Harry 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.
Harry Verhoeven
Largest movements
- Receivables within one year +€40,011
up €40,011 (+119%), from €33,612 to €73,622
of which Trade receivables: +€39,471
- Current investments +€28,376
new in 2025: €28,376
- Cash -€27,587
down €27,587 (-59.2%), from €46,570 to €18,983
mainly Receivables within one year (-€40,011) and Current investments (-€28,376)
- Reserves +€36,307
up €36,307 (+56.1%), from €64,667 to €100,974
- Trade debts +€2,528
up €2,528 (+43.3%), from €5,835 to €8,362
- Gross operating margin +€80,585
up €80,585 (+240%), from €33,647 to €114,231
- Financial charges +€63,034
up €63,034 (+23,031%), from €274 to €63,307
- Taxes +€2,936
up €2,936 (+35.7%), from €8,235 to €11,171
- Other operating charges +€1,266
up €1,266 (+90.3%), from €1,402 to €2,667
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 | €84,691 | €124,390 | +€39,700 | +46.9% |
| Fixed assets | 21/28 | €2,403 | €1,925 | -€478 | -19.9% |
| Tangible fixed assets | 22/27 | €2,403 | €1,925 | -€478 | -19.9% |
| Furniture and vehicles | 24 | €2,403 | €1,925 | -€478 | -19.9% |
| Current assets | 29/58 | €82,288 | €122,465 | +€40,177 | +48.8% |
| Amounts receivable within one year | 40/41 | €33,612 | €73,622 | +€40,011 | +119% |
| Trade receivables | 40 | €31,883 | €71,353 | +€39,471 | +124% |
| Other amounts receivable | 41 | €1,729 | €2,269 | +€540 | +31.2% |
| Current investments | 50/53 | - | €28,376 | +€28,376 | |
| Cash at bank and in hand | 54/58 | €46,570 | €18,983 | -€27,587 | -59.2% |
| Deferred charges and accrued income | 490/1 | €2,107 | €1,485 | -€622 | -29.5% |
| Total equity and liabilities | 10/49 | €84,691 | €124,390 | +€39,700 | +46.9% |
| Equity | 10/15 | €69,667 | €105,974 | +€36,307 | +52.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €64,667 | €100,974 | +€36,307 | +56.1% |
| Distributable reserves | 133 | €64,667 | €100,974 | +€36,307 | +56.1% |
| Amounts payable | 17/49 | €15,024 | €18,416 | +€3,393 | +22.6% |
| Amounts payable within one year | 42/48 | €14,973 | €17,965 | +€2,992 | +20.0% |
| Trade debts | 44 | €5,835 | €8,362 | +€2,528 | +43.3% |
| Suppliers | 440/4 | €5,835 | €8,362 | +€2,528 | +43.3% |
| Taxes, remuneration and social security | 45 | €9,138 | €9,602 | +€464 | +5.1% |
| Taxes | 450/3 | €9,138 | €9,602 | +€464 | +5.1% |
| Accrued charges and deferred income | 492/3 | €51 | €452 | +€401 | +787% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €505 | €778 | +€273 | +54.1% |
| Other operating charges | 640/8 | €1,402 | €2,667 | +€1,266 | +90.3% |
| Gross operating margin | 9900 | €33,647 | €114,231 | +€80,585 | +240% |
| Operating profit (loss) | 9901 | €31,740 | €110,786 | +€79,046 | +249% |
| Financial income | 75/76B | €7 | - | -€7 | |
| Recurring financial income | 75 | €7 | - | -€7 | |
| Financial charges | 65/66B | €274 | €63,307 | +€63,034 | +23,031% |
| Recurring financial charges | 65 | €274 | €63,307 | +€63,034 | +23,031% |
| Profit (loss) for the period before taxes | 9903 | €31,473 | €47,478 | +€16,006 | +50.9% |
| Income taxes | 67/77 | €8,235 | €11,171 | +€2,936 | +35.7% |
| Profit (loss) for the period | 9904 | €23,238 | €36,307 | +€13,069 | +56.2% |
| Profit (loss) for the period to be appropriated | 9905 | €23,238 | €36,307 | +€13,069 | +56.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.