FRANCOIS VERLEYSEN: 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.
FRANCOIS VERLEYSEN
Largest movements
- Stocks and contracts +€58,618
up €58,618 (+16.6%), from €353,514 to €412,132
- Cash +€23,801
up €23,801 (+21.7%), from €109,549 to €133,350
mainly Net result for the year (+€67,236) and Depreciation (+€15,756)
- Tangible fixed assets -€11,568
down €11,568 (-21.2%), from €54,589 to €43,021
of which Furniture and vehicles: -€13,849
- Reserves +€67,236
up €67,236 (+16.3%), from €413,639 to €480,875
of which Distributable reserves: +€67,236
- Trade debts +€9,566
up €9,566 (+57.1%), from €16,761 to €26,328
- Debts after one year -€8,449
down €8,449 (-35.1%), from €24,055 to €15,605
- Gross operating margin +€11,358
up €11,358 (+11.0%), from €103,601 to €114,959
- Taxes +€4,600
up €4,600 (+17.0%), from €27,000 to €31,599
- Staff costs -€1,814
down €1,814 (-85.6%), from €2,119 to €305
- Write-downs -€1,550
no longer reported in 2025 (was €1,550)
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 | €535,484 | €608,691 | +€73,207 | +13.7% |
| Fixed assets | 21/28 | €55,941 | €44,073 | -€11,867 | -21.2% |
| Intangible fixed assets | 21 | €1,351 | €1,052 | -€299 | -22.1% |
| Tangible fixed assets | 22/27 | €54,589 | €43,021 | -€11,568 | -21.2% |
| Land and buildings | 22 | €4,523 | €4,048 | -€475 | -10.5% |
| Plant, machinery and equipment | 23 | €108 | €2,864 | +€2,756 | +2,541% |
| Furniture and vehicles | 24 | €49,958 | €36,109 | -€13,849 | -27.7% |
| Current assets | 29/58 | €479,544 | €564,618 | +€85,074 | +17.7% |
| Stocks and contracts in progress | 3 | €353,514 | €412,132 | +€58,618 | +16.6% |
| Stocks | 30/36 | €353,514 | €412,132 | +€58,618 | +16.6% |
| Amounts receivable within one year | 40/41 | €11,000 | €14,196 | +€3,196 | +29.1% |
| Trade receivables | 40 | €7,635 | €14,129 | +€6,495 | +85.1% |
| Other amounts receivable | 41 | €3,365 | €67 | -€3,298 | -98.0% |
| Cash at bank and in hand | 54/58 | €109,549 | €133,350 | +€23,801 | +21.7% |
| Deferred charges and accrued income | 490/1 | €5,481 | €4,940 | -€542 | -9.9% |
| Total equity and liabilities | 10/49 | €535,484 | €608,691 | +€73,207 | +13.7% |
| Equity | 10/15 | €432,639 | €499,875 | +€67,236 | +15.5% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €413,639 | €480,875 | +€67,236 | +16.3% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Distributable reserves | 133 | €411,739 | €478,975 | +€67,236 | +16.3% |
| Amounts payable | 17/49 | €102,846 | €108,816 | +€5,971 | +5.8% |
| Amounts payable after more than one year | 17 | €24,055 | €15,605 | -€8,449 | -35.1% |
| Financial debts | 170/4 | €24,055 | €15,605 | -€8,449 | -35.1% |
| Amounts payable within one year | 42/48 | €78,791 | €93,211 | +€14,420 | +18.3% |
| Current portion of amounts payable after more than one year | 42 | €8,125 | €8,449 | +€324 | +4.0% |
| Trade debts | 44 | €16,761 | €26,328 | +€9,566 | +57.1% |
| Suppliers | 440/4 | €16,761 | €26,328 | +€9,566 | +57.1% |
| Taxes, remuneration and social security | 45 | €12,534 | €16,236 | +€3,701 | +29.5% |
| Taxes | 450/3 | €9,573 | €1,599 | -€7,974 | -83.3% |
| Remuneration and social security | 454/9 | €2,962 | €14,636 | +€11,675 | +394% |
| Other amounts payable | 47/48 | €41,370 | €42,198 | +€828 | +2.0% |
| Remuneration, social security and pensions | 62 | €2,119 | €305 | -€1,814 | -85.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,328 | €15,756 | +€428 | +2.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,550 | - | -€1,550 | |
| Other operating charges | 640/8 | €1,030 | €1,044 | +€14 | +1.4% |
| Gross operating margin | 9900 | €103,601 | €114,959 | +€11,358 | +11.0% |
| Operating profit (loss) | 9901 | €83,575 | €97,855 | +€14,280 | +17.1% |
| Financial income | 75/76B | €2,897 | €3,160 | +€264 | +9.1% |
| Recurring financial income | 75 | €2,897 | €3,160 | +€264 | +9.1% |
| Financial charges | 65/66B | €2,064 | €2,180 | +€116 | +5.6% |
| Recurring financial charges | 65 | €2,064 | €2,180 | +€116 | +5.6% |
| Profit (loss) for the period before taxes | 9903 | €84,408 | €98,835 | +€14,427 | +17.1% |
| Income taxes | 67/77 | €27,000 | €31,599 | +€4,600 | +17.0% |
| Profit (loss) for the period | 9904 | €57,408 | €67,236 | +€9,828 | +17.1% |
| Profit (loss) for the period to be appropriated | 9905 | €57,408 | €67,236 | +€9,828 | +17.1% |
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 28 October 2026 via checked.be.