J. VERFAELLIE: 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.
J. VERFAELLIE
Largest movements
- Receivables within one year -€1.3m
down €1.3m (-86.7%), from €1.5m to €194,542
of which Other amounts receivable: -€1.3m
- Cash +€919,317
up €919,317 (+58.5%), from €1.6m to €2.5m
mainly Net result for the year (+€3.0m) and Receivables within one year (+€1.3m)
- Current investments +€429,444
up €429,444 (+55.3%), from €776,104 to €1.2m
- Other debts -€368,328
down €368,328 (-40.6%), from €908,294 to €539,966
- Reserves +€165,006
up €165,006 (+2.2%), from €7.7m to €7.8m
of which Distributable reserves: +€165,006
- Financial income +€2.4m
up €2.4m (+316%), from €755,965 to €3.1m
- Taxes +€181,288
up €181,288 (+88.6%), from €204,533 to €385,820
- Gross operating margin -€90,468
down €90,468 (-16.7%), from €541,924 to €451,456
- Depreciation +€9,878
up €9,878 (+6.3%), from €157,573 to €167,451
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 | €14,872,314 | €14,751,197 | -€121,116 | -0.8% |
| Fixed assets | 21/28 | €10,992,848 | €10,855,360 | -€137,488 | -1.3% |
| Tangible fixed assets | 22/27 | €517,648 | €380,160 | -€137,488 | -26.6% |
| Land and buildings | 22 | €108,957 | €83,864 | -€25,093 | -23.0% |
| Plant, machinery and equipment | 23 | €760 | €211 | -€550 | -72.3% |
| Furniture and vehicles | 24 | €407,930 | €296,085 | -€111,845 | -27.4% |
| Financial fixed assets | 28 | €10,475,200 | €10,475,200 | = | 0.0% |
| Current assets | 29/58 | €3,879,466 | €3,895,837 | +€16,371 | +0.4% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €1,466,898 | €194,542 | -€1.3m | -86.7% |
| Trade receivables | 40 | €49,118 | €47,715 | -€1,404 | -2.9% |
| Other amounts receivable | 41 | €1,417,780 | €146,828 | -€1.3m | -89.6% |
| Current investments | 50/53 | €776,104 | €1,205,548 | +€429,444 | +55.3% |
| Cash at bank and in hand | 54/58 | €1,571,081 | €2,490,398 | +€919,317 | +58.5% |
| Deferred charges and accrued income | 490/1 | €65,382 | €5,348 | -€60,034 | -91.8% |
| Total equity and liabilities | 10/49 | €14,872,314 | €14,751,197 | -€121,116 | -0.8% |
| Equity | 10/15 | €13,540,186 | €13,705,192 | +€165,006 | +1.2% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €7,655,656 | €7,820,662 | +€165,006 | +2.2% |
| Tax-exempt reserves | 132 | €28,345 | €28,345 | = | 0.0% |
| Distributable reserves | 133 | €7,627,311 | €7,792,317 | +€165,006 | +2.2% |
| Profit (loss) carried forward | 14 | €5,884,430 | €5,884,430 | = | 0.0% |
| Amounts payable | 17/49 | €1,332,128 | €1,046,005 | -€286,123 | -21.5% |
| Amounts payable after more than one year | 17 | €99,333 | €33,842 | -€65,491 | -65.9% |
| Financial debts | 170/4 | €99,333 | €33,842 | -€65,491 | -65.9% |
| Amounts payable within one year | 42/48 | €1,232,795 | €1,010,446 | -€222,349 | -18.0% |
| Current portion of amounts payable after more than one year | 42 | €62,670 | €65,491 | +€2,821 | +4.5% |
| Financial debts | 43 | €675 | €0 | -€675 | -100% |
| Credit institutions | 430/8 | €675 | €0 | -€675 | -100% |
| Trade debts | 44 | €699 | €9,479 | +€8,781 | +1,257% |
| Suppliers | 440/4 | €699 | €9,479 | +€8,781 | +1,257% |
| Taxes, remuneration and social security | 45 | €260,457 | €395,510 | +€135,053 | +51.9% |
| Taxes | 450/3 | €260,457 | €395,510 | +€135,053 | +51.9% |
| Other amounts payable | 47/48 | €908,294 | €539,966 | -€368,328 | -40.6% |
| Accrued charges and deferred income | 492/3 | €0 | €1,717 | +€1,717 | |
| Non-recurring operating income | 76A | - | €10,000 | +€10,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €157,573 | €167,451 | +€9,878 | +6.3% |
| Other operating charges | 640/8 | €5,872 | €5,707 | -€165 | -2.8% |
| Non-recurring operating charges | 66A | €1,062 | €0 | -€1,062 | -100% |
| Gross operating margin | 9900 | €541,924 | €451,456 | -€90,468 | -16.7% |
| Operating profit (loss) | 9901 | €377,417 | €278,298 | -€99,120 | -26.3% |
| Financial income | 75/76B | €755,965 | €3,142,408 | +€2.4m | +316% |
| Recurring financial income | 75 | €755,965 | €3,142,408 | +€2.4m | +316% |
| Financial charges | 65/66B | €11,212 | €8,973 | -€2,239 | -20.0% |
| Recurring financial charges | 65 | €11,212 | €8,973 | -€2,239 | -20.0% |
| Profit (loss) for the period before taxes | 9903 | €1,122,171 | €3,411,733 | +€2.3m | +204% |
| Income taxes | 67/77 | €204,533 | €385,820 | +€181,288 | +88.6% |
| Profit (loss) for the period | 9904 | €917,638 | €3,025,913 | +€2.1m | +230% |
| Profit (loss) for the period to be appropriated | 9905 | €917,638 | €3,025,913 | +€2.1m | +230% |
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 18 October 2026 via checked.be.