Margo Verbist: 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.
Margo Verbist
Largest movements
- Cash -€13,675
down €13,675 (-52.1%), from €26,254 to €12,579
mainly Contributions, distributions and other (-€58,151) and Investment in fixed assets (net) (-€3,803)
- Receivables within one year +€2,685
up €2,685 (+82.4%), from €3,258 to €5,943
- Tangible fixed assets +€957
up €957 (+9.6%), from €9,957 to €10,915
of which Furniture and vehicles: +€1,152
- Deferred charges and accrued income +€504
up €504 (+64.1%), from €786 to €1,289
- Reserves -€7,729
down €7,729 (-24.8%), from €31,151 to €23,422
- Trade debts -€1,274
down €1,274 (-88.3%), from €1,442 to €168
- Other debts -€860
down €860 (-100%), from €860 to €0
- Gross operating margin +€24,354
up €24,354 (+55.3%), from €44,056 to €68,409
- Taxes +€4,580
up €4,580 (+49.6%), from €9,242 to €13,822
- Depreciation +€1,066
up €1,066 (+59.9%), from €1,780 to €2,846
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 | €40,256 | €30,726 | -€9,530 | -23.7% |
| Fixed assets | 21/28 | €9,957 | €10,915 | +€957 | +9.6% |
| Tangible fixed assets | 22/27 | €9,957 | €10,915 | +€957 | +9.6% |
| Plant, machinery and equipment | 23 | €1,845 | €1,650 | -€195 | -10.6% |
| Furniture and vehicles | 24 | €8,113 | €9,265 | +€1,152 | +14.2% |
| Current assets | 29/58 | €30,298 | €19,812 | -€10,487 | -34.6% |
| Amounts receivable within one year | 40/41 | €3,258 | €5,943 | +€2,685 | +82.4% |
| Other amounts receivable | 41 | €3,258 | €5,943 | +€2,685 | +82.4% |
| Cash at bank and in hand | 54/58 | €26,254 | €12,579 | -€13,675 | -52.1% |
| Deferred charges and accrued income | 490/1 | €786 | €1,289 | +€504 | +64.1% |
| Total equity and liabilities | 10/49 | €40,256 | €30,726 | -€9,530 | -23.7% |
| Equity | 10/15 | €31,251 | €23,522 | -€7,729 | -24.7% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €31,151 | €23,422 | -€7,729 | -24.8% |
| Distributable reserves | 133 | €31,151 | €23,422 | -€7,729 | -24.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €9,005 | €7,204 | -€1,801 | -20.0% |
| Amounts payable within one year | 42/48 | €9,005 | €7,204 | -€1,801 | -20.0% |
| Trade debts | 44 | €1,442 | €168 | -€1,274 | -88.3% |
| Suppliers | 440/4 | €1,442 | €168 | -€1,274 | -88.3% |
| Advances received on contracts in progress | 46 | €44 | €0 | -€44 | -100% |
| Taxes, remuneration and social security | 45 | €6,658 | €7,036 | +€377 | +5.7% |
| Taxes | 450/3 | €6,658 | €7,036 | +€377 | +5.7% |
| Other amounts payable | 47/48 | €860 | €0 | -€860 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,780 | €2,846 | +€1,066 | +59.9% |
| Other operating charges | 640/8 | €1,146 | €760 | -€386 | -33.7% |
| Gross operating margin | 9900 | €44,056 | €68,409 | +€24,354 | +55.3% |
| Operating profit (loss) | 9901 | €41,130 | €64,804 | +€23,674 | +57.6% |
| Financial income | 75/76B | - | €23 | +€23 | |
| Recurring financial income | 75 | - | €23 | +€23 | |
| Financial charges | 65/66B | €737 | €583 | -€154 | -20.9% |
| Recurring financial charges | 65 | €737 | €583 | -€154 | -20.9% |
| Profit (loss) for the period before taxes | 9903 | €40,392 | €64,244 | +€23,851 | +59.0% |
| Income taxes | 67/77 | €9,242 | €13,822 | +€4,580 | +49.6% |
| Profit (loss) for the period | 9904 | €31,151 | €50,422 | +€19,271 | +61.9% |
| Profit (loss) for the period to be appropriated | 9905 | €31,151 | €50,422 | +€19,271 | +61.9% |
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.