Ann Vereecke: 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.
Ann Vereecke
Largest movements
- Receivables within one year +€36,754
up €36,754 (+55.0%), from €66,867 to €103,621
of which Trade receivables: +€50,617
- Current investments +€20,031
up €20,031 (+3.8%), from €527,048 to €547,080
- Cash -€19,968
down €19,968 (-9.6%), from €207,892 to €187,924
mainly Contributions, distributions and other (-€150,457) and Receivables within one year (-€36,754)
- Tangible fixed assets -€12,382
down €12,382 (-20.9%), from €59,329 to €46,947
of which Land and buildings: -€11,675
- Tax, wage and social debts +€34,519
up €34,519 (+135%), from €25,584 to €60,103
- Gross operating margin +€121,786
up €121,786 (+138%), from €88,526 to €210,312
- Provisions +€80,000
up €80,000, from -€80,000 to €0
- Taxes +€13,328
up €13,328 (+26.4%), from €50,567 to €63,895
- Financial charges +€5,198
up €5,198 (+54.9%), from -€9,471 to -€4,273
- Depreciation -€3,971
down €3,971 (-24.3%), from €16,353 to €12,382
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 | €867,955 | €898,344 | +€30,388 | +3.5% |
| Fixed assets | 21/28 | €60,729 | €48,347 | -€12,382 | -20.4% |
| Tangible fixed assets | 22/27 | €59,329 | €46,947 | -€12,382 | -20.9% |
| Land and buildings | 22 | €58,375 | €46,700 | -€11,675 | -20.0% |
| Furniture and vehicles | 24 | €954 | €247 | -€707 | -74.1% |
| Financial fixed assets | 28 | €1,400 | €1,400 | = | 0.0% |
| Current assets | 29/58 | €807,227 | €849,997 | +€42,770 | +5.3% |
| Amounts receivable within one year | 40/41 | €66,867 | €103,621 | +€36,754 | +55.0% |
| Trade receivables | 40 | €53,004 | €103,621 | +€50,617 | +95.5% |
| Other amounts receivable | 41 | €13,864 | €0 | -€13,864 | -100% |
| Current investments | 50/53 | €527,048 | €547,080 | +€20,031 | +3.8% |
| Cash at bank and in hand | 54/58 | €207,892 | €187,924 | -€19,968 | -9.6% |
| Deferred charges and accrued income | 490/1 | €5,420 | €11,373 | +€5,953 | +110% |
| Total equity and liabilities | 10/49 | €867,955 | €898,344 | +€30,388 | +3.5% |
| Equity | 10/15 | €766,155 | €760,124 | -€6,031 | -0.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €747,563 | €741,532 | -€6,031 | -0.8% |
| Distributable reserves | 133 | €747,563 | €741,532 | -€6,031 | -0.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €73,572 | €73,572 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €73,572 | €73,572 | = | 0.0% |
| Pensions and similar obligations | 160 | €73,572 | €73,572 | = | 0.0% |
| Amounts payable | 17/49 | €28,229 | €64,648 | +€36,419 | +129% |
| Amounts payable within one year | 42/48 | €27,790 | €64,648 | +€36,858 | +133% |
| Trade debts | 44 | €1,255 | €1,499 | +€243 | +19.4% |
| Suppliers | 440/4 | €1,255 | €1,499 | +€243 | +19.4% |
| Taxes, remuneration and social security | 45 | €25,584 | €60,103 | +€34,519 | +135% |
| Taxes | 450/3 | €25,584 | €60,103 | +€34,519 | +135% |
| Other amounts payable | 47/48 | €951 | €3,046 | +€2,095 | +220% |
| Accrued charges and deferred income | 492/3 | €439 | €0 | -€439 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,353 | €12,382 | -€3,971 | -24.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€80,000 | €0 | +€80,000 | |
| Other operating charges | 640/8 | €3,848 | €3,950 | +€101 | +2.6% |
| Gross operating margin | 9900 | €88,526 | €210,312 | +€121,786 | +138% |
| Operating profit (loss) | 9901 | €148,324 | €193,980 | +€45,656 | +30.8% |
| Financial income | 75/76B | €10,532 | €10,069 | -€463 | -4.4% |
| Recurring financial income | 75 | €10,532 | €10,069 | -€463 | -4.4% |
| Financial charges | 65/66B | -€9,471 | -€4,273 | +€5,198 | +54.9% |
| Recurring financial charges | 65 | -€9,471 | -€4,273 | +€5,198 | +54.9% |
| Profit (loss) for the period before taxes | 9903 | €168,327 | €208,322 | +€39,994 | +23.8% |
| Income taxes | 67/77 | €50,567 | €63,895 | +€13,328 | +26.4% |
| Profit (loss) for the period | 9904 | €117,761 | €144,427 | +€26,666 | +22.6% |
| Profit (loss) for the period to be appropriated | 9905 | €117,761 | €144,427 | +€26,666 | +22.6% |
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 22 October 2026 via checked.be.