Dr. Sandra Verelst: 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. Sandra Verelst
Largest movements
- Cash +€174,641
up €174,641 (+299%), from €58,367 to €233,009
mainly Net result for the year (+€122,081) and Current investments (+€55,000)
- Current investments -€55,000
no longer reported in 2025 (was €55,000)
- Receivables within one year +€4,353
up €4,353 (+17.4%), from €25,000 to €29,353
- Tangible fixed assets +€4,180
up €4,180 (+118%), from €3,530 to €7,711
- Reserves +€122,081
up €122,081 (+124%), from €98,302 to €220,383
- Tax, wage and social debts +€7,254
up €7,254 (+25.5%), from €28,470 to €35,724
- Gross operating margin +€31,071
up €31,071 (+24.1%), from €128,911 to €159,983
- Taxes +€7,553
up €7,553 (+26.5%), from €28,470 to €36,023
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 | €141,897 | €270,073 | +€128,175 | +90.3% |
| Fixed assets | 21/28 | €3,530 | €7,711 | +€4,180 | +118% |
| Tangible fixed assets | 22/27 | €3,530 | €7,711 | +€4,180 | +118% |
| Plant, machinery and equipment | 23 | €3,530 | €7,711 | +€4,180 | +118% |
| Current assets | 29/58 | €138,367 | €262,362 | +€123,995 | +89.6% |
| Amounts receivable within one year | 40/41 | €25,000 | €29,353 | +€4,353 | +17.4% |
| Trade receivables | 40 | €25,000 | €29,353 | +€4,353 | +17.4% |
| Current investments | 50/53 | €55,000 | - | -€55,000 | |
| Cash at bank and in hand | 54/58 | €58,367 | €233,009 | +€174,641 | +299% |
| Total equity and liabilities | 10/49 | €141,897 | €270,073 | +€128,175 | +90.3% |
| Equity | 10/15 | €101,302 | €223,383 | +€122,081 | +121% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €98,302 | €220,383 | +€122,081 | +124% |
| Distributable reserves | 133 | €98,302 | €220,383 | +€122,081 | +124% |
| Amounts payable | 17/49 | €40,596 | €46,690 | +€6,094 | +15.0% |
| Amounts payable within one year | 42/48 | €40,596 | €46,690 | +€6,094 | +15.0% |
| Trade debts | 44 | €10,043 | €9,888 | -€155 | -1.5% |
| Suppliers | 440/4 | €10,043 | €9,888 | -€155 | -1.5% |
| Taxes, remuneration and social security | 45 | €28,470 | €35,724 | +€7,254 | +25.5% |
| Taxes | 450/3 | €28,470 | €35,724 | +€7,254 | +25.5% |
| Other amounts payable | 47/48 | €2,083 | €1,078 | -€1,005 | -48.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,957 | €2,643 | +€686 | +35.1% |
| Other operating charges | 640/8 | €118 | €173 | +€55 | +46.6% |
| Gross operating margin | 9900 | €128,911 | €159,983 | +€31,071 | +24.1% |
| Operating profit (loss) | 9901 | €126,837 | €157,167 | +€30,330 | +23.9% |
| Financial income | 75/76B | - | €998 | +€998 | |
| Recurring financial income | 75 | - | €998 | +€998 | |
| Financial charges | 65/66B | €65 | €60 | -€5 | -7.7% |
| Recurring financial charges | 65 | €65 | €60 | -€5 | -7.7% |
| Profit (loss) for the period before taxes | 9903 | €126,772 | €158,104 | +€31,333 | +24.7% |
| Income taxes | 67/77 | €28,470 | €36,023 | +€7,553 | +26.5% |
| Profit (loss) for the period | 9904 | €98,302 | €122,081 | +€23,780 | +24.2% |
| Profit (loss) for the period to be appropriated | 9905 | €98,302 | €122,081 | +€23,780 | +24.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.