Dr. Eveline Vercammen: 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. Eveline Vercammen
Largest movements
- Cash -€144,046
down €144,046 (-57.7%), from €249,652 to €105,606
mainly Contributions, distributions and other (-€235,294) and Receivables within one year (-€44,419)
- Receivables within one year +€44,419
up €44,419 (+137%), from €32,507 to €76,926
of which Other amounts receivable: +€28,601
- Tangible fixed assets -€12,420
down €12,420 (-39.2%), from €31,692 to €19,272
of which Leasing and similar rights: -€10,454
- Profit (loss) carried forward -€266,053
no longer reported in 2025 (was €266,053)
- Reserves +€123,782
new in 2025: €123,782
- Tax, wage and social debts +€30,887
up €30,887 (+341%), from €9,057 to €39,944
- Debts after one year -€10,757
down €10,757 (-59.6%), from €18,059 to €7,302
- Other debts +€9,427
up €9,427 (+181%), from €5,202 to €14,629
- Gross operating margin +€48,248
up €48,248 (+57.5%), from €83,901 to €132,148
- Taxes +€10,380
up €10,380 (+71.8%), from €14,465 to €24,845
- Staff costs +€1,627
up €1,627, from -€1,554 to €72
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 | €317,806 | €205,180 | -€112,626 | -35.4% |
| Fixed assets | 21/28 | €31,692 | €19,272 | -€12,420 | -39.2% |
| Tangible fixed assets | 22/27 | €31,692 | €19,272 | -€12,420 | -39.2% |
| Plant, machinery and equipment | 23 | €2,720 | €1,575 | -€1,145 | -42.1% |
| Furniture and vehicles | 24 | €1,075 | €254 | -€820 | -76.3% |
| Leasing and similar rights | 25 | €27,897 | €17,443 | -€10,454 | -37.5% |
| Current assets | 29/58 | €286,114 | €185,908 | -€100,206 | -35.0% |
| Amounts receivable within one year | 40/41 | €32,507 | €76,926 | +€44,419 | +137% |
| Trade receivables | 40 | €820 | €16,638 | +€15,817 | +1,929% |
| Other amounts receivable | 41 | €31,687 | €60,288 | +€28,601 | +90.3% |
| Cash at bank and in hand | 54/58 | €249,652 | €105,606 | -€144,046 | -57.7% |
| Deferred charges and accrued income | 490/1 | €3,955 | €3,376 | -€579 | -14.6% |
| Total equity and liabilities | 10/49 | €317,806 | €205,180 | -€112,626 | -35.4% |
| Equity | 10/15 | €273,553 | €131,282 | -€142,271 | -52.0% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | - | €123,782 | +€123,782 | |
| Distributable reserves | 133 | - | €123,782 | +€123,782 | |
| Profit (loss) carried forward | 14 | €266,053 | - | -€266,053 | |
| Amounts payable | 17/49 | €44,253 | €73,898 | +€29,645 | +67.0% |
| Amounts payable after more than one year | 17 | €18,059 | €7,302 | -€10,757 | -59.6% |
| Financial debts | 170/4 | €18,059 | €7,302 | -€10,757 | -59.6% |
| Amounts payable within one year | 42/48 | €26,194 | €66,596 | +€40,402 | +154% |
| Current portion of amounts payable after more than one year | 42 | €10,525 | €10,757 | +€231 | +2.2% |
| Trade debts | 44 | €1,410 | €1,266 | -€144 | -10.2% |
| Suppliers | 440/4 | €1,410 | €1,266 | -€144 | -10.2% |
| Taxes, remuneration and social security | 45 | €9,057 | €39,944 | +€30,887 | +341% |
| Taxes | 450/3 | €9,057 | €39,944 | +€30,887 | +341% |
| Other amounts payable | 47/48 | €5,202 | €14,629 | +€9,427 | +181% |
| Remuneration, social security and pensions | 62 | -€1,554 | €72 | +€1,627 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,700 | €12,420 | -€280 | -2.2% |
| Other operating charges | 640/8 | €505 | €240 | -€265 | -52.5% |
| Gross operating margin | 9900 | €83,901 | €132,148 | +€48,248 | +57.5% |
| Operating profit (loss) | 9901 | €72,250 | €119,416 | +€47,167 | +65.3% |
| Financial income | 75/76B | €0 | €417 | +€417 | +1,041,975% |
| Recurring financial income | 75 | €0 | €417 | +€417 | +1,041,975% |
| Financial charges | 65/66B | €1,553 | €1,965 | +€411 | +26.5% |
| Recurring financial charges | 65 | €1,553 | €1,965 | +€411 | +26.5% |
| Profit (loss) for the period before taxes | 9903 | €70,696 | €117,869 | +€47,172 | +66.7% |
| Income taxes | 67/77 | €14,465 | €24,845 | +€10,380 | +71.8% |
| Profit (loss) for the period | 9904 | €56,231 | €93,023 | +€36,792 | +65.4% |
| Profit (loss) for the period to be appropriated | 9905 | €56,231 | €93,023 | +€36,792 | +65.4% |
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 22 October 2026 via checked.be.