Emmanuel Verhavert: 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.
Emmanuel Verhavert
Largest movements
- Receivables within one year +€15,220
up €15,220 (+337%), from €4,514 to €19,734
of which Trade receivables: +€13,499
- Tangible fixed assets -€14,838
down €14,838 (-23.1%), from €64,173 to €49,335
of which Furniture and vehicles: -€11,891
- Stocks and contracts -€8,101
down €8,101 (-38.8%), from €20,868 to €12,766
of which Contracts in progress: -€11,332
- Cash -€2,546
down €2,546 (-17.2%), from €14,841 to €12,296
mainly Receivables within one year (-€15,220) and Debts after one year (-€12,178)
- Deferred charges and accrued income -€1,472
down €1,472 (-31.7%), from €4,646 to €3,174
- Debts after one year -€12,178
down €12,178 (-31.3%), from €38,871 to €26,693
- Accrued charges and deferred income +€4,602
up €4,602, from €0 to €4,602
- Trade debts -€4,410
down €4,410 (-64.1%), from €6,878 to €2,468
- Other debts -€3,829
down €3,829 (-21.9%), from €17,522 to €13,693
- Profit (loss) carried forward +€3,386
up €3,386 (+14.2%), from €23,817 to €27,202
- Staff costs -€30,976
down €30,976 (-99.5%), from €31,125 to €149
- Gross operating margin -€27,247
down €27,247 (-49.2%), from €55,324 to €28,077
- Taxes +€2,361
up €2,361 (+350%), from €674 to €3,035
- Depreciation -€2,128
down €2,128 (-10.9%), from €19,579 to €17,451
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 | €109,042 | €97,305 | -€11,737 | -10.8% |
| Fixed assets | 21/28 | €64,173 | €49,335 | -€14,838 | -23.1% |
| Tangible fixed assets | 22/27 | €64,173 | €49,335 | -€14,838 | -23.1% |
| Plant, machinery and equipment | 23 | €14,249 | €11,824 | -€2,425 | -17.0% |
| Furniture and vehicles | 24 | €43,646 | €31,756 | -€11,891 | -27.2% |
| Other tangible fixed assets | 26 | €6,278 | €5,755 | -€522 | -8.3% |
| Current assets | 29/58 | €44,869 | €47,970 | +€3,101 | +6.9% |
| Stocks and contracts in progress | 3 | €20,868 | €12,766 | -€8,101 | -38.8% |
| Stocks | 30/36 | €2,785 | €6,016 | +€3,231 | +116% |
| Contracts in progress | 37 | €18,083 | €6,750 | -€11,332 | -62.7% |
| Amounts receivable within one year | 40/41 | €4,514 | €19,734 | +€15,220 | +337% |
| Trade receivables | 40 | €4,247 | €17,746 | +€13,499 | +318% |
| Other amounts receivable | 41 | €267 | €1,989 | +€1,722 | +645% |
| Cash at bank and in hand | 54/58 | €14,841 | €12,296 | -€2,546 | -17.2% |
| Deferred charges and accrued income | 490/1 | €4,646 | €3,174 | -€1,472 | -31.7% |
| Total equity and liabilities | 10/49 | €109,042 | €97,305 | -€11,737 | -10.8% |
| Equity | 10/15 | €28,817 | €32,202 | +€3,386 | +11.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,817 | €27,202 | +€3,386 | +14.2% |
| Amounts payable | 17/49 | €80,225 | €65,102 | -€15,123 | -18.9% |
| Amounts payable after more than one year | 17 | €38,871 | €26,693 | -€12,178 | -31.3% |
| Financial debts | 170/4 | €38,871 | €26,693 | -€12,178 | -31.3% |
| Amounts payable within one year | 42/48 | €41,354 | €33,808 | -€7,547 | -18.2% |
| Current portion of amounts payable after more than one year | 42 | €12,456 | €12,178 | -€278 | -2.2% |
| Trade debts | 44 | €6,878 | €2,468 | -€4,410 | -64.1% |
| Suppliers | 440/4 | €6,878 | €2,468 | -€4,410 | -64.1% |
| Taxes, remuneration and social security | 45 | €4,498 | €5,468 | +€970 | +21.6% |
| Taxes | 450/3 | €4,498 | €5,468 | +€970 | +21.6% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €17,522 | €13,693 | -€3,829 | -21.9% |
| Accrued charges and deferred income | 492/3 | €0 | €4,602 | +€4,602 | |
| Remuneration, social security and pensions | 62 | €31,125 | €149 | -€30,976 | -99.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,579 | €17,451 | -€2,128 | -10.9% |
| Other operating charges | 640/8 | €1,401 | €1,150 | -€250 | -17.9% |
| Gross operating margin | 9900 | €55,324 | €28,077 | -€27,247 | -49.2% |
| Operating profit (loss) | 9901 | €3,219 | €9,327 | +€6,108 | +190% |
| Financial income | 75/76B | €47 | €3 | -€44 | -94.5% |
| Recurring financial income | 75 | €47 | €3 | -€44 | -94.5% |
| Financial charges | 65/66B | €2,140 | €2,076 | -€64 | -3.0% |
| Recurring financial charges | 65 | €2,140 | €2,076 | -€64 | -3.0% |
| Profit (loss) for the period before taxes | 9903 | €1,125 | €7,254 | +€6,128 | +545% |
| Income taxes | 67/77 | €674 | €3,035 | +€2,361 | +350% |
| Profit (loss) for the period | 9904 | €451 | €4,219 | +€3,768 | +835% |
| Profit (loss) for the period to be appropriated | 9905 | €451 | €4,219 | +€3,768 | +835% |
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 22 October 2026 via checked.be.