PETER VERHOEVEN: 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.
PETER VERHOEVEN
Largest movements
- Cash +€33,705
up €33,705 (+108%), from €31,218 to €64,923
mainly Accrued charges and deferred income (+€19,186) and Debts after one year (+€18,576)
- Tangible fixed assets +€20,610
up €20,610 (+66.3%), from €31,073 to €51,683
of which Assets under construction and advance payments: +€29,819
- Stocks and contracts +€4,310
up €4,310 (+61.8%), from €6,972 to €11,282
- Accrued charges and deferred income +€19,186
up €19,186 (+676%), from €2,838 to €22,024
- Debts after one year +€18,576
up €18,576, from €0 to €18,576
of which Financial debts: +€18,576
- Reserves +€13,324
up €13,324 (+24.1%), from €55,191 to €68,515
- Tax, wage and social debts +€5,703
up €5,703 (+174%), from €3,274 to €8,977
of which Taxes: +€4,083
- Current portion of long-term debt +€4,644
up €4,644, from €0 to €4,644
- Gross operating margin +€10,256
up €10,256 (+46.4%), from €22,101 to €32,358
- Staff costs -€3,006
down €3,006, from €2,185 to -€821
- Taxes +€2,154
up €2,154 (+62.1%), from €3,471 to €5,625
- Other operating charges +€1,506
up €1,506 (+233%), from €647 to €2,153
- Financial charges +€398
up €398 (+263%), from €151 to €549
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 | €83,441 | €144,164 | +€60,723 | +72.8% |
| Fixed assets | 21/28 | €31,073 | €51,683 | +€20,610 | +66.3% |
| Tangible fixed assets | 22/27 | €31,073 | €51,683 | +€20,610 | +66.3% |
| Plant, machinery and equipment | 23 | €947 | €204 | -€743 | -78.5% |
| Furniture and vehicles | 24 | €30,126 | €21,660 | -€8,466 | -28.1% |
| Assets under construction and advance payments | 27 | - | €29,819 | +€29,819 | |
| Current assets | 29/58 | €52,367 | €92,481 | +€40,114 | +76.6% |
| Stocks and contracts in progress | 3 | €6,972 | €11,282 | +€4,310 | +61.8% |
| Stocks | 30/36 | €6,972 | €11,282 | +€4,310 | +61.8% |
| Amounts receivable within one year | 40/41 | €10,404 | €11,570 | +€1,167 | +11.2% |
| Trade receivables | 40 | €4,936 | €3,940 | -€996 | -20.2% |
| Other amounts receivable | 41 | €5,468 | €7,630 | +€2,163 | +39.6% |
| Cash at bank and in hand | 54/58 | €31,218 | €64,923 | +€33,705 | +108% |
| Deferred charges and accrued income | 490/1 | €3,774 | €4,705 | +€932 | +24.7% |
| Total equity and liabilities | 10/49 | €83,441 | €144,164 | +€60,723 | +72.8% |
| Equity | 10/15 | €75,191 | €88,515 | +€13,324 | +17.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €55,191 | €68,515 | +€13,324 | +24.1% |
| Distributable reserves | 133 | €55,191 | €68,515 | +€13,324 | +24.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €8,250 | €55,649 | +€47,400 | +575% |
| Amounts payable after more than one year | 17 | €0 | €18,576 | +€18,576 | |
| Financial debts | 170/4 | - | €18,576 | +€18,576 | |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €5,412 | €15,049 | +€9,638 | +178% |
| Current portion of amounts payable after more than one year | 42 | €0 | €4,644 | +€4,644 | |
| Trade debts | 44 | €2,138 | €262 | -€1,875 | -87.7% |
| Suppliers | 440/4 | €2,138 | €262 | -€1,875 | -87.7% |
| Taxes, remuneration and social security | 45 | €3,274 | €8,977 | +€5,703 | +174% |
| Taxes | 450/3 | €2,355 | €6,438 | +€4,083 | +173% |
| Remuneration and social security | 454/9 | €919 | €2,539 | +€1,620 | +176% |
| Other amounts payable | 47/48 | €0 | €1,166 | +€1,166 | |
| Accrued charges and deferred income | 492/3 | €2,838 | €22,024 | +€19,186 | +676% |
| Non-recurring operating income | 76A | - | €3,719 | +€3,719 | |
| Remuneration, social security and pensions | 62 | €2,185 | -€821 | -€3,006 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,782 | €9,991 | +€209 | +2.1% |
| Other operating charges | 640/8 | €647 | €2,153 | +€1,506 | +233% |
| Gross operating margin | 9900 | €22,101 | €32,358 | +€10,256 | +46.4% |
| Operating profit (loss) | 9901 | €9,487 | €21,034 | +€11,547 | +122% |
| Financial income | 75/76B | €0 | €130 | +€130 | +108,025% |
| Recurring financial income | 75 | €0 | €130 | +€130 | +108,025% |
| Financial charges | 65/66B | €151 | €549 | +€398 | +263% |
| Recurring financial charges | 65 | €151 | €549 | +€398 | +263% |
| Profit (loss) for the period before taxes | 9903 | €9,336 | €20,615 | +€11,278 | +121% |
| Income taxes | 67/77 | €3,471 | €5,625 | +€2,154 | +62.1% |
| Profit (loss) for the period | 9904 | €5,865 | €14,990 | +€9,124 | +156% |
| Profit (loss) for the period to be appropriated | 9905 | €5,865 | €14,990 | +€9,124 | +156% |
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 17 October 2026 via checked.be.