Dr. E. Vervloet: what changed
Two fiscal 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. E. Vervloet
Largest movements
- Cash +€28,522
up €28,522 (+18.3%), from €156,025 to €184,547
mainly Net result for the year (+€86,637) and Depreciation (+€13,564)
- Current investments +€11,710
up €11,710 (+39.5%), from €29,616 to €41,326
- Tangible fixed assets -€8,676
down €8,676 (-13.0%), from €66,606 to €57,930
of which Other tangible fixed assets: -€5,691
- Reserves +€35,042
up €35,042 (+13.6%), from €258,113 to €293,156
- Tax, wage and social debts -€3,295
down €3,295 (-52.5%), from €6,275 to €2,980
- Gross operating margin +€60,704
up €60,704 (+81.6%), from €74,413 to €135,117
- Taxes +€18,004
up €18,004 (+98.4%), from €18,300 to €36,304
- Financial income +€3,099
up €3,099 (+338.6%), from €915 to €4,014
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.
Cash bridge derived
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 | €280,112 | €312,129 | +€32,017 | +11.4% |
| Fixed assets | 21/28 | €66,606 | €57,930 | -€8,676 | -13.0% |
| Tangible fixed assets | 22/27 | €66,606 | €57,930 | -€8,676 | -13.0% |
| Plant, machinery and equipment | 23 | €946 | €315 | -€630 | -66.7% |
| Furniture and vehicles | 24 | €3,728 | €1,373 | -€2,354 | -63.2% |
| Other tangible fixed assets | 26 | €61,933 | €56,242 | -€5,691 | -9.2% |
| Current assets | 29/58 | €213,505 | €254,199 | +€40,693 | +19.1% |
| Amounts receivable within one year | 40/41 | €27,864 | €28,325 | +€461 | +1.7% |
| Trade receivables | 40 | €17,880 | €15,130 | -€2,750 | -15.4% |
| Other amounts receivable | 41 | €9,984 | €13,195 | +€3,211 | +32.2% |
| Current investments | 50/53 | €29,616 | €41,326 | +€11,710 | +39.5% |
| Cash at bank and in hand | 54/58 | €156,025 | €184,547 | +€28,522 | +18.3% |
| Total equity and liabilities | 10/49 | €280,112 | €312,129 | +€32,017 | +11.4% |
| Equity | 10/15 | €270,513 | €305,556 | +€35,042 | +13.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €258,113 | €293,156 | +€35,042 | +13.6% |
| Distributable reserves | 133 | €258,113 | €293,156 | +€35,042 | +13.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €9,598 | €6,573 | -€3,025 | -31.5% |
| Amounts payable within one year | 42/48 | €9,598 | €6,573 | -€3,025 | -31.5% |
| Trade debts | 44 | €3,323 | €3,593 | +€270 | +8.1% |
| Suppliers | 440/4 | €3,323 | €3,593 | +€270 | +8.1% |
| Taxes, remuneration and social security | 45 | €6,275 | €2,980 | -€3,295 | -52.5% |
| Taxes | 450/3 | €6,275 | €2,980 | -€3,295 | -52.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,929 | €13,564 | -€365 | -2.6% |
| Other operating charges | 640/8 | €1,225 | €1,776 | +€552 | +45.0% |
| Gross operating margin | 9900 | €74,413 | €135,117 | +€60,704 | +81.6% |
| Operating profit (loss) | 9901 | €59,259 | €119,777 | +€60,517 | +102.1% |
| Financial income | 75/76B | €915 | €4,014 | +€3,099 | +338.6% |
| Recurring financial income | 75 | €915 | €4,014 | +€3,099 | +338.6% |
| Financial charges | 65/66B | €889 | €850 | -€38 | -4.3% |
| Recurring financial charges | 65 | €889 | €850 | -€38 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | €59,286 | €122,941 | +€63,655 | +107.4% |
| Income taxes | 67/77 | €18,300 | €36,304 | +€18,004 | +98.4% |
| Profit (loss) for the period | 9904 | €40,986 | €86,637 | +€45,651 | +111.4% |
| Profit (loss) for the period to be appropriated | 9905 | €40,986 | €86,637 | +€45,651 | +111.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.