MARC VERHOEVEN: 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.
MARC VERHOEVEN
Largest movements
- Tangible fixed assets -€62,300
down €62,300 (-29.6%), from €210,347 to €148,047
of which Plant, machinery and equipment: -€38,501
- Cash +€15,864
up €15,864 (+160%), from €9,931 to €25,795
mainly Depreciation (+€69,574) and Debts after one year (+€24,494)
- Receivables within one year -€7,196
down €7,196 (-23.1%), from €31,134 to €23,938
of which Trade receivables: -€7,196
- Profit (loss) carried forward -€45,555
down €45,555 (-338%), from -€13,459 to -€59,014
- Trade debts -€32,652
down €32,652 (-78.5%), from €41,592 to €8,939
- Debts after one year +€24,494
up €24,494 (+24.9%), from €98,479 to €122,973
- Gross operating margin -€48,454
down €48,454 (-64.4%), from €75,271 to €26,817
- Depreciation -€3,400
down €3,400 (-4.7%), from €72,975 to €69,574
- Other operating charges +€1,121
up €1,121 (+98.8%), from €1,134 to €2,255
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 | €253,238 | €198,889 | -€54,349 | -21.5% |
| Fixed assets | 21/28 | €210,347 | €148,047 | -€62,300 | -29.6% |
| Tangible fixed assets | 22/27 | €210,347 | €148,047 | -€62,300 | -29.6% |
| Plant, machinery and equipment | 23 | €148,060 | €109,558 | -€38,501 | -26.0% |
| Furniture and vehicles | 24 | €58,957 | €34,864 | -€24,093 | -40.9% |
| Other tangible fixed assets | 26 | €3,331 | €3,625 | +€294 | +8.8% |
| Current assets | 29/58 | €42,890 | €50,842 | +€7,952 | +18.5% |
| Amounts receivable within one year | 40/41 | €31,134 | €23,938 | -€7,196 | -23.1% |
| Trade receivables | 40 | €31,129 | €23,933 | -€7,196 | -23.1% |
| Other amounts receivable | 41 | €5 | €5 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €9,931 | €25,795 | +€15,864 | +160% |
| Deferred charges and accrued income | 490/1 | €1,825 | €1,109 | -€716 | -39.2% |
| Total equity and liabilities | 10/49 | €253,238 | €198,889 | -€54,349 | -21.5% |
| Equity | 10/15 | €102,820 | €57,264 | -€45,555 | -44.3% |
| Contributions | 10/11 | €83,000 | €83,000 | = | 0.0% |
| Reserves | 13 | €33,278 | €33,278 | = | 0.0% |
| Distributable reserves | 133 | €33,278 | €33,278 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€13,459 | -€59,014 | -€45,555 | -338% |
| Amounts payable | 17/49 | €150,418 | €141,625 | -€8,794 | -5.8% |
| Amounts payable after more than one year | 17 | €98,479 | €122,973 | +€24,494 | +24.9% |
| Financial debts | 170/4 | €98,479 | €122,973 | +€24,494 | +24.9% |
| Amounts payable within one year | 42/48 | €49,329 | €16,461 | -€32,868 | -66.6% |
| Trade debts | 44 | €41,592 | €8,939 | -€32,652 | -78.5% |
| Suppliers | 440/4 | €41,592 | €8,939 | -€32,652 | -78.5% |
| Taxes, remuneration and social security | 45 | €7,738 | €7,522 | -€216 | -2.8% |
| Taxes | 450/3 | €6,138 | €5,722 | -€416 | -6.8% |
| Remuneration and social security | 454/9 | €1,600 | €1,800 | +€200 | +12.5% |
| Accrued charges and deferred income | 492/3 | €2,610 | €2,190 | -€420 | -16.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,975 | €69,574 | -€3,400 | -4.7% |
| Other operating charges | 640/8 | €1,134 | €2,255 | +€1,121 | +98.8% |
| Non-recurring operating charges | 66A | - | €441 | +€441 | |
| Gross operating margin | 9900 | €75,271 | €26,817 | -€48,454 | -64.4% |
| Operating profit (loss) | 9901 | €1,162 | -€45,454 | -€46,615 | |
| Financial income | 75/76B | €327 | €122 | -€205 | -62.6% |
| Recurring financial income | 75 | €327 | €122 | -€205 | -62.6% |
| Financial charges | 65/66B | €59 | €52 | -€7 | -11.5% |
| Recurring financial charges | 65 | €59 | €52 | -€7 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | €1,430 | -€45,384 | -€46,813 | |
| Income taxes | 67/77 | €189 | €171 | -€18 | -9.3% |
| Profit (loss) for the period | 9904 | €1,241 | -€45,555 | -€46,796 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,241 | -€45,555 | -€46,796 |
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 15 October 2026 via checked.be.