A. VERBRUGGE: 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.
A. VERBRUGGE
Largest movements
- Cash +€131,716
up €131,716 (+127%), from €104,002 to €235,717
mainly Other debts (+€138,993) and Net result for the year (+€108,648)
- Tangible fixed assets -€66,318
down €66,318 (-40.7%), from €163,059 to €96,741
- Current investments -€36,025
down €36,025 (-11.2%), from €321,502 to €285,477
- Receivables within one year -€12,343
down €12,343 (-40.1%), from €30,780 to €18,436
of which Trade receivables: -€18,402
- Other debts +€138,993
up €138,993, from €0 to €138,993
- Reserves -€96,187
down €96,187 (-15.1%), from €639,043 to €542,857
of which Distributable reserves: -€96,187
- Debts after one year -€12,650
down €12,650 (-47.2%), from €26,791 to €14,140
- Tax, wage and social debts -€11,137
down €11,137 (-50.2%), from €22,172 to €11,035
of which Taxes: -€12,284
- Trade debts +€7,694
up €7,694 (+32.9%), from €23,364 to €31,057
- Gross operating margin -€13,837
down €13,837 (-4.7%), from €295,054 to €281,217
- Taxes -€5,933
down €5,933 (-12.4%), from €47,770 to €41,837
- Financial income +€4,216
up €4,216 (+28.9%), from €14,570 to €18,786
- Financial charges +€3,609
up €3,609 (+83.5%), from €4,322 to €7,932
- Depreciation -€3,089
down €3,089 (-7.0%), from €44,426 to €41,337
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 | €748,925 | €769,333 | +€20,408 | +2.7% |
| Fixed assets | 21/28 | €163,084 | €96,766 | -€66,318 | -40.7% |
| Tangible fixed assets | 22/27 | €163,059 | €96,741 | -€66,318 | -40.7% |
| Plant, machinery and equipment | 23 | €36,838 | €18,671 | -€18,168 | -49.3% |
| Furniture and vehicles | 24 | €80,056 | €59,812 | -€20,244 | -25.3% |
| Other tangible fixed assets | 26 | €46,164 | €18,258 | -€27,906 | -60.4% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €585,841 | €672,567 | +€86,726 | +14.8% |
| Stocks and contracts in progress | 3 | €119,375 | €122,450 | +€3,075 | +2.6% |
| Stocks | 30/36 | €119,375 | €122,450 | +€3,075 | +2.6% |
| Amounts receivable within one year | 40/41 | €30,780 | €18,436 | -€12,343 | -40.1% |
| Trade receivables | 40 | €18,402 | €0 | -€18,402 | -100% |
| Other amounts receivable | 41 | €12,378 | €18,436 | +€6,058 | +48.9% |
| Current investments | 50/53 | €321,502 | €285,477 | -€36,025 | -11.2% |
| Cash at bank and in hand | 54/58 | €104,002 | €235,717 | +€131,716 | +127% |
| Deferred charges and accrued income | 490/1 | €10,183 | €10,487 | +€304 | +3.0% |
| Total equity and liabilities | 10/49 | €748,925 | €769,333 | +€20,408 | +2.7% |
| Equity | 10/15 | €657,643 | €561,457 | -€96,187 | -14.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €639,043 | €542,857 | -€96,187 | -15.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €12,306 | €12,306 | = | 0.0% |
| Distributable reserves | 133 | €624,877 | €528,691 | -€96,187 | -15.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €91,282 | €207,877 | +€116,595 | +128% |
| Amounts payable after more than one year | 17 | €26,791 | €14,140 | -€12,650 | -47.2% |
| Financial debts | 170/4 | €26,791 | €14,140 | -€12,650 | -47.2% |
| Amounts payable within one year | 42/48 | €57,811 | €193,736 | +€135,925 | +235% |
| Current portion of amounts payable after more than one year | 42 | €12,276 | €12,650 | +€374 | +3.1% |
| Trade debts | 44 | €23,364 | €31,057 | +€7,694 | +32.9% |
| Suppliers | 440/4 | €23,364 | €31,057 | +€7,694 | +32.9% |
| Taxes, remuneration and social security | 45 | €22,172 | €11,035 | -€11,137 | -50.2% |
| Taxes | 450/3 | €12,284 | €0 | -€12,284 | -100% |
| Remuneration and social security | 454/9 | €9,888 | €11,035 | +€1,148 | +11.6% |
| Other amounts payable | 47/48 | €0 | €138,993 | +€138,993 | |
| Accrued charges and deferred income | 492/3 | €6,680 | €0 | -€6,680 | -100% |
| Remuneration, social security and pensions | 62 | €91,826 | €90,961 | -€865 | -0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,426 | €41,337 | -€3,089 | -7.0% |
| Other operating charges | 640/8 | €9,241 | €9,288 | +€48 | +0.5% |
| Gross operating margin | 9900 | €295,054 | €281,217 | -€13,837 | -4.7% |
| Operating profit (loss) | 9901 | €149,562 | €139,631 | -€9,931 | -6.6% |
| Financial income | 75/76B | €14,570 | €18,786 | +€4,216 | +28.9% |
| Recurring financial income | 75 | €14,570 | €18,786 | +€4,216 | +28.9% |
| Financial charges | 65/66B | €4,322 | €7,932 | +€3,609 | +83.5% |
| Recurring financial charges | 65 | €4,322 | €7,932 | +€3,609 | +83.5% |
| Profit (loss) for the period before taxes | 9903 | €159,810 | €150,486 | -€9,324 | -5.8% |
| Income taxes | 67/77 | €47,770 | €41,837 | -€5,933 | -12.4% |
| Profit (loss) for the period | 9904 | €112,040 | €108,648 | -€3,391 | -3.0% |
| Profit (loss) for the period to be appropriated | 9905 | €112,040 | €108,648 | -€3,391 | -3.0% |
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.