DR. WIM VERSCHOREN: 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. WIM VERSCHOREN
Largest movements
- Receivables within one year +€132,850
up €132,850 (+22.5%), from €590,981 to €723,831
- Intangible fixed assets -€64,720
down €64,720 (-55.1%), from €117,560 to €52,840
- Cash +€60,483
up €60,483 (+25.2%), from €240,061 to €300,545
mainly Net result for the year (+€261,883) and Depreciation (+€65,454)
- Deferred charges and accrued income -€56,445
down €56,445 (-25.3%), from €223,483 to €167,038
- Reserves +€61,883
up €61,883 (+5.8%), from €1.1m to €1.1m
of which Distributable reserves: +€61,883
- Tax, wage and social debts +€24,914
up €24,914 (+42.7%), from €58,351 to €83,265
- Gross operating margin +€26,888
up €26,888 (+7.4%), from €362,904 to €389,792
- Taxes +€8,895
up €8,895 (+10.8%), from €82,241 to €91,135
- Financial charges +€7,056
up €7,056 (+1,869%), from €378 to €7,434
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 | €1,173,086 | €1,246,434 | +€73,348 | +6.3% |
| Fixed assets | 21/28 | €118,560 | €55,021 | -€63,539 | -53.6% |
| Intangible fixed assets | 21 | €117,560 | €52,840 | -€64,720 | -55.1% |
| Tangible fixed assets | 22/27 | €1,000 | €2,181 | +€1,181 | +118% |
| Furniture and vehicles | 24 | €1,000 | €2,181 | +€1,181 | +118% |
| Current assets | 29/58 | €1,054,526 | €1,191,413 | +€136,888 | +13.0% |
| Amounts receivable within one year | 40/41 | €590,981 | €723,831 | +€132,850 | +22.5% |
| Other amounts receivable | 41 | €590,981 | €723,831 | +€132,850 | +22.5% |
| Cash at bank and in hand | 54/58 | €240,061 | €300,545 | +€60,483 | +25.2% |
| Deferred charges and accrued income | 490/1 | €223,483 | €167,038 | -€56,445 | -25.3% |
| Total equity and liabilities | 10/49 | €1,173,086 | €1,246,434 | +€73,348 | +6.3% |
| Equity | 10/15 | €1,080,557 | €1,142,440 | +€61,883 | +5.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,061,957 | €1,123,840 | +€61,883 | +5.8% |
| 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 | €1,060,097 | €1,121,980 | +€61,883 | +5.8% |
| Amounts payable | 17/49 | €92,529 | €103,994 | +€11,465 | +12.4% |
| Amounts payable within one year | 42/48 | €92,529 | €103,994 | +€11,465 | +12.4% |
| Financial debts | 43 | €30,638 | €19,154 | -€11,484 | -37.5% |
| Credit institutions | 430/8 | €30,638 | €19,154 | -€11,484 | -37.5% |
| Trade debts | 44 | €3,540 | €1,575 | -€1,965 | -55.5% |
| Suppliers | 440/4 | €3,540 | €1,575 | -€1,965 | -55.5% |
| Taxes, remuneration and social security | 45 | €58,351 | €83,265 | +€24,914 | +42.7% |
| Taxes | 450/3 | €58,351 | €83,265 | +€24,914 | +42.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,271 | €65,454 | +€184 | +0.3% |
| Other operating charges | 640/8 | €943 | €619 | -€324 | -34.4% |
| Gross operating margin | 9900 | €362,904 | €389,792 | +€26,888 | +7.4% |
| Operating profit (loss) | 9901 | €296,690 | €323,718 | +€27,028 | +9.1% |
| Financial income | 75/76B | €40,252 | €36,734 | -€3,517 | -8.7% |
| Recurring financial income | 75 | €40,252 | €36,734 | -€3,517 | -8.7% |
| Financial charges | 65/66B | €378 | €7,434 | +€7,056 | +1,869% |
| Recurring financial charges | 65 | €378 | €7,434 | +€7,056 | +1,869% |
| Profit (loss) for the period before taxes | 9903 | €336,564 | €353,019 | +€16,455 | +4.9% |
| Income taxes | 67/77 | €82,241 | €91,135 | +€8,895 | +10.8% |
| Profit (loss) for the period | 9904 | €254,323 | €261,883 | +€7,560 | +3.0% |
| Profit (loss) for the period to be appropriated | 9905 | €254,323 | €261,883 | +€7,560 | +3.0% |
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 25 October 2026 via checked.be.