Xavier Verhaeghe: 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.
Xavier Verhaeghe
Largest movements
- Receivables within one year +€149,467
up €149,467 (+42.5%), from €352,023 to €501,490
of which Trade receivables: +€174,378
- Cash +€60,127
up €60,127 (+58.6%), from €102,586 to €162,713
mainly Net result for the year (+€746,416) and Other debts (+€578,138)
- Tangible fixed assets -€26,868
down €26,868 (-40.3%), from €66,607 to €39,740
of which Furniture and vehicles: -€28,224
- Other debts +€578,138
new in 2025: €578,138
- Profit (loss) carried forward -€559,877
no longer reported in 2025 (was €559,877)
- Reserves +€106,293
new in 2025: €106,293
- Tax, wage and social debts +€59,347
up €59,347 (+50.5%), from €117,520 to €176,867
- Gross operating margin +€176,123
up €176,123 (+20.4%), from €862,028 to €1.0m
- Financial income -€74,938
down €74,938 (-91.7%), from €81,713 to €6,775
- Taxes +€52,279
up €52,279 (+24.7%), from €211,242 to €263,520
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 | €716,815 | €899,688 | +€182,874 | +25.5% |
| Fixed assets | 21/28 | €66,607 | €39,740 | -€26,868 | -40.3% |
| Tangible fixed assets | 22/27 | €66,607 | €39,740 | -€26,868 | -40.3% |
| Plant, machinery and equipment | 23 | €7,893 | €9,249 | +€1,357 | +17.2% |
| Furniture and vehicles | 24 | €58,715 | €30,491 | -€28,224 | -48.1% |
| Current assets | 29/58 | €650,207 | €859,949 | +€209,742 | +32.3% |
| Amounts receivable after more than one year | 29 | €190,000 | €190,000 | = | 0.0% |
| Other amounts receivable | 291 | €190,000 | €190,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €352,023 | €501,490 | +€149,467 | +42.5% |
| Trade receivables | 40 | €257,869 | €432,246 | +€174,378 | +67.6% |
| Other amounts receivable | 41 | €94,154 | €69,244 | -€24,910 | -26.5% |
| Cash at bank and in hand | 54/58 | €102,586 | €162,713 | +€60,127 | +58.6% |
| Deferred charges and accrued income | 490/1 | €5,599 | €5,746 | +€147 | +2.6% |
| Total equity and liabilities | 10/49 | €716,815 | €899,688 | +€182,874 | +25.5% |
| Equity | 10/15 | €578,477 | €124,893 | -€453,584 | -78.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | - | €106,293 | +€106,293 | |
| Distributable reserves | 133 | - | €106,293 | +€106,293 | |
| Profit (loss) carried forward | 14 | €559,877 | - | -€559,877 | |
| Amounts payable | 17/49 | €138,338 | €774,796 | +€636,458 | +460% |
| Amounts payable within one year | 42/48 | €138,338 | €774,796 | +€636,458 | +460% |
| Trade debts | 44 | €20,818 | €19,791 | -€1,027 | -4.9% |
| Suppliers | 440/4 | €20,818 | €19,791 | -€1,027 | -4.9% |
| Taxes, remuneration and social security | 45 | €117,520 | €176,867 | +€59,347 | +50.5% |
| Taxes | 450/3 | €117,520 | €176,867 | +€59,347 | +50.5% |
| Other amounts payable | 47/48 | - | €578,138 | +€578,138 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,230 | €32,323 | +€1,093 | +3.5% |
| Other operating charges | 640/8 | €1,119 | €1,050 | -€69 | -6.1% |
| Gross operating margin | 9900 | €862,028 | €1,038,151 | +€176,123 | +20.4% |
| Operating profit (loss) | 9901 | €829,680 | €1,004,778 | +€175,099 | +21.1% |
| Financial income | 75/76B | €81,713 | €6,775 | -€74,938 | -91.7% |
| Recurring financial income | 75 | €81,713 | €6,775 | -€74,938 | -91.7% |
| Financial charges | 65/66B | €274 | €1,617 | +€1,343 | +490% |
| Recurring financial charges | 65 | €274 | €1,617 | +€1,343 | +490% |
| Profit (loss) for the period before taxes | 9903 | €911,119 | €1,009,936 | +€98,817 | +10.8% |
| Income taxes | 67/77 | €211,242 | €263,520 | +€52,279 | +24.7% |
| Profit (loss) for the period | 9904 | €699,877 | €746,416 | +€46,539 | +6.6% |
| Profit (loss) for the period to be appropriated | 9905 | €699,877 | €746,416 | +€46,539 | +6.6% |
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.