Laurence Verhaert: 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.
Laurence Verhaert
Largest movements
- Cash +€89,042
up €89,042 (+42.0%), from €212,115 to €301,156
mainly Other debts (+€86,019) and Net result for the year (+€56,263)
- Receivables within one year -€20,275
down €20,275 (-69.2%), from €29,316 to €9,040
of which Trade receivables: -€18,000
- Tangible fixed assets -€8,663
down €8,663 (-28.9%), from €30,022 to €21,360
- Other debts +€86,019
new in 2025: €86,019
- Reserves -€35,007
down €35,007 (-13.3%), from €263,397 to €228,390
- Tax, wage and social debts +€8,791
up €8,791 (+203%), from €4,334 to €13,125
of which Taxes: +€8,791
- Gross operating margin +€30,016
up €30,016 (+55.1%), from €54,427 to €84,443
- Taxes +€7,112
up €7,112 (+58.6%), from €12,127 to €19,239
- Other operating charges +€888
up €888 (+89.6%), from €991 to €1,878
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 | €271,452 | €331,556 | +€60,104 | +22.1% |
| Fixed assets | 21/28 | €30,022 | €21,360 | -€8,663 | -28.9% |
| Tangible fixed assets | 22/27 | €30,022 | €21,360 | -€8,663 | -28.9% |
| Furniture and vehicles | 24 | €30,022 | €21,360 | -€8,663 | -28.9% |
| Current assets | 29/58 | €241,430 | €310,196 | +€68,766 | +28.5% |
| Amounts receivable within one year | 40/41 | €29,316 | €9,040 | -€20,275 | -69.2% |
| Trade receivables | 40 | €18,000 | €0 | -€18,000 | -100% |
| Other amounts receivable | 41 | €11,316 | €9,040 | -€2,275 | -20.1% |
| Cash at bank and in hand | 54/58 | €212,115 | €301,156 | +€89,042 | +42.0% |
| Total equity and liabilities | 10/49 | €271,452 | €331,556 | +€60,104 | +22.1% |
| Equity | 10/15 | €265,897 | €230,890 | -€35,007 | -13.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €263,397 | €228,390 | -€35,007 | -13.3% |
| Distributable reserves | 133 | €263,397 | €228,390 | -€35,007 | -13.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €5,556 | €100,666 | +€95,110 | +1,712% |
| Amounts payable within one year | 42/48 | €4,888 | €99,998 | +€95,110 | +1,946% |
| Trade debts | 44 | €554 | €854 | +€301 | +54.3% |
| Suppliers | 440/4 | €554 | €854 | +€301 | +54.3% |
| Taxes, remuneration and social security | 45 | €4,334 | €13,125 | +€8,791 | +203% |
| Taxes | 450/3 | €3,334 | €12,125 | +€8,791 | +264% |
| Remuneration and social security | 454/9 | €1,000 | €1,000 | = | 0.0% |
| Other amounts payable | 47/48 | - | €86,019 | +€86,019 | |
| Accrued charges and deferred income | 492/3 | €668 | €668 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,663 | €8,663 | = | 0.0% |
| Other operating charges | 640/8 | €991 | €1,878 | +€888 | +89.6% |
| Gross operating margin | 9900 | €54,427 | €84,443 | +€30,016 | +55.1% |
| Operating profit (loss) | 9901 | €44,774 | €73,903 | +€29,129 | +65.1% |
| Financial income | 75/76B | €2,678 | €2,133 | -€544 | -20.3% |
| Recurring financial income | 75 | €2,678 | €2,133 | -€544 | -20.3% |
| Financial charges | 65/66B | €318 | €534 | +€216 | +67.9% |
| Recurring financial charges | 65 | €318 | €534 | +€216 | +67.9% |
| Profit (loss) for the period before taxes | 9903 | €47,134 | €75,502 | +€28,369 | +60.2% |
| Income taxes | 67/77 | €12,127 | €19,239 | +€7,112 | +58.6% |
| Profit (loss) for the period | 9904 | €35,007 | €56,263 | +€21,256 | +60.7% |
| Profit (loss) for the period to be appropriated | 9905 | €35,007 | €56,263 | +€21,256 | +60.7% |
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.