Philip Vertessen: 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.
Philip Vertessen
Largest movements
- Cash +€4.7m
up €4.7m (+406.2%), from €1.1m to €5.8m
mainly Current investments (+€4.5m) and Depreciation (+€90,566)
- Current investments -€4.5m
no longer reported in 2025 (was €4.5m)
- Tangible fixed assets -€76,036
down €76,036 (-6.3%), from €1.2m to €1.1m
of which Land and buildings: -€59,517
No liability line moved by more than 1% of the balance sheet total.
- Financial income -€82,155
down €82,155 (-54.1%), from €151,912 to €69,757
- Gross operating margin -€30,241
down €30,241 (-34.3%), from €88,212 to €57,971
- Taxes +€10,872
up €10,872 (+75.7%), from €14,361 to €25,233
- Financial charges -€2,180
down €2,180 (-44.7%), from €4,879 to €2,699
- Write-downs +€2,001
no longer reported in 2025 (was -€2,001)
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 | €6,958,755 | €6,944,406 | -€14,349 | -0.2% |
| Fixed assets | 21/28 | €1,206,738 | €1,130,702 | -€76,036 | -6.3% |
| Tangible fixed assets | 22/27 | €1,200,138 | €1,124,102 | -€76,036 | -6.3% |
| Land and buildings | 22 | €1,167,145 | €1,107,628 | -€59,517 | -5.1% |
| Furniture and vehicles | 24 | €32,993 | €9,065 | -€23,928 | -72.5% |
| Other tangible fixed assets | 26 | - | €7,409 | +€7,409 | |
| Financial fixed assets | 28 | €6,600 | €6,600 | = | 0.0% |
| Current assets | 29/58 | €5,752,017 | €5,813,703 | +€61,687 | +1.1% |
| Amounts receivable within one year | 40/41 | €62,699 | €8,594 | -€54,105 | -86.3% |
| Trade receivables | 40 | €19,364 | €2,945 | -€16,419 | -84.8% |
| Other amounts receivable | 41 | €43,335 | €5,649 | -€37,686 | -87.0% |
| Current investments | 50/53 | €4,525,000 | - | -€4.5m | |
| Cash at bank and in hand | 54/58 | €1,146,389 | €5,802,736 | +€4.7m | +406.2% |
| Deferred charges and accrued income | 490/1 | €17,929 | €2,373 | -€15,556 | -86.8% |
| Total equity and liabilities | 10/49 | €6,958,755 | €6,944,406 | -€14,349 | -0.2% |
| Equity | 10/15 | €6,881,565 | €6,885,787 | +€4,222 | +0.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €6,869,165 | €6,873,387 | +€4,222 | +0.1% |
| Tax-exempt reserves | 132 | €618,842 | €452,880 | -€165,962 | -26.8% |
| Distributable reserves | 133 | €6,250,323 | €6,420,507 | +€170,184 | +2.7% |
| Amounts payable | 17/49 | €77,190 | €58,619 | -€18,571 | -24.1% |
| Amounts payable within one year | 42/48 | €67,641 | €50,778 | -€16,863 | -24.9% |
| Trade debts | 44 | €23,851 | €14,723 | -€9,128 | -38.3% |
| Suppliers | 440/4 | €23,851 | €14,723 | -€9,128 | -38.3% |
| Taxes, remuneration and social security | 45 | €5,606 | €16,515 | +€10,909 | +194.6% |
| Taxes | 450/3 | €4,432 | €15,341 | +€10,909 | +246.2% |
| Remuneration and social security | 454/9 | €1,174 | €1,174 | = | 0.0% |
| Other amounts payable | 47/48 | €38,185 | €19,540 | -€18,644 | -48.8% |
| Accrued charges and deferred income | 492/3 | €9,548 | €7,841 | -€1,708 | -17.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,405 | €90,566 | +€1,161 | +1.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,001 | - | +€2,001 | |
| Other operating charges | 640/8 | €5,757 | €4,149 | -€1,608 | -27.9% |
| Gross operating margin | 9900 | €88,212 | €57,971 | -€30,241 | -34.3% |
| Operating profit (loss) | 9901 | -€4,949 | -€36,744 | -€31,795 | -642.4% |
| Financial income | 75/76B | €151,912 | €69,757 | -€82,155 | -54.1% |
| Recurring financial income | 75 | €151,912 | €69,757 | -€82,155 | -54.1% |
| Financial charges | 65/66B | €4,879 | €2,699 | -€2,180 | -44.7% |
| Recurring financial charges | 65 | €4,879 | €2,699 | -€2,180 | -44.7% |
| Profit (loss) for the period before taxes | 9903 | €142,084 | €30,314 | -€111,770 | -78.7% |
| Income taxes | 67/77 | €14,361 | €25,233 | +€10,872 | +75.7% |
| Profit (loss) for the period | 9904 | €127,723 | €5,081 | -€122,642 | -96.0% |
| Transfer from tax-exempt reserves | 789 | €12,658 | €165,962 | +€153,304 | +1211.1% |
| Profit (loss) for the period to be appropriated | 9905 | €140,381 | €171,043 | +€30,662 | +21.8% |
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 3 October 2026 via checked.be.