Sam Verfaillie: 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.
Sam Verfaillie
Largest movements
- Receivables after one year +€290,557
up €290,557 (+71.9%), from €404,273 to €694,830
- Cash +€100,334
up €100,334 (+118%), from €84,834 to €185,168
mainly Net result for the year (+€706,304) and Other debts (+€508,673)
- Tangible fixed assets -€22,282
down €22,282 (-26.1%), from €85,444 to €63,163
of which Furniture and vehicles: -€22,505
- Other debts +€508,673
up €508,673 (+24,512%), from €2,075 to €510,748
- Profit (loss) carried forward -€293,696
down €293,696 (-52.6%), from €558,392 to €264,695
- Tax, wage and social debts +€154,428
up €154,428 (+1,395%), from €11,069 to €165,497
of which Taxes: +€147,516
- Gross operating margin +€234,550
up €234,550 (+31.2%), from €752,155 to €986,706
- Taxes +€50,673
up €50,673 (+28.3%), from €179,224 to €229,897
- Staff costs +€17,622
up €17,622 (+126%), from €14,016 to €31,638
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 | €594,998 | €963,672 | +€368,674 | +62.0% |
| Fixed assets | 21/28 | €85,444 | €63,163 | -€22,282 | -26.1% |
| Tangible fixed assets | 22/27 | €85,444 | €63,163 | -€22,282 | -26.1% |
| Plant, machinery and equipment | 23 | €1,985 | €2,208 | +€224 | +11.3% |
| Furniture and vehicles | 24 | €83,460 | €60,954 | -€22,505 | -27.0% |
| Current assets | 29/58 | €509,554 | €900,510 | +€390,956 | +76.7% |
| Amounts receivable after more than one year | 29 | €404,273 | €694,830 | +€290,557 | +71.9% |
| Other amounts receivable | 291 | €404,273 | €694,830 | +€290,557 | +71.9% |
| Amounts receivable within one year | 40/41 | €20,447 | €20,512 | +€65 | +0.3% |
| Trade receivables | 40 | €18,150 | €18,150 | +€0 | 0.0% |
| Other amounts receivable | 41 | €2,297 | €2,362 | +€65 | +2.8% |
| Cash at bank and in hand | 54/58 | €84,834 | €185,168 | +€100,334 | +118% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €594,998 | €963,672 | +€368,674 | +62.0% |
| Equity | 10/15 | €578,852 | €285,155 | -€293,696 | -50.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €558,392 | €264,695 | -€293,696 | -52.6% |
| Amounts payable | 17/49 | €16,147 | €678,517 | +€662,370 | +4,102% |
| Amounts payable within one year | 42/48 | €16,147 | €678,517 | +€662,370 | +4,102% |
| Trade debts | 44 | €3,002 | €2,272 | -€731 | -24.3% |
| Suppliers | 440/4 | €3,002 | €2,272 | -€731 | -24.3% |
| Taxes, remuneration and social security | 45 | €11,069 | €165,497 | +€154,428 | +1,395% |
| Taxes | 450/3 | €9,090 | €156,605 | +€147,516 | +1,623% |
| Remuneration and social security | 454/9 | €1,979 | €8,892 | +€6,912 | +349% |
| Other amounts payable | 47/48 | €2,075 | €510,748 | +€508,673 | +24,512% |
| Remuneration, social security and pensions | 62 | €14,016 | €31,638 | +€17,622 | +126% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,071 | €22,282 | -€789 | -3.4% |
| Other operating charges | 640/8 | €1,142 | €927 | -€215 | -18.8% |
| Gross operating margin | 9900 | €752,155 | €986,706 | +€234,550 | +31.2% |
| Operating profit (loss) | 9901 | €713,926 | €931,859 | +€217,932 | +30.5% |
| Financial income | 75/76B | €3,326 | €4,924 | +€1,598 | +48.1% |
| Recurring financial income | 75 | €3,326 | €4,924 | +€1,598 | +48.1% |
| Financial charges | 65/66B | €141 | €582 | +€441 | +312% |
| Recurring financial charges | 65 | €141 | €582 | +€441 | +312% |
| Profit (loss) for the period before taxes | 9903 | €717,110 | €936,200 | +€219,090 | +30.6% |
| Income taxes | 67/77 | €179,224 | €229,897 | +€50,673 | +28.3% |
| Profit (loss) for the period | 9904 | €537,886 | €706,304 | +€168,417 | +31.3% |
| Profit (loss) for the period to be appropriated | 9905 | €537,886 | €706,304 | +€168,417 | +31.3% |
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 17 October 2026 via checked.be.