Dr. V. 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. V. Verdonck
Largest movements
- Current investments +€197,015
up €197,015 (+246%), from €80,000 to €277,015
- Cash -€60,145
down €60,145 (-17.0%), from €353,332 to €293,187
mainly Current investments (-€197,015) and Contributions, distributions and other (-€54,723)
- Tangible fixed assets -€19,086
down €19,086 (-19.7%), from €97,103 to €78,018
of which Furniture and vehicles: -€17,768
- Receivables within one year -€8,282
down €8,282 (-4.7%), from €175,613 to €167,330
of which Other amounts receivable: -€26,095
- Reserves +€90,293
up €90,293 (+15.8%), from €571,048 to €661,341
- Tax, wage and social debts +€35,900
up €35,900 (+1,156%), from €3,104 to €39,004
of which Remuneration and social security: +€32,560
- Debts after one year -€14,406
down €14,406 (-43.5%), from €33,098 to €18,692
- Financial income +€22,756
up €22,756 (+2,166%), from €1,050 to €23,806
- Other operating charges -€12,913
down €12,913 (-57.0%), from €22,662 to €9,749
- Gross operating margin -€6,978
down €6,978 (-3.1%), from €223,929 to €216,951
- Depreciation +€4,240
up €4,240 (+23.2%), from €18,284 to €22,524
- Taxes +€3,404
up €3,404 (+6.4%), from €53,207 to €56,610
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 | €710,013 | €816,125 | +€106,111 | +14.9% |
| Fixed assets | 21/28 | €97,203 | €78,118 | -€19,086 | -19.6% |
| Tangible fixed assets | 22/27 | €97,103 | €78,018 | -€19,086 | -19.7% |
| Plant, machinery and equipment | 23 | €4,041 | €2,724 | -€1,317 | -32.6% |
| Furniture and vehicles | 24 | €93,062 | €75,294 | -€17,768 | -19.1% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €612,810 | €738,007 | +€125,197 | +20.4% |
| Amounts receivable within one year | 40/41 | €175,613 | €167,330 | -€8,282 | -4.7% |
| Trade receivables | 40 | €6,744 | €24,556 | +€17,813 | +264% |
| Other amounts receivable | 41 | €168,869 | €142,774 | -€26,095 | -15.5% |
| Current investments | 50/53 | €80,000 | €277,015 | +€197,015 | +246% |
| Cash at bank and in hand | 54/58 | €353,332 | €293,187 | -€60,145 | -17.0% |
| Deferred charges and accrued income | 490/1 | €3,865 | €474 | -€3,392 | -87.7% |
| Total equity and liabilities | 10/49 | €710,013 | €816,125 | +€106,111 | +14.9% |
| Equity | 10/15 | €627,048 | €717,341 | +€90,293 | +14.4% |
| Contributions | 10/11 | €56,000 | €56,000 | = | 0.0% |
| Reserves | 13 | €571,048 | €661,341 | +€90,293 | +15.8% |
| Distributable reserves | 133 | €571,048 | €661,341 | +€90,293 | +15.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €82,966 | €98,783 | +€15,818 | +19.1% |
| Amounts payable after more than one year | 17 | €33,098 | €18,692 | -€14,406 | -43.5% |
| Financial debts | 170/4 | €33,098 | €18,692 | -€14,406 | -43.5% |
| Amounts payable within one year | 42/48 | €40,290 | €77,438 | +€37,148 | +92.2% |
| Current portion of amounts payable after more than one year | 42 | €13,936 | €14,406 | +€470 | +3.4% |
| Trade debts | 44 | €5,376 | €1,813 | -€3,563 | -66.3% |
| Suppliers | 440/4 | €5,376 | €1,813 | -€3,563 | -66.3% |
| Taxes, remuneration and social security | 45 | €3,104 | €39,004 | +€35,900 | +1,156% |
| Taxes | 450/3 | €3,104 | €6,444 | +€3,340 | +108% |
| Remuneration and social security | 454/9 | - | €32,560 | +€32,560 | |
| Other amounts payable | 47/48 | €17,874 | €22,215 | +€4,341 | +24.3% |
| Accrued charges and deferred income | 492/3 | €9,578 | €2,654 | -€6,924 | -72.3% |
| Non-recurring operating income | 76A | €4,869 | €0 | -€4,869 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,284 | €22,524 | +€4,240 | +23.2% |
| Other operating charges | 640/8 | €22,662 | €9,749 | -€12,913 | -57.0% |
| Non-recurring operating charges | 66A | €4,431 | €1,144 | -€3,287 | -74.2% |
| Gross operating margin | 9900 | €223,929 | €216,951 | -€6,978 | -3.1% |
| Operating profit (loss) | 9901 | €178,551 | €183,534 | +€4,982 | +2.8% |
| Financial income | 75/76B | €1,050 | €23,806 | +€22,756 | +2,166% |
| Recurring financial income | 75 | €1,050 | €23,806 | +€22,756 | +2,166% |
| Financial charges | 65/66B | €3,934 | €5,713 | +€1,780 | +45.2% |
| Recurring financial charges | 65 | €3,934 | €5,713 | +€1,780 | +45.2% |
| Profit (loss) for the period before taxes | 9903 | €175,668 | €201,626 | +€25,958 | +14.8% |
| Income taxes | 67/77 | €53,207 | €56,610 | +€3,404 | +6.4% |
| Profit (loss) for the period | 9904 | €122,462 | €145,016 | +€22,554 | +18.4% |
| Profit (loss) for the period to be appropriated | 9905 | €122,462 | €145,016 | +€22,554 | +18.4% |
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 26 October 2026 via checked.be.