DR. DIRK VERELST: 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. DIRK VERELST
Largest movements
- Current investments +€30,794
up €30,794 (+16.1%), from €191,019 to €221,813
- Receivables within one year -€22,310
down €22,310 (-49.1%), from €45,403 to €23,093
of which Trade receivables: -€25,880
- Deferred charges and accrued income +€17,382
up €17,382 (+27.1%), from €64,093 to €81,475
- Reserves +€68,819
up €68,819 (+9.5%), from €725,753 to €794,572
- Trade debts -€61,722
down €61,722 (-38.1%), from €161,858 to €100,136
- Other debts -€25,103
down €25,103 (-53.6%), from €46,845 to €21,742
- Debts after one year +€20,576
new in 2025: €20,576
- Current portion of long-term debt +€14,021
new in 2025: €14,021
- Depreciation +€26,476
up €26,476 (+78.2%), from €33,841 to €60,318
- Staff costs +€9,896
up €9,896 (+9.9%), from €100,388 to €110,284
- Gross operating margin +€8,151
up €8,151 (+3.2%), from €256,595 to €264,746
- Taxes -€3,290
down €3,290 (-14.3%), from €23,041 to €19,751
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 | €966,767 | €983,369 | +€16,602 | +1.7% |
| Fixed assets | 21/28 | €251,906 | €245,044 | -€6,862 | -2.7% |
| Tangible fixed assets | 22/27 | €212,586 | €205,724 | -€6,862 | -3.2% |
| Land and buildings | 22 | €27,138 | €17,139 | -€9,999 | -36.8% |
| Plant, machinery and equipment | 23 | €131,487 | €105,972 | -€25,515 | -19.4% |
| Furniture and vehicles | 24 | €53,961 | €82,614 | +€28,653 | +53.1% |
| Financial fixed assets | 28 | €39,320 | €39,320 | = | 0.0% |
| Current assets | 29/58 | €714,861 | €738,324 | +€23,464 | +3.3% |
| Amounts receivable after more than one year | 29 | €50,938 | €50,159 | -€779 | -1.5% |
| Other amounts receivable | 291 | €50,938 | €50,159 | -€779 | -1.5% |
| Amounts receivable within one year | 40/41 | €45,403 | €23,093 | -€22,310 | -49.1% |
| Trade receivables | 40 | €37,545 | €11,665 | -€25,880 | -68.9% |
| Other amounts receivable | 41 | €7,858 | €11,428 | +€3,570 | +45.4% |
| Current investments | 50/53 | €191,019 | €221,813 | +€30,794 | +16.1% |
| Cash at bank and in hand | 54/58 | €363,409 | €361,784 | -€1,624 | -0.4% |
| Deferred charges and accrued income | 490/1 | €64,093 | €81,475 | +€17,382 | +27.1% |
| Total equity and liabilities | 10/49 | €966,767 | €983,369 | +€16,602 | +1.7% |
| Equity | 10/15 | €731,950 | €800,769 | +€68,819 | +9.4% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €725,753 | €794,572 | +€68,819 | +9.5% |
| Distributable reserves | 133 | €725,753 | €794,572 | +€68,819 | +9.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €234,816 | €182,600 | -€52,216 | -22.2% |
| Amounts payable after more than one year | 17 | - | €20,576 | +€20,576 | |
| Financial debts | 170/4 | - | €20,576 | +€20,576 | |
| Amounts payable within one year | 42/48 | €234,026 | €160,757 | -€73,269 | -31.3% |
| Current portion of amounts payable after more than one year | 42 | - | €14,021 | +€14,021 | |
| Financial debts | 43 | - | €6 | +€6 | |
| Credit institutions | 430/8 | - | €6 | +€6 | |
| Trade debts | 44 | €161,858 | €100,136 | -€61,722 | -38.1% |
| Suppliers | 440/4 | €161,858 | €100,136 | -€61,722 | -38.1% |
| Taxes, remuneration and social security | 45 | €25,322 | €24,852 | -€470 | -1.9% |
| Taxes | 450/3 | €5,524 | €4,827 | -€698 | -12.6% |
| Remuneration and social security | 454/9 | €19,798 | €20,026 | +€227 | +1.1% |
| Other amounts payable | 47/48 | €46,845 | €21,742 | -€25,103 | -53.6% |
| Accrued charges and deferred income | 492/3 | €790 | €1,267 | +€477 | +60.3% |
| Remuneration, social security and pensions | 62 | €100,388 | €110,284 | +€9,896 | +9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,841 | €60,318 | +€26,476 | +78.2% |
| Other operating charges | 640/8 | €2,460 | €3,766 | +€1,306 | +53.1% |
| Gross operating margin | 9900 | €256,595 | €264,746 | +€8,151 | +3.2% |
| Operating profit (loss) | 9901 | €119,905 | €90,378 | -€29,527 | -24.6% |
| Financial income | 75/76B | €2,094 | €2,321 | +€227 | +10.8% |
| Recurring financial income | 75 | €2,094 | €2,321 | +€227 | +10.8% |
| Financial charges | 65/66B | €4,126 | €4,130 | +€5 | +0.1% |
| Recurring financial charges | 65 | €4,126 | €4,130 | +€5 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | €117,874 | €88,569 | -€29,305 | -24.9% |
| Income taxes | 67/77 | €23,041 | €19,751 | -€3,290 | -14.3% |
| Profit (loss) for the period | 9904 | €94,833 | €68,819 | -€26,015 | -27.4% |
| Profit (loss) for the period to be appropriated | 9905 | €94,833 | €68,819 | -€26,015 | -27.4% |
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 24 October 2026 via checked.be.