DR. VERHULST SANDRA: 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. VERHULST SANDRA
Largest movements
- Receivables within one year -€24,777
down €24,777 (-19.2%), from €129,110 to €104,333
- Deferred charges and accrued income -€12,966
down €12,966 (-62.9%), from €20,597 to €7,632
- Cash -€4,926
down €4,926 (-3.1%), from €157,787 to €152,861
mainly Other debts (-€48,664) and Short-term financial debts (-€8,259)
- Other debts -€48,664
down €48,664 (-46.5%), from €104,659 to €55,995
- Short-term financial debts -€8,259
down €8,259 (-100%), from €8,259 to €0
- Profit (loss) carried forward +€8,069
up €8,069, from -€8,069 to €0
- Tax, wage and social debts -€5,508
down €5,508 (-100%), from €5,508 to €0
- Trade debts +€5,303
up €5,303 (+62.2%), from €8,525 to €13,828
- Gross operating margin +€22,626
up €22,626 (+7,499%), from €302 to €22,928
- Taxes +€5,691
up €5,691, from €0 to €5,691
- Other operating charges -€2,771
down €2,771 (-71.4%), from €3,882 to €1,112
- Financial income -€2,717
down €2,717 (-52.1%), from €5,220 to €2,503
- Financial charges -€1,289
down €1,289 (-13.3%), from €9,708 to €8,420
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 | €307,494 | €264,825 | -€42,669 | -13.9% |
| Current assets | 29/58 | €307,494 | €264,825 | -€42,669 | -13.9% |
| Amounts receivable within one year | 40/41 | €129,110 | €104,333 | -€24,777 | -19.2% |
| Other amounts receivable | 41 | €129,110 | €104,333 | -€24,777 | -19.2% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €157,787 | €152,861 | -€4,926 | -3.1% |
| Deferred charges and accrued income | 490/1 | €20,597 | €7,632 | -€12,966 | -62.9% |
| Total equity and liabilities | 10/49 | €307,494 | €264,825 | -€42,669 | -13.9% |
| Equity | 10/15 | €180,542 | €190,751 | +€10,209 | +5.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €170,011 | €172,151 | +€2,141 | +1.3% |
| Distributable reserves | 133 | €170,011 | €172,151 | +€2,141 | +1.3% |
| Profit (loss) carried forward | 14 | -€8,069 | €0 | +€8,069 | |
| Amounts payable | 17/49 | €126,952 | €74,074 | -€52,878 | -41.7% |
| Amounts payable within one year | 42/48 | €126,952 | €74,074 | -€52,878 | -41.7% |
| Current portion of amounts payable after more than one year | 42 | - | €4,250 | +€4,250 | |
| Financial debts | 43 | €8,259 | €0 | -€8,259 | -100% |
| Credit institutions | 430/8 | €8,259 | €0 | -€8,259 | -100% |
| Trade debts | 44 | €8,525 | €13,828 | +€5,303 | +62.2% |
| Suppliers | 440/4 | €8,525 | €13,828 | +€5,303 | +62.2% |
| Taxes, remuneration and social security | 45 | €5,508 | €0 | -€5,508 | -100% |
| Taxes | 450/3 | €5,508 | €0 | -€5,508 | -100% |
| Other amounts payable | 47/48 | €104,659 | €55,995 | -€48,664 | -46.5% |
| Other operating charges | 640/8 | €3,882 | €1,112 | -€2,771 | -71.4% |
| Gross operating margin | 9900 | €302 | €22,928 | +€22,626 | +7,499% |
| Operating profit (loss) | 9901 | -€3,581 | €21,816 | +€25,397 | |
| Financial income | 75/76B | €5,220 | €2,503 | -€2,717 | -52.1% |
| Recurring financial income | 75 | €5,220 | €2,503 | -€2,717 | -52.1% |
| Financial charges | 65/66B | €9,708 | €8,420 | -€1,289 | -13.3% |
| Recurring financial charges | 65 | €9,708 | €8,420 | -€1,289 | -13.3% |
| Profit (loss) for the period before taxes | 9903 | -€8,069 | €15,900 | +€23,968 | |
| Income taxes | 67/77 | €0 | €5,691 | +€5,691 | |
| Profit (loss) for the period | 9904 | -€8,069 | €10,209 | +€18,278 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,069 | €10,209 | +€18,278 |
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.