VERHELLE KURT: 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.
VERHELLE KURT
Largest movements
- Cash +€26,046
up €26,046 (+27.7%), from €93,942 to €119,988
mainly Net result for the year (+€17,952) and Receivables within one year (+€16,323)
- Receivables within one year -€16,323
down €16,323 (-25.5%), from €64,114 to €47,792
of which Trade receivables: -€20,142
- Reserves +€17,952
up €17,952 (+15.0%), from €120,052 to €138,003
- Tax, wage and social debts -€9,550
down €9,550 (-52.8%), from €18,084 to €8,534
of which Taxes: -€8,700
- Trade debts +€3,185
up €3,185 (+180%), from €1,765 to €4,950
- Other debts -€2,256
down €2,256 (-100%), from €2,256 to €0
- Gross operating margin -€36,649
down €36,649 (-57.1%), from €64,185 to €27,536
- Taxes -€12,653
down €12,653 (-61.2%), from €20,667 to €8,014
- Depreciation -€1,457
down €1,457 (-74.6%), from €1,953 to €495
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 | €160,847 | €170,215 | +€9,369 | +5.8% |
| Fixed assets | 21/28 | €2,791 | €2,295 | -€495 | -17.7% |
| Tangible fixed assets | 22/27 | €2,791 | €2,295 | -€495 | -17.7% |
| Furniture and vehicles | 24 | €144 | €0 | -€144 | -100% |
| Other tangible fixed assets | 26 | €2,647 | €2,295 | -€351 | -13.3% |
| Current assets | 29/58 | €158,056 | €167,920 | +€9,864 | +6.2% |
| Amounts receivable within one year | 40/41 | €64,114 | €47,792 | -€16,323 | -25.5% |
| Trade receivables | 40 | €51,705 | €31,563 | -€20,142 | -39.0% |
| Other amounts receivable | 41 | €12,410 | €16,228 | +€3,819 | +30.8% |
| Cash at bank and in hand | 54/58 | €93,942 | €119,988 | +€26,046 | +27.7% |
| Deferred charges and accrued income | 490/1 | €0 | €141 | +€141 | |
| Total equity and liabilities | 10/49 | €160,847 | €170,215 | +€9,369 | +5.8% |
| Equity | 10/15 | €138,652 | €156,603 | +€17,952 | +12.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €120,052 | €138,003 | +€17,952 | +15.0% |
| Distributable reserves | 133 | €120,052 | €138,003 | +€17,952 | +15.0% |
| Amounts payable | 17/49 | €22,195 | €13,612 | -€8,583 | -38.7% |
| Amounts payable within one year | 42/48 | €22,104 | €13,484 | -€8,621 | -39.0% |
| Trade debts | 44 | €1,765 | €4,950 | +€3,185 | +180% |
| Suppliers | 440/4 | €1,765 | €4,950 | +€3,185 | +180% |
| Taxes, remuneration and social security | 45 | €18,084 | €8,534 | -€9,550 | -52.8% |
| Taxes | 450/3 | €17,234 | €8,534 | -€8,700 | -50.5% |
| Remuneration and social security | 454/9 | €850 | €0 | -€850 | -100% |
| Other amounts payable | 47/48 | €2,256 | €0 | -€2,256 | -100% |
| Accrued charges and deferred income | 492/3 | €90 | €128 | +€38 | +41.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,953 | €495 | -€1,457 | -74.6% |
| Other operating charges | 640/8 | €1,169 | €836 | -€333 | -28.5% |
| Gross operating margin | 9900 | €64,185 | €27,536 | -€36,649 | -57.1% |
| Operating profit (loss) | 9901 | €61,064 | €26,205 | -€34,859 | -57.1% |
| Financial income | 75/76B | €92 | €141 | +€49 | +53.5% |
| Recurring financial income | 75 | €92 | €141 | +€49 | +53.5% |
| Financial charges | 65/66B | €234 | €380 | +€146 | +62.6% |
| Recurring financial charges | 65 | €234 | €380 | +€146 | +62.6% |
| Profit (loss) for the period before taxes | 9903 | €60,922 | €25,965 | -€34,956 | -57.4% |
| Income taxes | 67/77 | €20,667 | €8,014 | -€12,653 | -61.2% |
| Profit (loss) for the period | 9904 | €40,255 | €17,952 | -€22,304 | -55.4% |
| Profit (loss) for the period to be appropriated | 9905 | €40,255 | €17,952 | -€22,304 | -55.4% |
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 31 October 2026 via checked.be.