CARMEN VERDONCK: what changed
You see two financial years side by side: what moved most in the balance sheet and the result, why the result rose or fell and where the money went.
CARMEN VERDONCK
Largest movements
- Cash +€297,266
up €297,266 (+449%), from €66,247 to €363,514
mainly Net result for the year (+€187,570) and Current investments (+€145,276)
- Current investments -€145,276
down €145,276 (-17.1%), from €850,000 to €704,724
- Receivables within one year +€43,532
up €43,532 (+77.3%), from €56,296 to €99,828
of which Trade receivables: +€41,360
- Reserves +€187,570
up €187,570 (+18.6%), from €1.0m to €1.2m
of which Distributable reserves: +€187,570
- Tax, wage and social debts -€13,223
no longer reported in 2026 (was €13,223)
- Gross operating margin +€53,744
up €53,744 (+24.4%), from €220,202 to €273,945
- Taxes +€12,869
up €12,869 (+18.3%), from €70,455 to €83,324
- Depreciation +€7,803
up €7,803 (+107%), from €7,284 to €15,088
- Financial income -€6,038
down €6,038 (-24.8%), from €24,357 to €18,320
- Financial charges +€4,927
new in 2026: €4,927
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,042,664 | €1,228,133 | +€185,469 | +17.8% |
| Fixed assets | 21/28 | €65,870 | €56,237 | -€9,633 | -14.6% |
| Tangible fixed assets | 22/27 | €60,705 | €51,072 | -€9,633 | -15.9% |
| Plant, machinery and equipment | 23 | €1,462 | €1,140 | -€322 | -22.0% |
| Furniture and vehicles | 24 | €59,243 | €45,018 | -€14,225 | -24.0% |
| Other tangible fixed assets | 26 | - | €4,914 | +€4,914 | |
| Financial fixed assets | 28 | €5,165 | €5,165 | = | 0.0% |
| Current assets | 29/58 | €976,794 | €1,171,896 | +€195,102 | +20.0% |
| Amounts receivable within one year | 40/41 | €56,296 | €99,828 | +€43,532 | +77.3% |
| Trade receivables | 40 | €56,296 | €97,656 | +€41,360 | +73.5% |
| Other amounts receivable | 41 | - | €2,172 | +€2,172 | |
| Current investments | 50/53 | €850,000 | €704,724 | -€145,276 | -17.1% |
| Cash at bank and in hand | 54/58 | €66,247 | €363,514 | +€297,266 | +449% |
| Deferred charges and accrued income | 490/1 | €4,251 | €3,829 | -€421 | -9.9% |
| Total equity and liabilities | 10/49 | €1,042,664 | €1,228,133 | +€185,469 | +17.8% |
| Equity | 10/15 | €1,022,236 | €1,209,806 | +€187,570 | +18.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,009,836 | €1,197,406 | +€187,570 | +18.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,007,976 | €1,195,546 | +€187,570 | +18.6% |
| Amounts payable | 17/49 | €20,428 | €18,326 | -€2,101 | -10.3% |
| Amounts payable within one year | 42/48 | €17,828 | €15,726 | -€2,101 | -11.8% |
| Trade debts | 44 | €4,060 | €4,895 | +€835 | +20.6% |
| Suppliers | 440/4 | €4,060 | €4,895 | +€835 | +20.6% |
| Taxes, remuneration and social security | 45 | €13,223 | - | -€13,223 | |
| Taxes | 450/3 | €13,223 | - | -€13,223 | |
| Other amounts payable | 47/48 | €545 | €10,832 | +€10,287 | +1,888% |
| Accrued charges and deferred income | 492/3 | €2,600 | €2,600 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,284 | €15,088 | +€7,803 | +107% |
| Other operating charges | 640/8 | €1,820 | €1,356 | -€464 | -25.5% |
| Gross operating margin | 9900 | €220,202 | €273,945 | +€53,744 | +24.4% |
| Operating profit (loss) | 9901 | €211,098 | €257,502 | +€46,404 | +22.0% |
| Financial income | 75/76B | €24,357 | €18,320 | -€6,038 | -24.8% |
| Recurring financial income | 75 | €24,357 | €18,320 | -€6,038 | -24.8% |
| Financial charges | 65/66B | - | €4,927 | +€4,927 | |
| Recurring financial charges | 65 | - | €4,927 | +€4,927 | |
| Profit (loss) for the period before taxes | 9903 | €235,455 | €270,894 | +€35,439 | +15.1% |
| Income taxes | 67/77 | €70,455 | €83,324 | +€12,869 | +18.3% |
| Profit (loss) for the period | 9904 | €164,999 | €187,570 | +€22,571 | +13.7% |
| Profit (loss) for the period to be appropriated | 9905 | €164,999 | €187,570 | +€22,571 | +13.7% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.