Dr. Barbara 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.
Dr. Barbara Verstraete
Largest movements
- Cash +€68,688
up €68,688 (+427%), from €16,101 to €84,788
mainly Net result for the year (+€49,547) and Tax, wage and social debts (+€6,745)
- Receivables within one year -€5,789
down €5,789 (-18.0%), from €32,188 to €26,399
of which Trade receivables: -€10,126
- Profit (loss) carried forward +€49,547
up €49,547 (+142%), from €34,862 to €84,409
- Tax, wage and social debts +€6,745
up €6,745 (+57.7%), from €11,683 to €18,428
- Trade debts +€4,291
up €4,291 (+577%), from €744 to €5,035
- Current portion of long-term debt +€3,378
new in 2025: €3,378
- Gross operating margin +€20,841
up €20,841 (+44.2%), from €47,178 to €68,018
- Taxes +€5,063
up €5,063 (+43.3%), from €11,683 to €16,745
- Financial charges +€1,496
up €1,496 (+5,637%), from €27 to €1,523
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 | €48,289 | €112,250 | +€63,962 | +132% |
| Fixed assets | 21/28 | - | €1,063 | +€1,063 | |
| Tangible fixed assets | 22/27 | - | €1,063 | +€1,063 | |
| Plant, machinery and equipment | 23 | - | €1,063 | +€1,063 | |
| Current assets | 29/58 | €48,289 | €111,187 | +€62,899 | +130% |
| Amounts receivable within one year | 40/41 | €32,188 | €26,399 | -€5,789 | -18.0% |
| Trade receivables | 40 | €21,175 | €11,050 | -€10,126 | -47.8% |
| Other amounts receivable | 41 | €11,013 | €15,350 | +€4,337 | +39.4% |
| Cash at bank and in hand | 54/58 | €16,101 | €84,788 | +€68,688 | +427% |
| Total equity and liabilities | 10/49 | €48,289 | €112,250 | +€63,962 | +132% |
| Equity | 10/15 | €35,862 | €85,409 | +€49,547 | +138% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €34,862 | €84,409 | +€49,547 | +142% |
| Amounts payable | 17/49 | €12,427 | €26,841 | +€14,414 | +116% |
| Amounts payable within one year | 42/48 | €12,427 | €26,841 | +€14,414 | +116% |
| Current portion of amounts payable after more than one year | 42 | - | €3,378 | +€3,378 | |
| Trade debts | 44 | €744 | €5,035 | +€4,291 | +577% |
| Suppliers | 440/4 | €744 | €5,035 | +€4,291 | +577% |
| Taxes, remuneration and social security | 45 | €11,683 | €18,428 | +€6,745 | +57.7% |
| Taxes | 450/3 | €11,683 | €18,428 | +€6,745 | +57.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €386 | +€386 | |
| Other operating charges | 640/8 | €744 | €528 | -€216 | -29.1% |
| Gross operating margin | 9900 | €47,178 | €68,018 | +€20,841 | +44.2% |
| Operating profit (loss) | 9901 | €46,434 | €67,104 | +€20,670 | +44.5% |
| Financial income | 75/76B | €137 | €711 | +€574 | +418% |
| Recurring financial income | 75 | €137 | €711 | +€574 | +418% |
| Financial charges | 65/66B | €27 | €1,523 | +€1,496 | +5,637% |
| Recurring financial charges | 65 | €27 | €1,523 | +€1,496 | +5,637% |
| Profit (loss) for the period before taxes | 9903 | €46,545 | €66,293 | +€19,748 | +42.4% |
| Income taxes | 67/77 | €11,683 | €16,745 | +€5,063 | +43.3% |
| Profit (loss) for the period | 9904 | €34,862 | €49,547 | +€14,686 | +42.1% |
| Profit (loss) for the period to be appropriated | 9905 | €34,862 | €49,547 | +€14,686 | +42.1% |
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 26 October 2026 via checked.be.