DR. ERWIN VERSPECHT: 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. ERWIN VERSPECHT
Largest movements
- Receivables within one year +€87,672
up €87,672 (+76.8%), from €114,102 to €201,774
- Cash -€65,135
down €65,135 (-32.7%), from €199,128 to €133,993
mainly Receivables within one year (-€87,672) and Investment in fixed assets (net) (-€14,344)
- Tangible fixed assets -€11,338
down €11,338 (-5.8%), from €195,997 to €184,659
of which Furniture and vehicles: -€11,302
- Reserves +€26,427
up €26,427 (+5.7%), from €467,061 to €493,488
of which Distributable reserves: +€26,427
- Debts after one year -€11,258
no longer reported in 2025 (was €11,258)
- Gross operating margin -€76,011
down €76,011 (-53.3%), from €142,685 to €66,674
- Taxes -€21,415
down €21,415 (-65.0%), from €32,928 to €11,513
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 | €513,811 | €527,261 | +€13,450 | +2.6% |
| Fixed assets | 21/28 | €197,997 | €186,659 | -€11,338 | -5.7% |
| Tangible fixed assets | 22/27 | €195,997 | €184,659 | -€11,338 | -5.8% |
| Land and buildings | 22 | €155,893 | €145,595 | -€10,298 | -6.6% |
| Plant, machinery and equipment | 23 | €4,496 | €11,830 | +€7,334 | +163.1% |
| Furniture and vehicles | 24 | €21,799 | €10,497 | -€11,302 | -51.8% |
| Other tangible fixed assets | 26 | €13,810 | €16,738 | +€2,928 | +21.2% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €315,814 | €340,602 | +€24,788 | +7.8% |
| Amounts receivable within one year | 40/41 | €114,102 | €201,774 | +€87,672 | +76.8% |
| Other amounts receivable | 41 | €114,102 | €201,774 | +€87,672 | +76.8% |
| Cash at bank and in hand | 54/58 | €199,128 | €133,993 | -€65,135 | -32.7% |
| Deferred charges and accrued income | 490/1 | €2,584 | €4,835 | +€2,251 | +87.1% |
| Total equity and liabilities | 10/49 | €513,811 | €527,261 | +€13,450 | +2.6% |
| Equity | 10/15 | €479,461 | €505,888 | +€26,427 | +5.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Contributions outside capital | 11 | €12,400 | €12,400 | = | 0.0% |
| Other | 1109/19 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €467,061 | €493,488 | +€26,427 | +5.7% |
| 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 | €465,201 | €491,628 | +€26,427 | +5.7% |
| Amounts payable | 17/49 | €34,350 | €21,373 | -€12,977 | -37.8% |
| Amounts payable after more than one year | 17 | €11,258 | - | -€11,258 | |
| Financial debts | 170/4 | €11,258 | - | -€11,258 | |
| Amounts payable within one year | 42/48 | €23,092 | €21,373 | -€1,719 | -7.4% |
| Current portion of amounts payable after more than one year | 42 | €11,127 | €11,258 | +€130 | +1.2% |
| Trade debts | 44 | €2,465 | €615 | -€1,849 | -75.0% |
| Suppliers | 440/4 | €2,465 | €615 | -€1,849 | -75.0% |
| Taxes, remuneration and social security | 45 | €9,500 | €9,500 | = | 0.0% |
| Taxes | 450/3 | €9,500 | €9,500 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €194 | €194 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,773 | €25,682 | -€1,091 | -4.1% |
| Other operating charges | 640/8 | €2,500 | €2,544 | +€43 | +1.7% |
| Gross operating margin | 9900 | €142,685 | €66,674 | -€76,011 | -53.3% |
| Operating profit (loss) | 9901 | €113,218 | €38,254 | -€74,963 | -66.2% |
| Financial income | 75/76B | €17 | €408 | +€392 | +2357.9% |
| Recurring financial income | 75 | €17 | €408 | +€392 | +2357.9% |
| Financial charges | 65/66B | €997 | €723 | -€274 | -27.5% |
| Recurring financial charges | 65 | €997 | €723 | -€274 | -27.5% |
| Profit (loss) for the period before taxes | 9903 | €112,238 | €37,940 | -€74,298 | -66.2% |
| Income taxes | 67/77 | €32,928 | €11,513 | -€21,415 | -65.0% |
| Profit (loss) for the period | 9904 | €79,310 | €26,427 | -€52,883 | -66.7% |
| Profit (loss) for the period to be appropriated | 9905 | €79,310 | €26,427 | -€52,883 | -66.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.