Annabelle Verbeeck: 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.
Annabelle Verbeeck
Largest movements
- Current investments +€300,000
new in 2025: €300,000
- Cash -€172,519
down €172,519 (-76.5%), from €225,643 to €53,124
mainly Current investments (-€300,000) and Receivables after one year (-€45,000)
- Receivables after one year +€45,000
new in 2025: €45,000
- Reserves +€170,377
up €170,377 (+77.7%), from €219,142 to €389,519
- Tax, wage and social debts +€10,826
up €10,826 (+23.3%), from €46,373 to €57,198
- Other debts -€7,052
down €7,052 (-94.1%), from €7,496 to €444
- Gross operating margin +€42,378
up €42,378 (+22.5%), from €188,087 to €230,465
- Taxes +€10,826
up €10,826 (+26.2%), from €41,273 to €52,098
- Depreciation +€3,748
up €3,748 (+110%), from €3,406 to €7,154
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 | €278,469 | €451,748 | +€173,280 | +62.2% |
| Fixed assets | 21/28 | €49,601 | €52,125 | +€2,524 | +5.1% |
| Tangible fixed assets | 22/27 | €49,601 | €52,125 | +€2,524 | +5.1% |
| Land and buildings | 22 | €41,443 | €43,349 | +€1,907 | +4.6% |
| Furniture and vehicles | 24 | €8,158 | €8,775 | +€617 | +7.6% |
| Current assets | 29/58 | €228,868 | €399,624 | +€170,756 | +74.6% |
| Amounts receivable after more than one year | 29 | - | €45,000 | +€45,000 | |
| Other amounts receivable | 291 | - | €45,000 | +€45,000 | |
| Current investments | 50/53 | - | €300,000 | +€300,000 | |
| Cash at bank and in hand | 54/58 | €225,643 | €53,124 | -€172,519 | -76.5% |
| Deferred charges and accrued income | 490/1 | €3,225 | €1,500 | -€1,725 | -53.5% |
| Total equity and liabilities | 10/49 | €278,469 | €451,748 | +€173,280 | +62.2% |
| Equity | 10/15 | €222,142 | €392,519 | +€170,377 | +76.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €219,142 | €389,519 | +€170,377 | +77.7% |
| Distributable reserves | 133 | €219,142 | €389,519 | +€170,377 | +77.7% |
| Amounts payable | 17/49 | €56,326 | €59,229 | +€2,903 | +5.2% |
| Amounts payable within one year | 42/48 | €56,326 | €59,229 | +€2,903 | +5.2% |
| Trade debts | 44 | €2,458 | €1,586 | -€871 | -35.5% |
| Suppliers | 440/4 | €2,458 | €1,586 | -€871 | -35.5% |
| Taxes, remuneration and social security | 45 | €46,373 | €57,198 | +€10,826 | +23.3% |
| Taxes | 450/3 | €46,373 | €57,198 | +€10,826 | +23.3% |
| Other amounts payable | 47/48 | €7,496 | €444 | -€7,052 | -94.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,406 | €7,154 | +€3,748 | +110% |
| Other operating charges | 640/8 | €383 | €795 | +€411 | +107% |
| Gross operating margin | 9900 | €188,087 | €230,465 | +€42,378 | +22.5% |
| Operating profit (loss) | 9901 | €184,298 | €222,516 | +€38,219 | +20.7% |
| Financial income | 75/76B | - | €1,676 | +€1,676 | |
| Recurring financial income | 75 | - | €1,676 | +€1,676 | |
| Financial charges | 65/66B | €1,904 | €1,717 | -€188 | -9.9% |
| Recurring financial charges | 65 | €1,904 | €1,717 | -€188 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | €182,394 | €222,475 | +€40,082 | +22.0% |
| Income taxes | 67/77 | €41,273 | €52,098 | +€10,826 | +26.2% |
| Profit (loss) for the period | 9904 | €141,121 | €170,377 | +€29,256 | +20.7% |
| Profit (loss) for the period to be appropriated | 9905 | €141,121 | €170,377 | +€29,256 | +20.7% |
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 26 October 2026 via checked.be.