Dr. Birgit Vercruysse: 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. Birgit Vercruysse
Largest movements
- Tangible fixed assets +€37,046
up €37,046 (+303%), from €12,237 to €49,283
- Current investments +€20,000
up €20,000 (+6.1%), from €329,010 to €349,010
- Intangible fixed assets -€15,000
down €15,000 (-33.0%), from €45,452 to €30,452
- Deferred charges and accrued income +€14,078
up €14,078 (+35.9%), from €39,208 to €53,286
- Reserves +€53,631
up €53,631 (+12.0%), from €445,337 to €498,968
of which Distributable reserves: +€55,486
- Tax, wage and social debts -€9,573
down €9,573 (-48.9%), from €19,582 to €10,009
- Gross operating margin -€10,556
down €10,556 (-6.3%), from €167,410 to €156,854
- Depreciation -€6,410
down €6,410 (-27.7%), from €23,169 to €16,759
- Financial income -€3,696
down €3,696 (-60.5%), from €6,108 to €2,413
- Taxes -€2,508
down €2,508 (-5.7%), from €43,865 to €41,357
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 | €512,508 | €560,945 | +€48,436 | +9.5% |
| Fixed assets | 21/28 | €57,689 | €79,735 | +€22,046 | +38.2% |
| Intangible fixed assets | 21 | €45,452 | €30,452 | -€15,000 | -33.0% |
| Tangible fixed assets | 22/27 | €12,237 | €49,283 | +€37,046 | +303% |
| Furniture and vehicles | 24 | €12,237 | €49,283 | +€37,046 | +303% |
| Current assets | 29/58 | €454,819 | €481,210 | +€26,390 | +5.8% |
| Amounts receivable within one year | 40/41 | €22,323 | €18,781 | -€3,541 | -15.9% |
| Trade receivables | 40 | €13,670 | €14,406 | +€736 | +5.4% |
| Other amounts receivable | 41 | €8,652 | €4,375 | -€4,277 | -49.4% |
| Current investments | 50/53 | €329,010 | €349,010 | +€20,000 | +6.1% |
| Cash at bank and in hand | 54/58 | €64,278 | €60,132 | -€4,146 | -6.5% |
| Deferred charges and accrued income | 490/1 | €39,208 | €53,286 | +€14,078 | +35.9% |
| Total equity and liabilities | 10/49 | €512,508 | €560,945 | +€48,436 | +9.5% |
| Equity | 10/15 | €463,887 | €517,518 | +€53,631 | +11.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €445,337 | €498,968 | +€53,631 | +12.0% |
| Non-distributable reserves | 130/1 | €1,855 | €0 | -€1,855 | -100% |
| Reserves not available under the articles | 1311 | €1,855 | €0 | -€1,855 | -100% |
| Distributable reserves | 133 | €443,482 | €498,968 | +€55,486 | +12.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €48,622 | €43,427 | -€5,195 | -10.7% |
| Amounts payable within one year | 42/48 | €20,463 | €10,388 | -€10,075 | -49.2% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €881 | €379 | -€502 | -57.0% |
| Suppliers | 440/4 | €881 | €379 | -€502 | -57.0% |
| Taxes, remuneration and social security | 45 | €19,582 | €10,009 | -€9,573 | -48.9% |
| Taxes | 450/3 | €19,582 | €10,009 | -€9,573 | -48.9% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €28,159 | €33,039 | +€4,880 | +17.3% |
| Non-recurring operating income | 76A | - | €6,151 | +€6,151 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,169 | €16,759 | -€6,410 | -27.7% |
| Other operating charges | 640/8 | €879 | €898 | +€20 | +2.3% |
| Gross operating margin | 9900 | €167,410 | €156,854 | -€10,556 | -6.3% |
| Operating profit (loss) | 9901 | €143,362 | €139,197 | -€4,165 | -2.9% |
| Financial income | 75/76B | €6,108 | €2,413 | -€3,696 | -60.5% |
| Recurring financial income | 75 | €6,108 | €2,413 | -€3,696 | -60.5% |
| Financial charges | 65/66B | €286 | €166 | -€119 | -41.8% |
| Recurring financial charges | 65 | €286 | €166 | -€119 | -41.8% |
| Profit (loss) for the period before taxes | 9903 | €149,185 | €141,443 | -€7,742 | -5.2% |
| Income taxes | 67/77 | €43,865 | €41,357 | -€2,508 | -5.7% |
| Profit (loss) for the period | 9904 | €105,320 | €100,086 | -€5,233 | -5.0% |
| Profit (loss) for the period to be appropriated | 9905 | €105,320 | €100,086 | -€5,233 | -5.0% |
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 28 October 2026 via checked.be.