DR. VERSTRAETEN ANDRE: 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. VERSTRAETEN ANDRE
Largest movements
- Current investments +€239,590
up €239,590 (+32.4%), from €740,179 to €979,769
- Tangible fixed assets +€142,580
up €142,580 (+526%), from €27,116 to €169,695
of which Furniture and vehicles: +€118,149
- Receivables within one year -€40,810
down €40,810 (-10.9%), from €374,519 to €333,709
of which Trade receivables: -€42,677
- Cash +€27,412
up €27,412 (+8.3%), from €331,699 to €359,110
mainly Net result for the year (+€418,273) and Receivables within one year (+€40,810)
- Reserves +€418,273
up €418,273 (+30.6%), from €1.4m to €1.8m
- Tax, wage and social debts -€46,478
down €46,478 (-50.2%), from €92,535 to €46,057
of which Taxes: -€46,478
- Gross operating margin -€74,206
down €74,206 (-11.5%), from €647,468 to €573,262
- Taxes -€27,230
down €27,230 (-12.9%), from €210,294 to €183,063
- Financial income -€21,300
down €21,300 (-33.1%), from €64,432 to €43,132
- Financial charges -€19,806
down €19,806, from €10,234 to -€9,571
- Depreciation +€17,231
up €17,231 (+331%), from €5,204 to €22,435
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 | €1,481,647 | €1,848,607 | +€366,960 | +24.8% |
| Fixed assets | 21/28 | €27,116 | €169,695 | +€142,580 | +526% |
| Tangible fixed assets | 22/27 | €27,116 | €169,695 | +€142,580 | +526% |
| Plant, machinery and equipment | 23 | €21,678 | €46,108 | +€24,431 | +113% |
| Furniture and vehicles | 24 | €5,438 | €123,587 | +€118,149 | +2,173% |
| Current assets | 29/58 | €1,454,531 | €1,678,912 | +€224,381 | +15.4% |
| Amounts receivable within one year | 40/41 | €374,519 | €333,709 | -€40,810 | -10.9% |
| Trade receivables | 40 | €374,519 | €331,842 | -€42,677 | -11.4% |
| Other amounts receivable | 41 | - | €1,867 | +€1,867 | |
| Current investments | 50/53 | €740,179 | €979,769 | +€239,590 | +32.4% |
| Cash at bank and in hand | 54/58 | €331,699 | €359,110 | +€27,412 | +8.3% |
| Deferred charges and accrued income | 490/1 | €8,135 | €6,323 | -€1,812 | -22.3% |
| Total equity and liabilities | 10/49 | €1,481,647 | €1,848,607 | +€366,960 | +24.8% |
| Equity | 10/15 | €1,379,420 | €1,797,693 | +€418,273 | +30.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,367,020 | €1,785,293 | +€418,273 | +30.6% |
| Distributable reserves | 133 | €1,367,020 | €1,785,293 | +€418,273 | +30.6% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €102,227 | €50,914 | -€51,313 | -50.2% |
| Amounts payable within one year | 42/48 | €99,006 | €50,801 | -€48,205 | -48.7% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €295 | €78 | -€217 | -73.6% |
| Credit institutions | 430/8 | €295 | €78 | -€217 | -73.6% |
| Trade debts | 44 | €5,402 | €4,269 | -€1,132 | -21.0% |
| Suppliers | 440/4 | €5,402 | €4,269 | -€1,132 | -21.0% |
| Taxes, remuneration and social security | 45 | €92,535 | €46,057 | -€46,478 | -50.2% |
| Taxes | 450/3 | €92,535 | €46,057 | -€46,478 | -50.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €774 | €396 | -€378 | -48.8% |
| Accrued charges and deferred income | 492/3 | €3,221 | €114 | -€3,107 | -96.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,204 | €22,435 | +€17,231 | +331% |
| Other operating charges | 640/8 | €5,679 | €2,195 | -€3,484 | -61.4% |
| Gross operating margin | 9900 | €647,468 | €573,262 | -€74,206 | -11.5% |
| Operating profit (loss) | 9901 | €636,585 | €548,633 | -€87,952 | -13.8% |
| Financial income | 75/76B | €64,432 | €43,132 | -€21,300 | -33.1% |
| Recurring financial income | 75 | €64,432 | €43,132 | -€21,300 | -33.1% |
| Financial charges | 65/66B | €10,234 | -€9,571 | -€19,806 | |
| Recurring financial charges | 65 | €10,234 | -€9,571 | -€19,806 | |
| Profit (loss) for the period before taxes | 9903 | €690,783 | €601,336 | -€89,447 | -12.9% |
| Income taxes | 67/77 | €210,294 | €183,063 | -€27,230 | -12.9% |
| Profit (loss) for the period | 9904 | €480,489 | €418,273 | -€62,216 | -12.9% |
| Profit (loss) for the period to be appropriated | 9905 | €480,489 | €418,273 | -€62,216 | -12.9% |
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 29 October 2026 via checked.be.