Olivier Verhulst: what changed
Olivier Verhulst
Largest movements
- Current investments +€232,118
new in 2025: €232,118
- Cash -€147,387
down €147,387 (-42.2%), from €349,454 to €202,067
mainly Current investments (-€232,118) and Receivables within one year (-€110,016)
- Receivables within one year +€110,016
up €110,016 (+64.6%), from €170,245 to €280,261
of which Other amounts receivable: +€59,240
- Tangible fixed assets +€78,321
up €78,321 (+19.6%), from €399,635 to €477,957
of which Land and buildings: +€84,657
- Debts after one year +€257,853
up €257,853 (+90.0%), from €286,551 to €544,404
- Reserves +€87,403
up €87,403 (+17.4%), from €503,080 to €590,483
of which Distributable reserves: +€45,303
- Tax, wage and social debts -€76,172
down €76,172 (-81.7%), from €93,206 to €17,034
- Gross operating margin +€21,953
up €21,953 (+13.0%), from €168,825 to €190,778
- Taxes +€6,818
up €6,818 (+20.2%), from €33,827 to €40,645
- Financial charges +€3,481
up €3,481 (+35.7%), from €9,757 to €13,238
- Depreciation +€2,176
up €2,176 (+10.2%), from €21,274 to €23,450
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €924,542 | €1,197,710 | +€273,169 | +29.5% |
| Fixed assets | 21/28 | €400,385 | €478,707 | +€78,321 | +19.6% |
| Tangible fixed assets | 22/27 | €399,635 | €477,957 | +€78,321 | +19.6% |
| Land and buildings | 22 | €370,308 | €454,965 | +€84,657 | +22.9% |
| Plant, machinery and equipment | 23 | €943 | €425 | -€517 | -54.9% |
| Furniture and vehicles | 24 | €3,053 | €1,965 | -€1,088 | -35.6% |
| Other tangible fixed assets | 26 | €25,333 | €20,602 | -€4,730 | -18.7% |
| Financial fixed assets | 28 | €750 | €750 | = | 0.0% |
| Current assets | 29/58 | €524,156 | €719,003 | +€194,847 | +37.2% |
| Amounts receivable within one year | 40/41 | €170,245 | €280,261 | +€110,016 | +64.6% |
| Trade receivables | 40 | €3,625 | €54,401 | +€50,776 | +1,401% |
| Other amounts receivable | 41 | €166,620 | €225,860 | +€59,240 | +35.6% |
| Current investments | 50/53 | - | €232,118 | +€232,118 | |
| Cash at bank and in hand | 54/58 | €349,454 | €202,067 | -€147,387 | -42.2% |
| Deferred charges and accrued income | 490/1 | €4,457 | €4,558 | +€100 | +2.3% |
| Total equity and liabilities | 10/49 | €924,542 | €1,197,710 | +€273,169 | +29.5% |
| Equity | 10/15 | €508,080 | €595,483 | +€87,403 | +17.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €503,080 | €590,483 | +€87,403 | +17.4% |
| Tax-exempt reserves | 132 | - | €42,100 | +€42,100 | |
| Distributable reserves | 133 | €503,080 | €548,383 | +€45,303 | +9.0% |
| Amounts payable | 17/49 | €416,462 | €602,227 | +€185,766 | +44.6% |
| Amounts payable after more than one year | 17 | €286,551 | €544,404 | +€257,853 | +90.0% |
| Financial debts | 170/4 | €286,551 | €544,404 | +€257,853 | +90.0% |
| Amounts payable within one year | 42/48 | €129,911 | €56,556 | -€73,355 | -56.5% |
| Current portion of amounts payable after more than one year | 42 | €32,859 | €36,971 | +€4,111 | +12.5% |
| Trade debts | 44 | €2,735 | €1,100 | -€1,635 | -59.8% |
| Suppliers | 440/4 | €2,735 | €1,100 | -€1,635 | -59.8% |
| Taxes, remuneration and social security | 45 | €93,206 | €17,034 | -€76,172 | -81.7% |
| Taxes | 450/3 | €93,206 | €17,034 | -€76,172 | -81.7% |
| Other amounts payable | 47/48 | €1,110 | €1,451 | +€341 | +30.8% |
| Accrued charges and deferred income | 492/3 | - | €1,267 | +€1,267 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,274 | €23,450 | +€2,176 | +10.2% |
| Other operating charges | 640/8 | €968 | €1,585 | +€617 | +63.7% |
| Gross operating margin | 9900 | €168,825 | €190,778 | +€21,953 | +13.0% |
| Operating profit (loss) | 9901 | €146,582 | €165,744 | +€19,161 | +13.1% |
| Financial income | 75/76B | €10,034 | €11,542 | +€1,508 | +15.0% |
| Recurring financial income | 75 | €10,034 | €11,542 | +€1,508 | +15.0% |
| Financial charges | 65/66B | €9,757 | €13,238 | +€3,481 | +35.7% |
| Recurring financial charges | 65 | €9,757 | €13,238 | +€3,481 | +35.7% |
| Profit (loss) for the period before taxes | 9903 | €146,860 | €164,048 | +€17,188 | +11.7% |
| Income taxes | 67/77 | €33,827 | €40,645 | +€6,818 | +20.2% |
| Profit (loss) for the period | 9904 | €113,034 | €123,403 | +€10,369 | +9.2% |
| Transfer to tax-exempt reserves | 689 | - | €42,100 | +€42,100 | |
| Profit (loss) for the period to be appropriated | 9905 | €113,034 | €81,303 | -€31,731 | -28.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.