Raphael Vercruyssen: 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.
Raphael Vercruyssen
Largest movements
- Current investments -€40,976
down €40,976 (-73.2%), from €56,000 to €15,024
- Cash +€26,479
up €26,479 (+85.1%), from €31,117 to €57,596
mainly Other debts (+€76,110) and Net result for the year (+€75,482)
- Tangible fixed assets -€4,024
down €4,024 (-13.3%), from €30,211 to €26,187
of which Furniture and vehicles: -€3,937
- Receivables within one year -€2,984
down €2,984 (-16.2%), from €18,389 to €15,405
of which Other amounts receivable: -€2,312
- Reserves -€100,627
down €100,627 (-83.5%), from €120,548 to €19,920
- Other debts +€76,110
up €76,110, from €0 to €76,110
- Tax, wage and social debts +€4,368
up €4,368 (+47.6%), from €9,180 to €13,547
- Gross operating margin +€36,458
up €36,458 (+53.8%), from €67,705 to €104,163
- Taxes +€7,819
up €7,819 (+61.7%), from €12,679 to €20,498
- Depreciation +€1,916
up €1,916 (+30.3%), from €6,325 to €8,242
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 | €136,077 | €114,920 | -€21,157 | -15.5% |
| Fixed assets | 21/28 | €30,211 | €26,187 | -€4,024 | -13.3% |
| Tangible fixed assets | 22/27 | €30,211 | €26,187 | -€4,024 | -13.3% |
| Plant, machinery and equipment | 23 | €87 | €0 | -€87 | -100% |
| Furniture and vehicles | 24 | €30,125 | €26,187 | -€3,937 | -13.1% |
| Current assets | 29/58 | €105,866 | €88,733 | -€17,133 | -16.2% |
| Amounts receivable within one year | 40/41 | €18,389 | €15,405 | -€2,984 | -16.2% |
| Trade receivables | 40 | €13,251 | €12,579 | -€672 | -5.1% |
| Other amounts receivable | 41 | €5,138 | €2,826 | -€2,312 | -45.0% |
| Current investments | 50/53 | €56,000 | €15,024 | -€40,976 | -73.2% |
| Cash at bank and in hand | 54/58 | €31,117 | €57,596 | +€26,479 | +85.1% |
| Deferred charges and accrued income | 490/1 | €360 | €708 | +€348 | +96.8% |
| Total equity and liabilities | 10/49 | €136,077 | €114,920 | -€21,157 | -15.5% |
| Equity | 10/15 | €125,548 | €24,920 | -€100,627 | -80.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €120,548 | €19,920 | -€100,627 | -83.5% |
| Distributable reserves | 133 | €120,548 | €19,920 | -€100,627 | -83.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €10,529 | €90,000 | +€79,470 | +755% |
| Amounts payable within one year | 42/48 | €10,529 | €90,000 | +€79,470 | +755% |
| Trade debts | 44 | €1,350 | €343 | -€1,007 | -74.6% |
| Suppliers | 440/4 | €1,350 | €343 | -€1,007 | -74.6% |
| Taxes, remuneration and social security | 45 | €9,180 | €13,547 | +€4,368 | +47.6% |
| Taxes | 450/3 | €9,180 | €13,547 | +€4,368 | +47.6% |
| Other amounts payable | 47/48 | €0 | €76,110 | +€76,110 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,325 | €8,242 | +€1,916 | +30.3% |
| Other operating charges | 640/8 | €828 | €1,003 | +€175 | +21.1% |
| Gross operating margin | 9900 | €67,705 | €104,163 | +€36,458 | +53.8% |
| Operating profit (loss) | 9901 | €60,552 | €94,918 | +€34,366 | +56.8% |
| Financial income | 75/76B | €548 | €1,161 | +€612 | +112% |
| Recurring financial income | 75 | €548 | €1,161 | +€612 | +112% |
| Financial charges | 65/66B | €112 | €98 | -€13 | -12.1% |
| Recurring financial charges | 65 | €112 | €98 | -€13 | -12.1% |
| Profit (loss) for the period before taxes | 9903 | €60,988 | €95,981 | +€34,992 | +57.4% |
| Income taxes | 67/77 | €12,679 | €20,498 | +€7,819 | +61.7% |
| Profit (loss) for the period | 9904 | €48,309 | €75,482 | +€27,173 | +56.2% |
| Profit (loss) for the period to be appropriated | 9905 | €48,309 | €75,482 | +€27,173 | +56.2% |
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 24 October 2026 via checked.be.