FREDERIC 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.
FREDERIC VERHEYEN
Largest movements
- Current investments +€210,662
up €210,662 (+40.1%), from €525,452 to €736,113
- Cash +€87,450
up €87,450 (+20.4%), from €429,006 to €516,456
mainly Other debts (+€423,908) and Net result for the year (+€299,453)
- Other debts +€423,908
up €423,908 (+7128.7%), from €5,946 to €429,855
- Reserves -€175,406
down €175,406 (-16.6%), from €1.1m to €880,242
- Tax, wage and social debts +€21,003
up €21,003 (+17.3%), from €121,101 to €142,104
- Taxes -€25,252
down €25,252 (-21.0%), from €120,425 to €95,173
- Gross operating margin +€10,305
up €10,305 (+2.6%), from €396,084 to €406,389
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.
Cash bridge derived
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 | €1,202,644 | €1,469,135 | +€266,492 | +22.2% |
| Fixed assets | 21/28 | €230,421 | €216,562 | -€13,860 | -6.0% |
| Tangible fixed assets | 22/27 | €230,421 | €216,562 | -€13,860 | -6.0% |
| Land and buildings | 22 | €227,009 | €214,371 | -€12,639 | -5.6% |
| Plant, machinery and equipment | 23 | €412 | €275 | -€137 | -33.3% |
| Furniture and vehicles | 24 | €3,000 | €1,916 | -€1,084 | -36.1% |
| Current assets | 29/58 | €972,222 | €1,252,574 | +€280,351 | +28.8% |
| Amounts receivable within one year | 40/41 | €13,149 | €5 | -€13,144 | -100.0% |
| Trade receivables | 40 | €13,135 | €0 | -€13,135 | -100.0% |
| Other amounts receivable | 41 | €14 | €5 | -€9 | -65.9% |
| Current investments | 50/53 | €525,452 | €736,113 | +€210,662 | +40.1% |
| Cash at bank and in hand | 54/58 | €429,006 | €516,456 | +€87,450 | +20.4% |
| Deferred charges and accrued income | 490/1 | €4,616 | €0 | -€4,616 | -100.0% |
| Total equity and liabilities | 10/49 | €1,202,644 | €1,469,135 | +€266,492 | +22.2% |
| Equity | 10/15 | €1,070,648 | €895,242 | -€175,406 | -16.4% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €1,055,648 | €880,242 | -€175,406 | -16.6% |
| Distributable reserves | 133 | €1,055,648 | €880,242 | -€175,406 | -16.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €131,996 | €573,893 | +€441,897 | +334.8% |
| Amounts payable within one year | 42/48 | €129,938 | €573,893 | +€443,955 | +341.7% |
| Trade debts | 44 | €2,891 | €1,934 | -€956 | -33.1% |
| Suppliers | 440/4 | €2,891 | €1,934 | -€956 | -33.1% |
| Taxes, remuneration and social security | 45 | €121,101 | €142,104 | +€21,003 | +17.3% |
| Taxes | 450/3 | €121,101 | €142,104 | +€21,003 | +17.3% |
| Other amounts payable | 47/48 | €5,946 | €429,855 | +€423,908 | +7128.7% |
| Accrued charges and deferred income | 492/3 | €2,058 | €0 | -€2,058 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,860 | €13,860 | = | 0.0% |
| Other operating charges | 640/8 | €1,933 | €2,605 | +€672 | +34.8% |
| Gross operating margin | 9900 | €396,084 | €406,389 | +€10,305 | +2.6% |
| Operating profit (loss) | 9901 | €380,292 | €389,925 | +€9,633 | +2.5% |
| Financial income | 75/76B | €10,481 | €6,462 | -€4,019 | -38.3% |
| Recurring financial income | 75 | €10,481 | €6,462 | -€4,019 | -38.3% |
| Financial charges | 65/66B | €118 | €1,761 | +€1,643 | +1395.0% |
| Recurring financial charges | 65 | €118 | €1,761 | +€1,643 | +1395.0% |
| Profit (loss) for the period before taxes | 9903 | €390,655 | €394,626 | +€3,971 | +1.0% |
| Income taxes | 67/77 | €120,425 | €95,173 | -€25,252 | -21.0% |
| Profit (loss) for the period | 9904 | €270,230 | €299,453 | +€29,223 | +10.8% |
| Profit (loss) for the period to be appropriated | 9905 | €270,230 | €299,453 | +€29,223 | +10.8% |
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 11 October 2026 via checked.be.