BRUNO VERVISCH: 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.
BRUNO VERVISCH
Largest movements
- Receivables within one year -€121,427
down €121,427 (-42.5%), from €285,483 to €164,056
of which Trade receivables: -€110,382
- Tangible fixed assets -€56,381
down €56,381 (-8.9%), from €635,645 to €579,264
of which Land and buildings: -€29,074
- Current investments +€29,081
up €29,081 (+41.7%), from €69,676 to €98,757
- Cash +€17,668
up €17,668 (+184%), from €9,582 to €27,249
mainly Net result for the year (+€126,305) and Receivables within one year (+€121,427)
- Debts after one year -€160,000
down €160,000 (-100%), from €160,000 to €0
- Reserves +€103,510
up €103,510 (+10.7%), from €963,013 to €1.1m
- Other debts -€73,982
down €73,982 (-67.8%), from €109,156 to €35,174
- Gross operating margin -€116,867
down €116,867 (-33.0%), from €354,039 to €237,172
- Taxes -€39,003
down €39,003 (-39.0%), from €100,067 to €61,064
- Financial charges -€3,968
down €3,968 (-76.1%), from €5,214 to €1,245
- Financial income -€3,899
down €3,899 (-20.6%), from €18,954 to €15,055
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 | €1,359,798 | €1,222,508 | -€137,290 | -10.1% |
| Fixed assets | 21/28 | €993,156 | €925,359 | -€67,797 | -6.8% |
| Tangible fixed assets | 22/27 | €635,645 | €579,264 | -€56,381 | -8.9% |
| Land and buildings | 22 | €536,051 | €506,977 | -€29,074 | -5.4% |
| Plant, machinery and equipment | 23 | €4,426 | €3,085 | -€1,341 | -30.3% |
| Furniture and vehicles | 24 | €95,168 | €69,202 | -€25,966 | -27.3% |
| Financial fixed assets | 28 | €357,511 | €346,096 | -€11,416 | -3.2% |
| Current assets | 29/58 | €366,642 | €297,149 | -€69,493 | -19.0% |
| Amounts receivable within one year | 40/41 | €285,483 | €164,056 | -€121,427 | -42.5% |
| Trade receivables | 40 | €110,382 | €0 | -€110,382 | -100% |
| Other amounts receivable | 41 | €175,101 | €164,056 | -€11,045 | -6.3% |
| Current investments | 50/53 | €69,676 | €98,757 | +€29,081 | +41.7% |
| Cash at bank and in hand | 54/58 | €9,582 | €27,249 | +€17,668 | +184% |
| Deferred charges and accrued income | 490/1 | €1,901 | €7,087 | +€5,186 | +273% |
| Total equity and liabilities | 10/49 | €1,359,798 | €1,222,508 | -€137,290 | -10.1% |
| Equity | 10/15 | €981,613 | €1,085,123 | +€103,510 | +10.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €963,013 | €1,066,523 | +€103,510 | +10.7% |
| Distributable reserves | 133 | €963,013 | €1,066,523 | +€103,510 | +10.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €378,185 | €137,385 | -€240,800 | -63.7% |
| Amounts payable after more than one year | 17 | €160,000 | €0 | -€160,000 | -100% |
| Other amounts payable | 178/9 | €160,000 | €0 | -€160,000 | -100% |
| Amounts payable within one year | 42/48 | €216,685 | €135,885 | -€80,800 | -37.3% |
| Trade debts | 44 | €11,076 | €2,317 | -€8,759 | -79.1% |
| Suppliers | 440/4 | €11,076 | €2,317 | -€8,759 | -79.1% |
| Taxes, remuneration and social security | 45 | €96,453 | €98,394 | +€1,941 | +2.0% |
| Taxes | 450/3 | €96,453 | €98,394 | +€1,941 | +2.0% |
| Other amounts payable | 47/48 | €109,156 | €35,174 | -€73,982 | -67.8% |
| Accrued charges and deferred income | 492/3 | €1,500 | €1,500 | = | 0.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,627 | €57,987 | +€1,359 | +2.4% |
| Other operating charges | 640/8 | €5,444 | €5,625 | +€181 | +3.3% |
| Gross operating margin | 9900 | €354,039 | €237,172 | -€116,867 | -33.0% |
| Operating profit (loss) | 9901 | €291,968 | €173,560 | -€118,408 | -40.6% |
| Financial income | 75/76B | €18,954 | €15,055 | -€3,899 | -20.6% |
| Recurring financial income | 75 | €18,954 | €15,055 | -€3,899 | -20.6% |
| Financial charges | 65/66B | €5,214 | €1,245 | -€3,968 | -76.1% |
| Recurring financial charges | 65 | €5,214 | €1,245 | -€3,968 | -76.1% |
| Profit (loss) for the period before taxes | 9903 | €305,708 | €187,369 | -€118,339 | -38.7% |
| Income taxes | 67/77 | €100,067 | €61,064 | -€39,003 | -39.0% |
| Profit (loss) for the period | 9904 | €205,641 | €126,305 | -€79,336 | -38.6% |
| Profit (loss) for the period to be appropriated | 9905 | €205,641 | €126,305 | -€79,336 | -38.6% |
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 17 October 2026 via checked.be.