PAUL 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.
PAUL VERHELST
Largest movements
- Receivables within one year +€1.5m
up €1.5m (+1,970%), from €74,380 to €1.5m
of which Other amounts receivable: +€1.5m
- Receivables after one year -€1.4m
down €1.4m (-100%), from €1.4m to €0
- Tangible fixed assets -€214,994
down €214,994 (-6.8%), from €3.1m to €2.9m
- Reserves -€159,278
down €159,278 (-3.6%), from €4.4m to €4.2m
of which Distributable reserves: -€159,278
- Financial income -€1.2m
down €1.2m (-97.9%), from €1.3m to €26,503
- Taxes -€30,853
down €30,853 (-100%), from €30,853 to €0
- Gross operating margin -€6,727
down €6,727 (-2.9%), from €230,927 to €224,201
- Depreciation -€5,749
down €5,749 (-2.8%), from €206,351 to €200,602
- Financial charges +€2,594
up €2,594 (+1,379%), from €188 to €2,782
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 | €9,227,685 | €9,131,179 | -€96,506 | -1.0% |
| Fixed assets | 21/28 | €7,632,100 | €7,417,035 | -€215,065 | -2.8% |
| Tangible fixed assets | 22/27 | €3,139,876 | €2,924,882 | -€214,994 | -6.8% |
| Land and buildings | 22 | €3,139,876 | €2,924,882 | -€214,994 | -6.8% |
| Financial fixed assets | 28 | €4,492,224 | €4,492,153 | -€71 | 0.0% |
| Current assets | 29/58 | €1,595,585 | €1,714,144 | +€118,559 | +7.4% |
| Amounts receivable after more than one year | 29 | €1,400,000 | €0 | -€1.4m | -100% |
| Other amounts receivable | 291 | €1,400,000 | €0 | -€1.4m | -100% |
| Amounts receivable within one year | 40/41 | €74,380 | €1,539,752 | +€1.5m | +1,970% |
| Trade receivables | 40 | €57,493 | €0 | -€57,493 | -100% |
| Other amounts receivable | 41 | €16,887 | €1,539,752 | +€1.5m | +9,018% |
| Cash at bank and in hand | 54/58 | €59,217 | €147,889 | +€88,672 | +150% |
| Deferred charges and accrued income | 490/1 | €61,988 | €26,503 | -€35,485 | -57.2% |
| Total equity and liabilities | 10/49 | €9,227,685 | €9,131,179 | -€96,506 | -1.0% |
| Equity | 10/15 | €8,714,366 | €8,555,089 | -€159,278 | -1.8% |
| Contributions | 10/11 | €4,321,120 | €4,321,120 | = | 0.0% |
| Reserves | 13 | €4,393,247 | €4,233,969 | -€159,278 | -3.6% |
| Tax-exempt reserves | 132 | €12,089 | €12,089 | = | 0.0% |
| Distributable reserves | 133 | €4,381,158 | €4,221,880 | -€159,278 | -3.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €513,318 | €576,090 | +€62,772 | +12.2% |
| Amounts payable after more than one year | 17 | - | €84,741 | +€84,741 | |
| Financial debts | 170/4 | - | €84,741 | +€84,741 | |
| Amounts payable within one year | 42/48 | €513,318 | €491,349 | -€21,969 | -4.3% |
| Current portion of amounts payable after more than one year | 42 | - | €8,830 | +€8,830 | |
| Trade debts | 44 | €17,465 | €17,518 | +€53 | +0.3% |
| Suppliers | 440/4 | €17,465 | €17,518 | +€53 | +0.3% |
| Taxes, remuneration and social security | 45 | €30,853 | €0 | -€30,853 | -100% |
| Taxes | 450/3 | €30,853 | €0 | -€30,853 | -100% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €465,000 | €465,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €206,351 | €200,602 | -€5,749 | -2.8% |
| Other operating charges | 640/8 | €38,368 | €39,536 | +€1,168 | +3.0% |
| Non-recurring operating charges | 66A | - | €167,061 | +€167,061 | |
| Gross operating margin | 9900 | €230,927 | €224,201 | -€6,727 | -2.9% |
| Operating profit (loss) | 9901 | -€13,792 | -€182,998 | -€169,207 | -1,227% |
| Financial income | 75/76B | €1,264,438 | €26,503 | -€1.2m | -97.9% |
| Recurring financial income | 75 | €1,264,438 | €26,503 | -€1.2m | -97.9% |
| Financial charges | 65/66B | €188 | €2,782 | +€2,594 | +1,379% |
| Recurring financial charges | 65 | €188 | €2,782 | +€2,594 | +1,379% |
| Profit (loss) for the period before taxes | 9903 | €1,250,458 | -€159,278 | -€1.4m | |
| Income taxes | 67/77 | €30,853 | €0 | -€30,853 | -100% |
| Profit (loss) for the period | 9904 | €1,219,605 | -€159,278 | -€1.4m | |
| Profit (loss) for the period to be appropriated | 9905 | €1,219,605 | -€159,278 | -€1.4m |
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 29 October 2026 via checked.be.