DANNY VEREECKE: 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.
DANNY VEREECKE
Largest movements
- Cash +€157,044
up €157,044 (+73.0%), from €215,056 to €372,100
mainly Net result for the year (+€234,077) and Other debts (+€73,345)
- Receivables within one year +€117,404
up €117,404 (+63.4%), from €185,313 to €302,717
of which Trade receivables: +€137,785
- Deferred charges and accrued income -€60,044
down €60,044 (-68.4%), from €87,744 to €27,700
- Current investments -€58,351
down €58,351 (-11.5%), from €505,309 to €446,957
- Tangible fixed assets -€42,698
down €42,698 (-13.1%), from €325,399 to €282,701
- Other debts +€73,345
up €73,345 (+106%), from €69,238 to €142,583
- Reserves +€40,963
up €40,963 (+2.1%), from €2.0m to €2.0m
of which Distributable reserves: +€125,163
- Gross operating margin +€135,325
up €135,325 (+59.3%), from €228,052 to €363,377
- Taxes +€61,434
up €61,434 (+129%), from €47,742 to €109,176
- Other operating charges -€9,321
down €9,321 (-54.2%), from €17,211 to €7,890
- Financial charges -€5,147
down €5,147 (-38.3%), from €13,452 to €8,305
- Financial income +€4,766
up €4,766 (+12.3%), from €38,659 to €43,424
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 | €2,103,820 | €2,217,174 | +€113,354 | +5.4% |
| Fixed assets | 21/28 | €325,401 | €282,703 | -€42,698 | -13.1% |
| Tangible fixed assets | 22/27 | €325,399 | €282,701 | -€42,698 | -13.1% |
| Land and buildings | 22 | €230,397 | €209,113 | -€21,284 | -9.2% |
| Plant, machinery and equipment | 23 | €3,892 | €2,836 | -€1,057 | -27.1% |
| Furniture and vehicles | 24 | €21,606 | €11,935 | -€9,671 | -44.8% |
| Other tangible fixed assets | 26 | €69,505 | €58,818 | -€10,687 | -15.4% |
| Financial fixed assets | 28 | €2 | €2 | = | 0.0% |
| Current assets | 29/58 | €1,778,419 | €1,934,471 | +€156,052 | +8.8% |
| Amounts receivable after more than one year | 29 | €784,997 | €784,997 | = | 0.0% |
| Other amounts receivable | 291 | €784,997 | €784,997 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €185,313 | €302,717 | +€117,404 | +63.4% |
| Trade receivables | 40 | €112,943 | €250,728 | +€137,785 | +122% |
| Other amounts receivable | 41 | €72,370 | €51,989 | -€20,381 | -28.2% |
| Current investments | 50/53 | €505,309 | €446,957 | -€58,351 | -11.5% |
| Cash at bank and in hand | 54/58 | €215,056 | €372,100 | +€157,044 | +73.0% |
| Deferred charges and accrued income | 490/1 | €87,744 | €27,700 | -€60,044 | -68.4% |
| Total equity and liabilities | 10/49 | €2,103,820 | €2,217,174 | +€113,354 | +5.4% |
| Equity | 10/15 | €1,991,414 | €2,032,377 | +€40,963 | +2.1% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €1,966,624 | €2,007,588 | +€40,963 | +2.1% |
| Tax-exempt reserves | 132 | €357,850 | €273,650 | -€84,200 | -23.5% |
| Distributable reserves | 133 | €1,608,774 | €1,733,938 | +€125,163 | +7.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €112,406 | €184,797 | +€72,391 | +64.4% |
| Amounts payable within one year | 42/48 | €99,359 | €173,827 | +€74,468 | +74.9% |
| Trade debts | 44 | €12,040 | €3,176 | -€8,863 | -73.6% |
| Suppliers | 440/4 | €12,040 | €3,176 | -€8,863 | -73.6% |
| Taxes, remuneration and social security | 45 | €18,081 | €28,068 | +€9,987 | +55.2% |
| Taxes | 450/3 | €18,081 | €28,068 | +€9,987 | +55.2% |
| Other amounts payable | 47/48 | €69,238 | €142,583 | +€73,345 | +106% |
| Accrued charges and deferred income | 492/3 | €13,047 | €10,970 | -€2,077 | -15.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,900 | €50,353 | +€453 | +0.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€600 | -€3,000 | -€2,400 | -400% |
| Other operating charges | 640/8 | €17,211 | €7,890 | -€9,321 | -54.2% |
| Gross operating margin | 9900 | €228,052 | €363,377 | +€135,325 | +59.3% |
| Operating profit (loss) | 9901 | €161,542 | €308,134 | +€146,593 | +90.7% |
| Financial income | 75/76B | €38,659 | €43,424 | +€4,766 | +12.3% |
| Recurring financial income | 75 | €38,659 | €43,424 | +€4,766 | +12.3% |
| Financial charges | 65/66B | €13,452 | €8,305 | -€5,147 | -38.3% |
| Recurring financial charges | 65 | €13,452 | €8,305 | -€5,147 | -38.3% |
| Profit (loss) for the period before taxes | 9903 | €186,748 | €343,253 | +€156,505 | +83.8% |
| Income taxes | 67/77 | €47,742 | €109,176 | +€61,434 | +129% |
| Profit (loss) for the period | 9904 | €139,006 | €234,077 | +€95,071 | +68.4% |
| Transfer from tax-exempt reserves | 789 | - | €84,200 | +€84,200 | |
| Transfer to tax-exempt reserves | 689 | €162,707 | €0 | -€162,707 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,701 | €318,277 | +€341,978 |
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 30 October 2026 via checked.be.