PATRICK VERHAMME: what changed
Two fiscal 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.
PATRICK VERHAMME
Largest movements
- Receivables within one year -€58,403
down €58,403 (-63.2%), from €92,418 to €34,015
of which Other amounts receivable: -€58,521
- Cash -€31,754
down €31,754 (-33.2%), from €95,691 to €63,937
mainly Contributions, distributions and other (-€94,860) and Other debts (-€60,850)
- Tangible fixed assets -€2,648
down €2,648 (-17.3%), from €15,348 to €12,701
of which Furniture and vehicles: -€1,598
- Other debts -€60,850
down €60,850 (-39.1%), from €155,710 to €94,860
- Reserves -€25,053
no longer reported in 2025 (was €25,053)
- Tax, wage and social debts -€9,086
down €9,086 (-41.0%), from €22,147 to €13,060
- Gross operating margin -€50,601
down €50,601 (-34.9%), from €145,143 to €94,542
- Taxes -€14,217
down €14,217 (-39.4%), from €36,103 to €21,886
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.
Cash bridge derived
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 | €207,051 | €112,709 | -€94,343 | -45.6% |
| Fixed assets | 21/28 | €15,674 | €13,027 | -€2,648 | -16.9% |
| Tangible fixed assets | 22/27 | €15,348 | €12,701 | -€2,648 | -17.3% |
| Furniture and vehicles | 24 | €8,266 | €6,668 | -€1,598 | -19.3% |
| Other tangible fixed assets | 26 | €7,082 | €6,032 | -€1,050 | -14.8% |
| Financial fixed assets | 28 | €326 | €326 | = | 0.0% |
| Current assets | 29/58 | €191,377 | €99,682 | -€91,695 | -47.9% |
| Amounts receivable within one year | 40/41 | €92,418 | €34,015 | -€58,403 | -63.2% |
| Trade receivables | 40 | €21,540 | €21,658 | +€118 | +0.5% |
| Other amounts receivable | 41 | €70,878 | €12,357 | -€58,521 | -82.6% |
| Cash at bank and in hand | 54/58 | €95,691 | €63,937 | -€31,754 | -33.2% |
| Deferred charges and accrued income | 490/1 | €3,268 | €1,731 | -€1,537 | -47.0% |
| Total equity and liabilities | 10/49 | €207,051 | €112,709 | -€94,343 | -45.6% |
| Equity | 10/15 | €27,553 | €2,500 | -€25,053 | -90.9% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €25,053 | - | -€25,053 | |
| Distributable reserves | 133 | €25,053 | - | -€25,053 | |
| Amounts payable | 17/49 | €179,498 | €110,209 | -€69,289 | -38.6% |
| Amounts payable within one year | 42/48 | €179,330 | €110,209 | -€69,121 | -38.5% |
| Trade debts | 44 | €1,474 | €2,289 | +€815 | +55.3% |
| Suppliers | 440/4 | €1,474 | €2,289 | +€815 | +55.3% |
| Taxes, remuneration and social security | 45 | €22,147 | €13,060 | -€9,086 | -41.0% |
| Taxes | 450/3 | €22,147 | €13,060 | -€9,086 | -41.0% |
| Other amounts payable | 47/48 | €155,710 | €94,860 | -€60,850 | -39.1% |
| Accrued charges and deferred income | 492/3 | €168 | - | -€168 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,063 | €2,648 | -€415 | -13.5% |
| Other operating charges | 640/8 | €2,263 | €2,427 | +€164 | +7.3% |
| Gross operating margin | 9900 | €145,143 | €94,542 | -€50,601 | -34.9% |
| Operating profit (loss) | 9901 | €139,818 | €89,467 | -€50,351 | -36.0% |
| Financial income | 75/76B | €3,317 | €2,282 | -€1,035 | -31.2% |
| Recurring financial income | 75 | €3,317 | €2,282 | -€1,035 | -31.2% |
| Financial charges | 65/66B | €94 | €56 | -€38 | -40.3% |
| Recurring financial charges | 65 | €94 | €56 | -€38 | -40.3% |
| Profit (loss) for the period before taxes | 9903 | €143,041 | €91,693 | -€51,348 | -35.9% |
| Income taxes | 67/77 | €36,103 | €21,886 | -€14,217 | -39.4% |
| Profit (loss) for the period | 9904 | €106,938 | €69,807 | -€37,131 | -34.7% |
| Profit (loss) for the period to be appropriated | 9905 | €106,938 | €69,807 | -€37,131 | -34.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.