DR. SVEN VERSCHUERE: 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. SVEN VERSCHUERE
Largest movements
- Current investments +€125,000
new in 2025: €125,000
- Cash +€6,108
up €6,108 (+5.1%), from €120,702 to €126,810
mainly Net result for the year (+€106,493) and Tax, wage and social debts (+€28,560)
- Receivables within one year +€5,786
up €5,786 (+179%), from €3,224 to €9,010
- Reserves +€106,493
up €106,493 (+108%), from €98,877 to €205,370
- Tax, wage and social debts +€28,560
up €28,560 (+98.6%), from €28,966 to €57,526
of which Taxes: +€29,997
- Gross operating margin +€8,406
up €8,406 (+6.5%), from €130,021 to €138,427
- Taxes +€2,655
up €2,655 (+9.6%), from €27,529 to €30,184
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 | €131,199 | €265,953 | +€134,754 | +103% |
| Fixed assets | 21/28 | €512 | €226 | -€286 | -55.9% |
| Tangible fixed assets | 22/27 | €512 | €226 | -€286 | -55.9% |
| Plant, machinery and equipment | 23 | €512 | €226 | -€286 | -55.9% |
| Current assets | 29/58 | €130,687 | €265,727 | +€135,040 | +103% |
| Amounts receivable within one year | 40/41 | €3,224 | €9,010 | +€5,786 | +179% |
| Other amounts receivable | 41 | €3,224 | €9,010 | +€5,786 | +179% |
| Current investments | 50/53 | - | €125,000 | +€125,000 | |
| Cash at bank and in hand | 54/58 | €120,702 | €126,810 | +€6,108 | +5.1% |
| Deferred charges and accrued income | 490/1 | €6,760 | €4,907 | -€1,854 | -27.4% |
| Total equity and liabilities | 10/49 | €131,199 | €265,953 | +€134,754 | +103% |
| Equity | 10/15 | €99,877 | €206,370 | +€106,493 | +107% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €98,877 | €205,370 | +€106,493 | +108% |
| Distributable reserves | 133 | €98,877 | €205,370 | +€106,493 | +108% |
| Amounts payable | 17/49 | €31,322 | €59,583 | +€28,261 | +90.2% |
| Amounts payable within one year | 42/48 | €30,574 | €59,583 | +€29,009 | +94.9% |
| Trade debts | 44 | €1,608 | €2,057 | +€449 | +27.9% |
| Suppliers | 440/4 | €1,608 | €2,057 | +€449 | +27.9% |
| Taxes, remuneration and social security | 45 | €28,966 | €57,526 | +€28,560 | +98.6% |
| Taxes | 450/3 | €27,529 | €57,526 | +€29,997 | +109% |
| Remuneration and social security | 454/9 | €1,437 | - | -€1,437 | |
| Accrued charges and deferred income | 492/3 | €748 | - | -€748 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €347 | €286 | -€60 | -17.4% |
| Other operating charges | 640/8 | €1,825 | €1,489 | -€336 | -18.4% |
| Gross operating margin | 9900 | €130,021 | €138,427 | +€8,406 | +6.5% |
| Operating profit (loss) | 9901 | €127,850 | €136,652 | +€8,802 | +6.9% |
| Financial income | 75/76B | €21 | €938 | +€917 | +4,441% |
| Recurring financial income | 75 | €21 | €938 | +€917 | +4,441% |
| Financial charges | 65/66B | €1,464 | €913 | -€552 | -37.7% |
| Recurring financial charges | 65 | €1,464 | €913 | -€552 | -37.7% |
| Profit (loss) for the period before taxes | 9903 | €126,406 | €136,677 | +€10,271 | +8.1% |
| Income taxes | 67/77 | €27,529 | €30,184 | +€2,655 | +9.6% |
| Profit (loss) for the period | 9904 | €98,877 | €106,493 | +€7,616 | +7.7% |
| Profit (loss) for the period to be appropriated | 9905 | €98,877 | €106,493 | +€7,616 | +7.7% |
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 19 October 2026 via checked.be.