Dr. Mandy Verhoeven: 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. Mandy Verhoeven
Largest movements
- Current investments -€100,000
down €100,000 (-100%), from €100,000 to €0
- Cash +€74,397
up €74,397 (+34.3%), from €217,019 to €291,416
mainly Other debts (+€107,541) and Current investments (+€100,000)
- Tangible fixed assets +€61,226
new in 2025: €61,226
of which Furniture and vehicles: +€50,242
- Intangible fixed assets -€4,000
down €4,000 (-19.7%), from €20,329 to €16,329
- Other debts +€107,541
up €107,541 (+239%), from €45,050 to €152,591
- Reserves -€92,801
down €92,801 (-32.6%), from €284,565 to €191,763
- Tax, wage and social debts +€16,899
up €16,899 (+135%), from €12,547 to €29,446
of which Taxes: +€16,527
- Gross operating margin +€5,187
up €5,187 (+4.2%), from €123,146 to €128,333
- Depreciation +€1,631
up €1,631 (+40.8%), from €4,000 to €5,631
- Financial income +€1,422
up €1,422 (+342%), from €415 to €1,837
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 | €344,773 | €376,243 | +€31,470 | +9.1% |
| Fixed assets | 21/28 | €20,329 | €77,554 | +€57,226 | +282% |
| Intangible fixed assets | 21 | €20,329 | €16,329 | -€4,000 | -19.7% |
| Tangible fixed assets | 22/27 | - | €61,226 | +€61,226 | |
| Furniture and vehicles | 24 | - | €50,242 | +€50,242 | |
| Other tangible fixed assets | 26 | - | €10,984 | +€10,984 | |
| Current assets | 29/58 | €324,445 | €298,689 | -€25,756 | -7.9% |
| Amounts receivable within one year | 40/41 | €6,989 | €3,662 | -€3,327 | -47.6% |
| Other amounts receivable | 41 | €6,989 | €3,662 | -€3,327 | -47.6% |
| Current investments | 50/53 | €100,000 | €0 | -€100,000 | -100% |
| Cash at bank and in hand | 54/58 | €217,019 | €291,416 | +€74,397 | +34.3% |
| Deferred charges and accrued income | 490/1 | €437 | €3,611 | +€3,174 | +727% |
| Total equity and liabilities | 10/49 | €344,773 | €376,243 | +€31,470 | +9.1% |
| Equity | 10/15 | €286,565 | €193,763 | -€92,801 | -32.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €284,565 | €191,763 | -€92,801 | -32.6% |
| Distributable reserves | 133 | €284,565 | €191,763 | -€92,801 | -32.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €58,209 | €182,480 | +€124,271 | +213% |
| Amounts payable within one year | 42/48 | €58,209 | €182,480 | +€124,271 | +213% |
| Trade debts | 44 | €612 | €443 | -€169 | -27.6% |
| Suppliers | 440/4 | €612 | €443 | -€169 | -27.6% |
| Taxes, remuneration and social security | 45 | €12,547 | €29,446 | +€16,899 | +135% |
| Taxes | 450/3 | €10,383 | €26,909 | +€16,527 | +159% |
| Remuneration and social security | 454/9 | €2,164 | €2,536 | +€372 | +17.2% |
| Other amounts payable | 47/48 | €45,050 | €152,591 | +€107,541 | +239% |
| Remuneration, social security and pensions | 62 | €7,628 | €7,438 | -€190 | -2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,000 | €5,631 | +€1,631 | +40.8% |
| Other operating charges | 640/8 | €628 | €527 | -€100 | -15.9% |
| Gross operating margin | 9900 | €123,146 | €128,333 | +€5,187 | +4.2% |
| Operating profit (loss) | 9901 | €110,891 | €114,737 | +€3,846 | +3.5% |
| Financial income | 75/76B | €415 | €1,837 | +€1,422 | +342% |
| Recurring financial income | 75 | €415 | €1,837 | +€1,422 | +342% |
| Financial charges | 65/66B | €216 | €262 | +€45 | +21.0% |
| Recurring financial charges | 65 | €216 | €262 | +€45 | +21.0% |
| Profit (loss) for the period before taxes | 9903 | €111,090 | €116,312 | +€5,222 | +4.7% |
| Income taxes | 67/77 | €28,557 | €29,717 | +€1,160 | +4.1% |
| Profit (loss) for the period | 9904 | €82,533 | €86,595 | +€4,062 | +4.9% |
| Profit (loss) for the period to be appropriated | 9905 | €82,533 | €86,595 | +€4,062 | +4.9% |
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 29 October 2026 via checked.be.