G. 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.
G. VERHOEVEN
Largest movements
- Tangible fixed assets -€14,540
down €14,540 (-10.4%), from €140,195 to €125,655
of which Land and buildings: -€10,350
- Receivables within one year -€5,998
down €5,998 (-55.0%), from €10,902 to €4,904
of which Other amounts receivable: -€6,498
- Profit (loss) carried forward -€23,595
down €23,595 (-26.7%), from -€88,443 to -€112,037
- Gross operating margin -€10,510
down €10,510, from €7,179 to -€3,331
- Financial income -€1,584
down €1,584 (-72.9%), from €2,171 to €588
- Other operating charges -€400
down €400 (-10.9%), from €3,657 to €3,256
- Financial charges +€123
up €123 (+81.0%), from €151 to €274
- Depreciation +€77
up €77 (+0.4%), from €17,244 to €17,321
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 | €334,697 | €311,209 | -€23,488 | -7.0% |
| Fixed assets | 21/28 | €140,195 | €125,655 | -€14,540 | -10.4% |
| Tangible fixed assets | 22/27 | €140,195 | €125,655 | -€14,540 | -10.4% |
| Land and buildings | 22 | €125,195 | €114,844 | -€10,350 | -8.3% |
| Plant, machinery and equipment | 23 | €4,351 | €4,377 | +€26 | +0.6% |
| Furniture and vehicles | 24 | €10,650 | €6,434 | -€4,216 | -39.6% |
| Current assets | 29/58 | €194,502 | €185,554 | -€8,947 | -4.6% |
| Stocks and contracts in progress | 3 | €1,846 | €1,846 | = | 0.0% |
| Stocks | 30/36 | €1,846 | €1,846 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €10,902 | €4,904 | -€5,998 | -55.0% |
| Trade receivables | 40 | - | €500 | +€500 | |
| Other amounts receivable | 41 | €10,902 | €4,404 | -€6,498 | -59.6% |
| Cash at bank and in hand | 54/58 | €179,133 | €176,258 | -€2,875 | -1.6% |
| Deferred charges and accrued income | 490/1 | €2,620 | €2,546 | -€74 | -2.8% |
| Total equity and liabilities | 10/49 | €334,697 | €311,209 | -€23,488 | -7.0% |
| Equity | 10/15 | €333,659 | €310,064 | -€23,595 | -7.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €402,101 | €402,101 | = | 0.0% |
| Tax-exempt reserves | 132 | €23,269 | €23,269 | = | 0.0% |
| Distributable reserves | 133 | €378,832 | €378,832 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€88,443 | -€112,037 | -€23,595 | -26.7% |
| Amounts payable | 17/49 | €1,038 | €1,145 | +€107 | +10.3% |
| Amounts payable within one year | 42/48 | €1,038 | €1,145 | +€107 | +10.3% |
| Trade debts | 44 | €525 | €1,145 | +€620 | +118% |
| Suppliers | 440/4 | €525 | €1,145 | +€620 | +118% |
| Taxes, remuneration and social security | 45 | €513 | - | -€513 | |
| Taxes | 450/3 | €513 | - | -€513 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,244 | €17,321 | +€77 | +0.4% |
| Other operating charges | 640/8 | €3,657 | €3,256 | -€400 | -10.9% |
| Gross operating margin | 9900 | €7,179 | -€3,331 | -€10,510 | |
| Operating profit (loss) | 9901 | -€13,721 | -€23,908 | -€10,187 | -74.2% |
| Financial income | 75/76B | €2,171 | €588 | -€1,584 | -72.9% |
| Recurring financial income | 75 | €2,171 | €588 | -€1,584 | -72.9% |
| Financial charges | 65/66B | €151 | €274 | +€123 | +81.0% |
| Recurring financial charges | 65 | €151 | €274 | +€123 | +81.0% |
| Profit (loss) for the period before taxes | 9903 | -€11,701 | -€23,595 | -€11,893 | -102% |
| Profit (loss) for the period | 9904 | -€11,701 | -€23,595 | -€11,893 | -102% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,701 | -€23,595 | -€11,893 | -102% |
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 23 October 2026 via checked.be.