Dr. D. Verdeyen: 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. D. Verdeyen
Largest movements
- Cash -€42,813
down €42,813 (-53.6%), from €79,882 to €37,070
mainly Contributions, distributions and other (-€115,000) and Other debts (-€67,605)
- Current investments -€38,423
down €38,423 (-29.6%), from €130,000 to €91,577
- Other debts -€67,605
down €67,605 (-41.8%), from €161,815 to €94,210
- Tax, wage and social debts -€28,190
down €28,190 (-75.8%), from €37,215 to €9,024
- Reserves +€16,288
new in 2025: €16,288
- Gross operating margin -€72,210
down €72,210 (-29.6%), from €244,022 to €171,812
- Taxes -€18,502
down €18,502 (-32.4%), from €57,051 to €38,549
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 | €218,644 | €138,596 | -€80,048 | -36.6% |
| Fixed assets | 21/28 | €4,411 | €4,433 | +€23 | +0.5% |
| Tangible fixed assets | 22/27 | €4,411 | €4,433 | +€23 | +0.5% |
| Plant, machinery and equipment | 23 | €2,405 | €3,116 | +€711 | +29.6% |
| Furniture and vehicles | 24 | €2,006 | €1,317 | -€689 | -34.3% |
| Current assets | 29/58 | €214,233 | €134,163 | -€80,070 | -37.4% |
| Amounts receivable within one year | 40/41 | €922 | €2,266 | +€1,344 | +146% |
| Trade receivables | 40 | €922 | €318 | -€603 | -65.5% |
| Other amounts receivable | 41 | - | €1,948 | +€1,948 | |
| Current investments | 50/53 | €130,000 | €91,577 | -€38,423 | -29.6% |
| Cash at bank and in hand | 54/58 | €79,882 | €37,070 | -€42,813 | -53.6% |
| Deferred charges and accrued income | 490/1 | €3,429 | €3,250 | -€179 | -5.2% |
| Total equity and liabilities | 10/49 | €218,644 | €138,596 | -€80,048 | -36.6% |
| Equity | 10/15 | €18,600 | €34,888 | +€16,288 | +87.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | - | €16,288 | +€16,288 | |
| Distributable reserves | 133 | - | €16,288 | +€16,288 | |
| Amounts payable | 17/49 | €200,044 | €103,708 | -€96,336 | -48.2% |
| Amounts payable within one year | 42/48 | €200,044 | €103,708 | -€96,336 | -48.2% |
| Trade debts | 44 | €1,014 | €473 | -€541 | -53.3% |
| Suppliers | 440/4 | €1,014 | €473 | -€541 | -53.3% |
| Taxes, remuneration and social security | 45 | €37,215 | €9,024 | -€28,190 | -75.8% |
| Taxes | 450/3 | €37,215 | €9,024 | -€28,190 | -75.8% |
| Other amounts payable | 47/48 | €161,815 | €94,210 | -€67,605 | -41.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,515 | €1,546 | -€969 | -38.5% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Non-recurring operating charges | 66A | €115 | €1,307 | +€1,192 | +1,039% |
| Gross operating margin | 9900 | €244,022 | €171,812 | -€72,210 | -29.6% |
| Operating profit (loss) | 9901 | €241,004 | €168,559 | -€72,445 | -30.1% |
| Financial income | 75/76B | €3,422 | €1,655 | -€1,767 | -51.6% |
| Recurring financial income | 75 | €3,422 | €1,655 | -€1,767 | -51.6% |
| Financial charges | 65/66B | €488 | €377 | -€112 | -22.8% |
| Recurring financial charges | 65 | €488 | €377 | -€112 | -22.8% |
| Profit (loss) for the period before taxes | 9903 | €243,938 | €169,837 | -€74,100 | -30.4% |
| Income taxes | 67/77 | €57,051 | €38,549 | -€18,502 | -32.4% |
| Profit (loss) for the period | 9904 | €186,887 | €131,288 | -€55,598 | -29.7% |
| Profit (loss) for the period to be appropriated | 9905 | €186,887 | €131,288 | -€55,598 | -29.7% |
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 27 October 2026 via checked.be.