LAURENT VERHELST: 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.
LAURENT VERHELST
Largest movements
- Tangible fixed assets +€885,556
up €885,556 (+42.3%), from €2.1m to €3.0m
of which Land and buildings: +€885,784
- Receivables within one year +€387,753
up €387,753 (+1,096%), from €35,375 to €423,128
of which Trade receivables: +€244,820
- Cash +€308,211
up €308,211 (+656%), from €47,008 to €355,220
mainly Net result for the year (+€634,059) and Debts after one year (+€487,441)
- Reserves +€607,401
up €607,401 (+65.1%), from €932,946 to €1.5m
- Debts after one year +€487,441
up €487,441 (+65.0%), from €749,711 to €1.2m
- Trade debts +€215,876
up €215,876 (+288%), from €75,016 to €290,892
- Tax, wage and social debts +€150,744
up €150,744 (+407%), from €37,022 to €187,766
- Current portion of long-term debt +€87,439
up €87,439 (+88.6%), from €98,745 to €186,184
- Financial income +€746,252
new in 2025: €746,252
- Taxes +€60,740
new in 2025: €60,740
- Financial charges +€17,732
up €17,732 (+65.8%), from €26,940 to €44,672
- Depreciation +€17,084
up €17,084 (+26.9%), from €63,555 to €80,639
- Gross operating margin +€10,745
up €10,745 (+12.3%), from €87,221 to €97,966
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 | €2,349,872 | €3,931,392 | +€1.6m | +67.3% |
| Fixed assets | 21/28 | €2,267,489 | €3,153,044 | +€885,556 | +39.1% |
| Tangible fixed assets | 22/27 | €2,093,963 | €2,979,519 | +€885,556 | +42.3% |
| Land and buildings | 22 | €2,093,734 | €2,979,519 | +€885,784 | +42.3% |
| Plant, machinery and equipment | 23 | €229 | €0 | -€229 | -100% |
| Financial fixed assets | 28 | €173,525 | €173,525 | = | 0.0% |
| Current assets | 29/58 | €82,383 | €778,348 | +€695,964 | +845% |
| Amounts receivable within one year | 40/41 | €35,375 | €423,128 | +€387,753 | +1,096% |
| Trade receivables | 40 | €3,725 | €248,545 | +€244,820 | +6,572% |
| Other amounts receivable | 41 | €31,650 | €174,583 | +€142,932 | +452% |
| Cash at bank and in hand | 54/58 | €47,008 | €355,220 | +€308,211 | +656% |
| Total equity and liabilities | 10/49 | €2,349,872 | €3,931,392 | +€1.6m | +67.3% |
| Equity | 10/15 | €1,384,887 | €2,018,947 | +€634,059 | +45.8% |
| Contributions | 10/11 | €478,600 | €478,600 | = | 0.0% |
| Reserves | 13 | €932,946 | €1,540,347 | +€607,401 | +65.1% |
| Distributable reserves | 133 | €932,946 | €1,540,347 | +€607,401 | +65.1% |
| Profit (loss) carried forward | 14 | -€26,659 | €0 | +€26,659 | |
| Amounts payable | 17/49 | €964,985 | €1,912,445 | +€947,461 | +98.2% |
| Amounts payable after more than one year | 17 | €749,711 | €1,237,151 | +€487,441 | +65.0% |
| Financial debts | 170/4 | €749,711 | €1,237,151 | +€487,441 | +65.0% |
| Amounts payable within one year | 42/48 | €215,274 | €675,294 | +€460,020 | +214% |
| Current portion of amounts payable after more than one year | 42 | €98,745 | €186,184 | +€87,439 | +88.6% |
| Trade debts | 44 | €75,016 | €290,892 | +€215,876 | +288% |
| Suppliers | 440/4 | €75,016 | €290,892 | +€215,876 | +288% |
| Taxes, remuneration and social security | 45 | €37,022 | €187,766 | +€150,744 | +407% |
| Taxes | 450/3 | €37,022 | €187,766 | +€150,744 | +407% |
| Other amounts payable | 47/48 | €4,491 | €10,452 | +€5,960 | +133% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,555 | €80,639 | +€17,084 | +26.9% |
| Other operating charges | 640/8 | €23,385 | €24,108 | +€723 | +3.1% |
| Gross operating margin | 9900 | €87,221 | €97,966 | +€10,745 | +12.3% |
| Operating profit (loss) | 9901 | €281 | -€6,781 | -€7,062 | |
| Financial income | 75/76B | - | €746,252 | +€746,252 | |
| Recurring financial income | 75 | - | €746,252 | +€746,252 | |
| Financial charges | 65/66B | €26,940 | €44,672 | +€17,732 | +65.8% |
| Recurring financial charges | 65 | €26,940 | €44,672 | +€17,732 | +65.8% |
| Profit (loss) for the period before taxes | 9903 | -€26,659 | €694,799 | +€721,458 | |
| Income taxes | 67/77 | - | €60,740 | +€60,740 | |
| Profit (loss) for the period | 9904 | -€26,659 | €634,059 | +€660,718 | |
| Profit (loss) for the period to be appropriated | 9905 | -€26,659 | €634,059 | +€660,718 |
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 25 October 2026 via checked.be.