DR. H. VENMANS: 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. H. VENMANS
Largest movements
- Current investments +€354,755
up €354,755 (+214%), from €165,490 to €520,245
- Cash -€252,648
down €252,648 (-60.8%), from €415,410 to €162,762
mainly Current investments (-€354,755) and Other debts (-€21,814)
- Reserves +€125,335
up €125,335 (+27.3%), from €459,888 to €585,223
- Other debts -€21,814
down €21,814 (-76.7%), from €28,436 to €6,622
- Gross operating margin -€20,680
down €20,680 (-10.5%), from €196,927 to €176,247
- Depreciation -€11,372
down €11,372 (-60.2%), from €18,877 to €7,505
- Financial charges -€3,327
down €3,327 (-70.8%), from €4,698 to €1,371
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €601,856 | €700,239 | +€98,383 | +16.3% |
| Fixed assets | 21/28 | €13,452 | €7,285 | -€6,167 | -45.8% |
| Tangible fixed assets | 22/27 | €10,712 | €5,102 | -€5,611 | -52.4% |
| Furniture and vehicles | 24 | €10,435 | €5,102 | -€5,333 | -51.1% |
| Other tangible fixed assets | 26 | €278 | - | -€278 | |
| Financial fixed assets | 28 | €2,740 | €2,183 | -€556 | -20.3% |
| Current assets | 29/58 | €588,404 | €692,953 | +€104,550 | +17.8% |
| Current investments | 50/53 | €165,490 | €520,245 | +€354,755 | +214% |
| Cash at bank and in hand | 54/58 | €415,410 | €162,762 | -€252,648 | -60.8% |
| Deferred charges and accrued income | 490/1 | €7,504 | €9,946 | +€2,442 | +32.5% |
| Total equity and liabilities | 10/49 | €601,856 | €700,239 | +€98,383 | +16.3% |
| Equity | 10/15 | €552,888 | €678,223 | +€125,335 | +22.7% |
| Contributions | 10/11 | €93,000 | €93,000 | = | 0.0% |
| Reserves | 13 | €459,888 | €585,223 | +€125,335 | +27.3% |
| Distributable reserves | 133 | €459,888 | €585,223 | +€125,335 | +27.3% |
| Amounts payable | 17/49 | €48,968 | €22,016 | -€26,952 | -55.0% |
| Amounts payable within one year | 42/48 | €44,377 | €20,748 | -€23,629 | -53.2% |
| Trade debts | 44 | €86 | €52 | -€34 | -39.5% |
| Suppliers | 440/4 | €86 | €52 | -€34 | -39.5% |
| Taxes, remuneration and social security | 45 | €15,856 | €14,075 | -€1,781 | -11.2% |
| Taxes | 450/3 | €15,856 | €14,075 | -€1,781 | -11.2% |
| Other amounts payable | 47/48 | €28,436 | €6,622 | -€21,814 | -76.7% |
| Accrued charges and deferred income | 492/3 | €4,590 | €1,268 | -€3,323 | -72.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,877 | €7,505 | -€11,372 | -60.2% |
| Other operating charges | 640/8 | €973 | €1,007 | +€34 | +3.5% |
| Gross operating margin | 9900 | €196,927 | €176,247 | -€20,680 | -10.5% |
| Operating profit (loss) | 9901 | €177,077 | €167,735 | -€9,342 | -5.3% |
| Financial income | 75/76B | €11,637 | €11,850 | +€213 | +1.8% |
| Recurring financial income | 75 | €11,637 | €11,850 | +€213 | +1.8% |
| Financial charges | 65/66B | €4,698 | €1,371 | -€3,327 | -70.8% |
| Recurring financial charges | 65 | €4,698 | €1,371 | -€3,327 | -70.8% |
| Profit (loss) for the period before taxes | 9903 | €184,016 | €178,214 | -€5,802 | -3.2% |
| Income taxes | 67/77 | €54,597 | €52,880 | -€1,717 | -3.1% |
| Profit (loss) for the period | 9904 | €129,419 | €125,335 | -€4,084 | -3.2% |
| Profit (loss) for the period to be appropriated | 9905 | €129,419 | €125,335 | -€4,084 | -3.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.