Dr. Evy Vervecken: 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. Evy Vervecken
Largest movements
- Cash +€67,084
up €67,084 (+50.8%), from €131,995 to €199,079
mainly Net result for the year (+€196,721) and Current investments (+€60,000)
- Current investments -€60,000
no longer reported in 2025 (was €60,000)
- Receivables within one year +€4,125
up €4,125 (+5.3%), from €78,375 to €82,500
- Tangible fixed assets -€3,926
down €3,926 (-34.6%), from €11,332 to €7,406
of which Furniture and vehicles: -€2,078
- Other debts +€43,904
up €43,904 (+23.4%), from €187,753 to €231,656
- Tax, wage and social debts -€42,586
down €42,586 (-67.9%), from €62,730 to €20,144
- Trade debts +€3,245
up €3,245 (+17.3%), from €18,719 to €21,964
- Gross operating margin +€162,692
up €162,692 (+163%), from €99,643 to €262,335
- Taxes +€40,852
up €40,852 (+198%), from €20,603 to €61,455
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 | €281,702 | €288,985 | +€7,283 | +2.6% |
| Fixed assets | 21/28 | €11,332 | €7,406 | -€3,926 | -34.6% |
| Tangible fixed assets | 22/27 | €11,332 | €7,406 | -€3,926 | -34.6% |
| Plant, machinery and equipment | 23 | €2,030 | €1,283 | -€748 | -36.8% |
| Furniture and vehicles | 24 | €7,551 | €5,473 | -€2,078 | -27.5% |
| Other tangible fixed assets | 26 | €1,751 | €651 | -€1,100 | -62.8% |
| Current assets | 29/58 | €270,370 | €281,579 | +€11,209 | +4.1% |
| Amounts receivable within one year | 40/41 | €78,375 | €82,500 | +€4,125 | +5.3% |
| Trade receivables | 40 | €78,375 | €82,500 | +€4,125 | +5.3% |
| Current investments | 50/53 | €60,000 | - | -€60,000 | |
| Cash at bank and in hand | 54/58 | €131,995 | €199,079 | +€67,084 | +50.8% |
| Total equity and liabilities | 10/49 | €281,702 | €288,985 | +€7,283 | +2.6% |
| Equity | 10/15 | €5,000 | €6,721 | +€1,721 | +34.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | - | €1,721 | +€1,721 | |
| Distributable reserves | 133 | - | €1,721 | +€1,721 | |
| Amounts payable | 17/49 | €276,702 | €282,264 | +€5,563 | +2.0% |
| Amounts payable within one year | 42/48 | €269,202 | €273,764 | +€4,563 | +1.7% |
| Trade debts | 44 | €18,719 | €21,964 | +€3,245 | +17.3% |
| Suppliers | 440/4 | €18,719 | €21,964 | +€3,245 | +17.3% |
| Taxes, remuneration and social security | 45 | €62,730 | €20,144 | -€42,586 | -67.9% |
| Taxes | 450/3 | €62,730 | €20,144 | -€42,586 | -67.9% |
| Other amounts payable | 47/48 | €187,753 | €231,656 | +€43,904 | +23.4% |
| Accrued charges and deferred income | 492/3 | €7,500 | €8,500 | +€1,000 | +13.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,608 | €3,926 | +€1,317 | +50.5% |
| Other operating charges | 640/8 | €1,434 | €2,402 | +€968 | +67.5% |
| Gross operating margin | 9900 | €99,643 | €262,335 | +€162,692 | +163% |
| Operating profit (loss) | 9901 | €95,600 | €256,007 | +€160,407 | +168% |
| Financial income | 75/76B | €453 | €2,213 | +€1,761 | +389% |
| Recurring financial income | 75 | €453 | €2,213 | +€1,761 | +389% |
| Financial charges | 65/66B | €45 | €45 | -€0 | -0.1% |
| Recurring financial charges | 65 | €45 | €45 | -€0 | -0.1% |
| Profit (loss) for the period before taxes | 9903 | €96,008 | €258,176 | +€162,168 | +169% |
| Income taxes | 67/77 | €20,603 | €61,455 | +€40,852 | +198% |
| Profit (loss) for the period | 9904 | €75,405 | €196,721 | +€121,316 | +161% |
| Profit (loss) for the period to be appropriated | 9905 | €75,405 | €196,721 | +€121,316 | +161% |
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 31 October 2026 via checked.be.