Michiel Verraes: what changed
Michiel Verraes
Largest movements
- Cash +€161,584
up €161,584 (+352%), from €45,968 to €207,552
mainly Net result for the year (+€87,830) and Receivables within one year (+€44,487)
- Receivables within one year -€44,487
down €44,487 (-80.0%), from €55,596 to €11,109
of which Trade receivables: -€44,783
- Deferred charges and accrued income -€33,619
down €33,619 (-89.9%), from €37,411 to €3,792
- Tangible fixed assets -€3,013
down €3,013 (-39.2%), from €7,678 to €4,666
- Profit (loss) carried forward +€87,830
up €87,830 (+79.9%), from €109,901 to €197,731
- Other debts -€17,472
down €17,472 (-85.9%), from €20,350 to €2,879
- Tax, wage and social debts +€10,088
up €10,088 (+73.9%), from €13,643 to €23,731
of which Taxes: +€12,773
- Gross operating margin +€87,176
up €87,176 (+281%), from €31,058 to €118,235
- Taxes +€18,118
up €18,118 (+323%), from €5,613 to €23,731
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €146,653 | €227,119 | +€80,466 | +54.9% |
| Fixed assets | 21/28 | €7,678 | €4,666 | -€3,013 | -39.2% |
| Tangible fixed assets | 22/27 | €7,678 | €4,666 | -€3,013 | -39.2% |
| Furniture and vehicles | 24 | €7,678 | €4,666 | -€3,013 | -39.2% |
| Current assets | 29/58 | €138,975 | €222,453 | +€83,478 | +60.1% |
| Amounts receivable within one year | 40/41 | €55,596 | €11,109 | -€44,487 | -80.0% |
| Trade receivables | 40 | €55,596 | €10,813 | -€44,783 | -80.6% |
| Other amounts receivable | 41 | - | €296 | +€296 | |
| Cash at bank and in hand | 54/58 | €45,968 | €207,552 | +€161,584 | +352% |
| Deferred charges and accrued income | 490/1 | €37,411 | €3,792 | -€33,619 | -89.9% |
| Total equity and liabilities | 10/49 | €146,653 | €227,119 | +€80,466 | +54.9% |
| Equity | 10/15 | €111,901 | €199,731 | +€87,830 | +78.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Contributions outside capital | 11 | €2,000 | €2,000 | = | 0.0% |
| Other | 1109/19 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €109,901 | €197,731 | +€87,830 | +79.9% |
| Amounts payable | 17/49 | €34,752 | €27,388 | -€7,364 | -21.2% |
| Amounts payable within one year | 42/48 | €34,752 | €27,388 | -€7,364 | -21.2% |
| Trade debts | 44 | €759 | €778 | +€20 | +2.6% |
| Suppliers | 440/4 | €759 | €778 | +€20 | +2.6% |
| Taxes, remuneration and social security | 45 | €13,643 | €23,731 | +€10,088 | +73.9% |
| Taxes | 450/3 | €10,958 | €23,731 | +€12,773 | +117% |
| Remuneration and social security | 454/9 | €2,685 | - | -€2,685 | |
| Other amounts payable | 47/48 | €20,350 | €2,879 | -€17,472 | -85.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,522 | €6,030 | -€492 | -7.5% |
| Other operating charges | 640/8 | €778 | €575 | -€202 | -26.0% |
| Gross operating margin | 9900 | €31,058 | €118,235 | +€87,176 | +281% |
| Operating profit (loss) | 9901 | €23,759 | €111,629 | +€87,870 | +370% |
| Financial income | 75/76B | - | €85 | +€85 | |
| Recurring financial income | 75 | - | €85 | +€85 | |
| Financial charges | 65/66B | €174 | €154 | -€20 | -11.7% |
| Recurring financial charges | 65 | €174 | €154 | -€20 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | €23,585 | €111,561 | +€87,976 | +373% |
| Income taxes | 67/77 | €5,613 | €23,731 | +€18,118 | +323% |
| Profit (loss) for the period | 9904 | €17,972 | €87,830 | +€69,858 | +389% |
| Profit (loss) for the period to be appropriated | 9905 | €17,972 | €87,830 | +€69,858 | +389% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.