PHILIP VERVAECK: 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.
PHILIP VERVAECK
Largest movements
- Tangible fixed assets -€19,076
down €19,076 (-96.3%), from €19,808 to €732
- Receivables within one year -€6,087
down €6,087 (-46.8%), from €13,020 to €6,933
of which Trade receivables: -€5,139
- Reserves -€14,741
down €14,741 (-3.9%), from €379,611 to €364,870
of which Distributable reserves: -€14,741
- Gross operating margin -€10,170
down €10,170, from €7,508 to -€2,662
- Financial income -€5,063
down €5,063 (-34.5%), from €14,671 to €9,608
- Taxes -€555
down €555 (-48.3%), from €1,149 to €594
- Other operating charges +€77
up €77 (+4.1%), from €1,861 to €1,938
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 | €399,193 | €381,171 | -€18,021 | -4.5% |
| Fixed assets | 21/28 | €19,808 | €732 | -€19,076 | -96.3% |
| Tangible fixed assets | 22/27 | €19,808 | €732 | -€19,076 | -96.3% |
| Furniture and vehicles | 24 | €19,808 | €732 | -€19,076 | -96.3% |
| Current assets | 29/58 | €379,385 | €380,440 | +€1,055 | +0.3% |
| Amounts receivable within one year | 40/41 | €13,020 | €6,933 | -€6,087 | -46.8% |
| Trade receivables | 40 | €9,757 | €4,618 | -€5,139 | -52.7% |
| Other amounts receivable | 41 | €3,264 | €2,315 | -€948 | -29.1% |
| Current investments | 50/53 | €365,663 | €369,578 | +€3,915 | +1.1% |
| Cash at bank and in hand | 54/58 | €702 | €3,928 | +€3,226 | +460% |
| Total equity and liabilities | 10/49 | €399,193 | €381,171 | -€18,021 | -4.5% |
| Equity | 10/15 | €392,011 | €377,270 | -€14,741 | -3.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €379,611 | €364,870 | -€14,741 | -3.9% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,750 | €3,750 | = | 0.0% |
| Distributable reserves | 133 | €374,002 | €359,261 | -€14,741 | -3.9% |
| Amounts payable | 17/49 | €7,182 | €3,901 | -€3,281 | -45.7% |
| Amounts payable within one year | 42/48 | €5,879 | €3,373 | -€2,505 | -42.6% |
| Trade debts | 44 | €896 | €65 | -€831 | -92.7% |
| Suppliers | 440/4 | €896 | €65 | -€831 | -92.7% |
| Taxes, remuneration and social security | 45 | €4,898 | €3,278 | -€1,621 | -33.1% |
| Taxes | 450/3 | €3,565 | €3,278 | -€288 | -8.1% |
| Remuneration and social security | 454/9 | €1,333 | €0 | -€1,333 | -100% |
| Other amounts payable | 47/48 | €84 | €30 | -€54 | -64.1% |
| Accrued charges and deferred income | 492/3 | €1,303 | €528 | -€776 | -59.5% |
| Non-recurring operating income | 76A | €13,000 | €0 | -€13,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,076 | €19,076 | = | 0.0% |
| Other operating charges | 640/8 | €1,861 | €1,938 | +€77 | +4.1% |
| Gross operating margin | 9900 | €7,508 | -€2,662 | -€10,170 | |
| Operating profit (loss) | 9901 | -€13,429 | -€23,675 | -€10,246 | -76.3% |
| Financial income | 75/76B | €14,671 | €9,608 | -€5,063 | -34.5% |
| Recurring financial income | 75 | €14,671 | €9,608 | -€5,063 | -34.5% |
| Financial charges | 65/66B | €74 | €79 | +€5 | +6.2% |
| Recurring financial charges | 65 | €74 | €79 | +€5 | +6.2% |
| Profit (loss) for the period before taxes | 9903 | €1,167 | -€14,146 | -€15,314 | |
| Income taxes | 67/77 | €1,149 | €594 | -€555 | -48.3% |
| Profit (loss) for the period | 9904 | €18 | -€14,741 | -€14,759 | |
| Profit (loss) for the period to be appropriated | 9905 | €18 | -€14,741 | -€14,759 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.