Dr. Veerle Claes: what changed
What changed
Dr. Veerle Claes
filed annual accounts (NBB)
Net result for the year
€276,541
2024 · €279,379-€2,838
Equity
€1.3m
2024 · €1.1m+€214,840
Cash
€34,407
2024 · €101,257-€66,850
Balance sheet total
€1.4m
2024 · €1.2m+€189,714
Largest movements
Assets
- Current investments +€225,000
up €225,000 (+129%), from €175,000 to €400,000
- Cash -€66,850
down €66,850 (-66.0%), from €101,257 to €34,407
mainly Current investments (-€225,000) and Contributions, distributions and other (-€61,701)
- Receivables within one year +€60,669
up €60,669 (+19.3%), from €313,770 to €374,439
- Tangible fixed assets -€17,875
down €17,875 (-5.0%), from €354,851 to €336,975
of which Furniture and vehicles: -€20,497
Equity and liabilities
- Reserves +€214,840
up €214,840 (+20.5%), from €1.0m to €1.3m
- Tax, wage and social debts -€17,414
down €17,414 (-44.6%), from €39,026 to €21,613
Income statement
- Gross operating margin -€5,208
down €5,208 (-1.2%), from €425,107 to €419,900
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.
Result 2024
€279,379
Gross operating margin
-€5,208
Depreciation
-€342
Other operating charges
+€189
Financial income
+€16
Financial charges
+€416
Taxes
+€2,090
Result 2025
€276,541
raises the resultlowers the result
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.
From operations
+€249,009
Investment
-€243,303
Financing
-€72,556
Cash 2024
€101,257
From operations (derived)
+€249,009
Net result for the year
+€276,541
Depreciation
+€36,178
Receivables within one year
-€60,669
Deferred charges and accrued income
+€11,230
Trade debts
+€2,569
Tax, wage and social debts
-€17,414
Accrued charges and deferred income
+€574
Investment (derived)
-€243,303
Investment in fixed assets (net)
-€18,303
Current investments
-€225,000
Financing
-€72,556
Debts after one year
-€10,983
Current portion of long-term debt
+€127
Contributions, distributions and other
-€61,701
Cash 2025
€34,407
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,192,044 | €1,381,758 | +€189,714 | +15.9% |
| Fixed assets | 21/28 | €354,851 | €336,975 | -€17,875 | -5.0% |
| Tangible fixed assets | 22/27 | €354,851 | €336,975 | -€17,875 | -5.0% |
| Land and buildings | 22 | €116,848 | €110,616 | -€6,232 | -5.3% |
| Plant, machinery and equipment | 23 | €2,864 | €2,536 | -€328 | -11.5% |
| Furniture and vehicles | 24 | €69,221 | €48,724 | -€20,497 | -29.6% |
| Other tangible fixed assets | 26 | €165,918 | €175,100 | +€9,182 | +5.5% |
| Current assets | 29/58 | €837,193 | €1,044,782 | +€207,589 | +24.8% |
| Amounts receivable within one year | 40/41 | €313,770 | €374,439 | +€60,669 | +19.3% |
| Other amounts receivable | 41 | €313,770 | €374,439 | +€60,669 | +19.3% |
| Current investments | 50/53 | €175,000 | €400,000 | +€225,000 | +129% |
| Cash at bank and in hand | 54/58 | €101,257 | €34,407 | -€66,850 | -66.0% |
| Deferred charges and accrued income | 490/1 | €247,166 | €235,936 | -€11,230 | -4.5% |
| Total equity and liabilities | 10/49 | €1,192,044 | €1,381,758 | +€189,714 | +15.9% |
| Equity | 10/15 | €1,065,009 | €1,279,849 | +€214,840 | +20.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,046,409 | €1,261,249 | +€214,840 | +20.5% |
| Distributable reserves | 133 | €1,046,409 | €1,261,249 | +€214,840 | +20.5% |
| Amounts payable | 17/49 | €127,035 | €101,909 | -€25,126 | -19.8% |
| Amounts payable after more than one year | 17 | €62,995 | €52,011 | -€10,983 | -17.4% |
| Financial debts | 170/4 | €62,995 | €52,011 | -€10,983 | -17.4% |
| Amounts payable within one year | 42/48 | €52,405 | €37,688 | -€14,717 | -28.1% |
| Current portion of amounts payable after more than one year | 42 | €10,856 | €10,983 | +€127 | +1.2% |
| Trade debts | 44 | €2,522 | €5,092 | +€2,569 | +102% |
| Suppliers | 440/4 | €2,522 | €5,092 | +€2,569 | +102% |
| Taxes, remuneration and social security | 45 | €39,026 | €21,613 | -€17,414 | -44.6% |
| Taxes | 450/3 | €39,026 | €21,613 | -€17,414 | -44.6% |
| Accrued charges and deferred income | 492/3 | €11,635 | €12,210 | +€574 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,836 | €36,178 | +€342 | +1.0% |
| Other operating charges | 640/8 | €1,536 | €1,347 | -€189 | -12.3% |
| Gross operating margin | 9900 | €425,107 | €419,900 | -€5,208 | -1.2% |
| Operating profit (loss) | 9901 | €387,735 | €382,374 | -€5,361 | -1.4% |
| Financial income | 75/76B | €22,793 | €22,809 | +€16 | +0.1% |
| Recurring financial income | 75 | €22,793 | €22,809 | +€16 | +0.1% |
| Financial charges | 65/66B | €3,098 | €2,681 | -€416 | -13.4% |
| Recurring financial charges | 65 | €3,098 | €2,681 | -€416 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | €407,431 | €402,503 | -€4,929 | -1.2% |
| Income taxes | 67/77 | €128,052 | €125,962 | -€2,090 | -1.6% |
| Profit (loss) for the period | 9904 | €279,379 | €276,541 | -€2,838 | -1.0% |
| Profit (loss) for the period to be appropriated | 9905 | €279,379 | €276,541 | -€2,838 | -1.0% |
Next steps
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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 8 November 2026 via checked.be.