L2 VERHAERT: what changed
L2 VERHAERT
Largest movements
- Receivables within one year -€5,791
down €5,791 (-70.1%), from €8,262 to €2,471
of which Other amounts receivable: -€3,741
- Tangible fixed assets -€3,807
down €3,807 (-4.4%), from €87,312 to €83,506
of which Furniture and vehicles: -€2,667
- Cash +€1,709
up €1,709 (+140%), from €1,219 to €2,928
mainly Depreciation (+€21,074) and Receivables within one year (+€5,791)
- Profit (loss) carried forward -€16,877
down €16,877 (-1,528%), from -€1,105 to -€17,981
- Debts after one year +€4,739
up €4,739 (+16.5%), from €28,684 to €33,423
- Current portion of long-term debt +€3,652
up €3,652 (+66.6%), from €5,486 to €9,138
- Trade debts +€1,504
up €1,504 (+14,920%), from €10 to €1,514
- Depreciation +€9,093
up €9,093 (+75.9%), from €11,982 to €21,074
- Gross operating margin -€6,124
down €6,124 (-43.9%), from €13,963 to €7,838
- Staff costs +€197
new in 2025: €197
- Financial charges +€188
up €188 (+9.1%), from €2,062 to €2,249
- Other operating charges +€170
up €170 (+16.6%), from €1,024 to €1,195
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 | €96,793 | €88,904 | -€7,889 | -8.2% |
| Fixed assets | 21/28 | €87,312 | €83,506 | -€3,807 | -4.4% |
| Tangible fixed assets | 22/27 | €87,312 | €83,506 | -€3,807 | -4.4% |
| Plant, machinery and equipment | 23 | €26,121 | €27,593 | +€1,471 | +5.6% |
| Furniture and vehicles | 24 | €44,359 | €41,692 | -€2,667 | -6.0% |
| Leasing and similar rights | 25 | €16,832 | €14,220 | -€2,611 | -15.5% |
| Current assets | 29/58 | €9,481 | €5,399 | -€4,082 | -43.1% |
| Amounts receivable within one year | 40/41 | €8,262 | €2,471 | -€5,791 | -70.1% |
| Trade receivables | 40 | €3,200 | €1,150 | -€2,050 | -64.1% |
| Other amounts receivable | 41 | €5,062 | €1,321 | -€3,741 | -73.9% |
| Cash at bank and in hand | 54/58 | €1,219 | €2,928 | +€1,709 | +140% |
| Total equity and liabilities | 10/49 | €96,793 | €88,904 | -€7,889 | -8.2% |
| Equity | 10/15 | €895 | -€15,981 | -€16,877 | |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,105 | -€17,981 | -€16,877 | -1,528% |
| Amounts payable | 17/49 | €95,898 | €104,886 | +€8,988 | +9.4% |
| Amounts payable after more than one year | 17 | €28,684 | €33,423 | +€4,739 | +16.5% |
| Financial debts | 170/4 | €28,684 | €33,423 | +€4,739 | +16.5% |
| Amounts payable within one year | 42/48 | €67,214 | €71,462 | +€4,248 | +6.3% |
| Current portion of amounts payable after more than one year | 42 | €5,486 | €9,138 | +€3,652 | +66.6% |
| Trade debts | 44 | €10 | €1,514 | +€1,504 | +14,920% |
| Suppliers | 440/4 | €10 | €1,514 | +€1,504 | +14,920% |
| Other amounts payable | 47/48 | €61,718 | €60,811 | -€907 | -1.5% |
| Remuneration, social security and pensions | 62 | - | €197 | +€197 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,982 | €21,074 | +€9,093 | +75.9% |
| Other operating charges | 640/8 | €1,024 | €1,195 | +€170 | +16.6% |
| Gross operating margin | 9900 | €13,963 | €7,838 | -€6,124 | -43.9% |
| Operating profit (loss) | 9901 | €957 | -€14,627 | -€15,584 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €2,062 | €2,249 | +€188 | +9.1% |
| Recurring financial charges | 65 | €2,062 | €2,249 | +€188 | +9.1% |
| Profit (loss) for the period before taxes | 9903 | -€1,105 | -€16,877 | -€15,772 | -1,428% |
| Profit (loss) for the period | 9904 | -€1,105 | -€16,877 | -€15,772 | -1,428% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,105 | -€16,877 | -€15,772 | -1,428% |
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 7 November 2026 via checked.be.