Dr. Thomas Verdonck: 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. Thomas Verdonck
Largest movements
- Current investments +€180,000
new in 2025: €180,000
- Cash -€169,964
down €169,964 (-82.7%), from €205,405 to €35,442
mainly Current investments (-€180,000) and Tax, wage and social debts (-€30,322)
- Tangible fixed assets -€7,761
down €7,761 (-38.0%), from €20,402 to €12,641
of which Furniture and vehicles: -€7,567
- Receivables within one year +€6,419
up €6,419 (+105%), from €6,138 to €12,557
of which Other amounts receivable: +€6,419
- Profit (loss) carried forward +€66,440
new in 2025: €66,440
- Tax, wage and social debts -€30,322
down €30,322 (-86.9%), from €34,906 to €4,584
- Accrued charges and deferred income -€14,648
down €14,648 (-64.4%), from €22,748 to €8,100
- Debts after one year -€5,566
down €5,566 (-100%), from €5,566 to €0
- Trade debts -€5,281
down €5,281 (-76.9%), from €6,870 to €1,589
- Gross operating margin +€14,439
up €14,439 (+18.2%), from €79,221 to €93,660
- Financial income +€1,923
up €1,923 (+467%), from €412 to €2,335
- Taxes -€959
down €959 (-4.5%), from €21,133 to €20,174
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 | €232,633 | €241,536 | +€8,903 | +3.8% |
| Fixed assets | 21/28 | €20,402 | €12,641 | -€7,761 | -38.0% |
| Tangible fixed assets | 22/27 | €20,402 | €12,641 | -€7,761 | -38.0% |
| Plant, machinery and equipment | 23 | €1,837 | €1,643 | -€194 | -10.6% |
| Furniture and vehicles | 24 | €18,565 | €10,997 | -€7,567 | -40.8% |
| Current assets | 29/58 | €212,232 | €228,896 | +€16,664 | +7.9% |
| Amounts receivable within one year | 40/41 | €6,138 | €12,557 | +€6,419 | +105% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €6,138 | €12,557 | +€6,419 | +105% |
| Current investments | 50/53 | - | €180,000 | +€180,000 | |
| Cash at bank and in hand | 54/58 | €205,405 | €35,442 | -€169,964 | -82.7% |
| Deferred charges and accrued income | 490/1 | €688 | €897 | +€209 | +30.4% |
| Total equity and liabilities | 10/49 | €232,633 | €241,536 | +€8,903 | +3.8% |
| Equity | 10/15 | €155,259 | €221,698 | +€66,440 | +42.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €154,259 | €154,259 | = | 0.0% |
| Distributable reserves | 133 | €154,259 | €154,259 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €66,440 | +€66,440 | |
| Amounts payable | 17/49 | €77,375 | €19,838 | -€57,537 | -74.4% |
| Amounts payable after more than one year | 17 | €5,566 | €0 | -€5,566 | -100% |
| Financial debts | 170/4 | €5,566 | €0 | -€5,566 | -100% |
| Amounts payable within one year | 42/48 | €49,061 | €11,738 | -€37,323 | -76.1% |
| Current portion of amounts payable after more than one year | 42 | €7,286 | €5,566 | -€1,720 | -23.6% |
| Trade debts | 44 | €6,870 | €1,589 | -€5,281 | -76.9% |
| Suppliers | 440/4 | €6,870 | €1,589 | -€5,281 | -76.9% |
| Taxes, remuneration and social security | 45 | €34,906 | €4,584 | -€30,322 | -86.9% |
| Taxes | 450/3 | €34,906 | €4,584 | -€30,322 | -86.9% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €22,748 | €8,100 | -€14,648 | -64.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,977 | €7,761 | +€785 | +11.2% |
| Other operating charges | 640/8 | €563 | €1,332 | +€769 | +137% |
| Gross operating margin | 9900 | €79,221 | €93,660 | +€14,439 | +18.2% |
| Operating profit (loss) | 9901 | €71,681 | €84,567 | +€12,886 | +18.0% |
| Financial income | 75/76B | €412 | €2,335 | +€1,923 | +467% |
| Recurring financial income | 75 | €412 | €2,335 | +€1,923 | +467% |
| Financial charges | 65/66B | €391 | €288 | -€103 | -26.3% |
| Recurring financial charges | 65 | €391 | €288 | -€103 | -26.3% |
| Profit (loss) for the period before taxes | 9903 | €71,701 | €86,614 | +€14,912 | +20.8% |
| Income taxes | 67/77 | €21,133 | €20,174 | -€959 | -4.5% |
| Profit (loss) for the period | 9904 | €50,568 | €66,440 | +€15,872 | +31.4% |
| Profit (loss) for the period to be appropriated | 9905 | €50,568 | €66,440 | +€15,872 | +31.4% |
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 28 October 2026 via checked.be.