Johan Verhulpen: what changed
Johan Verhulpen
Largest movements
- Deferred charges and accrued income +€21,554
up €21,554 (+704%), from €3,063 to €24,617
- Cash -€21,261
down €21,261 (-27.3%), from €77,783 to €56,522
mainly Deferred charges and accrued income (-€21,554) and Other debts (-€21,421)
- Receivables within one year +€7,764
up €7,764 (+53.1%), from €14,632 to €22,396
of which Trade receivables: +€5,314
- Tangible fixed assets -€2,068
down €2,068 (-48.2%), from €4,289 to €2,221
of which Furniture and vehicles: -€1,634
- Reserves +€35,387
up €35,387 (+145%), from €24,360 to €59,747
- Other debts -€21,421
down €21,421 (-45.7%), from €46,871 to €25,450
- Tax, wage and social debts -€8,901
no longer reported in 2025 (was €8,901)
- Gross operating margin +€7,628
up €7,628 (+14.3%), from €53,357 to €60,985
- Other operating charges -€2,335
down €2,335 (-56.5%), from €4,132 to €1,796
- Taxes +€1,896
up €1,896 (+12.3%), from €15,431 to €17,327
- Depreciation -€903
down €903 (-30.4%), from €2,972 to €2,068
- Financial charges +€684
up €684 (+17.9%), from €3,818 to €4,502
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 | €99,768 | €105,756 | +€5,988 | +6.0% |
| Fixed assets | 21/28 | €4,289 | €2,221 | -€2,068 | -48.2% |
| Tangible fixed assets | 22/27 | €4,289 | €2,221 | -€2,068 | -48.2% |
| Plant, machinery and equipment | 23 | €434 | - | -€434 | |
| Furniture and vehicles | 24 | €3,855 | €2,221 | -€1,634 | -42.4% |
| Current assets | 29/58 | €95,478 | €103,535 | +€8,057 | +8.4% |
| Amounts receivable within one year | 40/41 | €14,632 | €22,396 | +€7,764 | +53.1% |
| Trade receivables | 40 | €11,805 | €17,119 | +€5,314 | +45.0% |
| Other amounts receivable | 41 | €2,827 | €5,277 | +€2,450 | +86.7% |
| Cash at bank and in hand | 54/58 | €77,783 | €56,522 | -€21,261 | -27.3% |
| Deferred charges and accrued income | 490/1 | €3,063 | €24,617 | +€21,554 | +704% |
| Total equity and liabilities | 10/49 | €99,768 | €105,756 | +€5,988 | +6.0% |
| Equity | 10/15 | €42,960 | €78,347 | +€35,387 | +82.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €24,360 | €59,747 | +€35,387 | +145% |
| Distributable reserves | 133 | €24,360 | €59,747 | +€35,387 | +145% |
| Amounts payable | 17/49 | €56,808 | €27,409 | -€29,398 | -51.8% |
| Amounts payable within one year | 42/48 | €56,749 | €26,605 | -€30,144 | -53.1% |
| Trade debts | 44 | €977 | €1,154 | +€177 | +18.1% |
| Suppliers | 440/4 | €977 | €1,154 | +€177 | +18.1% |
| Taxes, remuneration and social security | 45 | €8,901 | - | -€8,901 | |
| Taxes | 450/3 | €8,901 | - | -€8,901 | |
| Other amounts payable | 47/48 | €46,871 | €25,450 | -€21,421 | -45.7% |
| Accrued charges and deferred income | 492/3 | €58 | €804 | +€746 | +1,281% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,972 | €2,068 | -€903 | -30.4% |
| Other operating charges | 640/8 | €4,132 | €1,796 | -€2,335 | -56.5% |
| Gross operating margin | 9900 | €53,357 | €60,985 | +€7,628 | +14.3% |
| Operating profit (loss) | 9901 | €46,254 | €57,121 | +€10,867 | +23.5% |
| Financial income | 75/76B | €192 | €95 | -€97 | -50.6% |
| Recurring financial income | 75 | €192 | €95 | -€97 | -50.6% |
| Financial charges | 65/66B | €3,818 | €4,502 | +€684 | +17.9% |
| Recurring financial charges | 65 | €3,818 | €4,502 | +€684 | +17.9% |
| Profit (loss) for the period before taxes | 9903 | €42,628 | €52,713 | +€10,086 | +23.7% |
| Income taxes | 67/77 | €15,431 | €17,327 | +€1,896 | +12.3% |
| Profit (loss) for the period | 9904 | €27,197 | €35,387 | +€8,190 | +30.1% |
| Profit (loss) for the period to be appropriated | 9905 | €27,197 | €35,387 | +€8,190 | +30.1% |
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 2 November 2026 via checked.be.