CHRIS VERDONCK: 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.
CHRIS VERDONCK
Largest movements
- Cash -€135,838
down €135,838 (-55.3%), from €245,667 to €109,829
mainly Accrued charges and deferred income (-€874,800) and Other debts (-€136,680)
- Current investments -€126,290
down €126,290 (-3.4%), from €3.7m to €3.6m
- Tangible fixed assets -€78,783
down €78,783 (-5.9%), from €1.3m to €1.2m
of which Land and buildings: -€69,256
- Accrued charges and deferred income -€874,800
down €874,800 (-36.4%), from €2.4m to €1.5m
- Reserves +€623,334
up €623,334 (+26.8%), from €2.3m to €2.9m
of which Distributable reserves: +€638,660
- Other debts -€136,680
down €136,680 (-99.7%), from €137,105 to €425
- Tax, wage and social debts +€71,873
up €71,873 (+122%), from €59,048 to €130,920
- Financial income +€134,524
up €134,524 (+447,966%), from €30 to €134,554
- Gross operating margin -€106,541
down €106,541 (-10.9%), from €979,520 to €872,980
- Taxes +€56,610
up €56,610 (+24.6%), from €230,002 to €286,612
- Depreciation -€38,665
down €38,665 (-28.8%), from €134,420 to €95,755
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 | €5,305,873 | €4,978,884 | -€326,989 | -6.2% |
| Fixed assets | 21/28 | €1,327,883 | €1,249,100 | -€78,783 | -5.9% |
| Tangible fixed assets | 22/27 | €1,327,883 | €1,249,100 | -€78,783 | -5.9% |
| Land and buildings | 22 | €1,248,306 | €1,179,050 | -€69,256 | -5.5% |
| Plant, machinery and equipment | 23 | €21,344 | €24,332 | +€2,988 | +14.0% |
| Furniture and vehicles | 24 | €58,234 | €45,719 | -€12,515 | -21.5% |
| Current assets | 29/58 | €3,977,990 | €3,729,784 | -€248,206 | -6.2% |
| Amounts receivable within one year | 40/41 | €6,033 | €19,955 | +€13,921 | +231% |
| Trade receivables | 40 | €0 | €4,665 | +€4,665 | |
| Other amounts receivable | 41 | €6,033 | €15,290 | +€9,257 | +153% |
| Current investments | 50/53 | €3,726,290 | €3,600,000 | -€126,290 | -3.4% |
| Cash at bank and in hand | 54/58 | €245,667 | €109,829 | -€135,838 | -55.3% |
| Total equity and liabilities | 10/49 | €5,305,873 | €4,978,884 | -€326,989 | -6.2% |
| Equity | 10/15 | €2,653,611 | €3,276,945 | +€623,334 | +23.5% |
| Contributions | 10/11 | €330,000 | €330,000 | = | 0.0% |
| Reserves | 13 | €2,323,611 | €2,946,945 | +€623,334 | +26.8% |
| Non-distributable reserves | 130/1 | €33,000 | €33,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €33,000 | €33,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €131,272 | €115,946 | -€15,326 | -11.7% |
| Distributable reserves | 133 | €2,159,339 | €2,797,999 | +€638,660 | +29.6% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €43,758 | €38,649 | -€5,109 | -11.7% |
| Deferred taxes | 168 | €43,758 | €38,649 | -€5,109 | -11.7% |
| Amounts payable | 17/49 | €2,608,505 | €1,663,291 | -€945,214 | -36.2% |
| Amounts payable within one year | 42/48 | €202,805 | €132,391 | -€70,414 | -34.7% |
| Trade debts | 44 | €6,652 | €1,045 | -€5,607 | -84.3% |
| Suppliers | 440/4 | €6,652 | €1,045 | -€5,607 | -84.3% |
| Taxes, remuneration and social security | 45 | €59,048 | €130,920 | +€71,873 | +122% |
| Taxes | 450/3 | €59,048 | €130,920 | +€71,873 | +122% |
| Other amounts payable | 47/48 | €137,105 | €425 | -€136,680 | -99.7% |
| Accrued charges and deferred income | 492/3 | €2,405,700 | €1,530,900 | -€874,800 | -36.4% |
| Non-recurring operating income | 76A | €195,465 | €0 | -€195,465 | -100% |
| Remuneration, social security and pensions | 62 | €530 | €900 | +€370 | +69.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €134,420 | €95,755 | -€38,665 | -28.8% |
| Other operating charges | 640/8 | €7,878 | €5,571 | -€2,306 | -29.3% |
| Gross operating margin | 9900 | €979,520 | €872,980 | -€106,541 | -10.9% |
| Operating profit (loss) | 9901 | €836,694 | €770,754 | -€65,939 | -7.9% |
| Financial income | 75/76B | €30 | €134,554 | +€134,524 | +447,966% |
| Recurring financial income | 75 | €30 | €134,554 | +€134,524 | +447,966% |
| Financial charges | 65/66B | €145 | €471 | +€325 | +224% |
| Recurring financial charges | 65 | €145 | €471 | +€325 | +224% |
| Profit (loss) for the period before taxes | 9903 | €836,578 | €904,838 | +€68,260 | +8.2% |
| Transfer from deferred taxes | 780 | €5,109 | €5,109 | = | 0.0% |
| Transfer to deferred taxes | 680 | €48,866 | €0 | -€48,866 | -100% |
| Income taxes | 67/77 | €230,002 | €286,612 | +€56,610 | +24.6% |
| Profit (loss) for the period | 9904 | €562,818 | €623,334 | +€60,516 | +10.8% |
| Transfer from tax-exempt reserves | 789 | €15,326 | €15,326 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €146,598 | €0 | -€146,598 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €431,546 | €638,660 | +€207,114 | +48.0% |
Source: filed annual accounts (NBB), financial years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.