Glenn Verbesselt: 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.
Glenn Verbesselt
Largest movements
- Deferred charges and accrued income -€4,952
down €4,952 (-86.4%), from €5,733 to €781
- Tangible fixed assets -€4,105
down €4,105 (-31.2%), from €13,144 to €9,040
of which Furniture and vehicles: -€2,775
- Receivables within one year +€2,842
up €2,842 (+2.6%), from €110,868 to €113,709
of which Other amounts receivable: +€3,583
- Profit (loss) carried forward +€9,274
new in 2025: €9,274
- Debts after one year -€9,225
down €9,225 (-8.6%), from €106,696 to €97,472
- Trade debts -€3,251
down €3,251 (-27.5%), from €11,835 to €8,584
- Gross operating margin +€9,135
up €9,135 (+87.3%), from €10,460 to €19,595
- Taxes +€1,494
up €1,494 (+149%), from €1,006 to €2,500
- Staff costs +€262
new in 2025: €262
- Depreciation +€243
up €243 (+6.3%), from €3,862 to €4,105
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 | €258,713 | €251,396 | -€7,317 | -2.8% |
| Fixed assets | 21/28 | €13,244 | €9,140 | -€4,105 | -31.0% |
| Tangible fixed assets | 22/27 | €13,144 | €9,040 | -€4,105 | -31.2% |
| Plant, machinery and equipment | 23 | €1,959 | €629 | -€1,330 | -67.9% |
| Furniture and vehicles | 24 | €11,186 | €8,411 | -€2,775 | -24.8% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €245,468 | €242,256 | -€3,212 | -1.3% |
| Stocks and contracts in progress | 3 | €100,237 | €100,237 | = | 0.0% |
| Stocks | 30/36 | €100,237 | €100,237 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €110,868 | €113,709 | +€2,842 | +2.6% |
| Trade receivables | 40 | €39,620 | €38,879 | -€741 | -1.9% |
| Other amounts receivable | 41 | €71,247 | €74,831 | +€3,583 | +5.0% |
| Cash at bank and in hand | 54/58 | €28,631 | €27,530 | -€1,102 | -3.8% |
| Deferred charges and accrued income | 490/1 | €5,733 | €781 | -€4,952 | -86.4% |
| Total equity and liabilities | 10/49 | €258,713 | €251,396 | -€7,317 | -2.8% |
| Equity | 10/15 | €124,463 | €133,737 | +€9,274 | +7.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €105,863 | €105,863 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €104,003 | €104,003 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €9,274 | +€9,274 | |
| Amounts payable | 17/49 | €134,250 | €117,659 | -€16,591 | -12.4% |
| Amounts payable after more than one year | 17 | €106,696 | €97,472 | -€9,225 | -8.6% |
| Financial debts | 170/4 | €106,696 | €97,472 | -€9,225 | -8.6% |
| Amounts payable within one year | 42/48 | €27,553 | €20,187 | -€7,366 | -26.7% |
| Current portion of amounts payable after more than one year | 42 | €9,787 | €9,985 | +€198 | +2.0% |
| Trade debts | 44 | €11,835 | €8,584 | -€3,251 | -27.5% |
| Suppliers | 440/4 | €11,835 | €8,584 | -€3,251 | -27.5% |
| Taxes, remuneration and social security | 45 | €3,719 | €1,618 | -€2,101 | -56.5% |
| Taxes | 450/3 | €2,319 | €1,618 | -€701 | -30.2% |
| Remuneration and social security | 454/9 | €1,400 | - | -€1,400 | |
| Other amounts payable | 47/48 | €2,212 | - | -€2,212 | |
| Remuneration, social security and pensions | 62 | - | €262 | +€262 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,862 | €4,105 | +€243 | +6.3% |
| Other operating charges | 640/8 | €935 | €768 | -€167 | -17.8% |
| Gross operating margin | 9900 | €10,460 | €19,595 | +€9,135 | +87.3% |
| Operating profit (loss) | 9901 | €5,663 | €14,460 | +€8,797 | +155% |
| Financial income | 75/76B | €1 | €4 | +€3 | +320% |
| Recurring financial income | 75 | €1 | €4 | +€3 | +320% |
| Financial charges | 65/66B | €2,865 | €2,690 | -€175 | -6.1% |
| Recurring financial charges | 65 | €2,865 | €2,690 | -€175 | -6.1% |
| Profit (loss) for the period before taxes | 9903 | €2,799 | €11,774 | +€8,975 | +321% |
| Income taxes | 67/77 | €1,006 | €2,500 | +€1,494 | +149% |
| Profit (loss) for the period | 9904 | €1,793 | €9,274 | +€7,481 | +417% |
| Profit (loss) for the period to be appropriated | 9905 | €1,793 | €9,274 | +€7,481 | +417% |
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 29 October 2026 via checked.be.