DR. NILS VERBEECK: what changed
DR. NILS VERBEECK
Largest movements
- Tangible fixed assets +€212,936
up €212,936 (+85.1%), from €250,305 to €463,242
of which Land and buildings: +€256,693
- Current investments +€78,938
up €78,938 (+17.8%), from €444,473 to €523,411
- Deferred charges and accrued income +€32,202
up €32,202 (+67.6%), from €47,633 to €79,835
- Cash -€11,407
down €11,407 (-20.7%), from €55,053 to €43,647
mainly Investment in fixed assets (net) (-€262,885) and Current investments (-€78,938)
- Debts after one year +€152,102
up €152,102 (+167%), from €91,102 to €243,203
- Reserves +€106,753
up €106,753 (+16.3%), from €655,036 to €761,790
- Other debts +€32,215
new in 2025: €32,215
- Current portion of long-term debt +€24,828
up €24,828 (+108%), from €23,071 to €47,898
- Trade debts -€13,079
down €13,079 (-99.7%), from €13,114 to €35
- Gross operating margin +€45,885
up €45,885 (+22.4%), from €205,084 to €250,970
- Financial charges +€14,254
up €14,254 (+36.5%), from €39,078 to €53,332
- Taxes +€9,447
up €9,447 (+26.2%), from €36,004 to €45,452
- Depreciation +€3,195
up €3,195 (+6.8%), from €46,754 to €49,949
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 | €818,427 | €1,121,172 | +€302,745 | +37.0% |
| Fixed assets | 21/28 | €250,305 | €463,242 | +€212,936 | +85.1% |
| Tangible fixed assets | 22/27 | €250,305 | €463,242 | +€212,936 | +85.1% |
| Land and buildings | 22 | €32,385 | €289,078 | +€256,693 | +793% |
| Plant, machinery and equipment | 23 | €2,644 | €1,986 | -€659 | -24.9% |
| Furniture and vehicles | 24 | €70,734 | €51,468 | -€19,266 | -27.2% |
| Other tangible fixed assets | 26 | €144,542 | €120,710 | -€23,832 | -16.5% |
| Current assets | 29/58 | €568,121 | €657,930 | +€89,809 | +15.8% |
| Amounts receivable within one year | 40/41 | €20,962 | €11,038 | -€9,924 | -47.3% |
| Trade receivables | 40 | €2 | €0 | -€2 | -100% |
| Other amounts receivable | 41 | €20,960 | €11,038 | -€9,922 | -47.3% |
| Current investments | 50/53 | €444,473 | €523,411 | +€78,938 | +17.8% |
| Cash at bank and in hand | 54/58 | €55,053 | €43,647 | -€11,407 | -20.7% |
| Deferred charges and accrued income | 490/1 | €47,633 | €79,835 | +€32,202 | +67.6% |
| Total equity and liabilities | 10/49 | €818,427 | €1,121,172 | +€302,745 | +37.0% |
| Equity | 10/15 | €667,436 | €774,190 | +€106,753 | +16.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €655,036 | €761,790 | +€106,753 | +16.3% |
| Distributable reserves | 133 | €655,036 | €761,790 | +€106,753 | +16.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €150,991 | €346,982 | +€195,992 | +130% |
| Amounts payable after more than one year | 17 | €91,102 | €243,203 | +€152,102 | +167% |
| Financial debts | 170/4 | €91,102 | €243,203 | +€152,102 | +167% |
| Amounts payable within one year | 42/48 | €36,688 | €81,223 | +€44,535 | +121% |
| Current portion of amounts payable after more than one year | 42 | €23,071 | €47,898 | +€24,828 | +108% |
| Financial debts | 43 | €503 | €1,075 | +€571 | +114% |
| Credit institutions | 430/8 | €503 | €1,075 | +€571 | +114% |
| Trade debts | 44 | €13,114 | €35 | -€13,079 | -99.7% |
| Suppliers | 440/4 | €13,114 | €35 | -€13,079 | -99.7% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | - | €32,215 | +€32,215 | |
| Accrued charges and deferred income | 492/3 | €23,201 | €22,556 | -€645 | -2.8% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,754 | €49,949 | +€3,195 | +6.8% |
| Other operating charges | 640/8 | €1,885 | €2,290 | +€406 | +21.5% |
| Gross operating margin | 9900 | €205,084 | €250,970 | +€45,885 | +22.4% |
| Operating profit (loss) | 9901 | €156,446 | €198,730 | +€42,284 | +27.0% |
| Financial income | 75/76B | €5,732 | €6,807 | +€1,075 | +18.8% |
| Recurring financial income | 75 | €5,732 | €6,807 | +€1,075 | +18.8% |
| Financial charges | 65/66B | €39,078 | €53,332 | +€14,254 | +36.5% |
| Recurring financial charges | 65 | €39,078 | €53,332 | +€14,254 | +36.5% |
| Profit (loss) for the period before taxes | 9903 | €123,100 | €152,205 | +€29,105 | +23.6% |
| Income taxes | 67/77 | €36,004 | €45,452 | +€9,447 | +26.2% |
| Profit (loss) for the period | 9904 | €87,096 | €106,753 | +€19,658 | +22.6% |
| Profit (loss) for the period to be appropriated | 9905 | €87,096 | €106,753 | +€19,658 | +22.6% |
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 6 November 2026 via checked.be.