DR. N. 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. N. VEYS
Largest movements
- Cash +€64,498
up €64,498 (+4.7%), from €1.4m to €1.4m
mainly Net result for the year (+€211,786) and Depreciation (+€58,666)
- Tangible fixed assets -€64,030
down €64,030 (-32.7%), from €195,977 to €131,947
of which Furniture and vehicles: -€53,704
- Receivables within one year -€27,561
down €27,561 (-29.5%), from €93,485 to €65,924
- Other debts -€23,982
down €23,982 (-16.6%), from €144,723 to €120,741
- Gross operating margin +€42,027
up €42,027 (+13.0%), from €322,415 to €364,442
- Financial income -€19,971
down €19,971 (-68.7%), from €29,062 to €9,091
- Depreciation +€15,549
up €15,549 (+36.1%), from €43,117 to €58,666
- Financial charges -€4,291
down €4,291 (-51.5%), from €8,331 to €4,040
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 | €1,681,543 | €1,658,535 | -€23,008 | -1.4% |
| Fixed assets | 21/28 | €195,977 | €131,947 | -€64,030 | -32.7% |
| Tangible fixed assets | 22/27 | €195,977 | €131,947 | -€64,030 | -32.7% |
| Land and buildings | 22 | €5,365 | €0 | -€5,365 | -100% |
| Plant, machinery and equipment | 23 | €8,989 | €4,028 | -€4,961 | -55.2% |
| Furniture and vehicles | 24 | €181,623 | €127,919 | -€53,704 | -29.6% |
| Current assets | 29/58 | €1,485,566 | €1,526,588 | +€41,022 | +2.8% |
| Amounts receivable within one year | 40/41 | €93,485 | €65,924 | -€27,561 | -29.5% |
| Other amounts receivable | 41 | €93,485 | €65,924 | -€27,561 | -29.5% |
| Cash at bank and in hand | 54/58 | €1,380,119 | €1,444,617 | +€64,498 | +4.7% |
| Deferred charges and accrued income | 490/1 | €11,962 | €16,047 | +€4,085 | +34.1% |
| Total equity and liabilities | 10/49 | €1,681,543 | €1,658,535 | -€23,008 | -1.4% |
| Equity | 10/15 | €1,535,541 | €1,532,827 | -€2,714 | -0.2% |
| Contributions | 10/11 | €12,405 | €12,405 | = | 0.0% |
| Reserves | 13 | €1,523,136 | €1,520,422 | -€2,714 | -0.2% |
| Distributable reserves | 133 | €1,523,136 | €1,520,422 | -€2,714 | -0.2% |
| Amounts payable | 17/49 | €146,002 | €125,708 | -€20,294 | -13.9% |
| Amounts payable within one year | 42/48 | €146,002 | €125,708 | -€20,294 | -13.9% |
| Trade debts | 44 | €1,279 | €4,967 | +€3,688 | +288% |
| Suppliers | 440/4 | €1,279 | €4,967 | +€3,688 | +288% |
| Other amounts payable | 47/48 | €144,723 | €120,741 | -€23,982 | -16.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,117 | €58,666 | +€15,549 | +36.1% |
| Gross operating margin | 9900 | €322,415 | €364,442 | +€42,027 | +13.0% |
| Operating profit (loss) | 9901 | €279,298 | €305,776 | +€26,478 | +9.5% |
| Financial income | 75/76B | €29,062 | €9,091 | -€19,971 | -68.7% |
| Recurring financial income | 75 | €29,062 | €9,091 | -€19,971 | -68.7% |
| Financial charges | 65/66B | €8,331 | €4,040 | -€4,291 | -51.5% |
| Recurring financial charges | 65 | €8,331 | €4,040 | -€4,291 | -51.5% |
| Profit (loss) for the period before taxes | 9903 | €300,029 | €310,827 | +€10,798 | +3.6% |
| Income taxes | 67/77 | €101,386 | €99,041 | -€2,345 | -2.3% |
| Profit (loss) for the period | 9904 | €198,643 | €211,786 | +€13,143 | +6.6% |
| Profit (loss) for the period to be appropriated | 9905 | €198,643 | €211,786 | +€13,143 | +6.6% |
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 31 October 2026 via checked.be.