Gert Verstuyft: 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.
What changed
Gert Verstuyft
NACE 68.310, Real estate agency activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€61,001
2024 · €49,926+€11,075
Equity
€210,697
2024 · €184,696+€26,001
Cash
€231,205
2024 · €205,660+€25,544
Balance sheet total
€256,157
2024 · €248,843+€7,314
Largest movements
Assets
- Receivables within one year -€26,371
down €26,371 (-62.4%), from €42,286 to €15,915
of which Trade receivables: -€28,371
- Cash +€25,544
up €25,544 (+12.4%), from €205,660 to €231,205
mainly Net result for the year (+€61,001) and Receivables within one year (+€26,371)
- Tangible fixed assets +€9,038
up €9,038, from €0 to €9,038
of which Plant, machinery and equipment: +€9,038
Equity and liabilities
- Reserves +€26,001
up €26,001 (+14.3%), from €182,196 to €208,197
of which Distributable reserves: +€26,001
- Trade debts -€20,387
down €20,387 (-52.0%), from €39,201 to €18,814
of which Suppliers: -€20,387
Income statement
- Gross operating margin +€9,408
up €9,408 (+13.8%), from €68,399 to €77,808
- Taxes -€2,352
down €2,352 (-13.1%), from €17,942 to €15,591
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.
Result 2024
€49,926
Gross operating margin
+€9,408
Depreciation
-€354
Other operating charges
-€304
Financial charges
-€27
Taxes
+€2,352
Result 2025
€61,001
raises the resultlowers the result
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.
From operations
+€69,936
Investment
-€9,392
Financing
-€35,000
Cash 2024
€205,660
From operations (derived)
+€69,936
Net result for the year
+€61,001
Depreciation
+€354
Receivables within one year
+€26,371
Deferred charges and accrued income
+€897
Trade debts
-€20,387
Tax, wage and social debts
-€835
Other debts
+€2,536
Investment (derived)
-€9,392
Investment in fixed assets (net)
-€9,392
Financing
-€35,000
Contributions, distributions and other
-€35,000
Cash 2025
€231,205
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €248,843 | €256,157 | +€7,314 | +2.9% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €0 | €9,038 | +€9,038 | |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €0 | €9,038 | +€9,038 | |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €0 | €9,038 | +€9,038 | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €248,843 | €247,120 | -€1,724 | -0.7% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Trade receivables | 290 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €42,286 | €15,915 | -€26,371 | -62.4% |
| Trade receivables | 40 | €42,286 | €13,915 | -€28,371 | -67.1% |
| Other amounts receivable | 41 | €0 | €2,000 | +€2,000 | |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €205,660 | €231,205 | +€25,544 | +12.4% |
| Deferred charges and accrued income | 490/1 | €897 | €0 | -€897 | -100% |
| Total equity and liabilities | 10/49 | €248,843 | €256,157 | +€7,314 | +2.9% |
| Equity | 10/15 | €184,696 | €210,697 | +€26,001 | +14.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Revaluation surpluses | 12 | €0 | - | = | |
| Reserves | 13 | €182,196 | €208,197 | +€26,001 | +14.3% |
| Non-distributable reserves | 130/1 | €0 | €0 | = | |
| Reserves not available under the articles | 1311 | €0 | €0 | = | |
| Own shares acquired | 1312 | €0 | - | = | |
| Financial assistance | 1313 | €0 | - | = | |
| Other | 1319 | €0 | - | = | |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €182,196 | €208,197 | +€26,001 | +14.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €0 | - | = | |
| Advance to shareholders on the distribution of net assets | 19 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Pensions and similar obligations | 160 | €0 | - | = | |
| Taxes | 161 | €0 | - | = | |
| Major repairs and maintenance | 162 | €0 | - | = | |
| Environmental obligations | 163 | €0 | - | = | |
| Other liabilities and charges | 164/5 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €64,147 | €45,461 | -€18,687 | -29.1% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Trade debts | 175 | €0 | - | = | |
| Advances received on contracts in progress | 176 | €0 | - | = | |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €64,147 | €45,461 | -€18,687 | -29.1% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €39,201 | €18,814 | -€20,387 | -52.0% |
| Suppliers | 440/4 | €39,201 | €18,814 | -€20,387 | -52.0% |
| Bills of exchange payable | 441 | €0 | - | = | |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €21,652 | €20,816 | -€835 | -3.9% |
| Taxes | 450/3 | €21,652 | €20,816 | -€835 | -3.9% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €3,294 | €5,830 | +€2,536 | +77.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | €354 | +€354 | |
| Other operating charges | 640/8 | €310 | €614 | +€304 | +98.3% |
| Gross operating margin | 9900 | €68,399 | €77,808 | +€9,408 | +13.8% |
| Operating profit (loss) | 9901 | €68,090 | €76,840 | +€8,750 | +12.9% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €221 | €249 | +€27 | +12.4% |
| Recurring financial charges | 65 | €221 | €249 | +€27 | +12.4% |
| Profit (loss) for the period before taxes | 9903 | €67,868 | €76,591 | +€8,723 | +12.9% |
| Income taxes | 67/77 | €17,942 | €15,591 | -€2,352 | -13.1% |
| Profit (loss) for the period | 9904 | €49,926 | €61,001 | +€11,075 | +22.2% |
| Profit (loss) for the period to be appropriated | 9905 | €49,926 | €61,001 | +€11,075 | +22.2% |
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 26 October 2026 via checked.be.