DR.JAN VERSCHUERE: 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.JAN VERSCHUERE
Largest movements
- Cash +€397,304
up €397,304 (+42.5%), from €934,183 to €1.3m
mainly Net result for the year (+€389,233) and Receivables within one year (+€134,770)
- Receivables within one year -€134,770
down €134,770 (-67.5%), from €199,752 to €64,982
- Current investments -€31,012
down €31,012 (-3.5%), from €890,430 to €859,418
- Deferred charges and accrued income +€23,711
up €23,711 (+449%), from €5,286 to €28,997
- Reserves +€260,085
up €260,085 (+17.4%), from €1.5m to €1.8m
- Tax, wage and social debts -€29,894
down €29,894 (-65.0%), from €46,005 to €16,111
of which Taxes: -€29,802
- Financial income +€41,823
up €41,823 (+214%), from €19,578 to €61,401
- Gross operating margin -€36,052
down €36,052 (-5.4%), from €669,757 to €633,705
- Taxes -€13,911
down €13,911 (-7.8%), from €179,118 to €165,207
- Staff costs +€13,212
up €13,212 (+14.8%), from €89,489 to €102,702
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 | €2,058,439 | €2,304,857 | +€246,418 | +12.0% |
| Fixed assets | 21/28 | €28,788 | €19,973 | -€8,815 | -30.6% |
| Intangible fixed assets | 21 | €5 | €5 | = | 0.0% |
| Tangible fixed assets | 22/27 | €28,783 | €19,968 | -€8,815 | -30.6% |
| Furniture and vehicles | 24 | €28,783 | €19,968 | -€8,815 | -30.6% |
| Current assets | 29/58 | €2,029,650 | €2,284,884 | +€255,233 | +12.6% |
| Amounts receivable within one year | 40/41 | €199,752 | €64,982 | -€134,770 | -67.5% |
| Trade receivables | 40 | €199,752 | €64,982 | -€134,770 | -67.5% |
| Current investments | 50/53 | €890,430 | €859,418 | -€31,012 | -3.5% |
| Cash at bank and in hand | 54/58 | €934,183 | €1,331,487 | +€397,304 | +42.5% |
| Deferred charges and accrued income | 490/1 | €5,286 | €28,997 | +€23,711 | +449% |
| Total equity and liabilities | 10/49 | €2,058,439 | €2,304,857 | +€246,418 | +12.0% |
| Equity | 10/15 | €1,657,050 | €1,917,135 | +€260,085 | +15.7% |
| Contributions | 10/11 | €161,000 | €161,000 | = | 0.0% |
| Reserves | 13 | €1,496,050 | €1,756,135 | +€260,085 | +17.4% |
| Distributable reserves | 133 | €1,496,050 | €1,756,135 | +€260,085 | +17.4% |
| Amounts payable | 17/49 | €401,389 | €387,721 | -€13,668 | -3.4% |
| Amounts payable after more than one year | 17 | €342,041 | €358,993 | +€16,952 | +5.0% |
| Other amounts payable | 178/9 | €342,041 | €358,993 | +€16,952 | +5.0% |
| Amounts payable within one year | 42/48 | €59,348 | €28,728 | -€30,619 | -51.6% |
| Trade debts | 44 | €1,031 | €3,489 | +€2,458 | +238% |
| Suppliers | 440/4 | €1,031 | €3,489 | +€2,458 | +238% |
| Taxes, remuneration and social security | 45 | €46,005 | €16,111 | -€29,894 | -65.0% |
| Taxes | 450/3 | €37,545 | €7,742 | -€29,802 | -79.4% |
| Remuneration and social security | 454/9 | €8,460 | €8,368 | -€91 | -1.1% |
| Other amounts payable | 47/48 | €12,312 | €9,129 | -€3,183 | -25.9% |
| Non-recurring operating income | 76A | €1,122 | - | -€1,122 | |
| Remuneration, social security and pensions | 62 | €89,489 | €102,702 | +€13,212 | +14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,691 | €8,815 | -€1,875 | -17.5% |
| Other operating charges | 640/8 | €1,469 | €1,586 | +€117 | +8.0% |
| Gross operating margin | 9900 | €669,757 | €633,705 | -€36,052 | -5.4% |
| Operating profit (loss) | 9901 | €568,108 | €520,602 | -€47,506 | -8.4% |
| Financial income | 75/76B | €19,578 | €61,401 | +€41,823 | +214% |
| Recurring financial income | 75 | €19,578 | €61,401 | +€41,823 | +214% |
| Financial charges | 65/66B | €30,235 | €27,562 | -€2,673 | -8.8% |
| Recurring financial charges | 65 | €30,235 | €27,562 | -€2,673 | -8.8% |
| Profit (loss) for the period before taxes | 9903 | €557,450 | €554,440 | -€3,010 | -0.5% |
| Income taxes | 67/77 | €179,118 | €165,207 | -€13,911 | -7.8% |
| Profit (loss) for the period | 9904 | €378,333 | €389,233 | +€10,900 | +2.9% |
| Profit (loss) for the period to be appropriated | 9905 | €378,333 | €389,233 | +€10,900 | +2.9% |
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 24 October 2026 via checked.be.