M. VERSTUYF: 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.
M. VERSTUYF
Largest movements
- Cash +€3,369
up €3,369 (+33.5%), from €10,045 to €13,414
mainly Other debts (+€8,881) and Net result for the year (+€469)
- Receivables within one year +€2,741
up €2,741 (+61.9%), from €4,430 to €7,172
of which Trade receivables: +€1,920
- Tangible fixed assets -€310
down €310 (-39.9%), from €778 to €468
of which Furniture and vehicles: -€179
- Other debts +€8,881
new in 2025: €8,881
- Tax, wage and social debts -€3,868
down €3,868 (-28.6%), from €13,516 to €9,648
of which Remuneration and social security: -€4,826
- Profit (loss) carried forward +€469
up €469 (+12.4%), from -€3,773 to -€3,304
- Trade debts +€318
up €318 (+62.2%), from €511 to €828
- Staff costs +€5,108
up €5,108 (+5.4%), from €94,535 to €99,643
- Gross operating margin +€2,994
up €2,994 (+3.0%), from €100,295 to €103,289
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 | €15,254 | €21,054 | +€5,800 | +38.0% |
| Fixed assets | 21/28 | €778 | €468 | -€310 | -39.9% |
| Tangible fixed assets | 22/27 | €778 | €468 | -€310 | -39.9% |
| Plant, machinery and equipment | 23 | €476 | €344 | -€131 | -27.6% |
| Furniture and vehicles | 24 | €302 | €124 | -€179 | -59.1% |
| Current assets | 29/58 | €14,476 | €20,586 | +€6,110 | +42.2% |
| Amounts receivable within one year | 40/41 | €4,430 | €7,172 | +€2,741 | +61.9% |
| Trade receivables | 40 | €3,991 | €5,912 | +€1,920 | +48.1% |
| Other amounts receivable | 41 | €439 | €1,260 | +€821 | +187% |
| Cash at bank and in hand | 54/58 | €10,045 | €13,414 | +€3,369 | +33.5% |
| Total equity and liabilities | 10/49 | €15,254 | €21,054 | +€5,800 | +38.0% |
| Equity | 10/15 | €1,227 | €1,696 | +€469 | +38.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,773 | -€3,304 | +€469 | +12.4% |
| Amounts payable | 17/49 | €14,027 | €19,358 | +€5,331 | +38.0% |
| Amounts payable within one year | 42/48 | €14,027 | €19,358 | +€5,331 | +38.0% |
| Trade debts | 44 | €511 | €828 | +€318 | +62.2% |
| Suppliers | 440/4 | €511 | €828 | +€318 | +62.2% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €13,516 | €9,648 | -€3,868 | -28.6% |
| Taxes | 450/3 | €2,854 | €3,812 | +€958 | +33.6% |
| Remuneration and social security | 454/9 | €10,662 | €5,836 | -€4,826 | -45.3% |
| Other amounts payable | 47/48 | - | €8,881 | +€8,881 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €558 | +€558 | |
| Remuneration, social security and pensions | 62 | €94,535 | €99,643 | +€5,108 | +5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €310 | €310 | = | 0.0% |
| Other operating charges | 640/8 | €764 | €932 | +€169 | +22.1% |
| Gross operating margin | 9900 | €100,295 | €103,289 | +€2,994 | +3.0% |
| Operating profit (loss) | 9901 | €4,686 | €2,404 | -€2,282 | -48.7% |
| Financial income | 75/76B | €0 | €122 | +€122 | +174,729% |
| Recurring financial income | 75 | €0 | €122 | +€122 | +174,729% |
| Financial charges | 65/66B | €2,437 | €2,057 | -€380 | -15.6% |
| Recurring financial charges | 65 | €2,437 | €2,057 | -€380 | -15.6% |
| Profit (loss) for the period before taxes | 9903 | €2,249 | €469 | -€1,780 | -79.1% |
| Profit (loss) for the period | 9904 | €2,249 | €469 | -€1,780 | -79.1% |
| Profit (loss) for the period to be appropriated | 9905 | €2,249 | €469 | -€1,780 | -79.1% |
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 17 October 2026 via checked.be.