S. VERHAMME: 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.
S. VERHAMME
Largest movements
- Tangible fixed assets -€13,069
down €13,069 (-28.2%), from €46,318 to €33,249
of which Furniture and vehicles: -€12,142
- Cash -€9,627
down €9,627 (-92.2%), from €10,437 to €810
mainly Debts after one year (-€12,424) and Tax, wage and social debts (-€8,196)
- Receivables within one year -€787
down €787 (-7.1%), from €11,162 to €10,375
of which Other amounts receivable: -€500
- Debts after one year -€12,424
down €12,424 (-37.6%), from €33,055 to €20,631
- Tax, wage and social debts -€8,196
down €8,196 (-76.8%), from €10,673 to €2,476
of which Taxes: -€4,598
- Trade debts -€5,732
down €5,732 (-98.4%), from €5,828 to €95
- Other debts +€1,614
up €1,614 (+32.2%), from €5,019 to €6,633
- Gross operating margin +€2,587
up €2,587 (+18.1%), from €14,259 to €16,847
- Other operating charges -€491
down €491 (-28.3%), from €1,735 to €1,244
- Depreciation +€382
up €382 (+3.0%), from €12,687 to €13,069
- Financial charges -€349
down €349 (-16.4%), from €2,130 to €1,781
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 | €68,583 | €44,439 | -€24,144 | -35.2% |
| Fixed assets | 21/28 | €46,318 | €33,249 | -€13,069 | -28.2% |
| Tangible fixed assets | 22/27 | €46,318 | €33,249 | -€13,069 | -28.2% |
| Plant, machinery and equipment | 23 | €2,740 | €1,813 | -€927 | -33.8% |
| Furniture and vehicles | 24 | €43,577 | €31,436 | -€12,142 | -27.9% |
| Current assets | 29/58 | €22,265 | €11,190 | -€11,074 | -49.7% |
| Amounts receivable within one year | 40/41 | €11,162 | €10,375 | -€787 | -7.1% |
| Trade receivables | 40 | €10,662 | €10,375 | -€287 | -2.7% |
| Other amounts receivable | 41 | €500 | - | -€500 | |
| Cash at bank and in hand | 54/58 | €10,437 | €810 | -€9,627 | -92.2% |
| Deferred charges and accrued income | 490/1 | €666 | €5 | -€660 | -99.2% |
| Total equity and liabilities | 10/49 | €68,583 | €44,439 | -€24,144 | -35.2% |
| Equity | 10/15 | €2,034 | €2,179 | +€145 | +7.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €1,718 | €1,718 | = | 0.0% |
| Distributable reserves | 133 | €1,718 | €1,718 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,684 | -€2,539 | +€145 | +5.4% |
| Amounts payable | 17/49 | €66,548 | €42,260 | -€24,289 | -36.5% |
| Amounts payable after more than one year | 17 | €33,055 | €20,631 | -€12,424 | -37.6% |
| Financial debts | 170/4 | €33,055 | €20,631 | -€12,424 | -37.6% |
| Amounts payable within one year | 42/48 | €33,494 | €21,629 | -€11,865 | -35.4% |
| Current portion of amounts payable after more than one year | 42 | €11,975 | €12,424 | +€449 | +3.8% |
| Trade debts | 44 | €5,828 | €95 | -€5,732 | -98.4% |
| Suppliers | 440/4 | €5,828 | €95 | -€5,732 | -98.4% |
| Taxes, remuneration and social security | 45 | €10,673 | €2,476 | -€8,196 | -76.8% |
| Taxes | 450/3 | €7,074 | €2,476 | -€4,598 | -65.0% |
| Remuneration and social security | 454/9 | €3,598 | - | -€3,598 | |
| Other amounts payable | 47/48 | €5,019 | €6,633 | +€1,614 | +32.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,687 | €13,069 | +€382 | +3.0% |
| Other operating charges | 640/8 | €1,735 | €1,244 | -€491 | -28.3% |
| Gross operating margin | 9900 | €14,259 | €16,847 | +€2,587 | +18.1% |
| Operating profit (loss) | 9901 | -€163 | €2,533 | +€2,696 | |
| Financial income | 75/76B | €127 | €0 | -€127 | -100.0% |
| Recurring financial income | 75 | €127 | €0 | -€127 | -100.0% |
| Financial charges | 65/66B | €2,130 | €1,781 | -€349 | -16.4% |
| Recurring financial charges | 65 | €2,130 | €1,781 | -€349 | -16.4% |
| Profit (loss) for the period before taxes | 9903 | -€2,166 | €752 | +€2,918 | |
| Income taxes | 67/77 | €518 | €607 | +€89 | +17.1% |
| Profit (loss) for the period | 9904 | -€2,684 | €145 | +€2,830 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,684 | €145 | +€2,830 |
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 28 October 2026 via checked.be.