Dr. L. Verstuyft: 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. L. Verstuyft
Largest movements
- Cash +€159,454
up €159,454 (+214%), from €74,522 to €233,976
mainly Net result for the year (+€198,659) and Tax, wage and social debts (+€39,431)
- Deferred charges and accrued income +€15,543
up €15,543 (+74.1%), from €20,966 to €36,509
- Tangible fixed assets -€10,692
down €10,692 (-2.0%), from €522,061 to €511,369
of which Land and buildings: -€21,050
- Reserves +€198,659
up €198,659 (+259%), from €76,603 to €275,262
- Other debts -€54,977
down €54,977 (-66.2%), from €82,992 to €28,015
- Tax, wage and social debts +€39,431
up €39,431 (+179%), from €22,034 to €61,465
of which Taxes: +€39,431
- Debts after one year -€22,660
down €22,660 (-5.4%), from €419,990 to €397,330
- Gross operating margin +€133,470
up €133,470 (+82.8%), from €161,174 to €294,644
- Taxes +€39,703
up €39,703 (+191%), from €20,789 to €60,492
- Depreciation +€4,108
up €4,108 (+16.2%), from €25,290 to €29,398
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 | €627,538 | €791,842 | +€164,304 | +26.2% |
| Fixed assets | 21/28 | €522,061 | €511,369 | -€10,692 | -2.0% |
| Tangible fixed assets | 22/27 | €522,061 | €511,369 | -€10,692 | -2.0% |
| Land and buildings | 22 | €479,695 | €458,645 | -€21,050 | -4.4% |
| Plant, machinery and equipment | 23 | €14,056 | €29,928 | +€15,872 | +113% |
| Furniture and vehicles | 24 | €28,310 | €22,796 | -€5,514 | -19.5% |
| Current assets | 29/58 | €105,476 | €280,473 | +€174,997 | +166% |
| Amounts receivable within one year | 40/41 | €9,988 | €9,988 | = | 0.0% |
| Other amounts receivable | 41 | €9,988 | €9,988 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €74,522 | €233,976 | +€159,454 | +214% |
| Deferred charges and accrued income | 490/1 | €20,966 | €36,509 | +€15,543 | +74.1% |
| Total equity and liabilities | 10/49 | €627,538 | €791,842 | +€164,304 | +26.2% |
| Equity | 10/15 | €79,603 | €278,262 | +€198,659 | +250% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €76,603 | €275,262 | +€198,659 | +259% |
| Distributable reserves | 133 | €76,603 | €275,262 | +€198,659 | +259% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €547,935 | €513,580 | -€34,355 | -6.3% |
| Amounts payable after more than one year | 17 | €419,990 | €397,330 | -€22,660 | -5.4% |
| Financial debts | 170/4 | €419,990 | €397,330 | -€22,660 | -5.4% |
| Amounts payable within one year | 42/48 | €127,945 | €116,250 | -€11,695 | -9.1% |
| Current portion of amounts payable after more than one year | 42 | €22,391 | €22,660 | +€269 | +1.2% |
| Trade debts | 44 | €528 | €4,110 | +€3,582 | +678% |
| Suppliers | 440/4 | €528 | €4,110 | +€3,582 | +678% |
| Taxes, remuneration and social security | 45 | €22,034 | €61,465 | +€39,431 | +179% |
| Taxes | 450/3 | €21,034 | €60,465 | +€39,431 | +187% |
| Remuneration and social security | 454/9 | €1,000 | €1,000 | = | 0.0% |
| Other amounts payable | 47/48 | €82,992 | €28,015 | -€54,977 | -66.2% |
| Non-recurring operating income | 76A | - | €1,250 | +€1,250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,290 | €29,398 | +€4,108 | +16.2% |
| Other operating charges | 640/8 | €503 | €821 | +€318 | +63.2% |
| Gross operating margin | 9900 | €161,174 | €294,644 | +€133,470 | +82.8% |
| Operating profit (loss) | 9901 | €135,381 | €264,425 | +€129,044 | +95.3% |
| Financial charges | 65/66B | €5,551 | €5,274 | -€277 | -5.0% |
| Recurring financial charges | 65 | €5,551 | €5,274 | -€277 | -5.0% |
| Profit (loss) for the period before taxes | 9903 | €129,830 | €259,151 | +€129,321 | +99.6% |
| Income taxes | 67/77 | €20,789 | €60,492 | +€39,703 | +191% |
| Profit (loss) for the period | 9904 | €109,041 | €198,659 | +€89,618 | +82.2% |
| Profit (loss) for the period to be appropriated | 9905 | €109,041 | €198,659 | +€89,618 | +82.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.