C. VERBEKE: 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.
C. VERBEKE
Largest movements
- Receivables within one year -€209,513
down €209,513 (-94.5%), from €221,777 to €12,264
of which Trade receivables: -€187,427
- Cash +€146,311
up €146,311 (+51.1%), from €286,195 to €432,505
mainly Receivables within one year (+€209,513) and Depreciation (+€181,837)
- Tangible fixed assets -€109,228
down €109,228 (-10.4%), from €1.1m to €942,225
of which Land and buildings: -€103,800
- Intangible fixed assets -€70,441
down €70,441 (-66.6%), from €105,759 to €35,317
- Other debts -€225,606
down €225,606 (-52.6%), from €428,773 to €203,167
- Reserves +€42,100
up €42,100 (+12.4%), from €340,246 to €382,346
of which Tax-exempt reserves: +€42,100
- Trade debts -€28,837
down €28,837 (-85.8%), from €33,601 to €4,763
- Depreciation -€16,873
down €16,873 (-8.5%), from €198,710 to €181,837
- Taxes +€7,218
up €7,218 (+21.4%), from €33,763 to €40,981
- Gross operating margin +€6,134
up €6,134 (+2.3%), from €267,544 to €273,678
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 | €2,077,217 | €1,829,540 | -€247,678 | -11.9% |
| Fixed assets | 21/28 | €1,560,211 | €1,380,542 | -€179,669 | -11.5% |
| Intangible fixed assets | 21 | €105,759 | €35,317 | -€70,441 | -66.6% |
| Tangible fixed assets | 22/27 | €1,051,452 | €942,225 | -€109,228 | -10.4% |
| Land and buildings | 22 | €1,026,025 | €922,224 | -€103,800 | -10.1% |
| Plant, machinery and equipment | 23 | €25,428 | €20,000 | -€5,427 | -21.3% |
| Financial fixed assets | 28 | €403,000 | €403,000 | = | 0.0% |
| Current assets | 29/58 | €517,006 | €448,998 | -€68,009 | -13.2% |
| Amounts receivable within one year | 40/41 | €221,777 | €12,264 | -€209,513 | -94.5% |
| Trade receivables | 40 | €199,377 | €11,949 | -€187,427 | -94.0% |
| Other amounts receivable | 41 | €22,401 | €315 | -€22,086 | -98.6% |
| Cash at bank and in hand | 54/58 | €286,195 | €432,505 | +€146,311 | +51.1% |
| Deferred charges and accrued income | 490/1 | €9,035 | €4,228 | -€4,806 | -53.2% |
| Total equity and liabilities | 10/49 | €2,077,217 | €1,829,540 | -€247,678 | -11.9% |
| Equity | 10/15 | €1,541,610 | €1,564,191 | +€22,580 | +1.5% |
| Contributions | 10/11 | €721,199 | €721,199 | = | 0.0% |
| Revaluation surpluses | 12 | €208,360 | €208,360 | = | 0.0% |
| Reserves | 13 | €340,246 | €382,346 | +€42,100 | +12.4% |
| Tax-exempt reserves | 132 | €243,952 | €286,052 | +€42,100 | +17.3% |
| Distributable reserves | 133 | €96,295 | €96,295 | = | 0.0% |
| Profit (loss) carried forward | 14 | €271,805 | €252,286 | -€19,520 | -7.2% |
| Amounts payable | 17/49 | €535,607 | €265,349 | -€270,258 | -50.5% |
| Amounts payable after more than one year | 17 | €5,833 | - | -€5,833 | |
| Financial debts | 170/4 | €5,833 | - | -€5,833 | |
| Amounts payable within one year | 42/48 | €528,483 | €265,316 | -€263,167 | -49.8% |
| Current portion of amounts payable after more than one year | 42 | €17,500 | €5,833 | -€11,668 | -66.7% |
| Trade debts | 44 | €33,601 | €4,763 | -€28,837 | -85.8% |
| Suppliers | 440/4 | €33,601 | €4,763 | -€28,837 | -85.8% |
| Taxes, remuneration and social security | 45 | €48,609 | €51,553 | +€2,944 | +6.1% |
| Taxes | 450/3 | €48,609 | €51,553 | +€2,944 | +6.1% |
| Other amounts payable | 47/48 | €428,773 | €203,167 | -€225,606 | -52.6% |
| Accrued charges and deferred income | 492/3 | €1,291 | €33 | -€1,258 | -97.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €198,710 | €181,837 | -€16,873 | -8.5% |
| Other operating charges | 640/8 | €18,638 | €20,003 | +€1,365 | +7.3% |
| Gross operating margin | 9900 | €267,544 | €273,678 | +€6,134 | +2.3% |
| Operating profit (loss) | 9901 | €50,197 | €71,839 | +€21,642 | +43.1% |
| Financial income | 75/76B | €9,139 | €10,080 | +€941 | +10.3% |
| Recurring financial income | 75 | €9,139 | €10,080 | +€941 | +10.3% |
| Financial charges | 65/66B | €19,255 | €18,358 | -€898 | -4.7% |
| Recurring financial charges | 65 | €19,255 | €18,358 | -€898 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | €40,080 | €63,561 | +€23,481 | +58.6% |
| Income taxes | 67/77 | €33,763 | €40,981 | +€7,218 | +21.4% |
| Profit (loss) for the period | 9904 | €6,317 | €22,580 | +€16,263 | +257% |
| Transfer to tax-exempt reserves | 689 | €63,150 | €42,100 | -€21,050 | -33.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€56,833 | -€19,520 | +€37,313 | +65.7% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.