Michaël Verbesselt: 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.
Michaël Verbesselt
Largest movements
- Tangible fixed assets +€41,833
up €41,833 (+206%), from €20,352 to €62,186
of which Leasing and similar rights: +€38,598
- Receivables within one year -€39,940
down €39,940 (-30.4%), from €131,473 to €91,533
of which Trade receivables: -€43,624
- Cash +€23,626
up €23,626 (+85.1%), from €27,752 to €51,378
mainly Receivables within one year (+€39,940) and Debts after one year (+€33,021)
- Stocks and contracts +€12,965
up €12,965 (+12.4%), from €104,890 to €117,856
- Debts after one year +€33,021
up €33,021 (+57.1%), from €57,869 to €90,891
- Other debts +€21,289
up €21,289 (+57.7%), from €36,907 to €58,196
- Profit (loss) carried forward -€12,137
down €12,137 (-13.9%), from €87,310 to €75,174
- Current portion of long-term debt +€9,667
up €9,667 (+585%), from €1,652 to €11,319
- Tax, wage and social debts -€7,272
down €7,272 (-54.2%), from €13,421 to €6,149
of which Taxes: -€3,972
- Depreciation +€4,390
up €4,390 (+85.3%), from €5,144 to €9,533
- Financial charges -€2,092
down €2,092 (-63.6%), from €3,288 to €1,196
- Other operating charges +€940
up €940 (+37.0%), from €2,538 to €3,478
- Taxes +€702
up €702 (+24.8%), from €2,828 to €3,530
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 | €289,911 | €327,895 | +€37,984 | +13.1% |
| Fixed assets | 21/28 | €22,152 | €63,986 | +€41,833 | +189% |
| Tangible fixed assets | 22/27 | €20,352 | €62,186 | +€41,833 | +206% |
| Plant, machinery and equipment | 23 | €16,247 | €15,351 | -€897 | -5.5% |
| Furniture and vehicles | 24 | €4,105 | €8,237 | +€4,132 | +101% |
| Leasing and similar rights | 25 | - | €38,598 | +€38,598 | |
| Financial fixed assets | 28 | €1,800 | €1,800 | = | 0.0% |
| Current assets | 29/58 | €267,759 | €263,910 | -€3,849 | -1.4% |
| Stocks and contracts in progress | 3 | €104,890 | €117,856 | +€12,965 | +12.4% |
| Stocks | 30/36 | €104,890 | €117,856 | +€12,965 | +12.4% |
| Amounts receivable within one year | 40/41 | €131,473 | €91,533 | -€39,940 | -30.4% |
| Trade receivables | 40 | €125,754 | €82,130 | -€43,624 | -34.7% |
| Other amounts receivable | 41 | €5,718 | €9,403 | +€3,684 | +64.4% |
| Cash at bank and in hand | 54/58 | €27,752 | €51,378 | +€23,626 | +85.1% |
| Deferred charges and accrued income | 490/1 | €3,644 | €3,143 | -€501 | -13.8% |
| Total equity and liabilities | 10/49 | €289,911 | €327,895 | +€37,984 | +13.1% |
| Equity | 10/15 | €101,570 | €89,434 | -€12,137 | -11.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €87,310 | €75,174 | -€12,137 | -13.9% |
| Amounts payable | 17/49 | €188,341 | €238,461 | +€50,120 | +26.6% |
| Amounts payable after more than one year | 17 | €57,869 | €90,891 | +€33,021 | +57.1% |
| Financial debts | 170/4 | €57,869 | €90,891 | +€33,021 | +57.1% |
| Amounts payable within one year | 42/48 | €129,564 | €146,411 | +€16,847 | +13.0% |
| Current portion of amounts payable after more than one year | 42 | €1,652 | €11,319 | +€9,667 | +585% |
| Trade debts | 44 | €77,584 | €70,747 | -€6,837 | -8.8% |
| Suppliers | 440/4 | €77,584 | €70,747 | -€6,837 | -8.8% |
| Taxes, remuneration and social security | 45 | €13,421 | €6,149 | -€7,272 | -54.2% |
| Taxes | 450/3 | €9,621 | €5,649 | -€3,972 | -41.3% |
| Remuneration and social security | 454/9 | €3,800 | €500 | -€3,300 | -86.8% |
| Other amounts payable | 47/48 | €36,907 | €58,196 | +€21,289 | +57.7% |
| Accrued charges and deferred income | 492/3 | €908 | €1,160 | +€252 | +27.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,144 | €9,533 | +€4,390 | +85.3% |
| Other operating charges | 640/8 | €2,538 | €3,478 | +€940 | +37.0% |
| Gross operating margin | 9900 | €28,949 | €29,083 | +€134 | +0.5% |
| Operating profit (loss) | 9901 | €21,267 | €16,071 | -€5,196 | -24.4% |
| Financial income | 75/76B | €0 | €48 | +€48 | +120,425% |
| Recurring financial income | 75 | €0 | €48 | +€48 | +120,425% |
| Financial charges | 65/66B | €3,288 | €1,196 | -€2,092 | -63.6% |
| Recurring financial charges | 65 | €3,288 | €1,196 | -€2,092 | -63.6% |
| Profit (loss) for the period before taxes | 9903 | €17,979 | €14,923 | -€3,055 | -17.0% |
| Income taxes | 67/77 | €2,828 | €3,530 | +€702 | +24.8% |
| Profit (loss) for the period | 9904 | €15,150 | €11,393 | -€3,758 | -24.8% |
| Profit (loss) for the period to be appropriated | 9905 | €15,150 | €11,393 | -€3,758 | -24.8% |
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.