DR. VERBURGH CATHY: 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. VERBURGH CATHY
Largest movements
- Cash +€264,617
up €264,617 (+678%), from €39,007 to €303,624
mainly Other debts (+€179,144) and Receivables within one year (+€178,258)
- Receivables within one year -€178,258
down €178,258 (-96.7%), from €184,429 to €6,171
- Other debts +€179,144
new in 2025: €179,144
- Reserves -€107,354
down €107,354 (-43.2%), from €248,520 to €141,166
of which Distributable reserves: -€107,354
- Tax, wage and social debts +€15,510
new in 2025: €15,510
- Financial income -€3,400
down €3,400 (-100%), from €3,400 to €0
- Financial charges +€1,802
up €1,802 (+660%), from €273 to €2,075
- Taxes -€1,389
down €1,389 (-4.6%), from €29,962 to €28,574
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 | €268,204 | €355,228 | +€87,025 | +32.4% |
| Fixed assets | 21/28 | €13 | €3,127 | +€3,114 | +23,236% |
| Tangible fixed assets | 22/27 | €13 | €3,127 | +€3,114 | +23,236% |
| Plant, machinery and equipment | 23 | €9 | €1,372 | +€1,363 | +15,335% |
| Furniture and vehicles | 24 | €5 | €1,755 | +€1,750 | +38,810% |
| Current assets | 29/58 | €268,190 | €352,101 | +€83,911 | +31.3% |
| Amounts receivable within one year | 40/41 | €184,429 | €6,171 | -€178,258 | -96.7% |
| Other amounts receivable | 41 | €184,429 | €6,171 | -€178,258 | -96.7% |
| Cash at bank and in hand | 54/58 | €39,007 | €303,624 | +€264,617 | +678% |
| Deferred charges and accrued income | 490/1 | €44,754 | €42,306 | -€2,448 | -5.5% |
| Total equity and liabilities | 10/49 | €268,204 | €355,228 | +€87,025 | +32.4% |
| Equity | 10/15 | €267,120 | €159,766 | -€107,354 | -40.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €248,520 | €141,166 | -€107,354 | -43.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €246,660 | €139,306 | -€107,354 | -43.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,083 | €195,462 | +€194,379 | +17,944% |
| Amounts payable within one year | 42/48 | €820 | €195,462 | +€194,642 | +23,728% |
| Trade debts | 44 | €820 | €808 | -€12 | -1.5% |
| Suppliers | 440/4 | €820 | €808 | -€12 | -1.5% |
| Taxes, remuneration and social security | 45 | - | €15,510 | +€15,510 | |
| Taxes | 450/3 | - | €15,510 | +€15,510 | |
| Other amounts payable | 47/48 | - | €179,144 | +€179,144 | |
| Accrued charges and deferred income | 492/3 | €263 | €0 | -€263 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €665 | €882 | +€217 | +32.7% |
| Other operating charges | 640/8 | €126 | €528 | +€402 | +319% |
| Gross operating margin | 9900 | €134,980 | €135,461 | +€480 | +0.4% |
| Operating profit (loss) | 9901 | €134,190 | €134,051 | -€139 | -0.1% |
| Financial income | 75/76B | €3,400 | €0 | -€3,400 | -100% |
| Recurring financial income | 75 | €3,400 | €0 | -€3,400 | -100% |
| Financial charges | 65/66B | €273 | €2,075 | +€1,802 | +660% |
| Recurring financial charges | 65 | €273 | €2,075 | +€1,802 | +660% |
| Profit (loss) for the period before taxes | 9903 | €137,317 | €131,976 | -€5,340 | -3.9% |
| Income taxes | 67/77 | €29,962 | €28,574 | -€1,389 | -4.6% |
| Profit (loss) for the period | 9904 | €107,354 | €103,403 | -€3,952 | -3.7% |
| Profit (loss) for the period to be appropriated | 9905 | €107,354 | €103,403 | -€3,952 | -3.7% |
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 20 October 2026 via checked.be.