Ilse Verstraeten: what changed
What changed
Ilse Verstraeten
NACE 47.730, Retail sale of pharmaceutical products
filed annual accounts (NBB)
Net result for the year
€48,049
2024 · €36,795+€11,254
Equity
€174,721
2024 · €126,672+€48,049
Cash
€77,894
2024 · €10,557+€67,337
Balance sheet total
€178,548
2024 · €133,666+€44,882
Largest movements
Assets
- Cash +€67,337
up €67,337 (+638%), from €10,557 to €77,894
mainly Net result for the year (+€48,049) and Receivables within one year (+€16,973)
- Receivables within one year -€16,973
down €16,973 (-47.8%), from €35,519 to €18,546
of which Trade receivables: -€22,367
- Tangible fixed assets -€3,081
down €3,081 (-8.7%), from €35,349 to €32,268
of which Plant, machinery and equipment: -€2,140
Equity and liabilities
- Reserves +€48,049
up €48,049 (+42.0%), from €114,272 to €162,321
Income statement
- Gross operating margin +€16,205
up €16,205 (+27.6%), from €58,643 to €74,847
- Taxes +€4,505
up €4,505 (+30.9%), from €14,569 to €19,073
- Depreciation +€1,234
up €1,234 (+29.4%), from €4,199 to €5,433
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€36,795
Gross operating margin
+€16,205
Staff costs
-€114
Depreciation
-€1,234
Other operating charges
-€33
Financial income
+€683
Financial charges
+€252
Taxes
-€4,505
Result 2025
€48,049
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€69,689
Investment
-€2,352
Financing
€0
Cash 2024
€10,557
From operations (derived)
+€69,689
Net result for the year
+€48,049
Depreciation
+€5,433
Stocks and contracts
+€1,062
Receivables within one year
+€16,973
Deferred charges and accrued income
+€1,340
Trade debts
-€1,779
Tax, wage and social debts
-€1,014
Accrued charges and deferred income
-€375
Investment (derived)
-€2,352
Investment in fixed assets (net)
-€2,352
Cash 2025
€77,894
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €133,666 | €178,548 | +€44,882 | +33.6% |
| Fixed assets | 21/28 | €35,349 | €32,268 | -€3,081 | -8.7% |
| Tangible fixed assets | 22/27 | €35,349 | €32,268 | -€3,081 | -8.7% |
| Land and buildings | 22 | €12,963 | €11,433 | -€1,531 | -11.8% |
| Plant, machinery and equipment | 23 | €15,328 | €13,188 | -€2,140 | -14.0% |
| Furniture and vehicles | 24 | €4,108 | €4,698 | +€590 | +14.4% |
| Other tangible fixed assets | 26 | €2,950 | €2,950 | = | 0.0% |
| Current assets | 29/58 | €98,318 | €146,280 | +€47,963 | +48.8% |
| Stocks and contracts in progress | 3 | €48,425 | €47,363 | -€1,062 | -2.2% |
| Stocks | 30/36 | €48,425 | €47,363 | -€1,062 | -2.2% |
| Amounts receivable within one year | 40/41 | €35,519 | €18,546 | -€16,973 | -47.8% |
| Trade receivables | 40 | €23,286 | €919 | -€22,367 | -96.1% |
| Other amounts receivable | 41 | €12,233 | €17,627 | +€5,394 | +44.1% |
| Cash at bank and in hand | 54/58 | €10,557 | €77,894 | +€67,337 | +638% |
| Deferred charges and accrued income | 490/1 | €3,817 | €2,478 | -€1,340 | -35.1% |
| Total equity and liabilities | 10/49 | €133,666 | €178,548 | +€44,882 | +33.6% |
| Equity | 10/15 | €126,672 | €174,721 | +€48,049 | +37.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €114,272 | €162,321 | +€48,049 | +42.0% |
| Distributable reserves | 133 | €114,272 | €162,321 | +€48,049 | +42.0% |
| Amounts payable | 17/49 | €6,995 | €3,827 | -€3,167 | -45.3% |
| Amounts payable within one year | 42/48 | €5,988 | €3,195 | -€2,793 | -46.6% |
| Trade debts | 44 | €3,108 | €1,329 | -€1,779 | -57.2% |
| Suppliers | 440/4 | €3,108 | €1,329 | -€1,779 | -57.2% |
| Taxes, remuneration and social security | 45 | €2,880 | €1,866 | -€1,014 | -35.2% |
| Taxes | 450/3 | €2,880 | €1,866 | -€1,014 | -35.2% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €1,007 | €632 | -€375 | -37.2% |
| Remuneration, social security and pensions | 62 | €573 | €687 | +€114 | +19.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,199 | €5,433 | +€1,234 | +29.4% |
| Other operating charges | 640/8 | €815 | €848 | +€33 | +4.0% |
| Gross operating margin | 9900 | €58,643 | €74,847 | +€16,205 | +27.6% |
| Operating profit (loss) | 9901 | €53,056 | €67,879 | +€14,824 | +27.9% |
| Financial income | 75/76B | €255 | €938 | +€683 | +267% |
| Recurring financial income | 75 | €255 | €938 | +€683 | +267% |
| Financial charges | 65/66B | €1,947 | €1,695 | -€252 | -13.0% |
| Recurring financial charges | 65 | €1,947 | €1,695 | -€252 | -13.0% |
| Profit (loss) for the period before taxes | 9903 | €51,364 | €67,122 | +€15,759 | +30.7% |
| Income taxes | 67/77 | €14,569 | €19,073 | +€4,505 | +30.9% |
| Profit (loss) for the period | 9904 | €36,795 | €48,049 | +€11,254 | +30.6% |
| Profit (loss) for the period to be appropriated | 9905 | €36,795 | €48,049 | +€11,254 | +30.6% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.