Dr. Margot Verbeeck: what changed
Dr. Margot Verbeeck
Largest movements
- Receivables after one year +€56,413
new in 2025: €56,413
- Cash -€37,540
down €37,540 (-56.5%), from €66,470 to €28,930
mainly Contributions, distributions and other (-€87,809) and Receivables after one year (-€56,413)
- Tangible fixed assets +€11,539
up €11,539 (+1,281%), from €901 to €12,440
of which Plant, machinery and equipment: +€11,914
- Deferred charges and accrued income -€7,530
down €7,530 (-28.9%), from €26,039 to €18,509
- Receivables within one year -€3,185
no longer reported in 2025 (was €3,185)
- Other debts +€31,970
up €31,970 (+1,861%), from €1,718 to €33,688
- Reserves -€12,007
down €12,007 (-13.7%), from €87,809 to €75,803
- Gross operating margin -€5,049
down €5,049 (-4.9%), from €102,855 to €97,807
- Financial income -€2,134
no longer reported in 2025 (was €2,134)
- Taxes -€1,843
down €1,843 (-8.4%), from €21,975 to €20,132
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €96,594 | €116,291 | +€19,697 | +20.4% |
| Fixed assets | 21/28 | €901 | €12,440 | +€11,539 | +1,281% |
| Tangible fixed assets | 22/27 | €901 | €12,440 | +€11,539 | +1,281% |
| Plant, machinery and equipment | 23 | - | €11,914 | +€11,914 | |
| Furniture and vehicles | 24 | €901 | €526 | -€375 | -41.6% |
| Current assets | 29/58 | €95,693 | €103,852 | +€8,158 | +8.5% |
| Amounts receivable after more than one year | 29 | - | €56,413 | +€56,413 | |
| Trade receivables | 290 | - | €56,413 | +€56,413 | |
| Amounts receivable within one year | 40/41 | €3,185 | - | -€3,185 | |
| Other amounts receivable | 41 | €3,185 | - | -€3,185 | |
| Cash at bank and in hand | 54/58 | €66,470 | €28,930 | -€37,540 | -56.5% |
| Deferred charges and accrued income | 490/1 | €26,039 | €18,509 | -€7,530 | -28.9% |
| Total equity and liabilities | 10/49 | €96,594 | €116,291 | +€19,697 | +20.4% |
| Equity | 10/15 | €89,809 | €77,803 | -€12,007 | -13.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €87,809 | €75,803 | -€12,007 | -13.7% |
| Distributable reserves | 133 | €87,809 | €75,803 | -€12,007 | -13.7% |
| Amounts payable | 17/49 | €6,785 | €38,488 | +€31,704 | +467% |
| Amounts payable within one year | 42/48 | €6,785 | €38,488 | +€31,704 | +467% |
| Trade debts | 44 | €108 | €669 | +€561 | +518% |
| Suppliers | 440/4 | €108 | €669 | +€561 | +518% |
| Taxes, remuneration and social security | 45 | €4,958 | €4,132 | -€826 | -16.7% |
| Taxes | 450/3 | €4,958 | €4,132 | -€826 | -16.7% |
| Other amounts payable | 47/48 | €1,718 | €33,688 | +€31,970 | +1,861% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €806 | €876 | +€70 | +8.7% |
| Other operating charges | 640/8 | €569 | €789 | +€220 | +38.7% |
| Gross operating margin | 9900 | €102,855 | €97,807 | -€5,049 | -4.9% |
| Operating profit (loss) | 9901 | €101,480 | €96,141 | -€5,339 | -5.3% |
| Financial income | 75/76B | €2,134 | - | -€2,134 | |
| Recurring financial income | 75 | €2,134 | - | -€2,134 | |
| Financial charges | 65/66B | €131 | €206 | +€75 | +57.3% |
| Recurring financial charges | 65 | €131 | €206 | +€75 | +57.3% |
| Profit (loss) for the period before taxes | 9903 | €103,482 | €95,935 | -€7,548 | -7.3% |
| Income taxes | 67/77 | €21,975 | €20,132 | -€1,843 | -8.4% |
| Profit (loss) for the period | 9904 | €81,508 | €75,803 | -€5,705 | -7.0% |
| Profit (loss) for the period to be appropriated | 9905 | €81,508 | €75,803 | -€5,705 | -7.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.