Frank Verbist: 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.
Frank Verbist
Largest movements
- Cash +€36,603
up €36,603 (+74.3%), from €49,293 to €85,896
mainly Trade debts (+€87,677) and Stocks and contracts (+€18,070)
- Stocks and contracts -€18,070
down €18,070 (-8.4%), from €213,918 to €195,848
- Receivables within one year +€12,027
up €12,027 (+13.7%), from €87,954 to €99,981
of which Other amounts receivable: +€15,540
- Trade debts +€87,677
up €87,677 (+62.5%), from €140,376 to €228,053
- Profit (loss) carried forward -€58,210
down €58,210 (-27.5%), from €211,812 to €153,603
- Gross operating margin -€25,197
down €25,197, from €2,733 to -€22,464
- Depreciation -€14,778
no longer reported in 2025 (was €14,778)
- Staff costs -€4,099
down €4,099 (-13.6%), from €30,227 to €26,128
- Other operating charges +€498
up €498 (+5.7%), from €8,813 to €9,311
- Taxes +€413
no longer reported in 2025 (was -€413)
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 | €355,932 | €386,491 | +€30,560 | +8.6% |
| Fixed assets | 21/28 | €4,766 | €4,766 | = | 0.0% |
| Tangible fixed assets | 22/27 | €4,766 | €4,766 | = | 0.0% |
| Plant, machinery and equipment | 23 | €3,650 | €3,650 | = | 0.0% |
| Furniture and vehicles | 24 | €1,116 | €1,116 | = | 0.0% |
| Current assets | 29/58 | €351,165 | €381,725 | +€30,560 | +8.7% |
| Stocks and contracts in progress | 3 | €213,918 | €195,848 | -€18,070 | -8.4% |
| Stocks | 30/36 | €213,918 | €195,848 | -€18,070 | -8.4% |
| Amounts receivable within one year | 40/41 | €87,954 | €99,981 | +€12,027 | +13.7% |
| Trade receivables | 40 | €56,704 | €53,191 | -€3,513 | -6.2% |
| Other amounts receivable | 41 | €31,250 | €46,790 | +€15,540 | +49.7% |
| Cash at bank and in hand | 54/58 | €49,293 | €85,896 | +€36,603 | +74.3% |
| Total equity and liabilities | 10/49 | €355,932 | €386,491 | +€30,560 | +8.6% |
| Equity | 10/15 | €211,812 | €153,603 | -€58,210 | -27.5% |
| Profit (loss) carried forward | 14 | €211,812 | €153,603 | -€58,210 | -27.5% |
| Amounts payable | 17/49 | €144,119 | €232,889 | +€88,770 | +61.6% |
| Amounts payable after more than one year | 17 | - | €1,614 | +€1,614 | |
| Financial debts | 170/4 | - | €1,614 | +€1,614 | |
| Amounts payable within one year | 42/48 | €144,119 | €231,275 | +€87,156 | +60.5% |
| Current portion of amounts payable after more than one year | 42 | €1,614 | €1,614 | = | 0.0% |
| Trade debts | 44 | €140,376 | €228,053 | +€87,677 | +62.5% |
| Suppliers | 440/4 | €140,376 | €228,053 | +€87,677 | +62.5% |
| Taxes, remuneration and social security | 45 | €2,129 | €1,608 | -€521 | -24.5% |
| Taxes | 450/3 | €521 | - | -€521 | |
| Remuneration and social security | 454/9 | €1,608 | €1,608 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €30,227 | €26,128 | -€4,099 | -13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,778 | - | -€14,778 | |
| Other operating charges | 640/8 | €8,813 | €9,311 | +€498 | +5.7% |
| Gross operating margin | 9900 | €2,733 | -€22,464 | -€25,197 | |
| Operating profit (loss) | 9901 | -€51,085 | -€57,903 | -€6,818 | -13.3% |
| Financial income | 75/76B | €145 | €396 | +€251 | +173% |
| Recurring financial income | 75 | €145 | €396 | +€251 | +173% |
| Non-recurring financial income | 76B | €145 | €396 | +€251 | +173% |
| Financial charges | 65/66B | €621 | €703 | +€82 | +13.2% |
| Recurring financial charges | 65 | €621 | €703 | +€82 | +13.2% |
| Profit (loss) for the period before taxes | 9903 | -€51,561 | -€58,210 | -€6,649 | -12.9% |
| Income taxes | 67/77 | -€413 | - | +€413 | |
| Profit (loss) for the period | 9904 | -€51,148 | -€58,210 | -€7,062 | -13.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€51,148 | -€58,210 | -€7,062 | -13.8% |
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 30 October 2026 via checked.be.