Adelheid Verschuere: 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.
Adelheid Verschuere
Largest movements
- Cash +€47,816
up €47,816 (+22.2%), from €215,664 to €263,480
mainly Net result for the year (+€62,452) and Depreciation (+€13,696)
- Receivables within one year +€28,421
up €28,421 (+40.0%), from €71,090 to €99,512
of which Trade receivables: +€33,814
- Tangible fixed assets -€11,016
down €11,016 (-18.3%), from €60,355 to €49,339
of which Furniture and vehicles: -€12,310
- Deferred charges and accrued income -€6,549
down €6,549 (-78.2%), from €8,379 to €1,830
- Reserves +€62,452
up €62,452 (+22.5%), from €277,456 to €339,908
- Gross operating margin +€46,318
up €46,318 (+87.1%), from €53,187 to €99,505
- Depreciation +€10,883
up €10,883 (+387%), from €2,814 to €13,696
- Taxes +€8,181
up €8,181 (+55.3%), from €14,793 to €22,974
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 | €387,989 | €446,660 | +€58,672 | +15.1% |
| Fixed assets | 21/28 | €60,355 | €49,339 | -€11,016 | -18.3% |
| Tangible fixed assets | 22/27 | €60,355 | €49,339 | -€11,016 | -18.3% |
| Plant, machinery and equipment | 23 | €1,596 | €2,890 | +€1,294 | +81.1% |
| Furniture and vehicles | 24 | €58,759 | €46,449 | -€12,310 | -21.0% |
| Current assets | 29/58 | €327,633 | €397,321 | +€69,688 | +21.3% |
| Amounts receivable after more than one year | 29 | €32,500 | €32,500 | = | 0.0% |
| Trade receivables | 290 | €32,500 | €0 | -€32,500 | -100% |
| Other amounts receivable | 291 | - | €32,500 | +€32,500 | |
| Amounts receivable within one year | 40/41 | €71,090 | €99,512 | +€28,421 | +40.0% |
| Trade receivables | 40 | €59,839 | €93,653 | +€33,814 | +56.5% |
| Other amounts receivable | 41 | €11,251 | €5,859 | -€5,393 | -47.9% |
| Cash at bank and in hand | 54/58 | €215,664 | €263,480 | +€47,816 | +22.2% |
| Deferred charges and accrued income | 490/1 | €8,379 | €1,830 | -€6,549 | -78.2% |
| Total equity and liabilities | 10/49 | €387,989 | €446,660 | +€58,672 | +15.1% |
| Equity | 10/15 | €378,694 | €441,146 | +€62,452 | +16.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €277,456 | €339,908 | +€62,452 | +22.5% |
| Distributable reserves | 133 | €277,456 | €339,908 | +€62,452 | +22.5% |
| Profit (loss) carried forward | 14 | €88,838 | €88,838 | = | 0.0% |
| Amounts payable | 17/49 | €9,295 | €5,514 | -€3,780 | -40.7% |
| Amounts payable within one year | 42/48 | €9,295 | €5,514 | -€3,780 | -40.7% |
| Trade debts | 44 | €1,548 | €527 | -€1,022 | -66.0% |
| Suppliers | 440/4 | €1,548 | €527 | -€1,022 | -66.0% |
| Taxes, remuneration and social security | 45 | €7,349 | €4,121 | -€3,228 | -43.9% |
| Taxes | 450/3 | €7,349 | €4,121 | -€3,228 | -43.9% |
| Other amounts payable | 47/48 | €398 | €867 | +€469 | +118% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,814 | €13,696 | +€10,883 | +387% |
| Other operating charges | 640/8 | €893 | €663 | -€230 | -25.8% |
| Gross operating margin | 9900 | €53,187 | €99,505 | +€46,318 | +87.1% |
| Operating profit (loss) | 9901 | €49,480 | €85,146 | +€35,666 | +72.1% |
| Financial income | 75/76B | €488 | €325 | -€163 | -33.3% |
| Recurring financial income | 75 | €488 | €325 | -€163 | -33.3% |
| Financial charges | 65/66B | €44 | €45 | +€2 | +3.5% |
| Recurring financial charges | 65 | €44 | €45 | +€2 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | €49,924 | €85,426 | +€35,502 | +71.1% |
| Income taxes | 67/77 | €14,793 | €22,974 | +€8,181 | +55.3% |
| Profit (loss) for the period | 9904 | €35,131 | €62,452 | +€27,321 | +77.8% |
| Profit (loss) for the period to be appropriated | 9905 | €35,131 | €62,452 | +€27,321 | +77.8% |
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.