DR. ANN VERHEYEN: 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.
DR. ANN VERHEYEN
Largest movements
- Cash +€95,046
up €95,046 (+18.4%), from €517,077 to €612,123
mainly Net result for the year (+€257,932) and Depreciation (+€15,482)
- Tangible fixed assets +€30,960
up €30,960 (+45.4%), from €68,216 to €99,176
of which Plant, machinery and equipment: +€30,944
- Current investments -€10,000
down €10,000 (-9.1%), from €110,000 to €100,000
- Reserves +€163,418
up €163,418 (+34.6%), from €472,867 to €636,285
- Other debts -€40,163
down €40,163 (-15.0%), from €268,308 to €228,145
- Tax, wage and social debts -€11,869
down €11,869 (-17.4%), from €68,218 to €56,349
of which Taxes: -€12,113
- Gross operating margin +€87,691
up €87,691 (+23.9%), from €366,693 to €454,384
- Taxes +€23,088
up €23,088 (+25.6%), from €90,058 to €113,146
- Staff costs +€6,217
up €6,217 (+10.6%), from €58,567 to €64,784
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 | €848,250 | €957,077 | +€108,827 | +12.8% |
| Fixed assets | 21/28 | €177,006 | €205,546 | +€28,540 | +16.1% |
| Tangible fixed assets | 22/27 | €68,216 | €99,176 | +€30,960 | +45.4% |
| Plant, machinery and equipment | 23 | €56,195 | €87,139 | +€30,944 | +55.1% |
| Furniture and vehicles | 24 | €12,021 | €12,037 | +€16 | +0.1% |
| Financial fixed assets | 28 | €108,790 | €106,370 | -€2,420 | -2.2% |
| Current assets | 29/58 | €671,244 | €751,531 | +€80,287 | +12.0% |
| Amounts receivable within one year | 40/41 | €40,726 | €36,535 | -€4,191 | -10.3% |
| Trade receivables | 40 | €26,080 | €23,836 | -€2,244 | -8.6% |
| Other amounts receivable | 41 | €14,646 | €12,699 | -€1,947 | -13.3% |
| Current investments | 50/53 | €110,000 | €100,000 | -€10,000 | -9.1% |
| Cash at bank and in hand | 54/58 | €517,077 | €612,123 | +€95,046 | +18.4% |
| Deferred charges and accrued income | 490/1 | €3,441 | €2,873 | -€568 | -16.5% |
| Total equity and liabilities | 10/49 | €848,250 | €957,077 | +€108,827 | +12.8% |
| Equity | 10/15 | €490,655 | €654,073 | +€163,418 | +33.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €472,867 | €636,285 | +€163,418 | +34.6% |
| Distributable reserves | 133 | €472,867 | €636,285 | +€163,418 | +34.6% |
| Profit (loss) carried forward | 14 | €5,388 | €5,388 | = | 0.0% |
| Amounts payable | 17/49 | €357,595 | €303,004 | -€54,591 | -15.3% |
| Amounts payable within one year | 42/48 | €357,595 | €303,004 | -€54,591 | -15.3% |
| Trade debts | 44 | €21,069 | €18,510 | -€2,559 | -12.1% |
| Suppliers | 440/4 | €21,069 | €18,510 | -€2,559 | -12.1% |
| Taxes, remuneration and social security | 45 | €68,218 | €56,349 | -€11,869 | -17.4% |
| Taxes | 450/3 | €60,973 | €48,860 | -€12,113 | -19.9% |
| Remuneration and social security | 454/9 | €7,245 | €7,489 | +€244 | +3.4% |
| Other amounts payable | 47/48 | €268,308 | €228,145 | -€40,163 | -15.0% |
| Non-recurring operating income | 76A | €986 | €27,610 | +€26,624 | +2,700% |
| Remuneration, social security and pensions | 62 | €58,567 | €64,784 | +€6,217 | +10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,698 | €15,482 | -€2,216 | -12.5% |
| Other operating charges | 640/8 | €6,919 | €7,640 | +€721 | +10.4% |
| Gross operating margin | 9900 | €366,693 | €454,384 | +€87,691 | +23.9% |
| Operating profit (loss) | 9901 | €283,509 | €366,478 | +€82,969 | +29.3% |
| Financial income | 75/76B | €7,449 | €6,691 | -€758 | -10.2% |
| Recurring financial income | 75 | €7,449 | €6,691 | -€758 | -10.2% |
| Financial charges | 65/66B | €1,878 | €2,091 | +€213 | +11.3% |
| Recurring financial charges | 65 | €1,878 | €2,091 | +€213 | +11.3% |
| Profit (loss) for the period before taxes | 9903 | €289,080 | €371,078 | +€81,998 | +28.4% |
| Income taxes | 67/77 | €90,058 | €113,146 | +€23,088 | +25.6% |
| Profit (loss) for the period | 9904 | €199,022 | €257,932 | +€58,910 | +29.6% |
| Profit (loss) for the period to be appropriated | 9905 | €199,022 | €257,932 | +€58,910 | +29.6% |
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.