FILIP VANHERPE: 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.
FILIP VANHERPE
Largest movements
- Receivables within one year +€206,106
up €206,106 (+371%), from €55,558 to €261,664
of which Other amounts receivable: +€176,537
- Tangible fixed assets -€30,299
down €30,299 (-3.9%), from €770,269 to €739,971
of which Land and buildings: -€21,925
- Reserves +€83,504
up €83,504 (+16.8%), from €497,972 to €581,476
- Trade debts +€71,302
up €71,302 (+338%), from €21,068 to €92,371
- Tax, wage and social debts +€11,987
up €11,987 (+77.2%), from €15,532 to €27,519
- Gross operating margin -€14,622
down €14,622 (-7.7%), from €189,927 to €175,305
- Financial charges -€6,487
down €6,487 (-44.7%), from €14,526 to €8,040
- Financial income +€3,376
up €3,376 (+263%), from €1,282 to €4,658
- Depreciation +€1,901
up €1,901 (+4.3%), from €44,577 to €46,478
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 | €838,387 | €1,017,967 | +€179,581 | +21.4% |
| Fixed assets | 21/28 | €770,269 | €739,971 | -€30,299 | -3.9% |
| Tangible fixed assets | 22/27 | €770,269 | €739,971 | -€30,299 | -3.9% |
| Land and buildings | 22 | €512,626 | €490,701 | -€21,925 | -4.3% |
| Plant, machinery and equipment | 23 | €699 | €370 | -€330 | -47.2% |
| Furniture and vehicles | 24 | €214,285 | €199,829 | -€14,456 | -6.7% |
| Other tangible fixed assets | 26 | €42,658 | €49,071 | +€6,413 | +15.0% |
| Current assets | 29/58 | €68,118 | €277,997 | +€209,879 | +308% |
| Amounts receivable within one year | 40/41 | €55,558 | €261,664 | +€206,106 | +371% |
| Trade receivables | 40 | €25,897 | €55,467 | +€29,569 | +114% |
| Other amounts receivable | 41 | €29,660 | €206,198 | +€176,537 | +595% |
| Cash at bank and in hand | 54/58 | €7,519 | €11,368 | +€3,849 | +51.2% |
| Deferred charges and accrued income | 490/1 | €5,041 | €4,965 | -€76 | -1.5% |
| Total equity and liabilities | 10/49 | €838,387 | €1,017,967 | +€179,581 | +21.4% |
| Equity | 10/15 | €531,076 | €614,580 | +€83,504 | +15.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €497,972 | €581,476 | +€83,504 | +16.8% |
| Distributable reserves | 133 | €497,972 | €581,476 | +€83,504 | +16.8% |
| Profit (loss) carried forward | 14 | €20,704 | €20,704 | = | 0.0% |
| Amounts payable | 17/49 | €307,311 | €403,388 | +€96,077 | +31.3% |
| Amounts payable within one year | 42/48 | €306,211 | €398,832 | +€92,621 | +30.2% |
| Financial debts | 43 | €267,328 | €275,356 | +€8,029 | +3.0% |
| Credit institutions | 430/8 | €267,328 | €275,356 | +€8,029 | +3.0% |
| Trade debts | 44 | €21,068 | €92,371 | +€71,302 | +338% |
| Suppliers | 440/4 | €21,068 | €92,371 | +€71,302 | +338% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €15,532 | €27,519 | +€11,987 | +77.2% |
| Taxes | 450/3 | €15,532 | €27,519 | +€11,987 | +77.2% |
| Other amounts payable | 47/48 | €2,283 | €3,586 | +€1,303 | +57.1% |
| Accrued charges and deferred income | 492/3 | €1,100 | €4,556 | +€3,456 | +314% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,577 | €46,478 | +€1,901 | +4.3% |
| Other operating charges | 640/8 | €4,775 | €6,591 | +€1,816 | +38.0% |
| Gross operating margin | 9900 | €189,927 | €175,305 | -€14,622 | -7.7% |
| Operating profit (loss) | 9901 | €140,575 | €122,236 | -€18,339 | -13.0% |
| Financial income | 75/76B | €1,282 | €4,658 | +€3,376 | +263% |
| Recurring financial income | 75 | €1,282 | €4,658 | +€3,376 | +263% |
| Financial charges | 65/66B | €14,526 | €8,040 | -€6,487 | -44.7% |
| Recurring financial charges | 65 | €14,526 | €8,040 | -€6,487 | -44.7% |
| Profit (loss) for the period before taxes | 9903 | €127,330 | €118,854 | -€8,476 | -6.7% |
| Income taxes | 67/77 | €37,200 | €35,350 | -€1,850 | -5.0% |
| Profit (loss) for the period | 9904 | €90,130 | €83,504 | -€6,626 | -7.4% |
| Profit (loss) for the period to be appropriated | 9905 | €90,130 | €83,504 | -€6,626 | -7.4% |
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 29 October 2026 via checked.be.