Jef Verhaegen: what changed
Jef Verhaegen
Largest movements
- Tangible fixed assets +€35,295
up €35,295 (+1,154%), from €3,058 to €38,353
of which Furniture and vehicles: +€36,690
- Receivables within one year +€13,883
up €13,883 (+93.8%), from €14,798 to €28,680
of which Trade receivables: +€7,019
- Stocks and contracts -€11,500
down €11,500 (-100%), from €11,500 to €0
- Cash -€2,928
down €2,928 (-3.7%), from €78,255 to €75,326
mainly Investment in fixed assets (net) (-€39,256) and Receivables within one year (-€13,883)
- Reserves +€40,131
up €40,131 (+66.1%), from €60,746 to €100,877
- Debts after one year -€11,000
down €11,000 (-22.4%), from €49,000 to €38,000
- Tax, wage and social debts +€3,191
up €3,191 (+318%), from €1,004 to €4,195
- Gross operating margin +€23,291
up €23,291 (+69.7%), from €33,436 to €56,727
- Taxes +€4,516
up €4,516 (+73.1%), from €6,175 to €10,691
- Depreciation -€788
down €788 (-13.7%), from €5,750 to €4,962
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €117,342 | €150,674 | +€33,332 | +28.4% |
| Fixed assets | 21/28 | €10,702 | €44,997 | +€34,295 | +320% |
| Intangible fixed assets | 21 | €7,644 | €6,644 | -€1,000 | -13.1% |
| Tangible fixed assets | 22/27 | €3,058 | €38,353 | +€35,295 | +1,154% |
| Plant, machinery and equipment | 23 | €1,395 | €0 | -€1,395 | -100% |
| Furniture and vehicles | 24 | €1,663 | €38,353 | +€36,690 | +2,206% |
| Current assets | 29/58 | €106,640 | €105,678 | -€962 | -0.9% |
| Stocks and contracts in progress | 3 | €11,500 | €0 | -€11,500 | -100% |
| Contracts in progress | 37 | €11,500 | €0 | -€11,500 | -100% |
| Amounts receivable within one year | 40/41 | €14,798 | €28,680 | +€13,883 | +93.8% |
| Trade receivables | 40 | €11,306 | €18,325 | +€7,019 | +62.1% |
| Other amounts receivable | 41 | €3,492 | €10,356 | +€6,863 | +197% |
| Cash at bank and in hand | 54/58 | €78,255 | €75,326 | -€2,928 | -3.7% |
| Deferred charges and accrued income | 490/1 | €2,087 | €1,671 | -€416 | -20.0% |
| Total equity and liabilities | 10/49 | €117,342 | €150,674 | +€33,332 | +28.4% |
| Equity | 10/15 | €65,746 | €105,877 | +€40,131 | +61.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €60,746 | €100,877 | +€40,131 | +66.1% |
| Distributable reserves | 133 | €60,746 | €100,877 | +€40,131 | +66.1% |
| Amounts payable | 17/49 | €51,596 | €44,797 | -€6,798 | -13.2% |
| Amounts payable after more than one year | 17 | €49,000 | €38,000 | -€11,000 | -22.4% |
| Other amounts payable | 178/9 | €49,000 | €38,000 | -€11,000 | -22.4% |
| Amounts payable within one year | 42/48 | €2,596 | €6,797 | +€4,202 | +162% |
| Trade debts | 44 | €1,334 | €1,952 | +€618 | +46.3% |
| Suppliers | 440/4 | €1,334 | €1,952 | +€618 | +46.3% |
| Taxes, remuneration and social security | 45 | €1,004 | €4,195 | +€3,191 | +318% |
| Taxes | 450/3 | €1,004 | €4,195 | +€3,191 | +318% |
| Other amounts payable | 47/48 | €258 | €651 | +€393 | +153% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,750 | €4,962 | -€788 | -13.7% |
| Other operating charges | 640/8 | €863 | €903 | +€40 | +4.6% |
| Gross operating margin | 9900 | €33,436 | €56,727 | +€23,291 | +69.7% |
| Operating profit (loss) | 9901 | €26,822 | €50,862 | +€24,040 | +89.6% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €74 | €40 | -€33 | -45.0% |
| Recurring financial charges | 65 | €74 | €40 | -€33 | -45.0% |
| Profit (loss) for the period before taxes | 9903 | €26,749 | €50,822 | +€24,073 | +90.0% |
| Income taxes | 67/77 | €6,175 | €10,691 | +€4,516 | +73.1% |
| Profit (loss) for the period | 9904 | €20,574 | €40,131 | +€19,557 | +95.1% |
| Profit (loss) for the period to be appropriated | 9905 | €20,574 | €40,131 | +€19,557 | +95.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.