GUY VERHEGGEN: 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.
GUY VERHEGGEN
Largest movements
- Tangible fixed assets -€46,327
down €46,327 (-21.0%), from €220,757 to €174,430
of which Land and buildings: -€24,852
- Intangible fixed assets -€8,156
down €8,156 (-100%), from €8,156 to €0
- Formation expenses -€3,337
down €3,337 (-100%), from €3,337 to €0
- Stocks and contracts -€3,095
down €3,095 (-100%), from €3,095 to €0
- Debts after one year -€41,040
down €41,040 (-16.4%), from €250,984 to €209,944
of which Financial debts: -€41,040
- Trade debts -€26,963
down €26,963 (-31.5%), from €85,517 to €58,554
- Current portion of long-term debt -€24,361
down €24,361 (-55.8%), from €43,625 to €19,263
- Profit (loss) carried forward +€12,255
up €12,255 (+3.2%), from -€377,100 to -€364,845
- Other debts +€8,874
up €8,874 (+6.1%), from €144,563 to €153,437
- Gross operating margin +€129,204
up €129,204, from -€74,827 to €54,378
- Staff costs -€17,179
down €17,179, from €17,139 to -€39
- Other operating charges -€9,289
down €9,289 (-53.0%), from €17,528 to €8,239
- Depreciation -€7,957
down €7,957 (-24.3%), from €32,809 to €24,852
- Financial income +€4,269
up €4,269 (+32,791%), from €13 to €4,282
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 | €240,172 | €176,440 | -€63,732 | -26.5% |
| Formation expenses | 20 | €3,337 | €0 | -€3,337 | -100% |
| Fixed assets | 21/28 | €228,913 | €174,430 | -€54,483 | -23.8% |
| Intangible fixed assets | 21 | €8,156 | €0 | -€8,156 | -100% |
| Tangible fixed assets | 22/27 | €220,757 | €174,430 | -€46,327 | -21.0% |
| Land and buildings | 22 | €199,282 | €174,430 | -€24,852 | -12.5% |
| Plant, machinery and equipment | 23 | €21,475 | €0 | -€21,475 | -100% |
| Current assets | 29/58 | €7,922 | €2,010 | -€5,912 | -74.6% |
| Stocks and contracts in progress | 3 | €3,095 | €0 | -€3,095 | -100% |
| Stocks | 30/36 | €3,095 | €0 | -€3,095 | -100% |
| Amounts receivable within one year | 40/41 | €3,310 | €1,477 | -€1,832 | -55.4% |
| Trade receivables | 40 | €2,288 | €1,477 | -€810 | -35.4% |
| Other amounts receivable | 41 | €1,022 | €0 | -€1,022 | -100% |
| Cash at bank and in hand | 54/58 | €561 | €533 | -€29 | -5.1% |
| Deferred charges and accrued income | 490/1 | €956 | €0 | -€956 | -100% |
| Total equity and liabilities | 10/49 | €240,172 | €176,440 | -€63,732 | -26.5% |
| Equity | 10/15 | -€284,550 | -€272,295 | +€12,255 | +4.3% |
| Contributions | 10/11 | €92,550 | €92,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€377,100 | -€364,845 | +€12,255 | +3.2% |
| Amounts payable | 17/49 | €524,722 | €448,735 | -€75,988 | -14.5% |
| Amounts payable after more than one year | 17 | €250,984 | €209,944 | -€41,040 | -16.4% |
| Financial debts | 170/4 | €242,484 | €201,444 | -€41,040 | -16.9% |
| Other amounts payable | 178/9 | €8,500 | €8,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €273,738 | €238,791 | -€34,947 | -12.8% |
| Current portion of amounts payable after more than one year | 42 | €43,625 | €19,263 | -€24,361 | -55.8% |
| Trade debts | 44 | €85,517 | €58,554 | -€26,963 | -31.5% |
| Suppliers | 440/4 | €85,517 | €58,554 | -€26,963 | -31.5% |
| Taxes, remuneration and social security | 45 | €34 | €7,536 | +€7,502 | +22,216% |
| Taxes | 450/3 | €0 | €7,536 | +€7,536 | |
| Remuneration and social security | 454/9 | €34 | €0 | -€34 | -100% |
| Other amounts payable | 47/48 | €144,563 | €153,437 | +€8,874 | +6.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €1,108 | €18,612 | +€17,503 | +1,579% |
| Remuneration, social security and pensions | 62 | €17,139 | -€39 | -€17,179 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,809 | €24,852 | -€7,957 | -24.3% |
| Other operating charges | 640/8 | €17,528 | €8,239 | -€9,289 | -53.0% |
| Gross operating margin | 9900 | -€74,827 | €54,378 | +€129,204 | |
| Operating profit (loss) | 9901 | -€142,303 | €21,326 | +€163,628 | |
| Financial income | 75/76B | €13 | €4,282 | +€4,269 | +32,791% |
| Recurring financial income | 75 | €13 | €4,282 | +€4,269 | +32,791% |
| Financial charges | 65/66B | €15,377 | €13,353 | -€2,024 | -13.2% |
| Recurring financial charges | 65 | €15,377 | €13,353 | -€2,024 | -13.2% |
| Profit (loss) for the period before taxes | 9903 | -€157,667 | €12,255 | +€169,922 | |
| Profit (loss) for the period | 9904 | -€157,667 | €12,255 | +€169,922 | |
| Profit (loss) for the period to be appropriated | 9905 | -€157,667 | €12,255 | +€169,922 |
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 21 October 2026 via checked.be.