P. VERHELST: 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. VERHELST
Largest movements
- Tangible fixed assets +€74,811
up €74,811 (+3,615%), from €2,069 to €76,881
of which Furniture and vehicles: +€63,958
- Cash -€37,871
down €37,871 (-12.4%), from €306,006 to €268,135
mainly Investment in fixed assets (net) (-€85,984) and Tax, wage and social debts (-€13,026)
- Receivables within one year -€24,049
down €24,049 (-73.9%), from €32,536 to €8,487
of which Trade receivables: -€23,861
- Reserves +€22,811
up €22,811 (+7.3%), from €314,179 to €336,990
- Tax, wage and social debts -€13,026
down €13,026 (-61.7%), from €21,099 to €8,074
of which Taxes: -€10,326
- Gross operating margin -€156,389
down €156,389 (-78.7%), from €198,620 to €42,231
- Taxes -€38,056
down €38,056 (-85.0%), from €44,747 to €6,692
- Depreciation +€10,802
up €10,802 (+2,914%), from €371 to €11,172
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 | €342,057 | €356,157 | +€14,101 | +4.1% |
| Fixed assets | 21/28 | €2,069 | €76,881 | +€74,811 | +3,615% |
| Tangible fixed assets | 22/27 | €2,069 | €76,881 | +€74,811 | +3,615% |
| Plant, machinery and equipment | 23 | €2,069 | €12,923 | +€10,854 | +525% |
| Furniture and vehicles | 24 | - | €63,958 | +€63,958 | |
| Current assets | 29/58 | €339,987 | €279,277 | -€60,711 | -17.9% |
| Amounts receivable within one year | 40/41 | €32,536 | €8,487 | -€24,049 | -73.9% |
| Trade receivables | 40 | €29,040 | €5,179 | -€23,861 | -82.2% |
| Other amounts receivable | 41 | €3,496 | €3,308 | -€187 | -5.4% |
| Cash at bank and in hand | 54/58 | €306,006 | €268,135 | -€37,871 | -12.4% |
| Deferred charges and accrued income | 490/1 | €1,446 | €2,655 | +€1,209 | +83.6% |
| Total equity and liabilities | 10/49 | €342,057 | €356,157 | +€14,101 | +4.1% |
| Equity | 10/15 | €320,379 | €343,190 | +€22,811 | +7.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €314,179 | €336,990 | +€22,811 | +7.3% |
| Distributable reserves | 133 | €314,179 | €336,990 | +€22,811 | +7.3% |
| Amounts payable | 17/49 | €21,677 | €12,967 | -€8,710 | -40.2% |
| Amounts payable within one year | 42/48 | €21,128 | €12,585 | -€8,543 | -40.4% |
| Trade debts | 44 | €29 | €1,618 | +€1,589 | +5,497% |
| Suppliers | 440/4 | €29 | €1,618 | +€1,589 | +5,497% |
| Taxes, remuneration and social security | 45 | €21,099 | €8,074 | -€13,026 | -61.7% |
| Taxes | 450/3 | €18,399 | €8,074 | -€10,326 | -56.1% |
| Remuneration and social security | 454/9 | €2,700 | €0 | -€2,700 | -100% |
| Other amounts payable | 47/48 | - | €2,894 | +€2,894 | |
| Accrued charges and deferred income | 492/3 | €549 | €382 | -€167 | -30.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €371 | €11,172 | +€10,802 | +2,914% |
| Other operating charges | 640/8 | €758 | €859 | +€101 | +13.3% |
| Gross operating margin | 9900 | €198,620 | €42,231 | -€156,389 | -78.7% |
| Operating profit (loss) | 9901 | €197,491 | €30,199 | -€167,292 | -84.7% |
| Financial income | 75/76B | €10 | €2 | -€8 | -78.2% |
| Recurring financial income | 75 | €10 | €2 | -€8 | -78.2% |
| Financial charges | 65/66B | €335 | €699 | +€364 | +109% |
| Recurring financial charges | 65 | €335 | €699 | +€364 | +109% |
| Profit (loss) for the period before taxes | 9903 | €197,166 | €29,502 | -€167,664 | -85.0% |
| Income taxes | 67/77 | €44,747 | €6,692 | -€38,056 | -85.0% |
| Profit (loss) for the period | 9904 | €152,419 | €22,811 | -€129,608 | -85.0% |
| Profit (loss) for the period to be appropriated | 9905 | €152,419 | €22,811 | -€129,608 | -85.0% |
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 28 October 2026 via checked.be.