | €13,183 | -€12,079 | -47.8% |
| Amounts payable within one year | 42/48 | €41,638 | €50,239 | +€8,601 | +20.7% |
| Current portion of amounts payable after more than one year | 42 | €19,647 | €19,709 | +€62 | +0.3% |
| Trade debts | 44 | €3,378 | €2,015 | -€1,364 | -40.4% |
| Suppliers | 440/4 | €3,378 | €2,015 | -€1,364 | -40.4% |
| Taxes, remuneration and social security | 45 | €9,596 | €16,600 | +€7,004 | +73.0% |
| Taxes | 450/3 | €9,596 | €16,600 | +€7,004 | +73.0% |
| Other amounts payable | 47/48 | €9,017 | €11,915 | +€2,898 | +32.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,868 | €53,926 | -€1,942 | -3.5% |
| Other operating charges | 640/8 | €3,753 | €3,606 | -€147 | -3.9% |
| Gross operating margin | 9900 | €203,971 | €179,882 | -€24,089 | -11.8% |
| Operating profit (loss) | 9901 | €144,350 | €122,350 | -€22,000 | -15.2% |
| Financial income | 75/76B | €3,982 | €1,193 | -€2,789 | -70.0% |
| Recurring financial income | 75 | €3,982 | €1,193 | -€2,789 | -70.0% |
| Financial charges | 65/66B | €1,481 | €1,425 | -€55 | -3.7% |
| Recurring financial charges | 65 | €1,481 | €1,425 | -€55 | -3.7% |
| Profit (loss) for the period before taxes | 9903 | €146,852 | €122,118 | -€24,734 | -16.8% |
| Income taxes | 67/77 | €45,859 | €41,201 | -€4,658 | -10.2% |
| Profit (loss) for the period | 9904 | €100,993 | €80,917 | -€20,076 | -19.9% |
| Profit (loss) for the period to be appropriated | 9905 | €100,993 | €80,917 | -€20,076 | -19.9% |
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 31 October 2026 via checked.be.