ERIK 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.
ERIK VERHEYEN
Largest movements
- Cash +€50,502
up €50,502 (+422%), from €11,962 to €62,464
mainly Net result for the year (+€61,142) and Tax, wage and social debts (+€17,004)
- Current investments +€30,000
up €30,000 (+100%), from €30,000 to €60,000
- Receivables within one year -€13,061
down €13,061 (-100%), from €13,061 to €0
- Tangible fixed assets -€7,603
down €7,603 (-27.7%), from €27,451 to €19,848
of which Furniture and vehicles: -€7,344
- Reserves +€61,142
up €61,142 (+342%), from €17,870 to €79,012
- Other debts -€21,032
down €21,032 (-60.1%), from €35,000 to €13,968
- Tax, wage and social debts +€17,004
up €17,004 (+581%), from €2,926 to €19,930
- Gross operating margin +€79,552
up €79,552 (+536%), from €14,848 to €94,399
- Taxes +€23,888
up €23,888 (+619%), from €3,859 to €27,748
- Financial income -€8,618
down €8,618 (-64.3%), from €13,411 to €4,792
- Depreciation +€1,893
up €1,893 (+33.2%), from €5,709 to €7,603
- Other operating charges -€1,613
down €1,613 (-48.4%), from €3,334 to €1,722
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 | €85,702 | €145,115 | +€59,412 | +69.3% |
| Fixed assets | 21/28 | €30,051 | €22,448 | -€7,603 | -25.3% |
| Tangible fixed assets | 22/27 | €27,451 | €19,848 | -€7,603 | -27.7% |
| Furniture and vehicles | 24 | €25,504 | €18,160 | -€7,344 | -28.8% |
| Other tangible fixed assets | 26 | €1,946 | €1,688 | -€259 | -13.3% |
| Financial fixed assets | 28 | €2,600 | €2,600 | = | 0.0% |
| Current assets | 29/58 | €55,652 | €122,667 | +€67,015 | +120% |
| Amounts receivable within one year | 40/41 | €13,061 | €0 | -€13,061 | -100% |
| Other amounts receivable | 41 | €13,061 | €0 | -€13,061 | -100% |
| Current investments | 50/53 | €30,000 | €60,000 | +€30,000 | +100% |
| Cash at bank and in hand | 54/58 | €11,962 | €62,464 | +€50,502 | +422% |
| Deferred charges and accrued income | 490/1 | €629 | €202 | -€426 | -67.8% |
| Total equity and liabilities | 10/49 | €85,702 | €145,115 | +€59,412 | +69.3% |
| Equity | 10/15 | €43,883 | €105,025 | +€61,142 | +139% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €17,870 | €79,012 | +€61,142 | +342% |
| Distributable reserves | 133 | €17,870 | €79,012 | +€61,142 | +342% |
| Profit (loss) carried forward | 14 | €7,414 | €7,414 | = | 0.0% |
| Amounts payable | 17/49 | €41,819 | €40,089 | -€1,729 | -4.1% |
| Amounts payable within one year | 42/48 | €41,819 | €39,718 | -€2,100 | -5.0% |
| Financial debts | 43 | €2,647 | €3,144 | +€496 | +18.7% |
| Credit institutions | 430/8 | €2,647 | €3,144 | +€496 | +18.7% |
| Trade debts | 44 | €1,245 | €2,677 | +€1,431 | +115% |
| Suppliers | 440/4 | €1,245 | €2,677 | +€1,431 | +115% |
| Taxes, remuneration and social security | 45 | €2,926 | €19,930 | +€17,004 | +581% |
| Taxes | 450/3 | €2,926 | €19,930 | +€17,004 | +581% |
| Other amounts payable | 47/48 | €35,000 | €13,968 | -€21,032 | -60.1% |
| Accrued charges and deferred income | 492/3 | - | €371 | +€371 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,709 | €7,603 | +€1,893 | +33.2% |
| Other operating charges | 640/8 | €3,334 | €1,722 | -€1,613 | -48.4% |
| Gross operating margin | 9900 | €14,848 | €94,399 | +€79,552 | +536% |
| Operating profit (loss) | 9901 | €5,804 | €85,075 | +€79,271 | +1,366% |
| Financial income | 75/76B | €13,411 | €4,792 | -€8,618 | -64.3% |
| Recurring financial income | 75 | €13,411 | €4,792 | -€8,618 | -64.3% |
| Financial charges | 65/66B | €157 | €978 | +€821 | +524% |
| Recurring financial charges | 65 | €157 | €978 | +€821 | +524% |
| Profit (loss) for the period before taxes | 9903 | €19,058 | €88,890 | +€69,832 | +366% |
| Income taxes | 67/77 | €3,859 | €27,748 | +€23,888 | +619% |
| Profit (loss) for the period | 9904 | €15,199 | €61,142 | +€45,943 | +302% |
| Profit (loss) for the period to be appropriated | 9905 | €15,199 | €61,142 | +€45,943 | +302% |
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 30 October 2026 via checked.be.