Dr. M. Veys: 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. Veys
Largest movements
- Intangible fixed assets -€53,125
down €53,125 (-23.8%), from €223,271 to €170,146
- Tangible fixed assets -€44,677
down €44,677 (-67.2%), from €66,520 to €21,843
of which Furniture and vehicles: -€48,642
- Deferred charges and accrued income +€21,015
up €21,015 (+129%), from €16,330 to €37,346
- Cash +€7,659
up €7,659 (+163%), from €4,696 to €12,355
mainly Net result for the year (+€97,297) and Depreciation (+€59,304)
- Receivables within one year -€3,978
down €3,978 (-34.0%), from €11,703 to €7,725
- Debts after one year -€72,070
down €72,070 (-55.7%), from €129,281 to €57,211
- Profit (loss) carried forward -€32,703
down €32,703 (-29.4%), from €111,158 to €78,455
- Other debts +€32,355
up €32,355 (+178%), from €18,145 to €50,500
- Current portion of long-term debt -€14,247
down €14,247 (-26.3%), from €54,149 to €39,902
- Tax, wage and social debts +€7,260
up €7,260 (+110%), from €6,618 to €13,878
- Gross operating margin +€155,798
up €155,798 (+583%), from €26,706 to €182,505
- Taxes +€13,596
up €13,596 (+6,195%), from €219 to €13,815
- Depreciation -€12,419
down €12,419 (-17.3%), from €71,724 to €59,304
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 | €322,519 | €249,414 | -€73,105 | -22.7% |
| Fixed assets | 21/28 | €289,790 | €191,989 | -€97,802 | -33.7% |
| Intangible fixed assets | 21 | €223,271 | €170,146 | -€53,125 | -23.8% |
| Tangible fixed assets | 22/27 | €66,520 | €21,843 | -€44,677 | -67.2% |
| Plant, machinery and equipment | 23 | - | €3,965 | +€3,965 | |
| Furniture and vehicles | 24 | €66,520 | €17,878 | -€48,642 | -73.1% |
| Current assets | 29/58 | €32,729 | €57,426 | +€24,697 | +75.5% |
| Amounts receivable within one year | 40/41 | €11,703 | €7,725 | -€3,978 | -34.0% |
| Other amounts receivable | 41 | €11,703 | €7,725 | -€3,978 | -34.0% |
| Cash at bank and in hand | 54/58 | €4,696 | €12,355 | +€7,659 | +163% |
| Deferred charges and accrued income | 490/1 | €16,330 | €37,346 | +€21,015 | +129% |
| Total equity and liabilities | 10/49 | €322,519 | €249,414 | -€73,105 | -22.7% |
| Equity | 10/15 | €113,158 | €80,455 | -€32,703 | -28.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €111,158 | €78,455 | -€32,703 | -29.4% |
| Amounts payable | 17/49 | €209,361 | €168,960 | -€40,402 | -19.3% |
| Amounts payable after more than one year | 17 | €129,281 | €57,211 | -€72,070 | -55.7% |
| Financial debts | 170/4 | €129,281 | €57,211 | -€72,070 | -55.7% |
| Amounts payable within one year | 42/48 | €79,150 | €111,601 | +€32,450 | +41.0% |
| Current portion of amounts payable after more than one year | 42 | €54,149 | €39,902 | -€14,247 | -26.3% |
| Financial debts | 43 | €112 | €507 | +€395 | +353% |
| Credit institutions | 430/8 | €112 | €507 | +€395 | +353% |
| Trade debts | 44 | €126 | €6,814 | +€6,688 | +5,308% |
| Suppliers | 440/4 | €126 | €6,814 | +€6,688 | +5,308% |
| Taxes, remuneration and social security | 45 | €6,618 | €13,878 | +€7,260 | +110% |
| Taxes | 450/3 | €6,618 | €13,878 | +€7,260 | +110% |
| Other amounts payable | 47/48 | €18,145 | €50,500 | +€32,355 | +178% |
| Accrued charges and deferred income | 492/3 | €930 | €148 | -€782 | -84.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,724 | €59,304 | -€12,419 | -17.3% |
| Other operating charges | 640/8 | €784 | €737 | -€46 | -5.9% |
| Non-recurring operating charges | 66A | - | €7,325 | +€7,325 | |
| Gross operating margin | 9900 | €26,706 | €182,505 | +€155,798 | +583% |
| Operating profit (loss) | 9901 | -€45,801 | €115,138 | +€160,939 | |
| Financial income | 75/76B | €0 | €204 | +€204 | |
| Recurring financial income | 75 | €0 | €204 | +€204 | |
| Financial charges | 65/66B | €5,075 | €4,230 | -€845 | -16.6% |
| Recurring financial charges | 65 | €5,075 | €4,230 | -€845 | -16.6% |
| Profit (loss) for the period before taxes | 9903 | -€50,876 | €111,112 | +€161,988 | |
| Income taxes | 67/77 | €219 | €13,815 | +€13,596 | +6,195% |
| Profit (loss) for the period | 9904 | -€51,095 | €97,297 | +€148,392 | |
| Profit (loss) for the period to be appropriated | 9905 | -€51,095 | €97,297 | +€148,392 |
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.