SANDER VEREECKE: 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.
SANDER VEREECKE
Largest movements
- Receivables within one year +€42,456
up €42,456 (+294%), from €14,445 to €56,902
of which Trade receivables: +€44,669
- Tangible fixed assets -€21,134
down €21,134 (-14.5%), from €145,293 to €124,158
of which Furniture and vehicles: -€15,966
- Stocks and contracts -€2,912
down €2,912 (-53.1%), from €5,487 to €2,575
- Cash +€2,860
up €2,860 (+12.3%), from €23,245 to €26,104
mainly Net result for the year (+€27,594) and Depreciation (+€21,134)
- Reserves +€64,989
new in 2025: €64,989
- Profit (loss) carried forward -€37,395
no longer reported in 2025 (was €37,395)
- Debts after one year -€17,495
down €17,495 (-19.4%), from €90,062 to €72,567
- Accrued charges and deferred income +€15,008
up €15,008 (+1,226%), from €1,224 to €16,232
- Current portion of long-term debt -€8,523
down €8,523 (-32.8%), from €26,018 to €17,495
- Gross operating margin +€30,261
up €30,261 (+94.6%), from €31,984 to €62,246
- Taxes +€7,238
up €7,238 (+1,131%), from €640 to €7,878
- Depreciation -€3,869
down €3,869 (-15.5%), from €25,003 to €21,134
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 | €191,392 | €213,247 | +€21,855 | +11.4% |
| Fixed assets | 21/28 | €145,293 | €124,158 | -€21,134 | -14.5% |
| Tangible fixed assets | 22/27 | €145,293 | €124,158 | -€21,134 | -14.5% |
| Land and buildings | 22 | €79,828 | €75,354 | -€4,474 | -5.6% |
| Plant, machinery and equipment | 23 | €2,131 | €1,437 | -€694 | -32.6% |
| Furniture and vehicles | 24 | €63,334 | €47,368 | -€15,966 | -25.2% |
| Current assets | 29/58 | €46,099 | €89,088 | +€42,989 | +93.3% |
| Stocks and contracts in progress | 3 | €5,487 | €2,575 | -€2,912 | -53.1% |
| Stocks | 30/36 | €5,487 | €2,575 | -€2,912 | -53.1% |
| Amounts receivable within one year | 40/41 | €14,445 | €56,902 | +€42,456 | +294% |
| Trade receivables | 40 | €12,232 | €56,902 | +€44,669 | +365% |
| Other amounts receivable | 41 | €2,213 | - | -€2,213 | |
| Cash at bank and in hand | 54/58 | €23,245 | €26,104 | +€2,860 | +12.3% |
| Deferred charges and accrued income | 490/1 | €2,922 | €3,508 | +€586 | +20.0% |
| Total equity and liabilities | 10/49 | €191,392 | €213,247 | +€21,855 | +11.4% |
| Equity | 10/15 | €40,395 | €67,989 | +€27,594 | +68.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | - | €64,989 | +€64,989 | |
| Distributable reserves | 133 | - | €64,989 | +€64,989 | |
| Profit (loss) carried forward | 14 | €37,395 | - | -€37,395 | |
| Amounts payable | 17/49 | €150,997 | €145,258 | -€5,739 | -3.8% |
| Amounts payable after more than one year | 17 | €90,062 | €72,567 | -€17,495 | -19.4% |
| Financial debts | 170/4 | €90,062 | €72,567 | -€17,495 | -19.4% |
| Amounts payable within one year | 42/48 | €59,711 | €56,459 | -€3,252 | -5.4% |
| Current portion of amounts payable after more than one year | 42 | €26,018 | €17,495 | -€8,523 | -32.8% |
| Financial debts | 43 | €15,000 | €15,000 | = | 0.0% |
| Other loans | 439 | €15,000 | €15,000 | = | 0.0% |
| Trade debts | 44 | €14,014 | €11,197 | -€2,817 | -20.1% |
| Suppliers | 440/4 | €14,014 | €11,197 | -€2,817 | -20.1% |
| Taxes, remuneration and social security | 45 | €1,346 | €5,952 | +€4,606 | +342% |
| Taxes | 450/3 | €1,346 | €5,952 | +€4,606 | +342% |
| Other amounts payable | 47/48 | €3,332 | €6,815 | +€3,483 | +105% |
| Accrued charges and deferred income | 492/3 | €1,224 | €16,232 | +€15,008 | +1,226% |
| Remuneration, social security and pensions | 62 | - | €515 | +€515 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,003 | €21,134 | -€3,869 | -15.5% |
| Other operating charges | 640/8 | €1,476 | €1,219 | -€257 | -17.4% |
| Gross operating margin | 9900 | €31,984 | €62,246 | +€30,261 | +94.6% |
| Operating profit (loss) | 9901 | €5,505 | €39,378 | +€33,873 | +615% |
| Financial income | 75/76B | €534 | €915 | +€382 | +71.6% |
| Recurring financial income | 75 | €534 | €915 | +€382 | +71.6% |
| Financial charges | 65/66B | €4,655 | €4,822 | +€167 | +3.6% |
| Recurring financial charges | 65 | €4,655 | €4,822 | +€167 | +3.6% |
| Profit (loss) for the period before taxes | 9903 | €1,383 | €35,471 | +€34,088 | +2,464% |
| Income taxes | 67/77 | €640 | €7,878 | +€7,238 | +1,131% |
| Profit (loss) for the period | 9904 | €743 | €27,594 | +€26,850 | +3,612% |
| Profit (loss) for the period to be appropriated | 9905 | €743 | €27,594 | +€26,850 | +3,612% |
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 25 October 2026 via checked.be.