Frederick Vernaeve: what changed
Two fiscal 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.
Frederick Vernaeve
Largest movements
- Tangible fixed assets -€32,541
down €32,541 (-6.2%), from €528,010 to €495,469
of which Plant, machinery and equipment: -€18,098
- Receivables within one year -€13,090
down €13,090 (-52.3%), from €25,051 to €11,961
of which Other amounts receivable: -€12,969
- Tax, wage and social debts -€23,237
down €23,237 (-80.1%), from €28,994 to €5,758
- Debts after one year -€10,466
down €10,466 (-11.5%), from €91,312 to €80,845
- Trade debts -€10,047
down €10,047 (-94.0%), from €10,692 to €644
- Current portion of long-term debt -€7,177
down €7,177 (-40.7%), from €17,644 to €10,466
- Other debts -€6,839
down €6,839 (-8.5%), from €80,036 to €73,197
- Gross operating margin +€15,782
up €15,782 (+26.2%), from €60,330 to €76,112
- Depreciation +€5,030
up €5,030 (+9.1%), from €55,161 to €60,191
- Taxes +€1,789
up €1,789 (+322.2%), from €555 to €2,344
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.
Cash bridge derived
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 | €564,259 | €513,245 | -€51,014 | -9.0% |
| Fixed assets | 21/28 | €528,010 | €495,469 | -€32,541 | -6.2% |
| Tangible fixed assets | 22/27 | €528,010 | €495,469 | -€32,541 | -6.2% |
| Land and buildings | 22 | €411,667 | €403,800 | -€7,867 | -1.9% |
| Plant, machinery and equipment | 23 | €76,468 | €58,370 | -€18,098 | -23.7% |
| Furniture and vehicles | 24 | €39,875 | €33,300 | -€6,575 | -16.5% |
| Current assets | 29/58 | €36,249 | €17,776 | -€18,473 | -51.0% |
| Stocks and contracts in progress | 3 | €3,237 | €3,000 | -€237 | -7.3% |
| Stocks | 30/36 | €3,237 | €3,000 | -€237 | -7.3% |
| Amounts receivable within one year | 40/41 | €25,051 | €11,961 | -€13,090 | -52.3% |
| Trade receivables | 40 | €11,081 | €10,961 | -€121 | -1.1% |
| Other amounts receivable | 41 | €13,969 | €1,000 | -€12,969 | -92.8% |
| Cash at bank and in hand | 54/58 | €7,781 | €2,653 | -€5,128 | -65.9% |
| Deferred charges and accrued income | 490/1 | €181 | €162 | -€19 | -10.3% |
| Total equity and liabilities | 10/49 | €564,259 | €513,245 | -€51,014 | -9.0% |
| Equity | 10/15 | €335,582 | €342,335 | +€6,753 | +2.0% |
| Contributions | 10/11 | €311,000 | €311,000 | = | 0.0% |
| Reserves | 13 | €26,425 | €31,335 | +€4,909 | +18.6% |
| Distributable reserves | 133 | €26,425 | €31,335 | +€4,909 | +18.6% |
| Profit (loss) carried forward | 14 | -€1,843 | - | +€1,843 | |
| Amounts payable | 17/49 | €228,678 | €170,911 | -€57,767 | -25.3% |
| Amounts payable after more than one year | 17 | €91,312 | €80,845 | -€10,466 | -11.5% |
| Financial debts | 170/4 | €91,312 | €80,845 | -€10,466 | -11.5% |
| Amounts payable within one year | 42/48 | €137,366 | €90,065 | -€47,301 | -34.4% |
| Current portion of amounts payable after more than one year | 42 | €17,644 | €10,466 | -€7,177 | -40.7% |
| Trade debts | 44 | €10,692 | €644 | -€10,047 | -94.0% |
| Suppliers | 440/4 | €10,692 | €644 | -€10,047 | -94.0% |
| Taxes, remuneration and social security | 45 | €28,994 | €5,758 | -€23,237 | -80.1% |
| Taxes | 450/3 | €28,994 | €5,758 | -€23,237 | -80.1% |
| Other amounts payable | 47/48 | €80,036 | €73,197 | -€6,839 | -8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,161 | €60,191 | +€5,030 | +9.1% |
| Other operating charges | 640/8 | €2,063 | €2,418 | +€355 | +17.2% |
| Gross operating margin | 9900 | €60,330 | €76,112 | +€15,782 | +26.2% |
| Operating profit (loss) | 9901 | €3,107 | €13,503 | +€10,397 | +334.7% |
| Financial income | 75/76B | €108 | €4 | -€104 | -96.7% |
| Recurring financial income | 75 | €108 | €4 | -€104 | -96.7% |
| Financial charges | 65/66B | €4,503 | €4,410 | -€93 | -2.1% |
| Recurring financial charges | 65 | €4,503 | €4,410 | -€93 | -2.1% |
| Profit (loss) for the period before taxes | 9903 | -€1,288 | €9,097 | +€10,385 | |
| Income taxes | 67/77 | €555 | €2,344 | +€1,789 | +322.2% |
| Profit (loss) for the period | 9904 | -€1,843 | €6,753 | +€8,596 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,843 | €6,753 | +€8,596 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.