Dr. Hilde Vervoort: 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. Hilde Vervoort
Largest movements
- Tangible fixed assets -€23,424
down €23,424 (-16.1%), from €145,268 to €121,844
of which Furniture and vehicles: -€13,204
- Cash -€13,261
down €13,261 (-22.2%), from €59,659 to €46,398
mainly Other debts (-€77,703) and Debts after one year (-€11,101)
- Current investments +€4,000
new in 2025: €4,000
- Other debts -€77,703
down €77,703 (-98.8%), from €78,685 to €982
- Profit (loss) carried forward +€54,079
new in 2025: €54,079
- Debts after one year -€11,101
down €11,101 (-9.7%), from €114,143 to €103,041
- Gross operating margin -€9,019
down €9,019 (-8.6%), from €104,633 to €95,614
- Depreciation +€8,230
up €8,230 (+54.2%), from €15,194 to €23,424
- Taxes -€2,140
down €2,140 (-12.6%), from €17,001 to €14,861
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 | €210,670 | €175,892 | -€34,778 | -16.5% |
| Fixed assets | 21/28 | €145,268 | €121,844 | -€23,424 | -16.1% |
| Tangible fixed assets | 22/27 | €145,268 | €121,844 | -€23,424 | -16.1% |
| Furniture and vehicles | 24 | €34,635 | €21,432 | -€13,204 | -38.1% |
| Other tangible fixed assets | 26 | €110,633 | €100,413 | -€10,220 | -9.2% |
| Current assets | 29/58 | €65,402 | €54,048 | -€11,354 | -17.4% |
| Amounts receivable within one year | 40/41 | €999 | €139 | -€860 | -86.1% |
| Other amounts receivable | 41 | €999 | €139 | -€860 | -86.1% |
| Current investments | 50/53 | - | €4,000 | +€4,000 | |
| Cash at bank and in hand | 54/58 | €59,659 | €46,398 | -€13,261 | -22.2% |
| Deferred charges and accrued income | 490/1 | €4,744 | €3,511 | -€1,234 | -26.0% |
| Total equity and liabilities | 10/49 | €210,670 | €175,892 | -€34,778 | -16.5% |
| Equity | 10/15 | €5,000 | €59,079 | +€54,079 | +1,082% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €54,079 | +€54,079 | |
| Amounts payable | 17/49 | €205,670 | €116,813 | -€88,857 | -43.2% |
| Amounts payable after more than one year | 17 | €114,143 | €103,041 | -€11,101 | -9.7% |
| Financial debts | 170/4 | €114,143 | €103,041 | -€11,101 | -9.7% |
| Amounts payable within one year | 42/48 | €91,528 | €13,772 | -€77,756 | -85.0% |
| Current portion of amounts payable after more than one year | 42 | €10,991 | €11,101 | +€111 | +1.0% |
| Trade debts | 44 | €1,852 | €1,689 | -€163 | -8.8% |
| Suppliers | 440/4 | €1,852 | €1,689 | -€163 | -8.8% |
| Other amounts payable | 47/48 | €78,685 | €982 | -€77,703 | -98.8% |
| Non-recurring operating income | 76A | €6,956 | - | -€6,956 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,194 | €23,424 | +€8,230 | +54.2% |
| Other operating charges | 640/8 | €2,008 | €1,855 | -€153 | -7.6% |
| Gross operating margin | 9900 | €104,633 | €95,614 | -€9,019 | -8.6% |
| Operating profit (loss) | 9901 | €87,431 | €70,335 | -€17,096 | -19.6% |
| Financial income | 75/76B | €205 | €7 | -€198 | -96.8% |
| Recurring financial income | 75 | €205 | €7 | -€198 | -96.8% |
| Financial charges | 65/66B | €1,767 | €1,401 | -€365 | -20.7% |
| Recurring financial charges | 65 | €1,767 | €1,401 | -€365 | -20.7% |
| Profit (loss) for the period before taxes | 9903 | €85,869 | €68,940 | -€16,929 | -19.7% |
| Income taxes | 67/77 | €17,001 | €14,861 | -€2,140 | -12.6% |
| Profit (loss) for the period | 9904 | €68,868 | €54,079 | -€14,789 | -21.5% |
| Profit (loss) for the period to be appropriated | 9905 | €68,868 | €54,079 | -€14,789 | -21.5% |
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 29 October 2026 via checked.be.