Karen Vertessen: 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.
Karen Vertessen
Largest movements
- Receivables after one year +€32,500
new in 2025: €32,500
- Receivables within one year +€9,261
up €9,261 (+16.5%), from €56,024 to €65,285
- Tangible fixed assets +€3,691
up €3,691 (+465%), from €794 to €4,485
- Reserves +€35,991
up €35,991 (+56.4%), from €63,842 to €99,834
- Tax, wage and social debts +€10,243
up €10,243 (+71.8%), from €14,260 to €24,503
- Gross operating margin -€17,733
down €17,733 (-27.1%), from €65,374 to €47,640
- Taxes -€3,017
down €3,017 (-21.9%), from €13,760 to €10,743
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 | €83,373 | €127,762 | +€44,389 | +53.2% |
| Fixed assets | 21/28 | €794 | €4,485 | +€3,691 | +465% |
| Tangible fixed assets | 22/27 | €794 | €4,485 | +€3,691 | +465% |
| Plant, machinery and equipment | 23 | €794 | €4,485 | +€3,691 | +465% |
| Current assets | 29/58 | €82,579 | €123,277 | +€40,697 | +49.3% |
| Amounts receivable after more than one year | 29 | - | €32,500 | +€32,500 | |
| Other amounts receivable | 291 | - | €32,500 | +€32,500 | |
| Amounts receivable within one year | 40/41 | €56,024 | €65,285 | +€9,261 | +16.5% |
| Other amounts receivable | 41 | €56,024 | €65,285 | +€9,261 | +16.5% |
| Cash at bank and in hand | 54/58 | €26,556 | €25,492 | -€1,064 | -4.0% |
| Total equity and liabilities | 10/49 | €83,373 | €127,762 | +€44,389 | +53.2% |
| Equity | 10/15 | €66,842 | €102,834 | +€35,991 | +53.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €63,842 | €99,834 | +€35,991 | +56.4% |
| Distributable reserves | 133 | €63,842 | €99,834 | +€35,991 | +56.4% |
| Amounts payable | 17/49 | €16,531 | €24,928 | +€8,398 | +50.8% |
| Amounts payable within one year | 42/48 | €16,531 | €24,928 | +€8,398 | +50.8% |
| Trade debts | 44 | €1,104 | €425 | -€679 | -61.5% |
| Suppliers | 440/4 | €1,104 | €425 | -€679 | -61.5% |
| Taxes, remuneration and social security | 45 | €14,260 | €24,503 | +€10,243 | +71.8% |
| Taxes | 450/3 | €14,260 | €24,503 | +€10,243 | +71.8% |
| Other amounts payable | 47/48 | €1,166 | - | -€1,166 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €165 | €809 | +€644 | +390% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €65,374 | €47,640 | -€17,733 | -27.1% |
| Operating profit (loss) | 9901 | €64,821 | €46,432 | -€18,389 | -28.4% |
| Financial income | 75/76B | - | €488 | +€488 | |
| Recurring financial income | 75 | - | €488 | +€488 | |
| Financial charges | 65/66B | €135 | €186 | +€51 | +37.4% |
| Recurring financial charges | 65 | €135 | €186 | +€51 | +37.4% |
| Profit (loss) for the period before taxes | 9903 | €64,686 | €46,734 | -€17,952 | -27.8% |
| Income taxes | 67/77 | €13,760 | €10,743 | -€3,017 | -21.9% |
| Profit (loss) for the period | 9904 | €50,926 | €35,991 | -€14,935 | -29.3% |
| Profit (loss) for the period to be appropriated | 9905 | €50,926 | €35,991 | -€14,935 | -29.3% |
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 20 October 2026 via checked.be.