DR. M. VERTOMMEN: 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. M. VERTOMMEN
Largest movements
- Cash +€183,159
up €183,159 (+10.5%), from €1.8m to €1.9m
mainly Net result for the year (+€220,626) and Deferred charges and accrued income (+€5,793)
- Reserves +€220,600
up €220,600 (+12.7%), from €1.7m to €2.0m
of which Distributable reserves: +€220,600
- Trade debts -€34,470
down €34,470 (-97.3%), from €35,416 to €946
- Gross operating margin -€54,782
down €54,782 (-14.7%), from €373,229 to €318,447
- Taxes -€21,337
down €21,337 (-17.7%), from €120,353 to €99,016
- Financial income -€12,176
down €12,176 (-73.3%), from €16,618 to €4,442
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 | €1,815,994 | €1,989,216 | +€173,223 | +9.5% |
| Fixed assets | 21/28 | €3,013 | €826 | -€2,187 | -72.6% |
| Tangible fixed assets | 22/27 | €3,013 | €826 | -€2,187 | -72.6% |
| Other tangible fixed assets | 26 | €3,013 | €826 | -€2,187 | -72.6% |
| Current assets | 29/58 | €1,812,980 | €1,988,390 | +€175,410 | +9.7% |
| Amounts receivable within one year | 40/41 | €26,275 | €21,919 | -€4,356 | -16.6% |
| Other amounts receivable | 41 | €26,275 | €21,919 | -€4,356 | -16.6% |
| Current investments | 50/53 | €600 | €3,000 | +€2,400 | +400% |
| Cash at bank and in hand | 54/58 | €1,750,343 | €1,933,502 | +€183,159 | +10.5% |
| Deferred charges and accrued income | 490/1 | €35,762 | €29,969 | -€5,793 | -16.2% |
| Total equity and liabilities | 10/49 | €1,815,994 | €1,989,216 | +€173,223 | +9.5% |
| Equity | 10/15 | €1,742,305 | €1,962,931 | +€220,626 | +12.7% |
| Contributions | 10/11 | €909 | €909 | = | 0.0% |
| Reserves | 13 | €1,741,396 | €1,961,996 | +€220,600 | +12.7% |
| Non-distributable reserves | 130/1 | €91 | €91 | = | 0.0% |
| Reserves not available under the articles | 1311 | €91 | €91 | = | 0.0% |
| Distributable reserves | 133 | €1,741,305 | €1,961,905 | +€220,600 | +12.7% |
| Profit (loss) carried forward | 14 | - | €26 | +€26 | |
| Amounts payable | 17/49 | €73,689 | €26,285 | -€47,404 | -64.3% |
| Amounts payable within one year | 42/48 | €73,301 | €26,285 | -€47,016 | -64.1% |
| Trade debts | 44 | €35,416 | €946 | -€34,470 | -97.3% |
| Suppliers | 440/4 | €35,416 | €946 | -€34,470 | -97.3% |
| Taxes, remuneration and social security | 45 | €29,900 | €25,339 | -€4,561 | -15.3% |
| Taxes | 450/3 | €26,648 | €22,060 | -€4,588 | -17.2% |
| Remuneration and social security | 454/9 | €3,252 | €3,279 | +€27 | +0.8% |
| Other amounts payable | 47/48 | €7,986 | - | -€7,986 | |
| Accrued charges and deferred income | 492/3 | €387 | - | -€387 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,187 | €2,187 | = | 0.0% |
| Other operating charges | 640/8 | €708 | €939 | +€230 | +32.5% |
| Gross operating margin | 9900 | €373,229 | €318,447 | -€54,782 | -14.7% |
| Operating profit (loss) | 9901 | €370,333 | €315,321 | -€55,013 | -14.9% |
| Financial income | 75/76B | €16,618 | €4,442 | -€12,176 | -73.3% |
| Recurring financial income | 75 | €16,618 | €4,442 | -€12,176 | -73.3% |
| Financial charges | 65/66B | €119 | €120 | +€2 | +1.3% |
| Recurring financial charges | 65 | €119 | €120 | +€2 | +1.3% |
| Profit (loss) for the period before taxes | 9903 | €386,833 | €319,643 | -€67,190 | -17.4% |
| Income taxes | 67/77 | €120,353 | €99,016 | -€21,337 | -17.7% |
| Profit (loss) for the period | 9904 | €266,479 | €220,626 | -€45,853 | -17.2% |
| Profit (loss) for the period to be appropriated | 9905 | €266,479 | €220,626 | -€45,853 | -17.2% |
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 19 October 2026 via checked.be.