FREDERIC VERSPREEUWEN: 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.
FREDERIC VERSPREEUWEN
Largest movements
- Cash +€731,646
up €731,646 (+168%), from €434,452 to €1.2m
mainly Net result for the year (+€640,147) and Receivables within one year (+€497,417)
- Receivables within one year -€497,417
down €497,417 (-96.5%), from €515,256 to €17,839
of which Trade receivables: -€511,240
- Current investments +€323,989
up €323,989 (+24.5%), from €1.3m to €1.6m
- Financial fixed assets +€45,674
up €45,674 (+34.8%), from €131,280 to €176,954
- Reserves +€512,000
up €512,000 (+19.7%), from €2.6m to €3.1m
- Tax, wage and social debts +€75,921
up €75,921 (+56.6%), from €134,050 to €209,971
of which Taxes: +€70,442
- Financial income +€108,831
up €108,831 (+238%), from €45,652 to €154,483
- Financial charges +€42,301
up €42,301 (+365%), from €11,585 to €53,886
- Gross operating margin -€25,471
down €25,471 (-2.8%), from €923,595 to €898,124
- Taxes +€21,507
up €21,507 (+7.1%), from €301,602 to €323,109
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 | €3,029,735 | €3,599,368 | +€569,633 | +18.8% |
| Fixed assets | 21/28 | €723,027 | €736,776 | +€13,749 | +1.9% |
| Tangible fixed assets | 22/27 | €591,747 | €559,822 | -€31,925 | -5.4% |
| Land and buildings | 22 | €562,527 | €537,847 | -€24,680 | -4.4% |
| Furniture and vehicles | 24 | €24,256 | €17,655 | -€6,600 | -27.2% |
| Other tangible fixed assets | 26 | €4,964 | €4,319 | -€644 | -13.0% |
| Financial fixed assets | 28 | €131,280 | €176,954 | +€45,674 | +34.8% |
| Current assets | 29/58 | €2,306,708 | €2,862,592 | +€555,884 | +24.1% |
| Amounts receivable after more than one year | 29 | €31,000 | €31,000 | = | 0.0% |
| Other amounts receivable | 291 | €31,000 | €31,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €515,256 | €17,839 | -€497,417 | -96.5% |
| Trade receivables | 40 | €514,079 | €2,839 | -€511,240 | -99.4% |
| Other amounts receivable | 41 | €1,177 | €15,000 | +€13,823 | +1,175% |
| Current investments | 50/53 | €1,320,440 | €1,644,429 | +€323,989 | +24.5% |
| Cash at bank and in hand | 54/58 | €434,452 | €1,166,099 | +€731,646 | +168% |
| Deferred charges and accrued income | 490/1 | €5,560 | €3,226 | -€2,334 | -42.0% |
| Total equity and liabilities | 10/49 | €3,029,735 | €3,599,368 | +€569,633 | +18.8% |
| Equity | 10/15 | €2,644,079 | €3,156,225 | +€512,147 | +19.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,603,860 | €3,115,860 | +€512,000 | +19.7% |
| Distributable reserves | 133 | €2,603,860 | €3,115,860 | +€512,000 | +19.7% |
| Profit (loss) carried forward | 14 | €27,819 | €27,965 | +€147 | +0.5% |
| Amounts payable | 17/49 | €385,656 | €443,143 | +€57,487 | +14.9% |
| Amounts payable after more than one year | 17 | €215,642 | €196,264 | -€19,378 | -9.0% |
| Financial debts | 170/4 | €215,642 | €196,264 | -€19,378 | -9.0% |
| Amounts payable within one year | 42/48 | €168,183 | €245,005 | +€76,822 | +45.7% |
| Current portion of amounts payable after more than one year | 42 | €19,145 | €19,378 | +€233 | +1.2% |
| Trade debts | 44 | €11,918 | €13,339 | +€1,421 | +11.9% |
| Suppliers | 440/4 | €11,918 | €13,339 | +€1,421 | +11.9% |
| Taxes, remuneration and social security | 45 | €134,050 | €209,971 | +€75,921 | +56.6% |
| Taxes | 450/3 | €134,050 | €204,492 | +€70,442 | +52.5% |
| Remuneration and social security | 454/9 | - | €5,479 | +€5,479 | |
| Other amounts payable | 47/48 | €3,070 | €2,317 | -€753 | -24.5% |
| Accrued charges and deferred income | 492/3 | €1,831 | €1,874 | +€43 | +2.3% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,723 | €31,925 | +€202 | +0.6% |
| Other operating charges | 640/8 | €7,734 | €3,540 | -€4,193 | -54.2% |
| Gross operating margin | 9900 | €923,595 | €898,124 | -€25,471 | -2.8% |
| Operating profit (loss) | 9901 | €884,138 | €862,659 | -€21,479 | -2.4% |
| Financial income | 75/76B | €45,652 | €154,483 | +€108,831 | +238% |
| Recurring financial income | 75 | €45,652 | €154,483 | +€108,831 | +238% |
| Financial charges | 65/66B | €11,585 | €53,886 | +€42,301 | +365% |
| Recurring financial charges | 65 | €11,585 | €53,886 | +€42,301 | +365% |
| Profit (loss) for the period before taxes | 9903 | €918,205 | €963,256 | +€45,051 | +4.9% |
| Income taxes | 67/77 | €301,602 | €323,109 | +€21,507 | +7.1% |
| Profit (loss) for the period | 9904 | €616,602 | €640,147 | +€23,544 | +3.8% |
| Profit (loss) for the period to be appropriated | 9905 | €616,602 | €640,147 | +€23,544 | +3.8% |
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 17 October 2026 via checked.be.