Johan Verhaegen: 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.
Johan Verhaegen
Largest movements
- Cash -€69,479
down €69,479 (-42.2%), from €164,689 to €95,210
mainly Net result for the year (-€36,563) and Investment in fixed assets (net) (-€13,268)
- Tangible fixed assets +€11,826
up €11,826 (+1,427%), from €829 to €12,654
- Receivables within one year +€8,930
up €8,930 (+1,429%), from €625 to €9,555
of which Trade receivables: +€8,537
- Reserves -€36,563
down €36,563 (-30.0%), from €121,765 to €85,202
- Tax, wage and social debts -€9,222
down €9,222 (-24.8%), from €37,227 to €28,005
- Gross operating margin -€156,993
down €156,993, from €125,991 to -€31,001
- Taxes -€26,995
down €26,995 (-99.3%), from €27,192 to €197
- Financial charges +€1,391
up €1,391 (+58.0%), from €2,396 to €3,787
- Depreciation +€1,281
up €1,281 (+791%), from €162 to €1,443
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 | €167,218 | €119,053 | -€48,164 | -28.8% |
| Fixed assets | 21/28 | €829 | €12,654 | +€11,826 | +1,427% |
| Tangible fixed assets | 22/27 | €829 | €12,654 | +€11,826 | +1,427% |
| Furniture and vehicles | 24 | €829 | €12,654 | +€11,826 | +1,427% |
| Current assets | 29/58 | €166,389 | €106,399 | -€59,990 | -36.1% |
| Amounts receivable within one year | 40/41 | €625 | €9,555 | +€8,930 | +1,429% |
| Trade receivables | 40 | €0 | €8,537 | +€8,537 | |
| Other amounts receivable | 41 | €625 | €1,018 | +€393 | +62.9% |
| Cash at bank and in hand | 54/58 | €164,689 | €95,210 | -€69,479 | -42.2% |
| Deferred charges and accrued income | 490/1 | €1,075 | €1,633 | +€559 | +52.0% |
| Total equity and liabilities | 10/49 | €167,218 | €119,053 | -€48,164 | -28.8% |
| Equity | 10/15 | €126,765 | €90,202 | -€36,563 | -28.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €121,765 | €85,202 | -€36,563 | -30.0% |
| Distributable reserves | 133 | €121,765 | €85,202 | -€36,563 | -30.0% |
| Amounts payable | 17/49 | €40,453 | €28,851 | -€11,602 | -28.7% |
| Amounts payable within one year | 42/48 | €40,453 | €28,851 | -€11,602 | -28.7% |
| Trade debts | 44 | €1,762 | €846 | -€916 | -52.0% |
| Suppliers | 440/4 | €1,762 | €846 | -€916 | -52.0% |
| Taxes, remuneration and social security | 45 | €37,227 | €28,005 | -€9,222 | -24.8% |
| Taxes | 450/3 | €37,227 | €28,005 | -€9,222 | -24.8% |
| Other amounts payable | 47/48 | €1,464 | €0 | -€1,464 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €162 | €1,443 | +€1,281 | +791% |
| Other operating charges | 640/8 | - | €196 | +€196 | |
| Gross operating margin | 9900 | €125,991 | -€31,001 | -€156,993 | |
| Operating profit (loss) | 9901 | €125,829 | -€32,640 | -€158,469 | |
| Financial income | 75/76B | - | €61 | +€61 | |
| Recurring financial income | 75 | - | €61 | +€61 | |
| Financial charges | 65/66B | €2,396 | €3,787 | +€1,391 | +58.0% |
| Recurring financial charges | 65 | €2,396 | €3,787 | +€1,391 | +58.0% |
| Profit (loss) for the period before taxes | 9903 | €123,434 | -€36,366 | -€159,799 | |
| Income taxes | 67/77 | €27,192 | €197 | -€26,995 | -99.3% |
| Profit (loss) for the period | 9904 | €96,241 | -€36,563 | -€132,804 | |
| Profit (loss) for the period to be appropriated | 9905 | €96,241 | -€36,563 | -€132,804 |
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 29 October 2026 via checked.be.