Peter Vervaet: 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 Vervaet
Largest movements
- Tangible fixed assets -€21,527
down €21,527 (-40.5%), from €53,185 to €31,659
of which Furniture and vehicles: -€13,429
- Receivables within one year -€15,094
down €15,094 (-12.5%), from €121,045 to €105,950
of which Trade receivables: -€42,132
- Profit (loss) carried forward +€50,671
up €50,671, from -€46,637 to €4,035
- Trade debts -€28,973
down €28,973 (-32.6%), from €88,870 to €59,897
- Short-term financial debts -€22,426
down €22,426 (-25.4%), from €88,188 to €65,762
- Other debts -€13,300
no longer reported in 2025 (was €13,300)
- Debts after one year -€11,412
down €11,412 (-37.1%), from €30,725 to €19,313
- Staff costs -€49,358
down €49,358 (-40.0%), from €123,380 to €74,021
- Gross operating margin +€30,248
up €30,248 (+25.5%), from €118,844 to €149,092
- Depreciation -€11,020
down €11,020 (-39.8%), from €27,681 to €16,661
- Financial income +€5,434
up €5,434 (+10,717%), from €51 to €5,484
- Financial charges -€4,989
down €4,989 (-44.3%), from €11,273 to €6,283
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 | €351,764 | €312,609 | -€39,155 | -11.1% |
| Fixed assets | 21/28 | €53,185 | €31,659 | -€21,527 | -40.5% |
| Tangible fixed assets | 22/27 | €53,185 | €31,659 | -€21,527 | -40.5% |
| Plant, machinery and equipment | 23 | €8,781 | €683 | -€8,098 | -92.2% |
| Furniture and vehicles | 24 | €44,404 | €30,975 | -€13,429 | -30.2% |
| Current assets | 29/58 | €298,579 | €280,950 | -€17,628 | -5.9% |
| Amounts receivable after more than one year | 29 | €175,000 | €175,000 | = | 0.0% |
| Other amounts receivable | 291 | €175,000 | €175,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €121,045 | €105,950 | -€15,094 | -12.5% |
| Trade receivables | 40 | €102,601 | €60,469 | -€42,132 | -41.1% |
| Other amounts receivable | 41 | €18,444 | €45,481 | +€27,037 | +147% |
| Cash at bank and in hand | 54/58 | €31 | - | -€31 | |
| Deferred charges and accrued income | 490/1 | €2,503 | - | -€2,503 | |
| Total equity and liabilities | 10/49 | €351,764 | €312,609 | -€39,155 | -11.1% |
| Equity | 10/15 | €84,269 | €134,940 | +€50,671 | +60.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €110,905 | €110,905 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €108,905 | €108,905 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€46,637 | €4,035 | +€50,671 | |
| Amounts payable | 17/49 | €267,495 | €177,669 | -€89,826 | -33.6% |
| Amounts payable after more than one year | 17 | €30,725 | €19,313 | -€11,412 | -37.1% |
| Financial debts | 170/4 | €30,725 | €19,313 | -€11,412 | -37.1% |
| Amounts payable within one year | 42/48 | €236,770 | €158,356 | -€78,414 | -33.1% |
| Current portion of amounts payable after more than one year | 42 | €15,407 | €11,412 | -€3,994 | -25.9% |
| Financial debts | 43 | €88,188 | €65,762 | -€22,426 | -25.4% |
| Credit institutions | 430/8 | €88,188 | €65,762 | -€22,426 | -25.4% |
| Trade debts | 44 | €88,870 | €59,897 | -€28,973 | -32.6% |
| Suppliers | 440/4 | €88,870 | €59,897 | -€28,973 | -32.6% |
| Taxes, remuneration and social security | 45 | €31,006 | €21,285 | -€9,720 | -31.4% |
| Taxes | 450/3 | €19,996 | €8,615 | -€11,381 | -56.9% |
| Remuneration and social security | 454/9 | €11,010 | €12,670 | +€1,660 | +15.1% |
| Other amounts payable | 47/48 | €13,300 | - | -€13,300 | |
| Non-recurring operating income | 76A | €11,744 | €13,838 | +€2,094 | +17.8% |
| Remuneration, social security and pensions | 62 | €123,380 | €74,021 | -€49,358 | -40.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,681 | €16,661 | -€11,020 | -39.8% |
| Other operating charges | 640/8 | €3,198 | €2,022 | -€1,176 | -36.8% |
| Non-recurring operating charges | 66A | - | €141 | +€141 | |
| Gross operating margin | 9900 | €118,844 | €149,092 | +€30,248 | +25.5% |
| Operating profit (loss) | 9901 | -€35,415 | €56,247 | +€91,662 | |
| Financial income | 75/76B | €51 | €5,484 | +€5,434 | +10,717% |
| Recurring financial income | 75 | €51 | €5,484 | +€5,434 | +10,717% |
| Financial charges | 65/66B | €11,273 | €6,283 | -€4,989 | -44.3% |
| Recurring financial charges | 65 | €11,273 | €6,283 | -€4,989 | -44.3% |
| Profit (loss) for the period before taxes | 9903 | -€46,637 | €55,448 | +€102,084 | |
| Income taxes | 67/77 | - | €4,777 | +€4,777 | |
| Profit (loss) for the period | 9904 | -€46,637 | €50,671 | +€97,308 | |
| Profit (loss) for the period to be appropriated | 9905 | -€46,637 | €50,671 | +€97,308 |
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 14 October 2026 via checked.be.