Dr. Vekemans: 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. Vekemans
Largest movements
- Cash +€35,105
up €35,105 (+93.3%), from €37,615 to €72,721
mainly Other debts (+€99,815) and Net result for the year (+€50,114)
- Receivables after one year +€35,000
up €35,000 (+119%), from €29,500 to €64,500
- Receivables within one year -€9,015
down €9,015 (-11.8%), from €76,275 to €67,260
of which Trade receivables: -€24,043
- Other debts +€99,815
up €99,815 (+53,966%), from €185 to €100,000
- Reserves -€49,886
down €49,886 (-41.5%), from €120,275 to €70,390
- Trade debts +€8,579
up €8,579 (+92.5%), from €9,275 to €17,854
- Short-term financial debts +€3,348
up €3,348 (+99.0%), from €3,380 to €6,729
- Tax, wage and social debts -€2,230
down €2,230 (-48.4%), from €4,607 to €2,377
of which Taxes: -€3,531
- Gross operating margin -€27,405
down €27,405 (-28.8%), from €95,243 to €67,838
- Taxes -€6,498
down €6,498 (-31.5%), from €20,662 to €14,164
- Financial income +€1,244
up €1,244 (+140%), from €888 to €2,132
- Financial charges +€1,099
up €1,099 (+86.3%), from €1,273 to €2,372
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 | €150,123 | €209,749 | +€59,626 | +39.7% |
| Fixed assets | 21/28 | €6,087 | €4,336 | -€1,751 | -28.8% |
| Tangible fixed assets | 22/27 | €6,087 | €4,336 | -€1,751 | -28.8% |
| Plant, machinery and equipment | 23 | €1,495 | €1,139 | -€357 | -23.8% |
| Furniture and vehicles | 24 | €4,592 | €3,198 | -€1,395 | -30.4% |
| Current assets | 29/58 | €144,036 | €205,413 | +€61,377 | +42.6% |
| Amounts receivable after more than one year | 29 | €29,500 | €64,500 | +€35,000 | +119% |
| Other amounts receivable | 291 | €29,500 | €64,500 | +€35,000 | +119% |
| Amounts receivable within one year | 40/41 | €76,275 | €67,260 | -€9,015 | -11.8% |
| Trade receivables | 40 | €76,275 | €52,232 | -€24,043 | -31.5% |
| Other amounts receivable | 41 | €0 | €15,028 | +€15,028 | |
| Cash at bank and in hand | 54/58 | €37,615 | €72,721 | +€35,105 | +93.3% |
| Deferred charges and accrued income | 490/1 | €645 | €933 | +€287 | +44.5% |
| Total equity and liabilities | 10/49 | €150,123 | €209,749 | +€59,626 | +39.7% |
| Equity | 10/15 | €132,675 | €82,790 | -€49,886 | -37.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €120,275 | €70,390 | -€49,886 | -41.5% |
| Distributable reserves | 133 | €120,275 | €70,390 | -€49,886 | -41.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €17,448 | €126,960 | +€109,512 | +628% |
| Amounts payable within one year | 42/48 | €17,448 | €126,960 | +€109,512 | +628% |
| Financial debts | 43 | €3,380 | €6,729 | +€3,348 | +99.0% |
| Credit institutions | 430/8 | €3,380 | €6,729 | +€3,348 | +99.0% |
| Trade debts | 44 | €9,275 | €17,854 | +€8,579 | +92.5% |
| Suppliers | 440/4 | €9,275 | €17,854 | +€8,579 | +92.5% |
| Taxes, remuneration and social security | 45 | €4,607 | €2,377 | -€2,230 | -48.4% |
| Taxes | 450/3 | €4,193 | €662 | -€3,531 | -84.2% |
| Remuneration and social security | 454/9 | €414 | €1,715 | +€1,301 | +314% |
| Other amounts payable | 47/48 | €185 | €100,000 | +€99,815 | +53,966% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,890 | €3,080 | +€190 | +6.6% |
| Other operating charges | 640/8 | €762 | €240 | -€522 | -68.5% |
| Gross operating margin | 9900 | €95,243 | €67,838 | -€27,405 | -28.8% |
| Operating profit (loss) | 9901 | €91,591 | €64,518 | -€27,073 | -29.6% |
| Financial income | 75/76B | €888 | €2,132 | +€1,244 | +140% |
| Recurring financial income | 75 | €888 | €2,132 | +€1,244 | +140% |
| Financial charges | 65/66B | €1,273 | €2,372 | +€1,099 | +86.3% |
| Recurring financial charges | 65 | €1,273 | €2,372 | +€1,099 | +86.3% |
| Profit (loss) for the period before taxes | 9903 | €91,206 | €64,278 | -€26,929 | -29.5% |
| Income taxes | 67/77 | €20,662 | €14,164 | -€6,498 | -31.5% |
| Profit (loss) for the period | 9904 | €70,544 | €50,114 | -€20,430 | -29.0% |
| Profit (loss) for the period to be appropriated | 9905 | €70,544 | €50,114 | -€20,430 | -29.0% |
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 17 October 2026 via checked.be.