Dr. Veerle Dewulf: 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. Veerle Dewulf
Largest movements
- Cash -€92,541
down €92,541 (-66.7%), from €138,676 to €46,135
mainly Contributions, distributions and other (-€165,000) and Other debts (-€100,837)
- Current investments +€50,000
new in 2025: €50,000
- Intangible fixed assets -€25,000
down €25,000 (-25.0%), from €100,000 to €75,000
- Tangible fixed assets -€7,528
down €7,528 (-34.6%), from €21,729 to €14,200
of which Land and buildings: -€4,635
- Other debts -€100,837
down €100,837 (-40.0%), from €251,984 to €151,146
- Tax, wage and social debts +€24,750
new in 2025: €24,750
- Gross operating margin +€27,935
up €27,935 (+12.5%), from €222,933 to €250,868
- Taxes +€6,047
up €6,047 (+13.1%), from €46,154 to €52,202
- Financial charges -€2,746
down €2,746 (-95.8%), from €2,867 to €121
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 | €274,537 | €200,894 | -€73,643 | -26.8% |
| Fixed assets | 21/28 | €121,729 | €89,200 | -€32,528 | -26.7% |
| Intangible fixed assets | 21 | €100,000 | €75,000 | -€25,000 | -25.0% |
| Tangible fixed assets | 22/27 | €21,729 | €14,200 | -€7,528 | -34.6% |
| Land and buildings | 22 | €15,912 | €11,276 | -€4,635 | -29.1% |
| Furniture and vehicles | 24 | €5,817 | €2,924 | -€2,893 | -49.7% |
| Current assets | 29/58 | €152,808 | €111,694 | -€41,114 | -26.9% |
| Amounts receivable within one year | 40/41 | €1,228 | €2,798 | +€1,570 | +128% |
| Other amounts receivable | 41 | €1,228 | €2,798 | +€1,570 | +128% |
| Current investments | 50/53 | - | €50,000 | +€50,000 | |
| Cash at bank and in hand | 54/58 | €138,676 | €46,135 | -€92,541 | -66.7% |
| Deferred charges and accrued income | 490/1 | €12,904 | €12,760 | -€144 | -1.1% |
| Total equity and liabilities | 10/49 | €274,537 | €200,894 | -€73,643 | -26.8% |
| Equity | 10/15 | €22,553 | €23,134 | +€581 | +2.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €3,953 | €4,534 | +€581 | +14.7% |
| Distributable reserves | 133 | €3,953 | €4,534 | +€581 | +14.7% |
| Amounts payable | 17/49 | €251,984 | €177,761 | -€74,223 | -29.5% |
| Amounts payable within one year | 42/48 | €251,984 | €177,761 | -€74,223 | -29.5% |
| Trade debts | 44 | - | €1,864 | +€1,864 | |
| Suppliers | 440/4 | - | €1,864 | +€1,864 | |
| Taxes, remuneration and social security | 45 | - | €24,750 | +€24,750 | |
| Taxes | 450/3 | - | €24,750 | +€24,750 | |
| Other amounts payable | 47/48 | €251,984 | €151,146 | -€100,837 | -40.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,255 | €32,528 | +€273 | +0.8% |
| Other operating charges | 640/8 | €513 | €463 | -€50 | -9.8% |
| Gross operating margin | 9900 | €222,933 | €250,868 | +€27,935 | +12.5% |
| Operating profit (loss) | 9901 | €190,165 | €217,877 | +€27,712 | +14.6% |
| Financial income | 75/76B | €6 | €26 | +€20 | +318% |
| Recurring financial income | 75 | €6 | €26 | +€20 | +318% |
| Financial charges | 65/66B | €2,867 | €121 | -€2,746 | -95.8% |
| Recurring financial charges | 65 | €2,867 | €121 | -€2,746 | -95.8% |
| Profit (loss) for the period before taxes | 9903 | €187,304 | €217,782 | +€30,478 | +16.3% |
| Income taxes | 67/77 | €46,154 | €52,202 | +€6,047 | +13.1% |
| Profit (loss) for the period | 9904 | €141,150 | €165,581 | +€24,430 | +17.3% |
| Profit (loss) for the period to be appropriated | 9905 | €141,150 | €165,581 | +€24,430 | +17.3% |
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.