ALAIN VERDUYN: what changed
ALAIN VERDUYN
Largest movements
- Tangible fixed assets +€48,281
up €48,281 (+7.2%), from €667,847 to €716,128
of which Furniture and vehicles: +€42,051
- Stocks and contracts +€42,674
new in 2025: €42,674
- Cash +€30,662
up €30,662 (+137%), from €22,331 to €52,993
mainly Other debts (+€81,164) and Trade debts (+€39,881)
- Other debts +€81,164
up €81,164 (+26.6%), from €304,856 to €386,020
- Trade debts +€39,881
up €39,881 (+2,265%), from €1,761 to €41,642
- Debts after one year -€35,954
down €35,954 (-32.4%), from €110,847 to €74,893
- Reserves +€32,373
up €32,373 (+119%), from €27,311 to €59,684
- Gross operating margin +€11,341
up €11,341 (+15.5%), from €73,253 to €84,593
- Depreciation +€9,606
up €9,606 (+87.5%), from €10,975 to €20,582
- Taxes +€5,878
up €5,878 (+59.0%), from €9,955 to €15,833
- Other operating charges +€1,207
up €1,207 (+15.3%), from €7,897 to €9,104
- Financial charges -€940
down €940 (-12.3%), from €7,642 to €6,703
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €692,810 | €817,062 | +€124,252 | +17.9% |
| Fixed assets | 21/28 | €667,847 | €716,128 | +€48,281 | +7.2% |
| Tangible fixed assets | 22/27 | €667,847 | €716,128 | +€48,281 | +7.2% |
| Land and buildings | 22 | €667,847 | €656,872 | -€10,975 | -1.6% |
| Plant, machinery and equipment | 23 | - | €17,206 | +€17,206 | |
| Furniture and vehicles | 24 | - | €42,051 | +€42,051 | |
| Current assets | 29/58 | €24,962 | €100,934 | +€75,971 | +304% |
| Stocks and contracts in progress | 3 | - | €42,674 | +€42,674 | |
| Stocks | 30/36 | - | €42,674 | +€42,674 | |
| Amounts receivable within one year | 40/41 | €2,631 | €4,693 | +€2,062 | +78.4% |
| Trade receivables | 40 | €2,613 | €2,560 | -€54 | -2.1% |
| Other amounts receivable | 41 | €18 | €2,134 | +€2,116 | +11,754% |
| Cash at bank and in hand | 54/58 | €22,331 | €52,993 | +€30,662 | +137% |
| Deferred charges and accrued income | 490/1 | - | €574 | +€574 | |
| Total equity and liabilities | 10/49 | €692,810 | €817,062 | +€124,252 | +17.9% |
| Equity | 10/15 | €231,311 | €263,684 | +€32,373 | +14.0% |
| Contributions | 10/11 | €204,000 | €204,000 | = | 0.0% |
| Reserves | 13 | €27,311 | €59,684 | +€32,373 | +119% |
| Distributable reserves | 133 | €27,311 | €59,684 | +€32,373 | +119% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €461,499 | €553,378 | +€91,880 | +19.9% |
| Amounts payable after more than one year | 17 | €110,847 | €74,893 | -€35,954 | -32.4% |
| Financial debts | 170/4 | €110,847 | €74,893 | -€35,954 | -32.4% |
| Amounts payable within one year | 42/48 | €350,652 | €478,485 | +€127,833 | +36.5% |
| Current portion of amounts payable after more than one year | 42 | €34,993 | €35,954 | +€960 | +2.7% |
| Trade debts | 44 | €1,761 | €41,642 | +€39,881 | +2,265% |
| Suppliers | 440/4 | €1,761 | €41,642 | +€39,881 | +2,265% |
| Taxes, remuneration and social security | 45 | €9,042 | €14,870 | +€5,829 | +64.5% |
| Taxes | 450/3 | €9,042 | €14,870 | +€5,829 | +64.5% |
| Other amounts payable | 47/48 | €304,856 | €386,020 | +€81,164 | +26.6% |
| Non-recurring operating income | 76A | €1,800 | €0 | -€1,800 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,975 | €20,582 | +€9,606 | +87.5% |
| Other operating charges | 640/8 | €7,897 | €9,104 | +€1,207 | +15.3% |
| Non-recurring operating charges | 66A | €5,000 | €0 | -€5,000 | -100% |
| Gross operating margin | 9900 | €73,253 | €84,593 | +€11,341 | +15.5% |
| Operating profit (loss) | 9901 | €49,380 | €54,908 | +€5,528 | +11.2% |
| Financial charges | 65/66B | €7,642 | €6,703 | -€940 | -12.3% |
| Recurring financial charges | 65 | €7,642 | €6,703 | -€940 | -12.3% |
| Profit (loss) for the period before taxes | 9903 | €41,738 | €48,206 | +€6,467 | +15.5% |
| Income taxes | 67/77 | €9,955 | €15,833 | +€5,878 | +59.0% |
| Profit (loss) for the period | 9904 | €31,783 | €32,373 | +€590 | +1.9% |
| Profit (loss) for the period to be appropriated | 9905 | €31,783 | €32,373 | +€590 | +1.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.