MARK VERHULST: 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.
MARK VERHULST
Largest movements
- Receivables within one year -€9,797
down €9,797 (-24.8%), from €39,583 to €29,786
of which Other amounts receivable: -€8,274
- Cash +€6,170
up €6,170 (+546%), from €1,129 to €7,299
mainly Receivables within one year (+€9,797) and Net result for the year (+€8,434)
- Tangible fixed assets +€698
new in 2025: €698
- Reserves -€1,566
down €1,566 (-6.9%), from €22,860 to €21,294
of which Distributable reserves: -€1,566
- Tax, wage and social debts -€917
down €917 (-20.2%), from €4,541 to €3,624
- Gross operating margin -€3,706
down €3,706 (-22.3%), from €16,594 to €12,888
- Taxes -€917
down €917 (-20.2%), from €4,541 to €3,624
- Depreciation +€271
new in 2025: €271
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 | €41,160 | €38,363 | -€2,797 | -6.8% |
| Fixed assets | 21/28 | - | €698 | +€698 | |
| Tangible fixed assets | 22/27 | - | €698 | +€698 | |
| Furniture and vehicles | 24 | - | €698 | +€698 | |
| Current assets | 29/58 | €41,160 | €37,665 | -€3,495 | -8.5% |
| Amounts receivable within one year | 40/41 | €39,583 | €29,786 | -€9,797 | -24.8% |
| Trade receivables | 40 | €28,593 | €27,070 | -€1,523 | -5.3% |
| Other amounts receivable | 41 | €10,991 | €2,716 | -€8,274 | -75.3% |
| Cash at bank and in hand | 54/58 | €1,129 | €7,299 | +€6,170 | +546% |
| Deferred charges and accrued income | 490/1 | €448 | €580 | +€133 | +29.6% |
| Total equity and liabilities | 10/49 | €41,160 | €38,363 | -€2,797 | -6.8% |
| Equity | 10/15 | €35,260 | €33,694 | -€1,566 | -4.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Capital | 10 | €12,400 | €12,400 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €22,860 | €21,294 | -€1,566 | -6.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €21,000 | €19,434 | -€1,566 | -7.5% |
| Amounts payable | 17/49 | €5,900 | €4,669 | -€1,231 | -20.9% |
| Amounts payable within one year | 42/48 | €5,900 | €4,669 | -€1,231 | -20.9% |
| Trade debts | 44 | €1,359 | €1,045 | -€314 | -23.1% |
| Suppliers | 440/4 | €1,359 | €1,045 | -€314 | -23.1% |
| Taxes, remuneration and social security | 45 | €4,541 | €3,624 | -€917 | -20.2% |
| Taxes | 450/3 | €4,541 | €3,624 | -€917 | -20.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €271 | +€271 | |
| Other operating charges | 640/8 | €493 | €505 | +€12 | +2.4% |
| Gross operating margin | 9900 | €16,594 | €12,888 | -€3,706 | -22.3% |
| Operating profit (loss) | 9901 | €16,101 | €12,112 | -€3,989 | -24.8% |
| Financial charges | 65/66B | €50 | €54 | +€4 | +8.4% |
| Recurring financial charges | 65 | €50 | €54 | +€4 | +8.4% |
| Profit (loss) for the period before taxes | 9903 | €16,051 | €12,058 | -€3,993 | -24.9% |
| Income taxes | 67/77 | €4,541 | €3,624 | -€917 | -20.2% |
| Profit (loss) for the period | 9904 | €11,510 | €8,434 | -€3,076 | -26.7% |
| Profit (loss) for the period to be appropriated | 9905 | €11,510 | €8,434 | -€3,076 | -26.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.