JAN VERHULST: 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.
JAN VERHULST
Largest movements
- Cash -€29,003
down €29,003 (-12.4%), from €233,939 to €204,937
mainly Other debts (-€34,460) and Investment in fixed assets (net) (-€22,790)
- Stocks and contracts +€8,434
up €8,434 (+166%), from €5,066 to €13,500
of which Contracts in progress: +€10,000
- Other debts -€34,460
down €34,460 (-96.7%), from €35,626 to €1,166
- Reserves +€8,381
up €8,381 (+1.7%), from €484,384 to €492,765
- Gross operating margin -€8,731
down €8,731 (-16.5%), from €53,046 to €44,315
- Staff costs -€6,683
down €6,683 (-86.6%), from €7,713 to €1,030
- Financial charges -€3,251
down €3,251 (-93.0%), from €3,497 to €246
- Financial income +€1,214
up €1,214 (+4,045,867%), from €0 to €1,214
- Depreciation -€1,185
down €1,185 (-4.3%), from €27,493 to €26,308
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 | €529,917 | €509,982 | -€19,935 | -3.8% |
| Fixed assets | 21/28 | €239,578 | €236,060 | -€3,518 | -1.5% |
| Tangible fixed assets | 22/27 | €236,578 | €233,060 | -€3,518 | -1.5% |
| Land and buildings | 22 | €209,096 | €221,335 | +€12,240 | +5.9% |
| Plant, machinery and equipment | 23 | €17,980 | €3,217 | -€14,763 | -82.1% |
| Furniture and vehicles | 24 | €4,977 | €5,602 | +€625 | +12.6% |
| Other tangible fixed assets | 26 | €4,525 | €2,905 | -€1,620 | -35.8% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €290,340 | €273,922 | -€16,418 | -5.7% |
| Stocks and contracts in progress | 3 | €5,066 | €13,500 | +€8,434 | +166% |
| Stocks | 30/36 | €5,066 | €3,500 | -€1,566 | -30.9% |
| Contracts in progress | 37 | - | €10,000 | +€10,000 | |
| Amounts receivable within one year | 40/41 | €48,681 | €52,794 | +€4,112 | +8.4% |
| Trade receivables | 40 | €47,129 | €49,078 | +€1,949 | +4.1% |
| Other amounts receivable | 41 | €1,552 | €3,715 | +€2,163 | +139% |
| Cash at bank and in hand | 54/58 | €233,939 | €204,937 | -€29,003 | -12.4% |
| Deferred charges and accrued income | 490/1 | €2,653 | €2,692 | +€39 | +1.5% |
| Total equity and liabilities | 10/49 | €529,917 | €509,982 | -€19,935 | -3.8% |
| Equity | 10/15 | €490,584 | €498,965 | +€8,381 | +1.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €484,384 | €492,765 | +€8,381 | +1.7% |
| Distributable reserves | 133 | €484,384 | €492,765 | +€8,381 | +1.7% |
| Amounts payable | 17/49 | €39,334 | €11,017 | -€28,316 | -72.0% |
| Amounts payable within one year | 42/48 | €39,034 | €11,017 | -€28,016 | -71.8% |
| Trade debts | 44 | €2,167 | €6,904 | +€4,737 | +219% |
| Suppliers | 440/4 | €2,167 | €6,904 | +€4,737 | +219% |
| Taxes, remuneration and social security | 45 | €1,241 | €2,947 | +€1,706 | +138% |
| Taxes | 450/3 | €1,241 | €2,947 | +€1,706 | +138% |
| Other amounts payable | 47/48 | €35,626 | €1,166 | -€34,460 | -96.7% |
| Accrued charges and deferred income | 492/3 | €300 | - | -€300 | |
| Remuneration, social security and pensions | 62 | €7,713 | €1,030 | -€6,683 | -86.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,493 | €26,308 | -€1,185 | -4.3% |
| Other operating charges | 640/8 | €1,941 | €2,683 | +€742 | +38.2% |
| Gross operating margin | 9900 | €53,046 | €44,315 | -€8,731 | -16.5% |
| Operating profit (loss) | 9901 | €15,898 | €14,294 | -€1,604 | -10.1% |
| Financial income | 75/76B | €0 | €1,214 | +€1,214 | +4,045,867% |
| Recurring financial income | 75 | €0 | €1,214 | +€1,214 | +4,045,867% |
| Financial charges | 65/66B | €3,497 | €246 | -€3,251 | -93.0% |
| Recurring financial charges | 65 | €3,497 | €246 | -€3,251 | -93.0% |
| Profit (loss) for the period before taxes | 9903 | €12,401 | €15,261 | +€2,861 | +23.1% |
| Income taxes | 67/77 | €4,245 | €5,214 | +€969 | +22.8% |
| Profit (loss) for the period | 9904 | €8,156 | €10,047 | +€1,891 | +23.2% |
| Profit (loss) for the period to be appropriated | 9905 | €8,156 | €10,047 | +€1,891 | +23.2% |
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 26 October 2026 via checked.be.