D. VERSTRAETE: 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.
D. VERSTRAETE
Largest movements
- Financial fixed assets -€33,438
down €33,438 (-47.6%), from €70,214 to €36,776
- Tangible fixed assets -€7,568
down €7,568 (-11.7%), from €64,565 to €56,997
of which Furniture and vehicles: -€7,568
- Receivables within one year +€4,059
up €4,059 (+946%), from €429 to €4,488
of which Trade receivables: +€3,841
- Cash +€4,012
up €4,012 (+19.9%), from €20,201 to €24,213
mainly Investment in fixed assets (net) (+€28,894) and Depreciation (+€12,112)
- Other debts -€18,834
down €18,834 (-74.0%), from €25,458 to €6,624
- Profit (loss) carried forward -€14,135
down €14,135 (-30.4%), from €46,433 to €32,298
- Gross operating margin -€15,659
down €15,659 (-96.3%), from €16,264 to €605
- Depreciation -€3,376
down €3,376 (-21.8%), from €15,488 to €12,112
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 | €155,409 | €122,474 | -€32,935 | -21.2% |
| Fixed assets | 21/28 | €134,779 | €93,773 | -€41,006 | -30.4% |
| Tangible fixed assets | 22/27 | €64,565 | €56,997 | -€7,568 | -11.7% |
| Land and buildings | 22 | €39,600 | €39,600 | = | 0.0% |
| Furniture and vehicles | 24 | €24,965 | €17,397 | -€7,568 | -30.3% |
| Financial fixed assets | 28 | €70,214 | €36,776 | -€33,438 | -47.6% |
| Current assets | 29/58 | €20,630 | €28,701 | +€8,071 | +39.1% |
| Amounts receivable within one year | 40/41 | €429 | €4,488 | +€4,059 | +946% |
| Trade receivables | 40 | €89 | €3,930 | +€3,841 | +4,316% |
| Other amounts receivable | 41 | €340 | €558 | +€218 | +64.1% |
| Cash at bank and in hand | 54/58 | €20,201 | €24,213 | +€4,012 | +19.9% |
| Total equity and liabilities | 10/49 | €155,409 | €122,474 | -€32,935 | -21.2% |
| Equity | 10/15 | €129,805 | €115,670 | -€14,135 | -10.9% |
| Contributions | 10/11 | €13,792 | €13,792 | = | 0.0% |
| Reserves | 13 | €69,580 | €69,580 | = | 0.0% |
| Distributable reserves | 133 | €69,580 | €69,580 | = | 0.0% |
| Profit (loss) carried forward | 14 | €46,433 | €32,298 | -€14,135 | -30.4% |
| Amounts payable | 17/49 | €25,604 | €6,804 | -€18,800 | -73.4% |
| Amounts payable within one year | 42/48 | €25,604 | €6,804 | -€18,800 | -73.4% |
| Trade debts | 44 | €20 | €15 | -€5 | -25.0% |
| Suppliers | 440/4 | €20 | €15 | -€5 | -25.0% |
| Taxes, remuneration and social security | 45 | €126 | €165 | +€39 | +31.0% |
| Taxes | 450/3 | €126 | €165 | +€39 | +31.0% |
| Other amounts payable | 47/48 | €25,458 | €6,624 | -€18,834 | -74.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,488 | €12,112 | -€3,376 | -21.8% |
| Other operating charges | 640/8 | €2,453 | €2,415 | -€38 | -1.5% |
| Gross operating margin | 9900 | €16,264 | €605 | -€15,659 | -96.3% |
| Operating profit (loss) | 9901 | -€1,677 | -€13,922 | -€12,245 | -730% |
| Financial charges | 65/66B | €45 | €48 | +€3 | +6.7% |
| Recurring financial charges | 65 | €45 | €48 | +€3 | +6.7% |
| Profit (loss) for the period before taxes | 9903 | -€1,722 | -€13,970 | -€12,248 | -711% |
| Income taxes | 67/77 | €160 | €165 | +€5 | +3.1% |
| Profit (loss) for the period | 9904 | -€1,882 | -€14,135 | -€12,253 | -651% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,882 | -€14,135 | -€12,253 | -651% |
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 22 October 2026 via checked.be.