KEVIN VERVOORT: 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 VERVOORT
Largest movements
- Tangible fixed assets -€31,521
down €31,521 (-11.1%), from €282,788 to €251,267
of which Land and buildings: -€30,887
- Cash -€25,754
down €25,754 (-98.0%), from €26,293 to €539
mainly Contributions, distributions and other (-€33,000) and Debts after one year (-€32,380)
- Receivables within one year +€10,942
up €10,942 (+9.4%), from €116,514 to €127,456
of which Trade receivables: +€8,470
- Debts after one year -€32,380
down €32,380 (-25.1%), from €128,929 to €96,549
- Profit (loss) carried forward -€9,919
new in 2025: -€9,919
- Reserves -€7,213
down €7,213 (-3.7%), from €192,626 to €185,413
of which Tax-exempt reserves: -€7,213
- Turnover -€71,920
down €71,920 (-49.3%), from €145,883 to €73,963
- Purchases and services -€46,033
down €46,033 (-69.2%), from €66,522 to €20,489
- Gross operating margin -€25,887
down €25,887 (-28.3%), from €91,360 to €65,473
- Staff costs -€4,602
down €4,602 (-94.0%), from €4,896 to €294
- Financial charges -€2,052
down €2,052 (-16.6%), from €12,327 to €10,275
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 | €426,145 | €379,812 | -€46,333 | -10.9% |
| Fixed assets | 21/28 | €283,338 | €251,817 | -€31,521 | -11.1% |
| Tangible fixed assets | 22/27 | €282,788 | €251,267 | -€31,521 | -11.1% |
| Land and buildings | 22 | €280,780 | €249,893 | -€30,887 | -11.0% |
| Furniture and vehicles | 24 | €2,008 | €1,374 | -€634 | -31.6% |
| Financial fixed assets | 28 | €550 | €550 | = | 0.0% |
| Current assets | 29/58 | €142,807 | €127,995 | -€14,812 | -10.4% |
| Amounts receivable within one year | 40/41 | €116,514 | €127,456 | +€10,942 | +9.4% |
| Trade receivables | 40 | - | €8,470 | +€8,470 | |
| Other amounts receivable | 41 | €116,514 | €118,986 | +€2,472 | +2.1% |
| Cash at bank and in hand | 54/58 | €26,293 | €539 | -€25,754 | -98.0% |
| Total equity and liabilities | 10/49 | €426,145 | €379,812 | -€46,333 | -10.9% |
| Equity | 10/15 | €211,218 | €194,086 | -€17,132 | -8.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €192,626 | €185,413 | -€7,213 | -3.7% |
| Tax-exempt reserves | 132 | €36,072 | €28,859 | -€7,213 | -20.0% |
| Distributable reserves | 133 | €156,554 | €156,554 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€9,919 | -€9,919 | |
| Provisions and deferred taxes | 16 | €18,362 | €14,690 | -€3,672 | -20.0% |
| Deferred taxes | 168 | €18,362 | €14,690 | -€3,672 | -20.0% |
| Amounts payable | 17/49 | €196,565 | €171,036 | -€25,529 | -13.0% |
| Amounts payable after more than one year | 17 | €128,929 | €96,549 | -€32,380 | -25.1% |
| Financial debts | 170/4 | €128,929 | €96,549 | -€32,380 | -25.1% |
| Amounts payable within one year | 42/48 | €67,636 | €74,487 | +€6,851 | +10.1% |
| Current portion of amounts payable after more than one year | 42 | €30,926 | €34,071 | +€3,145 | +10.2% |
| Trade debts | 44 | €539 | €499 | -€40 | -7.4% |
| Suppliers | 440/4 | €539 | €499 | -€40 | -7.4% |
| Taxes, remuneration and social security | 45 | €6,171 | €6,917 | +€746 | +12.1% |
| Taxes | 450/3 | €6,171 | €6,917 | +€746 | +12.1% |
| Other amounts payable | 47/48 | €30,000 | €33,000 | +€3,000 | +10.0% |
| Turnover | 70 | €145,883 | €73,963 | -€71,920 | -49.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €66,522 | €20,489 | -€46,033 | -69.2% |
| Remuneration, social security and pensions | 62 | €4,896 | €294 | -€4,602 | -94.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,521 | €31,521 | = | 0.0% |
| Other operating charges | 640/8 | €4,140 | €2,580 | -€1,560 | -37.7% |
| Gross operating margin | 9900 | €91,360 | €65,473 | -€25,887 | -28.3% |
| Operating profit (loss) | 9901 | €50,803 | €31,078 | -€19,725 | -38.8% |
| Financial charges | 65/66B | €12,327 | €10,275 | -€2,052 | -16.6% |
| Recurring financial charges | 65 | €12,327 | €10,275 | -€2,052 | -16.6% |
| Profit (loss) for the period before taxes | 9903 | €38,476 | €20,803 | -€17,673 | -45.9% |
| Transfer from deferred taxes | 780 | €3,672 | €3,672 | = | 0.0% |
| Income taxes | 67/77 | €8,520 | €8,607 | +€87 | +1.0% |
| Profit (loss) for the period | 9904 | €33,628 | €15,868 | -€17,760 | -52.8% |
| Transfer from tax-exempt reserves | 789 | €7,213 | €7,213 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €40,841 | €23,081 | -€17,760 | -43.5% |
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 31 October 2026 via checked.be.