Floris 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.
Floris Verhoeven
Largest movements
- Cash +€210,347
up €210,347 (+123%), from €171,248 to €381,595
mainly Net result for the year (+€119,044) and Receivables within one year (+€75,559)
- Receivables within one year -€75,559
down €75,559 (-37.2%), from €203,034 to €127,475
of which Trade receivables: -€76,740
- Tangible fixed assets +€68,876
up €68,876 (+29.7%), from €231,899 to €300,775
of which Furniture and vehicles: +€74,595
- Deferred charges and accrued income +€17,199
up €17,199 (+2,770%), from €621 to €17,820
- Reserves +€108,189
up €108,189 (+34.2%), from €316,098 to €424,287
- Current portion of long-term debt +€64,629
up €64,629 (+147%), from €43,821 to €108,450
- Tax, wage and social debts +€45,271
up €45,271 (+84.5%), from €53,551 to €98,822
of which Remuneration and social security: +€25,283
- Trade debts +€9,742
up €9,742 (+29.8%), from €32,715 to €42,457
- Staff costs +€115,105
up €115,105 (+65.0%), from €177,042 to €292,147
- Taxes -€39,592
down €39,592 (-41.8%), from €94,767 to €55,175
- Depreciation +€18,835
up €18,835 (+34.7%), from €54,307 to €73,142
- Gross operating margin +€14,849
up €14,849 (+2.8%), from €533,191 to €548,040
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 | €607,278 | €832,165 | +€224,887 | +37.0% |
| Fixed assets | 21/28 | €231,899 | €305,275 | +€73,376 | +31.6% |
| Tangible fixed assets | 22/27 | €231,899 | €300,775 | +€68,876 | +29.7% |
| Plant, machinery and equipment | 23 | €34,462 | €28,591 | -€5,871 | -17.0% |
| Furniture and vehicles | 24 | €176,078 | €250,673 | +€74,595 | +42.4% |
| Other tangible fixed assets | 26 | €21,359 | €21,511 | +€152 | +0.7% |
| Financial fixed assets | 28 | - | €4,500 | +€4,500 | |
| Current assets | 29/58 | €375,379 | €526,890 | +€151,511 | +40.4% |
| Stocks and contracts in progress | 3 | €476 | - | -€476 | |
| Stocks | 30/36 | €476 | - | -€476 | |
| Amounts receivable within one year | 40/41 | €203,034 | €127,475 | -€75,559 | -37.2% |
| Trade receivables | 40 | €181,214 | €104,474 | -€76,740 | -42.3% |
| Other amounts receivable | 41 | €21,820 | €23,000 | +€1,180 | +5.4% |
| Cash at bank and in hand | 54/58 | €171,248 | €381,595 | +€210,347 | +123% |
| Deferred charges and accrued income | 490/1 | €621 | €17,820 | +€17,199 | +2,770% |
| Total equity and liabilities | 10/49 | €607,278 | €832,165 | +€224,887 | +37.0% |
| Equity | 10/15 | €323,443 | €430,487 | +€107,044 | +33.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €316,098 | €424,287 | +€108,189 | +34.2% |
| Distributable reserves | 133 | €316,098 | €424,287 | +€108,189 | +34.2% |
| Profit (loss) carried forward | 14 | €1,145 | - | -€1,145 | |
| Amounts payable | 17/49 | €283,835 | €401,678 | +€117,843 | +41.5% |
| Amounts payable after more than one year | 17 | €142,998 | €139,230 | -€3,768 | -2.6% |
| Financial debts | 170/4 | €142,998 | €139,230 | -€3,768 | -2.6% |
| Amounts payable within one year | 42/48 | €140,837 | €261,728 | +€120,891 | +85.8% |
| Current portion of amounts payable after more than one year | 42 | €43,821 | €108,450 | +€64,629 | +147% |
| Trade debts | 44 | €32,715 | €42,457 | +€9,742 | +29.8% |
| Suppliers | 440/4 | €32,715 | €42,457 | +€9,742 | +29.8% |
| Taxes, remuneration and social security | 45 | €53,551 | €98,822 | +€45,271 | +84.5% |
| Taxes | 450/3 | €32,160 | €52,148 | +€19,988 | +62.2% |
| Remuneration and social security | 454/9 | €21,391 | €46,674 | +€25,283 | +118% |
| Other amounts payable | 47/48 | €10,750 | €12,000 | +€1,250 | +11.6% |
| Accrued charges and deferred income | 492/3 | - | €719 | +€719 | |
| Non-recurring operating income | 76A | - | €4,150 | +€4,150 | |
| Remuneration, social security and pensions | 62 | €177,042 | €292,147 | +€115,105 | +65.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,307 | €73,142 | +€18,835 | +34.7% |
| Other operating charges | 640/8 | €253 | €1,827 | +€1,574 | +622% |
| Gross operating margin | 9900 | €533,191 | €548,040 | +€14,849 | +2.8% |
| Operating profit (loss) | 9901 | €301,589 | €180,923 | -€120,666 | -40.0% |
| Financial income | 75/76B | €304 | - | -€304 | |
| Recurring financial income | 75 | €304 | - | -€304 | |
| Financial charges | 65/66B | €4,894 | €6,705 | +€1,811 | +37.0% |
| Recurring financial charges | 65 | €4,894 | €6,705 | +€1,811 | +37.0% |
| Profit (loss) for the period before taxes | 9903 | €296,999 | €174,219 | -€122,780 | -41.3% |
| Income taxes | 67/77 | €94,767 | €55,175 | -€39,592 | -41.8% |
| Profit (loss) for the period | 9904 | €202,232 | €119,044 | -€83,188 | -41.1% |
| Profit (loss) for the period to be appropriated | 9905 | €202,232 | €119,044 | -€83,188 | -41.1% |
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 25 October 2026 via checked.be.