DR. STEVEN VEECKMAN: what changed
DR. STEVEN VEECKMAN
Largest movements
- Current investments -€219,041
down €219,041 (-82.7%), from €265,000 to €45,959
- Cash -€113,537
down €113,537 (-47.4%), from €239,548 to €126,011
mainly Contributions, distributions and other (-€370,588) and Other debts (-€131,537)
- Receivables within one year +€58,188
up €58,188 (+891%), from €6,529 to €64,717
- Intangible fixed assets -€14,000
down €14,000 (-75.0%), from €18,667 to €4,667
- Tangible fixed assets -€13,841
down €13,841 (-6.3%), from €218,554 to €204,713
of which Land and buildings: -€13,650
- Reserves -€175,966
down €175,966 (-78.3%), from €224,866 to €48,899
of which Distributable reserves: -€175,966
- Other debts -€131,537
down €131,537 (-26.2%), from €502,125 to €370,588
- Gross operating margin +€32,702
up €32,702 (+13.5%), from €241,839 to €274,542
- Taxes +€11,190
up €11,190 (+23.2%), from €48,196 to €59,386
- Financial income +€9,550
up €9,550 (+813%), from €1,174 to €10,724
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 | €749,640 | €447,359 | -€302,280 | -40.3% |
| Fixed assets | 21/28 | €237,220 | €209,379 | -€27,841 | -11.7% |
| Intangible fixed assets | 21 | €18,667 | €4,667 | -€14,000 | -75.0% |
| Tangible fixed assets | 22/27 | €218,554 | €204,713 | -€13,841 | -6.3% |
| Land and buildings | 22 | €218,363 | €204,713 | -€13,650 | -6.3% |
| Furniture and vehicles | 24 | €191 | - | -€191 | |
| Current assets | 29/58 | €512,419 | €237,980 | -€274,439 | -53.6% |
| Amounts receivable within one year | 40/41 | €6,529 | €64,717 | +€58,188 | +891% |
| Other amounts receivable | 41 | €6,529 | €64,717 | +€58,188 | +891% |
| Current investments | 50/53 | €265,000 | €45,959 | -€219,041 | -82.7% |
| Cash at bank and in hand | 54/58 | €239,548 | €126,011 | -€113,537 | -47.4% |
| Deferred charges and accrued income | 490/1 | €1,343 | €1,293 | -€50 | -3.7% |
| Total equity and liabilities | 10/49 | €749,640 | €447,359 | -€302,280 | -40.3% |
| Equity | 10/15 | €243,466 | €67,499 | -€175,966 | -72.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €224,866 | €48,899 | -€175,966 | -78.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €223,006 | €47,039 | -€175,966 | -78.9% |
| Amounts payable | 17/49 | €506,174 | €379,860 | -€126,314 | -25.0% |
| Amounts payable within one year | 42/48 | €506,174 | €379,860 | -€126,314 | -25.0% |
| Trade debts | 44 | €4,049 | €2,576 | -€1,472 | -36.4% |
| Suppliers | 440/4 | €4,049 | €2,576 | -€1,472 | -36.4% |
| Taxes, remuneration and social security | 45 | - | €6,695 | +€6,695 | |
| Taxes | 450/3 | - | €6,695 | +€6,695 | |
| Other amounts payable | 47/48 | €502,125 | €370,588 | -€131,537 | -26.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,591 | €27,841 | -€750 | -2.6% |
| Other operating charges | 640/8 | €392 | €1,201 | +€809 | +207% |
| Gross operating margin | 9900 | €241,839 | €274,542 | +€32,702 | +13.5% |
| Operating profit (loss) | 9901 | €212,857 | €245,499 | +€32,643 | +15.3% |
| Financial income | 75/76B | €1,174 | €10,724 | +€9,550 | +813% |
| Recurring financial income | 75 | €1,174 | €10,724 | +€9,550 | +813% |
| Financial charges | 65/66B | €2,362 | €2,215 | -€147 | -6.2% |
| Recurring financial charges | 65 | €2,362 | €2,215 | -€147 | -6.2% |
| Profit (loss) for the period before taxes | 9903 | €211,669 | €254,008 | +€42,339 | +20.0% |
| Income taxes | 67/77 | €48,196 | €59,386 | +€11,190 | +23.2% |
| Profit (loss) for the period | 9904 | €163,472 | €194,622 | +€31,149 | +19.1% |
| Profit (loss) for the period to be appropriated | 9905 | €163,472 | €194,622 | +€31,149 | +19.1% |
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.