bernard verdoodt: 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.
bernard verdoodt
Largest movements
- Receivables within one year +€113,843
up €113,843 (+21.7%), from €524,554 to €638,397
of which Other amounts receivable: +€110,151
- Profit (loss) carried forward +€63,368
up €63,368 (+13.4%), from €474,563 to €537,931
- Reserves +€40,000
up €40,000 (+348%), from €11,489 to €51,489
of which Distributable reserves: +€40,000
- Tax, wage and social debts +€16,012
up €16,012 (+289%), from €5,535 to €21,547
- Debts after one year +€12,989
up €12,989 (+8.6%), from €150,644 to €163,633
- Current portion of long-term debt -€12,780
down €12,780 (-46.0%), from €27,791 to €15,011
- Financial charges -€83,474
down €83,474 (-89.8%), from €92,994 to €9,519
of which Non-recurring financial charges: -€82,602
- Gross operating margin +€41,874
up €41,874 (+52.5%), from €79,699 to €121,573
- Taxes +€23,829
up €23,829 (+165%), from €14,428 to €38,257
- Financial income +€6,379
up €6,379 (+22.0%), from €29,032 to €35,410
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 | €728,658 | €835,233 | +€106,575 | +14.6% |
| Fixed assets | 21/28 | €202,174 | €196,598 | -€5,575 | -2.8% |
| Tangible fixed assets | 22/27 | €152,174 | €146,598 | -€5,575 | -3.7% |
| Land and buildings | 22 | €152,174 | €146,598 | -€5,575 | -3.7% |
| Financial fixed assets | 28 | €50,000 | €50,000 | = | 0.0% |
| Current assets | 29/58 | €526,484 | €638,635 | +€112,151 | +21.3% |
| Amounts receivable within one year | 40/41 | €524,554 | €638,397 | +€113,843 | +21.7% |
| Trade receivables | 40 | €10,115 | €13,807 | +€3,692 | +36.5% |
| Other amounts receivable | 41 | €514,439 | €624,590 | +€110,151 | +21.4% |
| Cash at bank and in hand | 54/58 | €236 | €238 | +€1 | +0.6% |
| Deferred charges and accrued income | 490/1 | €1,694 | - | -€1,694 | |
| Total equity and liabilities | 10/49 | €728,658 | €835,233 | +€106,575 | +14.6% |
| Equity | 10/15 | €526,298 | €628,682 | +€102,384 | +19.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €11,489 | €51,489 | +€40,000 | +348% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €9,629 | €49,629 | +€40,000 | +415% |
| Profit (loss) carried forward | 14 | €474,563 | €537,931 | +€63,368 | +13.4% |
| Investment grants | 15 | €21,645 | €20,661 | -€984 | -4.5% |
| Amounts payable | 17/49 | €202,360 | €206,551 | +€4,191 | +2.1% |
| Amounts payable after more than one year | 17 | €150,644 | €163,633 | +€12,989 | +8.6% |
| Financial debts | 170/4 | €150,644 | €163,633 | +€12,989 | +8.6% |
| Amounts payable within one year | 42/48 | €51,716 | €42,919 | -€8,797 | -17.0% |
| Current portion of amounts payable after more than one year | 42 | €27,791 | €15,011 | -€12,780 | -46.0% |
| Financial debts | 43 | €8,353 | €2,934 | -€5,418 | -64.9% |
| Credit institutions | 430/8 | €8,353 | €2,934 | -€5,418 | -64.9% |
| Trade debts | 44 | €7,013 | €920 | -€6,093 | -86.9% |
| Suppliers | 440/4 | €7,013 | €920 | -€6,093 | -86.9% |
| Taxes, remuneration and social security | 45 | €5,535 | €21,547 | +€16,012 | +289% |
| Taxes | 450/3 | €5,535 | €21,547 | +€16,012 | +289% |
| Other amounts payable | 47/48 | €3,025 | €2,506 | -€519 | -17.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,436 | €5,575 | -€860 | -13.4% |
| Other operating charges | 640/8 | €63 | €264 | +€201 | +318% |
| Gross operating margin | 9900 | €79,699 | €121,573 | +€41,874 | +52.5% |
| Operating profit (loss) | 9901 | €73,200 | €115,734 | +€42,534 | +58.1% |
| Financial income | 75/76B | €29,032 | €35,410 | +€6,379 | +22.0% |
| Recurring financial income | 75 | €29,032 | €35,410 | +€6,379 | +22.0% |
| Financial charges | 65/66B | €92,994 | €9,519 | -€83,474 | -89.8% |
| Recurring financial charges | 65 | €10,392 | €9,519 | -€873 | -8.4% |
| Non-recurring financial charges | 66B | €82,602 | - | -€82,602 | |
| Profit (loss) for the period before taxes | 9903 | €9,238 | €141,625 | +€132,387 | +1,433% |
| Income taxes | 67/77 | €14,428 | €38,257 | +€23,829 | +165% |
| Profit (loss) for the period | 9904 | -€5,191 | €103,368 | +€108,558 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,191 | €103,368 | +€108,558 |
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 16 October 2026 via checked.be.