ANDY VERDUYN: 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.
ANDY VERDUYN
Largest movements
- Tangible fixed assets +€253,736
up €253,736 (+277.4%), from €91,466 to €345,202
of which Land and buildings: +€263,128
- Cash -€155,185
down €155,185 (-88.3%), from €175,713 to €20,527
mainly Investment in fixed assets (net) (-€296,179) and Contributions, distributions and other (-€234,155)
- Receivables within one year +€21,643
up €21,643 (+133.5%), from €16,213 to €37,855
of which Trade receivables: +€21,959
- Debts after one year +€301,639
up €301,639, from €0 to €301,639
- Reserves -€171,333
down €171,333 (-73.2%), from €234,155 to €62,822
- Accrued charges and deferred income -€10,100
down €10,100 (-100.0%), from €10,100 to €0
- Tax, wage and social debts -€4,871
down €4,871 (-44.7%), from €10,902 to €6,032
of which Taxes: -€4,871
- Current portion of long-term debt +€4,642
up €4,642 (+60.2%), from €7,708 to €12,350
- Gross operating margin +€34,878
up €34,878 (+27.0%), from €128,989 to €163,867
- Other operating charges +€33,414
up €33,414 (+3365.7%), from €993 to €34,406
- Depreciation +€6,873
up €6,873 (+19.3%), from €35,571 to €42,443
- Taxes -€2,150
down €2,150 (-9.0%), from €23,863 to €21,714
- Financial charges +€1,922
up €1,922 (+213.2%), from €902 to €2,824
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.
Cash bridge derived
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 | €284,709 | €404,987 | +€120,278 | +42.2% |
| Fixed assets | 21/28 | €91,466 | €345,202 | +€253,736 | +277.4% |
| Tangible fixed assets | 22/27 | €91,466 | €345,202 | +€253,736 | +277.4% |
| Land and buildings | 22 | - | €263,128 | +€263,128 | |
| Plant, machinery and equipment | 23 | €23,817 | €46,284 | +€22,467 | +94.3% |
| Furniture and vehicles | 24 | €67,649 | €35,789 | -€31,860 | -47.1% |
| Current assets | 29/58 | €193,242 | €59,785 | -€133,458 | -69.1% |
| Stocks and contracts in progress | 3 | €387 | €433 | +€47 | +12.1% |
| Stocks | 30/36 | €387 | €433 | +€47 | +12.1% |
| Amounts receivable within one year | 40/41 | €16,213 | €37,855 | +€21,643 | +133.5% |
| Trade receivables | 40 | €15,635 | €37,593 | +€21,959 | +140.4% |
| Other amounts receivable | 41 | €578 | €262 | -€316 | -54.6% |
| Cash at bank and in hand | 54/58 | €175,713 | €20,527 | -€155,185 | -88.3% |
| Deferred charges and accrued income | 490/1 | €930 | €969 | +€38 | +4.1% |
| Total equity and liabilities | 10/49 | €284,709 | €404,987 | +€120,278 | +42.2% |
| Equity | 10/15 | €244,155 | €72,822 | -€171,333 | -70.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €234,155 | €62,822 | -€171,333 | -73.2% |
| Distributable reserves | 133 | €234,155 | €62,822 | -€171,333 | -73.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €40,554 | €332,165 | +€291,611 | +719.1% |
| Amounts payable after more than one year | 17 | €0 | €301,639 | +€301,639 | |
| Financial debts | 170/4 | €0 | €301,639 | +€301,639 | |
| Amounts payable within one year | 42/48 | €30,454 | €30,525 | +€72 | +0.2% |
| Current portion of amounts payable after more than one year | 42 | €7,708 | €12,350 | +€4,642 | +60.2% |
| Trade debts | 44 | €3,628 | €3,364 | -€264 | -7.3% |
| Suppliers | 440/4 | €3,628 | €3,364 | -€264 | -7.3% |
| Taxes, remuneration and social security | 45 | €10,902 | €6,032 | -€4,871 | -44.7% |
| Taxes | 450/3 | €10,902 | €6,032 | -€4,871 | -44.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €8,215 | €8,780 | +€565 | +6.9% |
| Accrued charges and deferred income | 492/3 | €10,100 | €0 | -€10,100 | -100.0% |
| Non-recurring operating income | 76A | €1,512 | €0 | -€1,512 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,571 | €42,443 | +€6,873 | +19.3% |
| Other operating charges | 640/8 | €993 | €34,406 | +€33,414 | +3365.7% |
| Gross operating margin | 9900 | €128,989 | €163,867 | +€34,878 | +27.0% |
| Operating profit (loss) | 9901 | €92,426 | €87,018 | -€5,408 | -5.9% |
| Financial income | 75/76B | €320 | €342 | +€22 | +6.8% |
| Recurring financial income | 75 | €320 | €342 | +€22 | +6.8% |
| Financial charges | 65/66B | €902 | €2,824 | +€1,922 | +213.2% |
| Recurring financial charges | 65 | €902 | €2,824 | +€1,922 | +213.2% |
| Profit (loss) for the period before taxes | 9903 | €91,844 | €84,536 | -€7,308 | -8.0% |
| Income taxes | 67/77 | €23,863 | €21,714 | -€2,150 | -9.0% |
| Profit (loss) for the period | 9904 | €67,981 | €62,822 | -€5,158 | -7.6% |
| Profit (loss) for the period to be appropriated | 9905 | €67,981 | €62,822 | -€5,158 | -7.6% |
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 9 October 2026 via checked.be.