Katrien Verdonck: 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.
Katrien Verdonck
Largest movements
- Cash +€244,058
up €244,058 (+77.4%), from €315,347 to €559,405
mainly Net result for the year (+€252,576) and Tax, wage and social debts (+€72,083)
- Deferred charges and accrued income +€79,586
up €79,586 (+925%), from €8,608 to €88,194
- Reserves +€252,576
up €252,576 (+87.1%), from €290,107 to €542,683
- Tax, wage and social debts +€72,083
up €72,083 (+121%), from €59,609 to €131,691
of which Taxes: +€72,083
- Gross operating margin +€117,356
up €117,356 (+54.9%), from €213,918 to €331,275
- Taxes +€29,550
up €29,550 (+58.8%), from €50,224 to €79,774
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 | €354,021 | €680,799 | +€326,778 | +92.3% |
| Fixed assets | 21/28 | €3,495 | €2,006 | -€1,489 | -42.6% |
| Tangible fixed assets | 22/27 | €3,045 | €1,556 | -€1,489 | -48.9% |
| Furniture and vehicles | 24 | €3,045 | €1,556 | -€1,489 | -48.9% |
| Financial fixed assets | 28 | €450 | €450 | = | 0.0% |
| Current assets | 29/58 | €350,526 | €678,793 | +€328,267 | +93.6% |
| Amounts receivable within one year | 40/41 | €26,571 | €31,194 | +€4,623 | +17.4% |
| Trade receivables | 40 | €26,571 | €30,985 | +€4,415 | +16.6% |
| Other amounts receivable | 41 | - | €208 | +€208 | |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €315,347 | €559,405 | +€244,058 | +77.4% |
| Deferred charges and accrued income | 490/1 | €8,608 | €88,194 | +€79,586 | +925% |
| Total equity and liabilities | 10/49 | €354,021 | €680,799 | +€326,778 | +92.3% |
| Equity | 10/15 | €293,107 | €545,683 | +€252,576 | +86.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €290,107 | €542,683 | +€252,576 | +87.1% |
| Distributable reserves | 133 | €290,107 | €542,683 | +€252,576 | +87.1% |
| Amounts payable | 17/49 | €60,914 | €135,116 | +€74,202 | +122% |
| Amounts payable within one year | 42/48 | €60,914 | €135,116 | +€74,202 | +122% |
| Trade debts | 44 | €1,269 | €3,424 | +€2,156 | +170% |
| Suppliers | 440/4 | €1,269 | €3,424 | +€2,156 | +170% |
| Taxes, remuneration and social security | 45 | €59,609 | €131,691 | +€72,083 | +121% |
| Taxes | 450/3 | €59,609 | €131,691 | +€72,083 | +121% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €36 | €0 | -€36 | -100% |
| Remuneration, social security and pensions | 62 | - | €498 | +€498 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,120 | €1,489 | +€369 | +32.9% |
| Other operating charges | 640/8 | €141 | €144 | +€4 | +2.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €213,918 | €331,275 | +€117,356 | +54.9% |
| Operating profit (loss) | 9901 | €212,658 | €329,144 | +€116,486 | +54.8% |
| Financial income | 75/76B | €6,243 | €4,721 | -€1,522 | -24.4% |
| Recurring financial income | 75 | €6,243 | €4,721 | -€1,522 | -24.4% |
| Financial charges | 65/66B | €2,054 | €1,515 | -€540 | -26.3% |
| Recurring financial charges | 65 | €2,054 | €1,515 | -€540 | -26.3% |
| Profit (loss) for the period before taxes | 9903 | €216,846 | €332,350 | +€115,503 | +53.3% |
| Income taxes | 67/77 | €50,224 | €79,774 | +€29,550 | +58.8% |
| Profit (loss) for the period | 9904 | €166,622 | €252,576 | +€85,954 | +51.6% |
| Profit (loss) for the period to be appropriated | 9905 | €166,622 | €252,576 | +€85,954 | +51.6% |
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 16 October 2026 via checked.be.