JOHAN VERWEE: 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 VERWEE
Largest movements
- Financial fixed assets +€232,552
new in 2026: €232,552
- Cash -€46,251
down €46,251 (-21.4%), from €216,410 to €170,159
mainly Investment in fixed assets (net) (-€277,371) and Contributions, distributions and other (-€48,190)
- Tangible fixed assets +€19,934
up €19,934 (+5.9%), from €337,894 to €357,828
of which Furniture and vehicles: +€43,054
- Receivables within one year +€18,886
up €18,886 (+97.8%), from €19,313 to €38,199
of which Trade receivables: +€19,394
- Debts after one year +€224,941
up €224,941 (+156%), from €144,167 to €369,108
- Other debts -€28,103
down €28,103 (-36.7%), from €76,647 to €48,543
- Reserves +€18,613
up €18,613 (+6.3%), from €296,500 to €315,113
- Gross operating margin +€28,154
up €28,154 (+26.2%), from €107,429 to €135,584
- Taxes +€11,380
up €11,380 (+51.8%), from €21,956 to €33,336
- Financial charges +€5,216
up €5,216 (+168%), from €3,109 to €8,325
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €579,033 | €804,127 | +€225,094 | +38.9% |
| Fixed assets | 21/28 | €337,894 | €590,379 | +€252,485 | +74.7% |
| Tangible fixed assets | 22/27 | €337,894 | €357,828 | +€19,934 | +5.9% |
| Land and buildings | 22 | €337,344 | €314,224 | -€23,120 | -6.9% |
| Furniture and vehicles | 24 | €550 | €43,604 | +€43,054 | +7,828% |
| Financial fixed assets | 28 | - | €232,552 | +€232,552 | |
| Current assets | 29/58 | €241,139 | €213,748 | -€27,391 | -11.4% |
| Amounts receivable within one year | 40/41 | €19,313 | €38,199 | +€18,886 | +97.8% |
| Trade receivables | 40 | €18,805 | €38,199 | +€19,394 | +103% |
| Other amounts receivable | 41 | €508 | €0 | -€508 | -100% |
| Cash at bank and in hand | 54/58 | €216,410 | €170,159 | -€46,251 | -21.4% |
| Deferred charges and accrued income | 490/1 | €5,416 | €5,389 | -€27 | -0.5% |
| Total equity and liabilities | 10/49 | €579,033 | €804,127 | +€225,094 | +38.9% |
| Equity | 10/15 | €315,100 | €333,713 | +€18,613 | +5.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €296,500 | €315,113 | +€18,613 | +6.3% |
| Distributable reserves | 133 | €296,500 | €315,113 | +€18,613 | +6.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €263,934 | €470,414 | +€206,481 | +78.2% |
| Amounts payable after more than one year | 17 | €144,167 | €369,108 | +€224,941 | +156% |
| Financial debts | 170/4 | €144,167 | €369,108 | +€224,941 | +156% |
| Amounts payable within one year | 42/48 | €117,956 | €94,049 | -€23,907 | -20.3% |
| Current portion of amounts payable after more than one year | 42 | €20,000 | €26,496 | +€6,496 | +32.5% |
| Trade debts | 44 | €2,306 | €734 | -€1,572 | -68.2% |
| Suppliers | 440/4 | €2,306 | €734 | -€1,572 | -68.2% |
| Taxes, remuneration and social security | 45 | €19,003 | €18,276 | -€727 | -3.8% |
| Taxes | 450/3 | €19,003 | €18,276 | -€727 | -3.8% |
| Other amounts payable | 47/48 | €76,647 | €48,543 | -€28,103 | -36.7% |
| Accrued charges and deferred income | 492/3 | €1,810 | €7,257 | +€5,447 | +301% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,672 | €24,885 | -€786 | -3.1% |
| Other operating charges | 640/8 | €2,909 | €2,902 | -€7 | -0.2% |
| Gross operating margin | 9900 | €107,429 | €135,584 | +€28,154 | +26.2% |
| Operating profit (loss) | 9901 | €78,849 | €107,796 | +€28,948 | +36.7% |
| Financial income | 75/76B | €752 | €669 | -€83 | -11.0% |
| Recurring financial income | 75 | €752 | €669 | -€83 | -11.0% |
| Financial charges | 65/66B | €3,109 | €8,325 | +€5,216 | +168% |
| Recurring financial charges | 65 | €3,109 | €8,325 | +€5,216 | +168% |
| Profit (loss) for the period before taxes | 9903 | €76,491 | €100,140 | +€23,649 | +30.9% |
| Income taxes | 67/77 | €21,956 | €33,336 | +€11,380 | +51.8% |
| Profit (loss) for the period | 9904 | €54,535 | €66,803 | +€12,269 | +22.5% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €54,535 | €66,803 | +€12,269 | +22.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.