J.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.
J.Verheyen
Largest movements
- Current investments -€142,763
down €142,763 (-55.5%), from €257,152 to €114,389
- Cash +€124,302
up €124,302 (+363%), from €34,237 to €158,538
mainly Current investments (+€142,763) and Net result for the year (+€113,594)
- Receivables after one year +€50,000
new in 2025: €50,000
- Tangible fixed assets -€29,338
down €29,338 (-11.6%), from €252,609 to €223,271
of which Furniture and vehicles: -€22,874
- Reserves +€47,995
up €47,995 (+10.3%), from €465,993 to €513,988
of which Distributable reserves: +€47,995
- Current portion of long-term debt -€17,351
down €17,351 (-54.8%), from €31,678 to €14,327
- Debts after one year -€14,327
no longer reported in 2025 (was €14,327)
- Tax, wage and social debts -€12,566
down €12,566 (-65.0%), from €19,337 to €6,771
- Gross operating margin +€15,622
up €15,622 (+9.2%), from €169,346 to €184,969
- Depreciation +€13,739
up €13,739 (+77.2%), from €17,795 to €31,534
- Financial income +€6,973
up €6,973 (+103%), from €6,764 to €13,737
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 | €544,009 | €549,415 | +€5,406 | +1.0% |
| Fixed assets | 21/28 | €252,619 | €223,281 | -€29,338 | -11.6% |
| Tangible fixed assets | 22/27 | €252,609 | €223,271 | -€29,338 | -11.6% |
| Furniture and vehicles | 24 | €83,463 | €60,589 | -€22,874 | -27.4% |
| Other tangible fixed assets | 26 | €169,146 | €162,682 | -€6,464 | -3.8% |
| Financial fixed assets | 28 | €10 | €10 | = | 0.0% |
| Current assets | 29/58 | €291,390 | €326,134 | +€34,744 | +11.9% |
| Amounts receivable after more than one year | 29 | - | €50,000 | +€50,000 | |
| Other amounts receivable | 291 | - | €50,000 | +€50,000 | |
| Amounts receivable within one year | 40/41 | €2 | - | -€2 | |
| Other amounts receivable | 41 | €2 | - | -€2 | |
| Current investments | 50/53 | €257,152 | €114,389 | -€142,763 | -55.5% |
| Cash at bank and in hand | 54/58 | €34,237 | €158,538 | +€124,302 | +363% |
| Deferred charges and accrued income | 490/1 | - | €3,207 | +€3,207 | |
| Total equity and liabilities | 10/49 | €544,009 | €549,415 | +€5,406 | +1.0% |
| Equity | 10/15 | €478,393 | €526,388 | +€47,995 | +10.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €465,993 | €513,988 | +€47,995 | +10.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €464,133 | €512,128 | +€47,995 | +10.3% |
| Amounts payable | 17/49 | €65,616 | €23,027 | -€42,589 | -64.9% |
| Amounts payable after more than one year | 17 | €14,327 | - | -€14,327 | |
| Financial debts | 170/4 | €14,327 | - | -€14,327 | |
| Amounts payable within one year | 42/48 | €51,288 | €23,027 | -€28,261 | -55.1% |
| Current portion of amounts payable after more than one year | 42 | €31,678 | €14,327 | -€17,351 | -54.8% |
| Trade debts | 44 | €273 | €1,929 | +€1,656 | +607% |
| Suppliers | 440/4 | €273 | €1,929 | +€1,656 | +607% |
| Taxes, remuneration and social security | 45 | €19,337 | €6,771 | -€12,566 | -65.0% |
| Taxes | 450/3 | €19,337 | €6,771 | -€12,566 | -65.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,795 | €31,534 | +€13,739 | +77.2% |
| Other operating charges | 640/8 | €3,738 | €3,868 | +€130 | +3.5% |
| Gross operating margin | 9900 | €169,346 | €184,969 | +€15,622 | +9.2% |
| Operating profit (loss) | 9901 | €147,814 | €149,567 | +€1,753 | +1.2% |
| Financial income | 75/76B | €6,764 | €13,737 | +€6,973 | +103% |
| Recurring financial income | 75 | €6,764 | €13,737 | +€6,973 | +103% |
| Financial charges | 65/66B | €5,587 | €4,918 | -€669 | -12.0% |
| Recurring financial charges | 65 | €5,587 | €4,918 | -€669 | -12.0% |
| Profit (loss) for the period before taxes | 9903 | €148,991 | €158,387 | +€9,395 | +6.3% |
| Income taxes | 67/77 | €43,616 | €44,792 | +€1,176 | +2.7% |
| Profit (loss) for the period | 9904 | €105,375 | €113,594 | +€8,219 | +7.8% |
| Profit (loss) for the period to be appropriated | 9905 | €105,375 | €113,594 | +€8,219 | +7.8% |
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 18 October 2026 via checked.be.