Geert VERVAET: 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.
Geert VERVAET
Largest movements
- Current investments +€92,000
up €92,000 (+8.7%), from €1.1m to €1.2m
- Cash +€37,449
up €37,449 (+41.5%), from €90,241 to €127,690
mainly Net result for the year (+€152,872) and Depreciation (+€13,826)
- Deferred charges and accrued income +€27,162
up €27,162 (+126%), from €21,607 to €48,770
- Tangible fixed assets -€13,826
down €13,826 (-25.2%), from €54,865 to €41,040
of which Furniture and vehicles: -€12,972
- Reserves +€152,872
up €152,872 (+12.8%), from €1.2m to €1.3m
- Gross operating margin -€23,517
down €23,517 (-7.5%), from €311,980 to €288,464
- Financial income -€16,590
down €16,590 (-36.4%), from €45,521 to €28,931
- Taxes -€14,904
down €14,904 (-18.1%), from €82,571 to €67,666
- Staff costs +€10,480
up €10,480 (+14.6%), from €71,992 to €82,472
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 | €1,226,455 | €1,377,774 | +€151,320 | +12.3% |
| Fixed assets | 21/28 | €54,865 | €41,040 | -€13,826 | -25.2% |
| Tangible fixed assets | 22/27 | €54,865 | €41,040 | -€13,826 | -25.2% |
| Furniture and vehicles | 24 | €50,776 | €37,804 | -€12,972 | -25.5% |
| Other tangible fixed assets | 26 | €4,090 | €3,236 | -€854 | -20.9% |
| Current assets | 29/58 | €1,171,589 | €1,336,735 | +€165,145 | +14.1% |
| Amounts receivable within one year | 40/41 | €1,741 | €10,275 | +€8,534 | +490% |
| Other amounts receivable | 41 | €1,741 | €10,275 | +€8,534 | +490% |
| Current investments | 50/53 | €1,058,000 | €1,150,000 | +€92,000 | +8.7% |
| Cash at bank and in hand | 54/58 | €90,241 | €127,690 | +€37,449 | +41.5% |
| Deferred charges and accrued income | 490/1 | €21,607 | €48,770 | +€27,162 | +126% |
| Total equity and liabilities | 10/49 | €1,226,455 | €1,377,774 | +€151,320 | +12.3% |
| Equity | 10/15 | €1,191,600 | €1,344,472 | +€152,872 | +12.8% |
| Contributions | 10/11 | €1,691 | €1,691 | = | 0.0% |
| Reserves | 13 | €1,189,909 | €1,342,781 | +€152,872 | +12.8% |
| Distributable reserves | 133 | €1,189,909 | €1,342,781 | +€152,872 | +12.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €34,855 | €33,302 | -€1,552 | -4.5% |
| Amounts payable within one year | 42/48 | €29,555 | €28,541 | -€1,014 | -3.4% |
| Trade debts | 44 | €37 | €1,748 | +€1,712 | +4,654% |
| Suppliers | 440/4 | €37 | €1,748 | +€1,712 | +4,654% |
| Taxes, remuneration and social security | 45 | €29,518 | €26,793 | -€2,725 | -9.2% |
| Taxes | 450/3 | €18,664 | €15,287 | -€3,377 | -18.1% |
| Remuneration and social security | 454/9 | €10,854 | €11,505 | +€652 | +6.0% |
| Accrued charges and deferred income | 492/3 | €5,300 | €4,762 | -€539 | -10.2% |
| Non-recurring operating income | 76A | €24,077 | €0 | -€24,077 | -100% |
| Remuneration, social security and pensions | 62 | €71,992 | €82,472 | +€10,480 | +14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,462 | €13,826 | -€1,636 | -10.6% |
| Other operating charges | 640/8 | €692 | €463 | -€229 | -33.1% |
| Gross operating margin | 9900 | €311,980 | €288,464 | -€23,517 | -7.5% |
| Operating profit (loss) | 9901 | €223,834 | €191,703 | -€32,131 | -14.4% |
| Financial income | 75/76B | €45,521 | €28,931 | -€16,590 | -36.4% |
| Recurring financial income | 75 | €45,521 | €28,931 | -€16,590 | -36.4% |
| Financial charges | 65/66B | €143 | €96 | -€47 | -32.8% |
| Recurring financial charges | 65 | €143 | €96 | -€47 | -32.8% |
| Profit (loss) for the period before taxes | 9903 | €269,212 | €220,538 | -€48,674 | -18.1% |
| Income taxes | 67/77 | €82,571 | €67,666 | -€14,904 | -18.1% |
| Profit (loss) for the period | 9904 | €186,641 | €152,872 | -€33,770 | -18.1% |
| Profit (loss) for the period to be appropriated | 9905 | €186,641 | €152,872 | -€33,770 | -18.1% |
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 25 October 2026 via checked.be.