ROEL VERHAEREN: 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.
ROEL VERHAEREN
Largest movements
- Current investments +€39,635
new in 2025: €39,635
- Cash +€12,272
up €12,272 (+33.7%), from €36,456 to €48,728
mainly Net result for the year (+€46,857) and Depreciation (+€11,681)
- Tangible fixed assets -€4,281
down €4,281 (-8.6%), from €49,526 to €45,245
of which Furniture and vehicles: -€8,812
- Profit (loss) carried forward +€46,857
up €46,857 (+131%), from €35,797 to €82,654
- Other debts +€7,529
up €7,529 (+910%), from €827 to €8,356
- Debts after one year -€7,500
down €7,500 (-50.0%), from €15,000 to €7,500
- Tax, wage and social debts +€2,761
up €2,761 (+16.2%), from €17,028 to €19,789
- Trade debts -€1,823
down €1,823 (-45.7%), from €3,988 to €2,165
- Gross operating margin +€20,494
up €20,494 (+39.2%), from €52,331 to €72,825
- Depreciation +€5,766
up €5,766 (+97.5%), from €5,915 to €11,681
- Taxes +€2,765
up €2,765 (+28.5%), from €9,693 to €12,459
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 | €87,990 | €135,638 | +€47,648 | +54.2% |
| Fixed assets | 21/28 | €50,726 | €46,445 | -€4,281 | -8.4% |
| Tangible fixed assets | 22/27 | €49,526 | €45,245 | -€4,281 | -8.6% |
| Plant, machinery and equipment | 23 | - | €1,514 | +€1,514 | |
| Furniture and vehicles | 24 | €48,557 | €39,745 | -€8,812 | -18.1% |
| Other tangible fixed assets | 26 | €969 | €3,986 | +€3,017 | +311% |
| Financial fixed assets | 28 | €1,200 | €1,200 | = | 0.0% |
| Current assets | 29/58 | €37,264 | €89,193 | +€51,929 | +139% |
| Current investments | 50/53 | - | €39,635 | +€39,635 | |
| Cash at bank and in hand | 54/58 | €36,456 | €48,728 | +€12,272 | +33.7% |
| Deferred charges and accrued income | 490/1 | €808 | €830 | +€22 | +2.7% |
| Total equity and liabilities | 10/49 | €87,990 | €135,638 | +€47,648 | +54.2% |
| Equity | 10/15 | €50,797 | €97,654 | +€46,857 | +92.2% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €35,797 | €82,654 | +€46,857 | +131% |
| Amounts payable | 17/49 | €37,193 | €37,985 | +€792 | +2.1% |
| Amounts payable after more than one year | 17 | €15,000 | €7,500 | -€7,500 | -50.0% |
| Financial debts | 170/4 | €15,000 | €7,500 | -€7,500 | -50.0% |
| Amounts payable within one year | 42/48 | €21,843 | €30,310 | +€8,467 | +38.8% |
| Trade debts | 44 | €3,988 | €2,165 | -€1,823 | -45.7% |
| Suppliers | 440/4 | €3,988 | €2,165 | -€1,823 | -45.7% |
| Taxes, remuneration and social security | 45 | €17,028 | €19,789 | +€2,761 | +16.2% |
| Taxes | 450/3 | €17,028 | €19,789 | +€2,761 | +16.2% |
| Other amounts payable | 47/48 | €827 | €8,356 | +€7,529 | +910% |
| Accrued charges and deferred income | 492/3 | €350 | €175 | -€175 | -50.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,915 | €11,681 | +€5,766 | +97.5% |
| Other operating charges | 640/8 | €373 | €869 | +€496 | +133% |
| Gross operating margin | 9900 | €52,331 | €72,825 | +€20,494 | +39.2% |
| Operating profit (loss) | 9901 | €46,044 | €60,275 | +€14,231 | +30.9% |
| Financial charges | 65/66B | €554 | €959 | +€405 | +73.2% |
| Recurring financial charges | 65 | €554 | €959 | +€405 | +73.2% |
| Profit (loss) for the period before taxes | 9903 | €45,490 | €59,315 | +€13,825 | +30.4% |
| Income taxes | 67/77 | €9,693 | €12,459 | +€2,765 | +28.5% |
| Profit (loss) for the period | 9904 | €35,797 | €46,857 | +€11,060 | +30.9% |
| Profit (loss) for the period to be appropriated | 9905 | €35,797 | €46,857 | +€11,060 | +30.9% |
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 29 October 2026 via checked.be.