DR. C. VERBRAEKEN: what changed
DR. C. VERBRAEKEN
Largest movements
- Cash +€272,088
up €272,088 (+833%), from €32,674 to €304,762
mainly Current investments (+€186,780) and Net result for the year (+€49,235)
- Current investments -€186,780
down €186,780 (-60.6%), from €308,215 to €121,435
- Deferred charges and accrued income -€33,952
down €33,952 (-84.5%), from €40,202 to €6,250
- Reserves +€49,235
up €49,235 (+13.9%), from €354,567 to €403,802
of which Distributable reserves: +€49,235
- Gross operating margin +€3,490
up €3,490 (+5.4%), from €64,145 to €67,635
- Financial income +€1,811
up €1,811 (+24.3%), from €7,455 to €9,266
- Taxes +€1,541
up €1,541 (+7.0%), from €22,002 to €23,543
- Other operating charges -€773
down €773 (-39.1%), from €1,977 to €1,204
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €394,495 | €447,258 | +€52,763 | +13.4% |
| Fixed assets | 21/28 | €7,257 | €5,463 | -€1,794 | -24.7% |
| Tangible fixed assets | 22/27 | €6,087 | €4,293 | -€1,794 | -29.5% |
| Plant, machinery and equipment | 23 | €403 | €779 | +€376 | +93.3% |
| Furniture and vehicles | 24 | €1,072 | €56 | -€1,016 | -94.8% |
| Other tangible fixed assets | 26 | €4,612 | €3,458 | -€1,154 | -25.0% |
| Financial fixed assets | 28 | €1,170 | €1,170 | = | 0.0% |
| Current assets | 29/58 | €387,238 | €441,795 | +€54,557 | +14.1% |
| Amounts receivable within one year | 40/41 | €6,147 | €9,348 | +€3,201 | +52.1% |
| Trade receivables | 40 | €649 | €4,638 | +€3,989 | +615% |
| Other amounts receivable | 41 | €5,498 | €4,710 | -€788 | -14.3% |
| Current investments | 50/53 | €308,215 | €121,435 | -€186,780 | -60.6% |
| Cash at bank and in hand | 54/58 | €32,674 | €304,762 | +€272,088 | +833% |
| Deferred charges and accrued income | 490/1 | €40,202 | €6,250 | -€33,952 | -84.5% |
| Total equity and liabilities | 10/49 | €394,495 | €447,258 | +€52,763 | +13.4% |
| Equity | 10/15 | €366,967 | €416,202 | +€49,235 | +13.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €354,567 | €403,802 | +€49,235 | +13.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €352,707 | €401,942 | +€49,235 | +14.0% |
| Amounts payable | 17/49 | €27,528 | €31,056 | +€3,528 | +12.8% |
| Amounts payable within one year | 42/48 | €27,528 | €31,051 | +€3,523 | +12.8% |
| Other amounts payable | 47/48 | €27,528 | €31,051 | +€3,523 | +12.8% |
| Accrued charges and deferred income | 492/3 | - | €5 | +€5 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,716 | €2,563 | -€153 | -5.6% |
| Other operating charges | 640/8 | €1,977 | €1,204 | -€773 | -39.1% |
| Gross operating margin | 9900 | €64,145 | €67,635 | +€3,490 | +5.4% |
| Operating profit (loss) | 9901 | €59,452 | €63,868 | +€4,416 | +7.4% |
| Financial income | 75/76B | €7,455 | €9,266 | +€1,811 | +24.3% |
| Recurring financial income | 75 | €7,455 | €9,266 | +€1,811 | +24.3% |
| Financial charges | 65/66B | €166 | €356 | +€190 | +114% |
| Recurring financial charges | 65 | €166 | €356 | +€190 | +114% |
| Profit (loss) for the period before taxes | 9903 | €66,741 | €72,778 | +€6,037 | +9.0% |
| Income taxes | 67/77 | €22,002 | €23,543 | +€1,541 | +7.0% |
| Profit (loss) for the period | 9904 | €44,739 | €49,235 | +€4,496 | +10.0% |
| Profit (loss) for the period to be appropriated | 9905 | €44,739 | €49,235 | +€4,496 | +10.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.