Dr. Annick Verstappen: 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. Annick Verstappen
Largest movements
- Receivables within one year +€89,351
up €89,351 (+168%), from €53,255 to €142,606
of which Other amounts receivable: +€88,867
- Intangible fixed assets -€28,400
down €28,400 (-35.3%), from €80,454 to €52,054
- Cash +€9,957
up €9,957 (+6.7%), from €149,249 to €159,205
mainly Net result for the year (+€60,902) and Depreciation (+€29,322)
- Reserves +€60,902
up €60,902 (+30.8%), from €197,929 to €258,831
- Tax, wage and social debts +€17,782
up €17,782 (+65.6%), from €27,091 to €44,873
- Debts after one year -€12,384
down €12,384 (-34.9%), from €35,479 to €23,095
- Gross operating margin -€71,612
down €71,612 (-42.8%), from €167,263 to €95,651
- Financial income +€22,321
up €22,321 (+940%), from €2,375 to €24,695
- Taxes -€15,813
down €15,813 (-36.3%), from €43,595 to €27,782
- Depreciation -€9,043
down €9,043 (-23.6%), from €38,365 to €29,322
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 | €286,887 | €356,444 | +€69,557 | +24.2% |
| Fixed assets | 21/28 | €83,955 | €54,633 | -€29,322 | -34.9% |
| Intangible fixed assets | 21 | €80,454 | €52,054 | -€28,400 | -35.3% |
| Tangible fixed assets | 22/27 | €3,501 | €2,579 | -€922 | -26.3% |
| Plant, machinery and equipment | 23 | €2,656 | €1,976 | -€679 | -25.6% |
| Furniture and vehicles | 24 | €846 | €602 | -€243 | -28.8% |
| Current assets | 29/58 | €202,932 | €301,811 | +€98,879 | +48.7% |
| Amounts receivable within one year | 40/41 | €53,255 | €142,606 | +€89,351 | +168% |
| Trade receivables | 40 | - | €484 | +€484 | |
| Other amounts receivable | 41 | €53,255 | €142,122 | +€88,867 | +167% |
| Cash at bank and in hand | 54/58 | €149,249 | €159,205 | +€9,957 | +6.7% |
| Deferred charges and accrued income | 490/1 | €429 | - | -€429 | |
| Total equity and liabilities | 10/49 | €286,887 | €356,444 | +€69,557 | +24.2% |
| Equity | 10/15 | €211,809 | €272,711 | +€60,902 | +28.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €197,929 | €258,831 | +€60,902 | +30.8% |
| Distributable reserves | 133 | €197,929 | €258,831 | +€60,902 | +30.8% |
| Profit (loss) carried forward | 14 | €1,480 | €1,480 | = | 0.0% |
| Amounts payable | 17/49 | €75,078 | €83,733 | +€8,655 | +11.5% |
| Amounts payable after more than one year | 17 | €35,479 | €23,095 | -€12,384 | -34.9% |
| Financial debts | 170/4 | €35,479 | €23,095 | -€12,384 | -34.9% |
| Amounts payable within one year | 42/48 | €39,599 | €60,638 | +€21,039 | +53.1% |
| Current portion of amounts payable after more than one year | 42 | €12,236 | €12,384 | +€148 | +1.2% |
| Trade debts | 44 | €272 | €3,382 | +€3,110 | +1,143% |
| Suppliers | 440/4 | €272 | €3,382 | +€3,110 | +1,143% |
| Taxes, remuneration and social security | 45 | €27,091 | €44,873 | +€17,782 | +65.6% |
| Taxes | 450/3 | €27,091 | €44,873 | +€17,782 | +65.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,365 | €29,322 | -€9,043 | -23.6% |
| Other operating charges | 640/8 | €698 | €720 | +€21 | +3.1% |
| Non-recurring operating charges | 66A | €3,100 | - | -€3,100 | |
| Gross operating margin | 9900 | €167,263 | €95,651 | -€71,612 | -42.8% |
| Operating profit (loss) | 9901 | €125,099 | €65,609 | -€59,490 | -47.6% |
| Financial income | 75/76B | €2,375 | €24,695 | +€22,321 | +940% |
| Recurring financial income | 75 | €2,375 | €24,695 | +€22,321 | +940% |
| Financial charges | 65/66B | €1,990 | €1,621 | -€369 | -18.5% |
| Recurring financial charges | 65 | €1,990 | €1,621 | -€369 | -18.5% |
| Profit (loss) for the period before taxes | 9903 | €125,484 | €88,683 | -€36,801 | -29.3% |
| Income taxes | 67/77 | €43,595 | €27,782 | -€15,813 | -36.3% |
| Profit (loss) for the period | 9904 | €81,889 | €60,902 | -€20,987 | -25.6% |
| Profit (loss) for the period to be appropriated | 9905 | €81,889 | €60,902 | -€20,987 | -25.6% |
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 22 October 2026 via checked.be.