KEVIN VERELST: 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.
KEVIN VERELST
Largest movements
- Receivables within one year -€19,912
down €19,912 (-61.8%), from €32,209 to €12,297
of which Trade receivables: -€20,622
- Cash +€9,299
up €9,299 (+23.0%), from €40,442 to €49,741
mainly Net result for the year (+€30,000) and Receivables within one year (+€19,912)
- Tangible fixed assets -€3,471
down €3,471 (-19.2%), from €18,089 to €14,618
of which Other tangible fixed assets: -€1,902
- Tax, wage and social debts -€11,741
down €11,741 (-67.1%), from €17,491 to €5,750
of which Taxes: -€11,218
- Other debts -€3,097
down €3,097 (-5.6%), from €55,705 to €52,607
- Gross operating margin -€25,976
down €25,976 (-37.8%), from €68,716 to €42,740
- Taxes -€11,128
down €11,128 (-72.3%), from €15,402 to €4,274
- Depreciation -€2,578
down €2,578 (-28.5%), from €9,033 to €6,455
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 | €94,267 | €80,245 | -€14,022 | -14.9% |
| Fixed assets | 21/28 | €20,135 | €16,664 | -€3,471 | -17.2% |
| Tangible fixed assets | 22/27 | €18,089 | €14,618 | -€3,471 | -19.2% |
| Furniture and vehicles | 24 | €8,631 | €7,062 | -€1,569 | -18.2% |
| Other tangible fixed assets | 26 | €9,458 | €7,556 | -€1,902 | -20.1% |
| Financial fixed assets | 28 | €2,046 | €2,046 | = | 0.0% |
| Current assets | 29/58 | €74,132 | €63,581 | -€10,551 | -14.2% |
| Amounts receivable within one year | 40/41 | €32,209 | €12,297 | -€19,912 | -61.8% |
| Trade receivables | 40 | €32,019 | €11,398 | -€20,622 | -64.4% |
| Other amounts receivable | 41 | €190 | €899 | +€710 | +374% |
| Cash at bank and in hand | 54/58 | €40,442 | €49,741 | +€9,299 | +23.0% |
| Deferred charges and accrued income | 490/1 | €1,481 | €1,543 | +€62 | +4.2% |
| Total equity and liabilities | 10/49 | €94,267 | €80,245 | -€14,022 | -14.9% |
| Equity | 10/15 | €20,405 | €20,405 | = | 0.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €73,862 | €59,840 | -€14,022 | -19.0% |
| Amounts payable within one year | 42/48 | €73,862 | €59,840 | -€14,022 | -19.0% |
| Financial debts | 43 | €190 | €121 | -€69 | -36.2% |
| Credit institutions | 430/8 | €190 | €121 | -€69 | -36.2% |
| Trade debts | 44 | €476 | €1,362 | +€886 | +186% |
| Suppliers | 440/4 | €476 | €1,362 | +€886 | +186% |
| Taxes, remuneration and social security | 45 | €17,491 | €5,750 | -€11,741 | -67.1% |
| Taxes | 450/3 | €16,968 | €5,750 | -€11,218 | -66.1% |
| Remuneration and social security | 454/9 | €523 | €0 | -€523 | -100% |
| Other amounts payable | 47/48 | €55,705 | €52,607 | -€3,097 | -5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,033 | €6,455 | -€2,578 | -28.5% |
| Other operating charges | 640/8 | €694 | €1,236 | +€542 | +78.2% |
| Gross operating margin | 9900 | €68,716 | €42,740 | -€25,976 | -37.8% |
| Operating profit (loss) | 9901 | €58,990 | €35,050 | -€23,940 | -40.6% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €478 | €776 | +€297 | +62.2% |
| Recurring financial charges | 65 | €478 | €776 | +€297 | +62.2% |
| Profit (loss) for the period before taxes | 9903 | €58,512 | €34,274 | -€24,238 | -41.4% |
| Income taxes | 67/77 | €15,402 | €4,274 | -€11,128 | -72.3% |
| Profit (loss) for the period | 9904 | €43,110 | €30,000 | -€13,110 | -30.4% |
| Profit (loss) for the period to be appropriated | 9905 | €43,110 | €30,000 | -€13,110 | -30.4% |
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 28 October 2026 via checked.be.