PATRICK VERDOODT: what changed
Two fiscal 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.
PATRICK VERDOODT
Largest movements
- Current investments +€95,778
up €95,778 (+41.7%), from €229,883 to €325,661
- Cash -€59,129
down €59,129 (-31.7%), from €186,476 to €127,347
mainly Current investments (-€95,778) and Contributions, distributions and other (-€27,000)
- Tangible fixed assets +€18,188
up €18,188 (+46.3%), from €39,275 to €57,463
of which Furniture and vehicles: +€21,070
- Reserves +€72,826
up €72,826 (+17.5%), from €417,087 to €489,913
- Tax, wage and social debts -€14,597
down €14,597 (-32.7%), from €44,700 to €30,103
of which Remuneration and social security: -€15,440
- Gross operating margin +€28,028
up €28,028 (+12.1%), from €230,744 to €258,772
- Taxes +€13,732
up €13,732 (+49.9%), from €27,514 to €41,246
- Staff costs -€7,903
down €7,903 (-6.5%), from €121,810 to €113,907
- Depreciation -€7,441
down €7,441 (-47.3%), from €15,737 to €8,297
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.
Cash bridge derived
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 | €483,592 | €541,539 | +€57,947 | +12.0% |
| Fixed assets | 21/28 | €39,275 | €57,463 | +€18,188 | +46.3% |
| Tangible fixed assets | 22/27 | €39,275 | €57,463 | +€18,188 | +46.3% |
| Land and buildings | 22 | €12,360 | €11,090 | -€1,270 | -10.3% |
| Plant, machinery and equipment | 23 | €4,070 | €2,458 | -€1,612 | -39.6% |
| Furniture and vehicles | 24 | €22,846 | €43,916 | +€21,070 | +92.2% |
| Current assets | 29/58 | €444,317 | €484,076 | +€39,759 | +8.9% |
| Amounts receivable within one year | 40/41 | €2,180 | €2,284 | +€105 | +4.8% |
| Other amounts receivable | 41 | €2,180 | €2,284 | +€105 | +4.8% |
| Current investments | 50/53 | €229,883 | €325,661 | +€95,778 | +41.7% |
| Cash at bank and in hand | 54/58 | €186,476 | €127,347 | -€59,129 | -31.7% |
| Deferred charges and accrued income | 490/1 | €25,778 | €28,783 | +€3,005 | +11.7% |
| Total equity and liabilities | 10/49 | €483,592 | €541,539 | +€57,947 | +12.0% |
| Equity | 10/15 | €423,287 | €496,113 | +€72,826 | +17.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €417,087 | €489,913 | +€72,826 | +17.5% |
| Distributable reserves | 133 | €417,087 | €489,913 | +€72,826 | +17.5% |
| Amounts payable | 17/49 | €60,305 | €45,426 | -€14,879 | -24.7% |
| Amounts payable within one year | 42/48 | €60,305 | €45,426 | -€14,879 | -24.7% |
| Trade debts | 44 | €10,747 | €10,900 | +€154 | +1.4% |
| Suppliers | 440/4 | €10,747 | €10,900 | +€154 | +1.4% |
| Taxes, remuneration and social security | 45 | €44,700 | €30,103 | -€14,597 | -32.7% |
| Taxes | 450/3 | €14,036 | €14,878 | +€842 | +6.0% |
| Remuneration and social security | 454/9 | €30,664 | €15,225 | -€15,440 | -50.4% |
| Other amounts payable | 47/48 | €4,858 | €4,423 | -€435 | -9.0% |
| Remuneration, social security and pensions | 62 | €121,810 | €113,907 | -€7,903 | -6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,737 | €8,297 | -€7,441 | -47.3% |
| Other operating charges | 640/8 | €892 | €721 | -€171 | -19.2% |
| Non-recurring operating charges | 66A | - | €16 | +€16 | |
| Gross operating margin | 9900 | €230,744 | €258,772 | +€28,028 | +12.1% |
| Operating profit (loss) | 9901 | €92,304 | €135,831 | +€43,527 | +47.2% |
| Financial income | 75/76B | €6,032 | €5,325 | -€707 | -11.7% |
| Recurring financial income | 75 | €6,032 | €5,325 | -€707 | -11.7% |
| Financial charges | 65/66B | €122 | €84 | -€38 | -30.9% |
| Recurring financial charges | 65 | €122 | €84 | -€38 | -30.9% |
| Profit (loss) for the period before taxes | 9903 | €98,214 | €141,072 | +€42,858 | +43.6% |
| Income taxes | 67/77 | €27,514 | €41,246 | +€13,732 | +49.9% |
| Profit (loss) for the period | 9904 | €70,699 | €99,826 | +€29,127 | +41.2% |
| Profit (loss) for the period to be appropriated | 9905 | €70,699 | €99,826 | +€29,127 | +41.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.