Elene VERHOEVEN: 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.
Elene VERHOEVEN
Largest movements
- Tangible fixed assets +€39,486
up €39,486 (+466%), from €8,472 to €47,958
- Cash -€36,157
down €36,157 (-16.7%), from €216,277 to €180,120
mainly Contributions, distributions and other (-€135,000) and Investment in fixed assets (net) (-€43,277)
- Receivables within one year +€17,703
up €17,703 (+31.4%), from €56,291 to €73,994
of which Other amounts receivable: +€9,819
- Other debts +€110,036
up €110,036 (+305%), from €36,071 to €146,107
- Reserves -€99,500
down €99,500 (-51.1%), from €194,900 to €95,400
- Debts after one year +€33,579
new in 2025: €33,579
- Tax, wage and social debts -€24,742
down €24,742 (-76.9%), from €32,163 to €7,421
- Current portion of long-term debt +€7,743
new in 2025: €7,743
- Gross operating margin -€35,553
down €35,553 (-42.0%), from €84,690 to €49,137
- Taxes -€7,589
down €7,589 (-45.9%), from €16,520 to €8,931
- Depreciation -€2,777
down €2,777 (-42.3%), from €6,568 to €3,791
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 | €281,153 | €302,493 | +€21,341 | +7.6% |
| Fixed assets | 21/28 | €8,472 | €47,958 | +€39,486 | +466% |
| Tangible fixed assets | 22/27 | €8,472 | €47,958 | +€39,486 | +466% |
| Furniture and vehicles | 24 | €8,472 | €47,958 | +€39,486 | +466% |
| Current assets | 29/58 | €272,681 | €254,536 | -€18,145 | -6.7% |
| Amounts receivable within one year | 40/41 | €56,291 | €73,994 | +€17,703 | +31.4% |
| Trade receivables | 40 | €47,810 | €55,694 | +€7,884 | +16.5% |
| Other amounts receivable | 41 | €8,480 | €18,300 | +€9,819 | +116% |
| Cash at bank and in hand | 54/58 | €216,277 | €180,120 | -€36,157 | -16.7% |
| Deferred charges and accrued income | 490/1 | €114 | €422 | +€308 | +271% |
| Total equity and liabilities | 10/49 | €281,153 | €302,493 | +€21,341 | +7.6% |
| Equity | 10/15 | €203,465 | €102,923 | -€100,542 | -49.4% |
| Contributions | 10/11 | €3,982 | €3,982 | = | 0.0% |
| Reserves | 13 | €194,900 | €95,400 | -€99,500 | -51.1% |
| Distributable reserves | 133 | €194,900 | €95,400 | -€99,500 | -51.1% |
| Profit (loss) carried forward | 14 | €4,583 | €3,541 | -€1,042 | -22.7% |
| Amounts payable | 17/49 | €77,688 | €199,570 | +€121,883 | +157% |
| Amounts payable after more than one year | 17 | - | €33,579 | +€33,579 | |
| Financial debts | 170/4 | - | €33,579 | +€33,579 | |
| Amounts payable within one year | 42/48 | €77,688 | €165,592 | +€87,904 | +113% |
| Current portion of amounts payable after more than one year | 42 | - | €7,743 | +€7,743 | |
| Trade debts | 44 | €9,453 | €4,320 | -€5,134 | -54.3% |
| Suppliers | 440/4 | €9,453 | €4,320 | -€5,134 | -54.3% |
| Taxes, remuneration and social security | 45 | €32,163 | €7,421 | -€24,742 | -76.9% |
| Taxes | 450/3 | €32,163 | €7,421 | -€24,742 | -76.9% |
| Other amounts payable | 47/48 | €36,071 | €146,107 | +€110,036 | +305% |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Non-recurring operating income | 76A | - | €3,442 | +€3,442 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,568 | €3,791 | -€2,777 | -42.3% |
| Other operating charges | 640/8 | €583 | €1,173 | +€590 | +101% |
| Gross operating margin | 9900 | €84,690 | €49,137 | -€35,553 | -42.0% |
| Operating profit (loss) | 9901 | €77,538 | €44,173 | -€33,365 | -43.0% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €189 | €785 | +€595 | +314% |
| Recurring financial charges | 65 | €189 | €785 | +€595 | +314% |
| Profit (loss) for the period before taxes | 9903 | €77,349 | €43,389 | -€33,960 | -43.9% |
| Income taxes | 67/77 | €16,520 | €8,931 | -€7,589 | -45.9% |
| Profit (loss) for the period | 9904 | €60,829 | €34,458 | -€26,372 | -43.4% |
| Profit (loss) for the period to be appropriated | 9905 | €60,829 | €34,458 | -€26,372 | -43.4% |
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 27 October 2026 via checked.be.