DR. VELGHE: what changed
DR. VELGHE
Largest movements
- Cash +€289,500
up €289,500 (+85.8%), from €337,447 to €626,948
mainly Other debts (+€449,992) and Net result for the year (+€447,239)
- Current investments -€239,854
down €239,854 (-40.7%), from €589,854 to €350,000
- Deferred charges and accrued income +€39,500
up €39,500 (+76.9%), from €51,364 to €90,863
- Receivables within one year +€32,463
up €32,463 (+3.1%), from €1.0m to €1.1m
of which Other amounts receivable: +€31,157
- Tangible fixed assets +€23,964
up €23,964 (+63.3%), from €37,886 to €61,850
of which Furniture and vehicles: +€22,894
- Other debts +€449,992
up €449,992 (+130%), from €345,364 to €795,357
- Reserves -€348,117
down €348,117 (-22.1%), from €1.6m to €1.2m
of which Distributable reserves: -€348,117
- Tax, wage and social debts +€37,542
up €37,542 (+33.6%), from €111,667 to €149,209
of which Taxes: +€35,822
- Financial income +€46,062
up €46,062 (+119%), from €38,611 to €84,672
- Depreciation +€8,818
up €8,818 (+125%), from €7,065 to €15,883
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,048,648 | €2,194,221 | +€145,573 | +7.1% |
| Fixed assets | 21/28 | €37,986 | €61,950 | +€23,964 | +63.1% |
| Tangible fixed assets | 22/27 | €37,886 | €61,850 | +€23,964 | +63.3% |
| Plant, machinery and equipment | 23 | €3,024 | €1,193 | -€1,831 | -60.5% |
| Furniture and vehicles | 24 | €22,015 | €44,909 | +€22,894 | +104% |
| Other tangible fixed assets | 26 | €12,847 | €15,747 | +€2,900 | +22.6% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €2,010,662 | €2,132,271 | +€121,609 | +6.0% |
| Amounts receivable within one year | 40/41 | €1,031,997 | €1,064,460 | +€32,463 | +3.1% |
| Trade receivables | 40 | €338,097 | €339,403 | +€1,306 | +0.4% |
| Other amounts receivable | 41 | €693,900 | €725,057 | +€31,157 | +4.5% |
| Current investments | 50/53 | €589,854 | €350,000 | -€239,854 | -40.7% |
| Cash at bank and in hand | 54/58 | €337,447 | €626,948 | +€289,500 | +85.8% |
| Deferred charges and accrued income | 490/1 | €51,364 | €90,863 | +€39,500 | +76.9% |
| Total equity and liabilities | 10/49 | €2,048,648 | €2,194,221 | +€145,573 | +7.1% |
| Equity | 10/15 | €1,587,229 | €1,239,112 | -€348,117 | -21.9% |
| Contributions | 10/11 | €12,414 | €12,414 | = | 0.0% |
| Reserves | 13 | €1,574,815 | €1,226,698 | -€348,117 | -22.1% |
| Non-distributable reserves | 130/1 | €988 | €988 | = | 0.0% |
| Reserves not available under the articles | 1311 | €988 | €988 | = | 0.0% |
| Distributable reserves | 133 | €1,573,827 | €1,225,710 | -€348,117 | -22.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €461,419 | €955,109 | +€493,690 | +107% |
| Amounts payable within one year | 42/48 | €459,419 | €951,217 | +€491,798 | +107% |
| Trade debts | 44 | €2,387 | €6,652 | +€4,264 | +179% |
| Suppliers | 440/4 | €2,387 | €6,652 | +€4,264 | +179% |
| Taxes, remuneration and social security | 45 | €111,667 | €149,209 | +€37,542 | +33.6% |
| Taxes | 450/3 | €111,667 | €147,489 | +€35,822 | +32.1% |
| Remuneration and social security | 454/9 | - | €1,720 | +€1,720 | |
| Other amounts payable | 47/48 | €345,364 | €795,357 | +€449,992 | +130% |
| Accrued charges and deferred income | 492/3 | €2,000 | €3,892 | +€1,892 | +94.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,065 | €15,883 | +€8,818 | +125% |
| Other operating charges | 640/8 | €2,119 | €1,903 | -€216 | -10.2% |
| Gross operating margin | 9900 | €572,522 | €573,912 | +€1,390 | +0.2% |
| Operating profit (loss) | 9901 | €563,337 | €556,126 | -€7,211 | -1.3% |
| Financial income | 75/76B | €38,611 | €84,672 | +€46,062 | +119% |
| Recurring financial income | 75 | €38,611 | €84,672 | +€46,062 | +119% |
| Financial charges | 65/66B | €2,456 | €1,622 | -€834 | -34.0% |
| Recurring financial charges | 65 | €2,456 | €1,622 | -€834 | -34.0% |
| Profit (loss) for the period before taxes | 9903 | €599,492 | €639,177 | +€39,685 | +6.6% |
| Income taxes | 67/77 | €188,512 | €191,938 | +€3,426 | +1.8% |
| Profit (loss) for the period | 9904 | €410,981 | €447,239 | +€36,258 | +8.8% |
| Profit (loss) for the period to be appropriated | 9905 | €410,981 | €447,239 | +€36,258 | +8.8% |
Next steps
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 2 November 2026 via checked.be.