Gregory Verstraete: 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.
Gregory Verstraete
Largest movements
- Tangible fixed assets +€187,371
up €187,371 (+125%), from €150,113 to €337,484
of which Land and buildings: +€200,574
- Cash +€19,680
up €19,680 (+20.3%), from €96,804 to €116,484
mainly Debts after one year (+€171,722) and Net result for the year (+€62,542)
- Receivables within one year +€17,591
up €17,591 (+37.9%), from €46,381 to €63,972
of which Trade receivables: +€14,591
- Debts after one year +€171,722
up €171,722 (+260%), from €66,137 to €237,859
of which Financial debts: +€171,722
- Reserves +€30,072
up €30,072 (+18.7%), from €160,588 to €190,660
- Other debts +€16,376
up €16,376 (+102%), from €16,095 to €32,470
- Gross operating margin +€50,758
up €50,758 (+51.8%), from €97,985 to €148,743
- Depreciation +€29,004
up €29,004 (+143%), from €20,253 to €49,258
- Financial charges +€6,051
up €6,051 (+246%), from €2,462 to €8,513
- Taxes +€3,035
up €3,035 (+13.0%), from €23,274 to €26,309
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 | €294,468 | €518,882 | +€224,414 | +76.2% |
| Fixed assets | 21/28 | €150,192 | €337,563 | +€187,371 | +125% |
| Tangible fixed assets | 22/27 | €150,113 | €337,484 | +€187,371 | +125% |
| Land and buildings | 22 | €127,005 | €327,579 | +€200,574 | +158% |
| Furniture and vehicles | 24 | €23,107 | €9,905 | -€13,203 | -57.1% |
| Financial fixed assets | 28 | €79 | €79 | = | 0.0% |
| Current assets | 29/58 | €144,276 | €181,320 | +€37,043 | +25.7% |
| Amounts receivable within one year | 40/41 | €46,381 | €63,972 | +€17,591 | +37.9% |
| Trade receivables | 40 | €25,881 | €40,472 | +€14,591 | +56.4% |
| Other amounts receivable | 41 | €20,500 | €23,500 | +€3,000 | +14.6% |
| Cash at bank and in hand | 54/58 | €96,804 | €116,484 | +€19,680 | +20.3% |
| Deferred charges and accrued income | 490/1 | €1,090 | €863 | -€227 | -20.8% |
| Total equity and liabilities | 10/49 | €294,468 | €518,882 | +€224,414 | +76.2% |
| Equity | 10/15 | €166,822 | €196,894 | +€30,072 | +18.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €160,588 | €190,660 | +€30,072 | +18.7% |
| Distributable reserves | 133 | €160,588 | €190,660 | +€30,072 | +18.7% |
| Profit (loss) carried forward | 14 | €34 | €34 | = | 0.0% |
| Amounts payable | 17/49 | €127,646 | €321,988 | +€194,343 | +152% |
| Amounts payable after more than one year | 17 | €66,137 | €237,859 | +€171,722 | +260% |
| Financial debts | 170/4 | €65,437 | €237,159 | +€171,722 | +262% |
| Other amounts payable | 178/9 | €700 | €700 | = | 0.0% |
| Amounts payable within one year | 42/48 | €61,509 | €84,129 | +€22,620 | +36.8% |
| Current portion of amounts payable after more than one year | 42 | €22,955 | €23,567 | +€612 | +2.7% |
| Trade debts | 44 | €1,244 | €2,992 | +€1,748 | +141% |
| Suppliers | 440/4 | €1,244 | €2,992 | +€1,748 | +141% |
| Taxes, remuneration and social security | 45 | €21,215 | €25,100 | +€3,885 | +18.3% |
| Taxes | 450/3 | €21,215 | €25,100 | +€3,885 | +18.3% |
| Other amounts payable | 47/48 | €16,095 | €32,470 | +€16,376 | +102% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,253 | €49,258 | +€29,004 | +143% |
| Other operating charges | 640/8 | €2,478 | €2,121 | -€357 | -14.4% |
| Gross operating margin | 9900 | €97,985 | €148,743 | +€50,758 | +51.8% |
| Operating profit (loss) | 9901 | €75,253 | €97,364 | +€22,111 | +29.4% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €2,462 | €8,513 | +€6,051 | +246% |
| Recurring financial charges | 65 | €2,462 | €8,513 | +€6,051 | +246% |
| Profit (loss) for the period before taxes | 9903 | €72,791 | €88,851 | +€16,060 | +22.1% |
| Income taxes | 67/77 | €23,274 | €26,309 | +€3,035 | +13.0% |
| Profit (loss) for the period | 9904 | €49,518 | €62,542 | +€13,024 | +26.3% |
| Profit (loss) for the period to be appropriated | 9905 | €49,518 | €62,542 | +€13,024 | +26.3% |
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.