Isabel Verlinden: 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.
Isabel Verlinden
Largest movements
- Cash +€500,264
up €500,264 (+132%), from €379,550 to €879,814
mainly Net result for the year (+€933,872) and Tax, wage and social debts (+€50,514)
- Current investments +€173,328
up €173,328 (+4.8%), from €3.6m to €3.8m
- Financial fixed assets +€150,000
new in 2025: €150,000
- Receivables within one year +€116,048
up €116,048 (+17.7%), from €654,892 to €770,940
of which Trade receivables: +€159,624
- Receivables after one year +€60,000
up €60,000 (+31.6%), from €190,000 to €250,000
- Reserves +€933,872
up €933,872 (+19.5%), from €4.8m to €5.7m
- Gross operating margin -€194,062
down €194,062 (-16.8%), from €1.2m to €962,994
- Taxes -€65,382
down €65,382 (-16.2%), from €404,745 to €339,363
- Financial income +€31,098
up €31,098 (+10.6%), from €294,363 to €325,461
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 | €4,857,318 | €5,839,321 | +€982,003 | +20.2% |
| Fixed assets | 21/28 | €28,185 | €168,351 | +€140,166 | +497% |
| Tangible fixed assets | 22/27 | €28,185 | €18,351 | -€9,834 | -34.9% |
| Furniture and vehicles | 24 | €21,399 | €12,604 | -€8,795 | -41.1% |
| Other tangible fixed assets | 26 | €6,786 | €5,747 | -€1,040 | -15.3% |
| Financial fixed assets | 28 | - | €150,000 | +€150,000 | |
| Current assets | 29/58 | €4,829,132 | €5,670,970 | +€841,837 | +17.4% |
| Amounts receivable after more than one year | 29 | €190,000 | €250,000 | +€60,000 | +31.6% |
| Other amounts receivable | 291 | €190,000 | €250,000 | +€60,000 | +31.6% |
| Amounts receivable within one year | 40/41 | €654,892 | €770,940 | +€116,048 | +17.7% |
| Trade receivables | 40 | €520,431 | €680,055 | +€159,624 | +30.7% |
| Other amounts receivable | 41 | €134,461 | €90,885 | -€43,576 | -32.4% |
| Current investments | 50/53 | €3,596,889 | €3,770,216 | +€173,328 | +4.8% |
| Cash at bank and in hand | 54/58 | €379,550 | €879,814 | +€500,264 | +132% |
| Deferred charges and accrued income | 490/1 | €7,802 | €0 | -€7,802 | -100% |
| Total equity and liabilities | 10/49 | €4,857,318 | €5,839,321 | +€982,003 | +20.2% |
| Equity | 10/15 | €4,812,617 | €5,746,489 | +€933,872 | +19.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €4,794,067 | €5,727,939 | +€933,872 | +19.5% |
| Distributable reserves | 133 | €4,794,067 | €5,727,939 | +€933,872 | +19.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €44,701 | €92,832 | +€48,131 | +108% |
| Amounts payable within one year | 42/48 | €44,701 | €92,832 | +€48,131 | +108% |
| Financial debts | 43 | €502 | €1,289 | +€786 | +156% |
| Credit institutions | 430/8 | €502 | €1,289 | +€786 | +156% |
| Trade debts | 44 | €5,178 | €2,009 | -€3,169 | -61.2% |
| Suppliers | 440/4 | €5,178 | €2,009 | -€3,169 | -61.2% |
| Taxes, remuneration and social security | 45 | €39,020 | €89,534 | +€50,514 | +129% |
| Taxes | 450/3 | €39,020 | €89,534 | +€50,514 | +129% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,475 | €9,834 | -€641 | -6.1% |
| Other operating charges | 640/8 | €1,937 | €426 | -€1,510 | -78.0% |
| Gross operating margin | 9900 | €1,157,056 | €962,994 | -€194,062 | -16.8% |
| Operating profit (loss) | 9901 | €1,144,644 | €952,733 | -€191,911 | -16.8% |
| Financial income | 75/76B | €294,363 | €325,461 | +€31,098 | +10.6% |
| Recurring financial income | 75 | €294,363 | €325,461 | +€31,098 | +10.6% |
| Financial charges | 65/66B | €2,652 | €4,959 | +€2,307 | +87.0% |
| Recurring financial charges | 65 | €2,652 | €4,959 | +€2,307 | +87.0% |
| Profit (loss) for the period before taxes | 9903 | €1,436,356 | €1,273,235 | -€163,121 | -11.4% |
| Income taxes | 67/77 | €404,745 | €339,363 | -€65,382 | -16.2% |
| Profit (loss) for the period | 9904 | €1,031,611 | €933,872 | -€97,738 | -9.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,031,611 | €933,872 | -€97,738 | -9.5% |
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.