Dr. Ann Verschelde: what changed
Two fiscal 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 Verschelde
Largest movements
- Cash +€182,935
up €182,935 (+23.5%), from €778,275 to €961,210
mainly Net result for the year (+€212,177) and Depreciation (+€12,300)
- Deferred charges and accrued income +€51,161
up €51,161 (+429.1%), from €11,922 to €63,083
- Reserves +€212,177
up €212,177 (+18.2%), from €1.2m to €1.4m
- Gross operating margin +€33,810
up €33,810 (+12.6%), from €268,953 to €302,763
- Taxes +€11,119
up €11,119 (+13.3%), from €83,865 to €94,985
- Financial income +€5,030
up €5,030 (+32.5%), from €15,474 to €20,504
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.
Cash bridge derived
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 | €1,184,669 | €1,400,552 | +€215,884 | +18.2% |
| Fixed assets | 21/28 | €50,077 | €37,777 | -€12,300 | -24.6% |
| Tangible fixed assets | 22/27 | €50,077 | €37,777 | -€12,300 | -24.6% |
| Land and buildings | 22 | €3,325 | €2,603 | -€722 | -21.7% |
| Furniture and vehicles | 24 | €46,752 | €35,174 | -€11,578 | -24.8% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €1,134,592 | €1,362,775 | +€228,183 | +20.1% |
| Stocks and contracts in progress | 3 | €385 | €385 | = | 0.0% |
| Stocks | 30/36 | €385 | €385 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €44,010 | €38,097 | -€5,913 | -13.4% |
| Other amounts receivable | 41 | €44,010 | €38,097 | -€5,913 | -13.4% |
| Current investments | 50/53 | €300,000 | €300,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €778,275 | €961,210 | +€182,935 | +23.5% |
| Deferred charges and accrued income | 490/1 | €11,922 | €63,083 | +€51,161 | +429.1% |
| Total equity and liabilities | 10/49 | €1,184,669 | €1,400,552 | +€215,884 | +18.2% |
| Equity | 10/15 | €1,184,405 | €1,396,582 | +€212,177 | +17.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,165,855 | €1,378,032 | +€212,177 | +18.2% |
| Distributable reserves | 133 | €1,165,855 | €1,378,032 | +€212,177 | +18.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €264 | €3,971 | +€3,707 | +1404.5% |
| Amounts payable within one year | 42/48 | €264 | €3,971 | +€3,707 | +1404.5% |
| Trade debts | 44 | €264 | €241 | -€23 | -8.6% |
| Suppliers | 440/4 | €264 | €241 | -€23 | -8.6% |
| Taxes, remuneration and social security | 45 | €0 | €3,729 | +€3,729 | |
| Taxes | 450/3 | €0 | €3,729 | +€3,729 | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,312 | €12,300 | -€13 | -0.1% |
| Other operating charges | 640/8 | €1,050 | €581 | -€469 | -44.7% |
| Non-recurring operating charges | 66A | €25 | €3,100 | +€3,075 | +12300.0% |
| Gross operating margin | 9900 | €268,953 | €302,763 | +€33,810 | +12.6% |
| Operating profit (loss) | 9901 | €255,566 | €286,782 | +€31,216 | +12.2% |
| Financial income | 75/76B | €15,474 | €20,504 | +€5,030 | +32.5% |
| Recurring financial income | 75 | €15,474 | €20,504 | +€5,030 | +32.5% |
| Financial charges | 65/66B | €125 | €125 | -€0 | -0.2% |
| Recurring financial charges | 65 | €125 | €125 | -€0 | -0.2% |
| Profit (loss) for the period before taxes | 9903 | €270,915 | €307,162 | +€36,246 | +13.4% |
| Income taxes | 67/77 | €83,865 | €94,985 | +€11,119 | +13.3% |
| Profit (loss) for the period | 9904 | €187,050 | €212,177 | +€25,127 | +13.4% |
| Profit (loss) for the period to be appropriated | 9905 | €187,050 | €212,177 | +€25,127 | +13.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.