KATRIEN 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.
KATRIEN VERLINDEN
Largest movements
- Cash +€138,989
up €138,989 (+355%), from €39,158 to €178,147
mainly Net result for the year (+€221,956) and Depreciation (+€16,388)
- Reserves +€211,956
up €211,956 (+27.1%), from €782,364 to €994,320
- Current portion of long-term debt -€58,891
down €58,891 (-54.7%), from €107,651 to €48,760
- Debts after one year -€48,760
down €48,760 (-10.3%), from €472,447 to €423,687
- Financial income -€14,944
down €14,944 (-23.0%), from €65,000 to €50,056
- Gross operating margin +€11,665
up €11,665 (+4.3%), from €270,716 to €282,381
- Taxes +€3,530
up €3,530 (+4.6%), from €77,133 to €80,663
- Financial charges -€3,273
down €3,273 (-19.7%), from €16,621 to €13,348
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 | €3,070,933 | €3,193,535 | +€122,602 | +4.0% |
| Fixed assets | 21/28 | €2,971,775 | €2,955,388 | -€16,388 | -0.6% |
| Tangible fixed assets | 22/27 | €57,259 | €40,871 | -€16,388 | -28.6% |
| Plant, machinery and equipment | 23 | €119 | - | -€119 | |
| Furniture and vehicles | 24 | €57,139 | €40,871 | -€16,268 | -28.5% |
| Financial fixed assets | 28 | €2,914,517 | €2,914,517 | = | 0.0% |
| Current assets | 29/58 | €99,158 | €238,147 | +€138,989 | +140% |
| Amounts receivable within one year | 40/41 | €60,000 | €60,000 | = | 0.0% |
| Other amounts receivable | 41 | €60,000 | €60,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €39,158 | €178,147 | +€138,989 | +355% |
| Total equity and liabilities | 10/49 | €3,070,933 | €3,193,535 | +€122,602 | +4.0% |
| Equity | 10/15 | €2,277,696 | €2,489,652 | +€211,956 | +9.3% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €782,364 | €994,320 | +€211,956 | +27.1% |
| Distributable reserves | 133 | €782,364 | €994,320 | +€211,956 | +27.1% |
| Profit (loss) carried forward | 14 | €1,480,331 | €1,480,331 | +€0 | 0.0% |
| Amounts payable | 17/49 | €793,238 | €703,883 | -€89,355 | -11.3% |
| Amounts payable after more than one year | 17 | €472,447 | €423,687 | -€48,760 | -10.3% |
| Financial debts | 170/4 | €472,447 | €423,687 | -€48,760 | -10.3% |
| Amounts payable within one year | 42/48 | €308,498 | €269,128 | -€39,370 | -12.8% |
| Current portion of amounts payable after more than one year | 42 | €107,651 | €48,760 | -€58,891 | -54.7% |
| Trade debts | 44 | €15,271 | €24,323 | +€9,052 | +59.3% |
| Suppliers | 440/4 | €15,271 | €24,323 | +€9,052 | +59.3% |
| Taxes, remuneration and social security | 45 | €38,069 | €37,719 | -€350 | -0.9% |
| Taxes | 450/3 | €38,069 | €37,719 | -€350 | -0.9% |
| Other amounts payable | 47/48 | €147,508 | €158,326 | +€10,818 | +7.3% |
| Accrued charges and deferred income | 492/3 | €12,292 | €11,068 | -€1,225 | -10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,825 | €16,388 | -€438 | -2.6% |
| Other operating charges | 640/8 | €299 | €83 | -€216 | -72.3% |
| Gross operating margin | 9900 | €270,716 | €282,381 | +€11,665 | +4.3% |
| Operating profit (loss) | 9901 | €253,591 | €265,910 | +€12,319 | +4.9% |
| Financial income | 75/76B | €65,000 | €50,056 | -€14,944 | -23.0% |
| Recurring financial income | 75 | €65,000 | €50,056 | -€14,944 | -23.0% |
| Financial charges | 65/66B | €16,621 | €13,348 | -€3,273 | -19.7% |
| Recurring financial charges | 65 | €16,621 | €13,348 | -€3,273 | -19.7% |
| Profit (loss) for the period before taxes | 9903 | €301,971 | €302,619 | +€648 | +0.2% |
| Income taxes | 67/77 | €77,133 | €80,663 | +€3,530 | +4.6% |
| Profit (loss) for the period | 9904 | €224,838 | €221,956 | -€2,882 | -1.3% |
| Profit (loss) for the period to be appropriated | 9905 | €224,838 | €221,956 | -€2,882 | -1.3% |
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 18 October 2026 via checked.be.