Cliff Verschueren: 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.
Cliff Verschueren
Largest movements
- Cash +€211,347
up €211,347 (+75.1%), from €281,358 to €492,705
mainly Net result for the year (+€162,404) and Tax, wage and social debts (+€34,135)
- Current investments -€15,018
no longer reported in 2025 (was €15,018)
- Profit (loss) carried forward +€162,404
new in 2025: €162,404
- Tax, wage and social debts +€34,135
up €34,135 (+32.7%), from €104,381 to €138,516
- Gross operating margin +€33,828
up €33,828 (+18.6%), from €182,071 to €215,899
- Taxes -€4,134
down €4,134 (-7.6%), from €54,672 to €50,538
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 | €300,107 | €496,791 | +€196,683 | +65.5% |
| Fixed assets | 21/28 | - | €4,020 | +€4,020 | |
| Tangible fixed assets | 22/27 | - | €4,020 | +€4,020 | |
| Plant, machinery and equipment | 23 | - | €2,457 | +€2,457 | |
| Furniture and vehicles | 24 | - | €1,563 | +€1,563 | |
| Current assets | 29/58 | €300,107 | €492,771 | +€192,663 | +64.2% |
| Amounts receivable within one year | 40/41 | €1,969 | - | -€1,969 | |
| Trade receivables | 40 | €1,969 | - | -€1,969 | |
| Current investments | 50/53 | €15,018 | - | -€15,018 | |
| Cash at bank and in hand | 54/58 | €281,358 | €492,705 | +€211,347 | +75.1% |
| Deferred charges and accrued income | 490/1 | €1,762 | €65 | -€1,696 | -96.3% |
| Total equity and liabilities | 10/49 | €300,107 | €496,791 | +€196,683 | +65.5% |
| Equity | 10/15 | €186,942 | €349,346 | +€162,404 | +86.9% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €171,942 | €171,942 | = | 0.0% |
| Distributable reserves | 133 | €171,942 | €171,942 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €162,404 | +€162,404 | |
| Amounts payable | 17/49 | €113,165 | €147,445 | +€34,280 | +30.3% |
| Amounts payable within one year | 42/48 | €109,665 | €145,445 | +€35,780 | +32.6% |
| Trade debts | 44 | €5,285 | €5,951 | +€666 | +12.6% |
| Suppliers | 440/4 | €5,285 | €5,951 | +€666 | +12.6% |
| Taxes, remuneration and social security | 45 | €104,381 | €138,516 | +€34,135 | +32.7% |
| Taxes | 450/3 | €104,381 | €138,516 | +€34,135 | +32.7% |
| Other amounts payable | 47/48 | - | €979 | +€979 | |
| Accrued charges and deferred income | 492/3 | €3,500 | €2,000 | -€1,500 | -42.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,005 | +€1,005 | |
| Other operating charges | 640/8 | €502 | €907 | +€405 | +80.5% |
| Gross operating margin | 9900 | €182,071 | €215,899 | +€33,828 | +18.6% |
| Operating profit (loss) | 9901 | €181,569 | €213,987 | +€32,418 | +17.9% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €798 | €1,045 | +€248 | +31.0% |
| Recurring financial charges | 65 | €798 | €1,045 | +€248 | +31.0% |
| Profit (loss) for the period before taxes | 9903 | €180,771 | €212,942 | +€32,171 | +17.8% |
| Income taxes | 67/77 | €54,672 | €50,538 | -€4,134 | -7.6% |
| Profit (loss) for the period | 9904 | €126,099 | €162,404 | +€36,305 | +28.8% |
| Profit (loss) for the period to be appropriated | 9905 | €126,099 | €162,404 | +€36,305 | +28.8% |
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.