Laura 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.
Laura Verdonck
Largest movements
- Receivables after one year -€50,000
down €50,000 (-100%), from €50,000 to €0
- Receivables within one year -€12,569
down €12,569 (-94.1%), from €13,351 to €782
of which Trade receivables: -€13,351
- Deferred charges and accrued income +€10,316
up €10,316 (+1,033%), from €999 to €11,315
- Cash +€9,125
up €9,125 (+35.5%), from €25,670 to €34,795
mainly Receivables after one year (+€50,000) and Net result for the year (+€22,203)
- Tangible fixed assets -€6,492
down €6,492 (-25.3%), from €25,664 to €19,173
- Reserves -€36,620
down €36,620 (-51.3%), from €71,350 to €34,730
- Tax, wage and social debts -€7,050
down €7,050 (-46.9%), from €15,024 to €7,973
- Debts after one year -€6,503
down €6,503 (-33.1%), from €19,658 to €13,155
- Gross operating margin -€6,998
down €6,998 (-14.9%), from €46,974 to €39,977
- Financial income -€714
down €714 (-81.1%), from €880 to €166
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 | €115,684 | €66,063 | -€49,620 | -42.9% |
| Fixed assets | 21/28 | €25,664 | €19,173 | -€6,492 | -25.3% |
| Tangible fixed assets | 22/27 | €25,664 | €19,173 | -€6,492 | -25.3% |
| Furniture and vehicles | 24 | €25,664 | €19,173 | -€6,492 | -25.3% |
| Current assets | 29/58 | €90,019 | €46,891 | -€43,129 | -47.9% |
| Amounts receivable after more than one year | 29 | €50,000 | €0 | -€50,000 | -100% |
| Other amounts receivable | 291 | €50,000 | €0 | -€50,000 | -100% |
| Amounts receivable within one year | 40/41 | €13,351 | €782 | -€12,569 | -94.1% |
| Trade receivables | 40 | €13,351 | €0 | -€13,351 | -100% |
| Other amounts receivable | 41 | - | €782 | +€782 | |
| Cash at bank and in hand | 54/58 | €25,670 | €34,795 | +€9,125 | +35.5% |
| Deferred charges and accrued income | 490/1 | €999 | €11,315 | +€10,316 | +1,033% |
| Total equity and liabilities | 10/49 | €115,684 | €66,063 | -€49,620 | -42.9% |
| Equity | 10/15 | €74,350 | €37,730 | -€36,620 | -49.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €71,350 | €34,730 | -€36,620 | -51.3% |
| Distributable reserves | 133 | €71,350 | €34,730 | -€36,620 | -51.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €41,334 | €28,334 | -€13,000 | -31.5% |
| Amounts payable after more than one year | 17 | €19,658 | €13,155 | -€6,503 | -33.1% |
| Financial debts | 170/4 | €19,658 | €13,155 | -€6,503 | -33.1% |
| Amounts payable within one year | 42/48 | €21,676 | €15,179 | -€6,497 | -30.0% |
| Current portion of amounts payable after more than one year | 42 | €6,267 | €6,503 | +€236 | +3.8% |
| Trade debts | 44 | €140 | €42 | -€98 | -70.1% |
| Suppliers | 440/4 | €140 | €42 | -€98 | -70.1% |
| Taxes, remuneration and social security | 45 | €15,024 | €7,973 | -€7,050 | -46.9% |
| Taxes | 450/3 | €15,024 | €7,973 | -€7,050 | -46.9% |
| Other amounts payable | 47/48 | €245 | €661 | +€416 | +170% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,492 | €6,492 | = | 0.0% |
| Other operating charges | 640/8 | €2,106 | €2,118 | +€12 | +0.6% |
| Gross operating margin | 9900 | €46,974 | €39,977 | -€6,998 | -14.9% |
| Operating profit (loss) | 9901 | €38,376 | €31,367 | -€7,010 | -18.3% |
| Financial income | 75/76B | €880 | €166 | -€714 | -81.1% |
| Recurring financial income | 75 | €880 | €166 | -€714 | -81.1% |
| Financial charges | 65/66B | €1,151 | €1,111 | -€40 | -3.5% |
| Recurring financial charges | 65 | €1,151 | €1,111 | -€40 | -3.5% |
| Profit (loss) for the period before taxes | 9903 | €38,104 | €30,422 | -€7,683 | -20.2% |
| Income taxes | 67/77 | €7,973 | €8,218 | +€245 | +3.1% |
| Profit (loss) for the period | 9904 | €30,131 | €22,203 | -€7,928 | -26.3% |
| Profit (loss) for the period to be appropriated | 9905 | €30,131 | €22,203 | -€7,928 | -26.3% |
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 27 October 2026 via checked.be.