Inger Verhelst: 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.
Inger Verhelst
Largest movements
- Receivables after one year -€90,166
down €90,166 (-94.4%), from €95,509 to €5,343
- Receivables within one year +€84,486
up €84,486 (+26.3%), from €321,291 to €405,777
of which Other amounts receivable: +€49,056
- Current investments +€76,056
up €76,056 (+30.0%), from €253,375 to €329,431
- Cash +€48,549
up €48,549 (+161%), from €30,234 to €78,783
mainly Net result for the year (+€204,190) and Receivables after one year (+€90,166)
- Reserves +€204,190
up €204,190 (+34.7%), from €588,462 to €792,652
- Other debts -€94,912
no longer reported in 2025 (was €94,912)
- Tax, wage and social debts +€10,628
up €10,628 (+28.3%), from €37,516 to €48,145
- Gross operating margin -€35,098
down €35,098 (-10.6%), from €330,848 to €295,750
- Taxes -€6,815
down €6,815 (-7.0%), from €97,571 to €90,757
- Financial income -€6,471
down €6,471 (-45.8%), from €14,130 to €7,659
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 | €786,399 | €905,179 | +€118,780 | +15.1% |
| Fixed assets | 21/28 | €82,690 | €82,278 | -€412 | -0.5% |
| Tangible fixed assets | 22/27 | €45,114 | €44,703 | -€412 | -0.9% |
| Furniture and vehicles | 24 | €26,614 | €26,203 | -€412 | -1.5% |
| Other tangible fixed assets | 26 | €18,500 | €18,500 | = | 0.0% |
| Financial fixed assets | 28 | €37,576 | €37,576 | = | 0.0% |
| Current assets | 29/58 | €703,709 | €822,900 | +€119,192 | +16.9% |
| Amounts receivable after more than one year | 29 | €95,509 | €5,343 | -€90,166 | -94.4% |
| Trade receivables | 290 | €95,509 | €5,343 | -€90,166 | -94.4% |
| Amounts receivable within one year | 40/41 | €321,291 | €405,777 | +€84,486 | +26.3% |
| Trade receivables | 40 | €299,815 | €335,245 | +€35,429 | +11.8% |
| Other amounts receivable | 41 | €21,476 | €70,532 | +€49,056 | +228% |
| Current investments | 50/53 | €253,375 | €329,431 | +€76,056 | +30.0% |
| Cash at bank and in hand | 54/58 | €30,234 | €78,783 | +€48,549 | +161% |
| Deferred charges and accrued income | 490/1 | €3,300 | €3,567 | +€267 | +8.1% |
| Total equity and liabilities | 10/49 | €786,399 | €905,179 | +€118,780 | +15.1% |
| Equity | 10/15 | €607,062 | €811,252 | +€204,190 | +33.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €588,462 | €792,652 | +€204,190 | +34.7% |
| Distributable reserves | 133 | €588,462 | €792,652 | +€204,190 | +34.7% |
| Amounts payable | 17/49 | €179,337 | €93,927 | -€85,410 | -47.6% |
| Amounts payable within one year | 42/48 | €179,337 | €93,927 | -€85,410 | -47.6% |
| Current portion of amounts payable after more than one year | 42 | €45,213 | €36,820 | -€8,393 | -18.6% |
| Financial debts | 43 | €340 | €121 | -€219 | -64.4% |
| Credit institutions | 430/8 | €340 | €121 | -€219 | -64.4% |
| Trade debts | 44 | €1,355 | €8,841 | +€7,486 | +552% |
| Suppliers | 440/4 | €1,355 | €8,841 | +€7,486 | +552% |
| Taxes, remuneration and social security | 45 | €37,516 | €48,145 | +€10,628 | +28.3% |
| Taxes | 450/3 | €37,516 | €48,145 | +€10,628 | +28.3% |
| Other amounts payable | 47/48 | €94,912 | - | -€94,912 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,022 | €5,741 | +€718 | +14.3% |
| Other operating charges | 640/8 | €1,004 | €1,005 | +€1 | +0.1% |
| Gross operating margin | 9900 | €330,848 | €295,750 | -€35,098 | -10.6% |
| Operating profit (loss) | 9901 | €324,822 | €289,004 | -€35,818 | -11.0% |
| Financial income | 75/76B | €14,130 | €7,659 | -€6,471 | -45.8% |
| Recurring financial income | 75 | €14,130 | €7,659 | -€6,471 | -45.8% |
| Financial charges | 65/66B | €3,026 | €1,717 | -€1,310 | -43.3% |
| Recurring financial charges | 65 | €3,026 | €1,717 | -€1,310 | -43.3% |
| Profit (loss) for the period before taxes | 9903 | €335,926 | €294,947 | -€40,979 | -12.2% |
| Income taxes | 67/77 | €97,571 | €90,757 | -€6,815 | -7.0% |
| Profit (loss) for the period | 9904 | €238,354 | €204,190 | -€34,165 | -14.3% |
| Profit (loss) for the period to be appropriated | 9905 | €238,354 | €204,190 | -€34,165 | -14.3% |
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.