J. Verstraeten: 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. Verstraeten
Largest movements
- Receivables within one year +€32,789
up €32,789 (+16.6%), from €197,210 to €229,999
of which Trade receivables: +€31,673
- Tangible fixed assets -€4,076
down €4,076 (-10.7%), from €38,188 to €34,112
of which Other tangible fixed assets: -€4,674
- Cash +€2,896
up €2,896 (+62.1%), from €4,664 to €7,560
mainly Net result for the year (+€251,583) and Other debts (+€179,931)
- Other debts +€179,931
up €179,931 (+357%), from €50,366 to €230,297
- Reserves -€152,465
no longer reported in 2025 (was €152,465)
- Tax, wage and social debts +€3,801
up €3,801 (+11.1%), from €34,336 to €38,137
- Gross operating margin +€187,688
up €187,688 (+123%), from €152,721 to €340,409
- Taxes +€45,948
up €45,948 (+135%), from €33,936 to €79,884
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 | €241,474 | €273,107 | +€31,633 | +13.1% |
| Fixed assets | 21/28 | €38,188 | €34,112 | -€4,076 | -10.7% |
| Tangible fixed assets | 22/27 | €38,188 | €34,112 | -€4,076 | -10.7% |
| Plant, machinery and equipment | 23 | €680 | €1,279 | +€598 | +88.0% |
| Other tangible fixed assets | 26 | €37,507 | €32,833 | -€4,674 | -12.5% |
| Current assets | 29/58 | €203,286 | €238,995 | +€35,709 | +17.6% |
| Amounts receivable within one year | 40/41 | €197,210 | €229,999 | +€32,789 | +16.6% |
| Trade receivables | 40 | €197,210 | €228,882 | +€31,673 | +16.1% |
| Other amounts receivable | 41 | - | €1,116 | +€1,116 | |
| Cash at bank and in hand | 54/58 | €4,664 | €7,560 | +€2,896 | +62.1% |
| Deferred charges and accrued income | 490/1 | €1,413 | €1,436 | +€23 | +1.6% |
| Total equity and liabilities | 10/49 | €241,474 | €273,107 | +€31,633 | +13.1% |
| Equity | 10/15 | €153,465 | €1,000 | -€152,465 | -99.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €152,465 | - | -€152,465 | |
| Distributable reserves | 133 | €152,465 | - | -€152,465 | |
| Amounts payable | 17/49 | €88,008 | €272,107 | +€184,099 | +209% |
| Amounts payable within one year | 42/48 | €86,106 | €268,471 | +€182,364 | +212% |
| Trade debts | 44 | €1,404 | €36 | -€1,368 | -97.4% |
| Suppliers | 440/4 | €1,404 | €36 | -€1,368 | -97.4% |
| Taxes, remuneration and social security | 45 | €34,336 | €38,137 | +€3,801 | +11.1% |
| Taxes | 450/3 | €34,336 | €38,137 | +€3,801 | +11.1% |
| Other amounts payable | 47/48 | €50,366 | €230,297 | +€179,931 | +357% |
| Accrued charges and deferred income | 492/3 | €1,902 | €3,636 | +€1,734 | +91.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,157 | €5,685 | +€528 | +10.2% |
| Other operating charges | 640/8 | €382 | €344 | -€37 | -9.8% |
| Gross operating margin | 9900 | €152,721 | €340,409 | +€187,688 | +123% |
| Operating profit (loss) | 9901 | €147,182 | €334,380 | +€187,198 | +127% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,971 | €2,913 | +€942 | +47.8% |
| Recurring financial charges | 65 | €1,971 | €2,913 | +€942 | +47.8% |
| Profit (loss) for the period before taxes | 9903 | €145,211 | €331,467 | +€186,255 | +128% |
| Income taxes | 67/77 | €33,936 | €79,884 | +€45,948 | +135% |
| Profit (loss) for the period | 9904 | €111,275 | €251,583 | +€140,308 | +126% |
| Profit (loss) for the period to be appropriated | 9905 | €111,275 | €251,583 | +€140,308 | +126% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.