NICO VERHAMME: 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.
NICO VERHAMME
Largest movements
- Tangible fixed assets -€219,437
down €219,437 (-5.5%), from €4.0m to €3.8m
of which Land and buildings: -€212,030
- Receivables within one year -€60,425
down €60,425 (-73.0%), from €82,782 to €22,357
of which Trade receivables: -€31,053
- Debts after one year -€395,368
down €395,368 (-15.3%), from €2.6m to €2.2m
- Other debts +€298,557
up €298,557 (+45.2%), from €660,870 to €959,427
- Reserves -€107,220
down €107,220 (-12.2%), from €877,537 to €770,317
of which Distributable reserves: -€59,809
- Profit (loss) carried forward -€64,743
down €64,743 (-42.9%), from -€150,884 to -€215,627
- Other operating charges -€112,844
down €112,844 (-86.7%), from €130,213 to €17,370
- Financial income +€88,760
up €88,760 (+35,343%), from €251 to €89,011
of which Non-recurring financial income: +€85,345
- Gross operating margin -€79,834
down €79,834 (-60.1%), from €132,816 to €52,982
- Financial charges +€63,182
up €63,182 (+67.6%), from €93,511 to €156,693
- Depreciation -€26,065
down €26,065 (-24.6%), from €106,017 to €79,951
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 | €4,133,833 | €3,833,838 | -€299,995 | -7.3% |
| Fixed assets | 21/28 | €3,985,151 | €3,765,714 | -€219,437 | -5.5% |
| Tangible fixed assets | 22/27 | €3,985,151 | €3,765,714 | -€219,437 | -5.5% |
| Land and buildings | 22 | €3,938,499 | €3,726,470 | -€212,030 | -5.4% |
| Furniture and vehicles | 24 | €46,652 | €39,245 | -€7,407 | -15.9% |
| Current assets | 29/58 | €148,681 | €68,123 | -€80,558 | -54.2% |
| Amounts receivable within one year | 40/41 | €82,782 | €22,357 | -€60,425 | -73.0% |
| Trade receivables | 40 | €52,833 | €21,780 | -€31,053 | -58.8% |
| Other amounts receivable | 41 | €29,949 | €577 | -€29,372 | -98.1% |
| Cash at bank and in hand | 54/58 | €65,900 | €45,766 | -€20,133 | -30.6% |
| Total equity and liabilities | 10/49 | €4,133,833 | €3,833,838 | -€299,995 | -7.3% |
| Equity | 10/15 | €745,253 | €573,290 | -€171,963 | -23.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €877,537 | €770,317 | -€107,220 | -12.2% |
| Tax-exempt reserves | 132 | €387,004 | €339,593 | -€47,411 | -12.3% |
| Distributable reserves | 133 | €490,533 | €430,724 | -€59,809 | -12.2% |
| Profit (loss) carried forward | 14 | -€150,884 | -€215,627 | -€64,743 | -42.9% |
| Amounts payable | 17/49 | €3,388,580 | €3,260,547 | -€128,033 | -3.8% |
| Amounts payable after more than one year | 17 | €2,586,702 | €2,191,334 | -€395,368 | -15.3% |
| Financial debts | 170/4 | €2,586,702 | €2,191,334 | -€395,368 | -15.3% |
| Amounts payable within one year | 42/48 | €800,938 | €1,068,013 | +€267,075 | +33.3% |
| Current portion of amounts payable after more than one year | 42 | €125,602 | €89,729 | -€35,873 | -28.6% |
| Financial debts | 43 | €434 | €139 | -€294 | -67.9% |
| Credit institutions | 430/8 | €434 | €139 | -€294 | -67.9% |
| Trade debts | 44 | €773 | €3,660 | +€2,887 | +373% |
| Suppliers | 440/4 | €773 | €3,660 | +€2,887 | +373% |
| Taxes, remuneration and social security | 45 | €13,258 | €15,057 | +€1,799 | +13.6% |
| Taxes | 450/3 | €13,258 | €15,057 | +€1,799 | +13.6% |
| Other amounts payable | 47/48 | €660,870 | €959,427 | +€298,557 | +45.2% |
| Accrued charges and deferred income | 492/3 | €941 | €1,200 | +€259 | +27.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €106,017 | €79,951 | -€26,065 | -24.6% |
| Other operating charges | 640/8 | €130,213 | €17,370 | -€112,844 | -86.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €132,816 | €52,982 | -€79,834 | -60.1% |
| Operating profit (loss) | 9901 | -€103,414 | -€44,339 | +€59,075 | +57.1% |
| Financial income | 75/76B | €251 | €89,011 | +€88,760 | +35,343% |
| Recurring financial income | 75 | €251 | €3,666 | +€3,415 | +1,360% |
| Non-recurring financial income | 76B | - | €85,345 | +€85,345 | |
| Financial charges | 65/66B | €93,511 | €156,693 | +€63,182 | +67.6% |
| Recurring financial charges | 65 | €93,511 | €156,693 | +€63,182 | +67.6% |
| Profit (loss) for the period before taxes | 9903 | -€196,674 | -€112,021 | +€84,653 | +43.0% |
| Income taxes | 67/77 | €195 | €132 | -€62 | -31.9% |
| Profit (loss) for the period | 9904 | -€196,868 | -€112,153 | +€84,715 | +43.0% |
| Transfer from tax-exempt reserves | 789 | €47,411 | €47,411 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€149,458 | -€64,743 | +€84,715 | +56.7% |
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 30 October 2026 via checked.be.