P J VERHEYDEN: 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.
P J VERHEYDEN
Largest movements
- Receivables within one year +€32,627
up €32,627 (+6.6%), from €493,706 to €526,333
of which Other amounts receivable: +€49,867
- Tangible fixed assets +€31,729
up €31,729 (+99.0%), from €32,065 to €63,794
of which Furniture and vehicles: +€34,390
- Cash +€23,196
up €23,196 (+103%), from €22,503 to €45,699
mainly Net result for the year (+€66,926) and Tax, wage and social debts (+€17,132)
- Deferred charges and accrued income -€7,396
down €7,396 (-70.3%), from €10,524 to €3,128
- Reserves +€66,926
up €66,926 (+31.4%), from €212,860 to €279,786
of which Distributable reserves: +€66,926
- Tax, wage and social debts +€17,132
up €17,132 (+36.0%), from €47,621 to €64,753
of which Taxes: +€11,132
- Gross operating margin -€33,701
down €33,701 (-29.7%), from €113,436 to €79,735
- Taxes -€6,191
down €6,191 (-18.6%), from €33,304 to €27,113
- Other operating charges -€5,515
down €5,515 (-72.5%), from €7,611 to €2,096
- Financial charges -€1,993
down €1,993 (-59.5%), from €3,351 to €1,358
- Depreciation +€1,502
up €1,502 (+25.0%), from €6,016 to €7,518
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 | €563,923 | €644,079 | +€80,156 | +14.2% |
| Fixed assets | 21/28 | €37,190 | €68,919 | +€31,729 | +85.3% |
| Tangible fixed assets | 22/27 | €32,065 | €63,794 | +€31,729 | +99.0% |
| Land and buildings | 22 | €4,152 | €3,901 | -€252 | -6.1% |
| Furniture and vehicles | 24 | €15,213 | €49,603 | +€34,390 | +226% |
| Other tangible fixed assets | 26 | €12,700 | €10,290 | -€2,410 | -19.0% |
| Financial fixed assets | 28 | €5,125 | €5,125 | = | 0.0% |
| Current assets | 29/58 | €526,733 | €575,160 | +€48,427 | +9.2% |
| Amounts receivable within one year | 40/41 | €493,706 | €526,333 | +€32,627 | +6.6% |
| Trade receivables | 40 | €43,320 | €26,080 | -€17,240 | -39.8% |
| Other amounts receivable | 41 | €450,386 | €500,253 | +€49,867 | +11.1% |
| Cash at bank and in hand | 54/58 | €22,503 | €45,699 | +€23,196 | +103% |
| Deferred charges and accrued income | 490/1 | €10,524 | €3,128 | -€7,396 | -70.3% |
| Total equity and liabilities | 10/49 | €563,923 | €644,079 | +€80,156 | +14.2% |
| Equity | 10/15 | €498,510 | €565,436 | +€66,926 | +13.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Contributions outside capital | 11 | €12,400 | - | -€12,400 | |
| Other | 1109/19 | €12,400 | - | -€12,400 | |
| Reserves | 13 | €212,860 | €279,786 | +€66,926 | +31.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €211,000 | €277,926 | +€66,926 | +31.7% |
| Profit (loss) carried forward | 14 | €273,250 | €273,250 | = | 0.0% |
| Amounts payable | 17/49 | €65,413 | €78,643 | +€13,230 | +20.2% |
| Amounts payable within one year | 42/48 | €62,635 | €78,643 | +€16,008 | +25.6% |
| Financial debts | 43 | €853 | €0 | -€853 | -100% |
| Credit institutions | 430/8 | €853 | €0 | -€853 | -100% |
| Trade debts | 44 | €1,054 | €2,666 | +€1,612 | +153% |
| Suppliers | 440/4 | €1,054 | €2,666 | +€1,612 | +153% |
| Taxes, remuneration and social security | 45 | €47,621 | €64,753 | +€17,132 | +36.0% |
| Taxes | 450/3 | €47,621 | €58,753 | +€11,132 | +23.4% |
| Remuneration and social security | 454/9 | - | €6,000 | +€6,000 | |
| Other amounts payable | 47/48 | €13,107 | €11,224 | -€1,883 | -14.4% |
| Accrued charges and deferred income | 492/3 | €2,778 | €0 | -€2,778 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,016 | €7,518 | +€1,502 | +25.0% |
| Other operating charges | 640/8 | €7,611 | €2,096 | -€5,515 | -72.5% |
| Non-recurring operating charges | 66A | €2,328 | - | -€2,328 | |
| Gross operating margin | 9900 | €113,436 | €79,735 | -€33,701 | -29.7% |
| Operating profit (loss) | 9901 | €97,481 | €70,121 | -€27,360 | -28.1% |
| Financial income | 75/76B | €25,887 | €25,275 | -€612 | -2.4% |
| Recurring financial income | 75 | €25,887 | €25,275 | -€612 | -2.4% |
| Financial charges | 65/66B | €3,351 | €1,358 | -€1,993 | -59.5% |
| Recurring financial charges | 65 | €3,351 | €1,358 | -€1,993 | -59.5% |
| Profit (loss) for the period before taxes | 9903 | €120,018 | €94,039 | -€25,979 | -21.6% |
| Income taxes | 67/77 | €33,304 | €27,113 | -€6,191 | -18.6% |
| Profit (loss) for the period | 9904 | €86,714 | €66,926 | -€19,788 | -22.8% |
| Profit (loss) for the period to be appropriated | 9905 | €86,714 | €66,926 | -€19,788 | -22.8% |
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 27 October 2026 via checked.be.