Sofie Vermeersch: 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.
Sofie Vermeersch
Largest movements
- Current investments -€120,000
no longer reported in 2025 (was €120,000)
- Cash +€93,530
up €93,530 (+198.2%), from €47,200 to €140,730
mainly Current investments (+€120,000) and Net result for the year (+€43,870)
- Deferred charges and accrued income +€24,640
up €24,640 (+1794.4%), from €1,373 to €26,014
- Tangible fixed assets +€4,526
up €4,526 (+2.8%), from €160,959 to €165,485
of which Land and buildings: +€5,229
- Reserves +€43,870
up €43,870 (+16.0%), from €274,545 to €318,416
- Other debts -€31,523
down €31,523 (-82.2%), from €38,351 to €6,828
- Debts after one year -€12,682
down €12,682 (-16.4%), from €77,231 to €64,549
- Tax, wage and social debts +€9,247
up €9,247 (+362.2%), from €2,553 to €11,800
of which Taxes: +€9,247
- Accrued charges and deferred income -€4,627
down €4,627 (-67.3%), from €6,877 to €2,250
- Gross operating margin -€20,143
down €20,143 (-20.7%), from €97,476 to €77,333
- Financial charges -€4,874
down €4,874 (-50.3%), from €9,683 to €4,809
- Taxes -€1,427
down €1,427 (-6.2%), from €22,924 to €21,498
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 | €432,645 | €435,934 | +€3,290 | +0.8% |
| Fixed assets | 21/28 | €160,978 | €165,504 | +€4,526 | +2.8% |
| Tangible fixed assets | 22/27 | €160,959 | €165,485 | +€4,526 | +2.8% |
| Land and buildings | 22 | €160,135 | €165,363 | +€5,229 | +3.3% |
| Furniture and vehicles | 24 | €824 | €122 | -€702 | -85.2% |
| Financial fixed assets | 28 | €19 | €19 | = | 0.0% |
| Current assets | 29/58 | €271,667 | €270,430 | -€1,237 | -0.5% |
| Amounts receivable after more than one year | 29 | €99,896 | €102,908 | +€3,012 | +3.0% |
| Other amounts receivable | 291 | €99,896 | €102,908 | +€3,012 | +3.0% |
| Amounts receivable within one year | 40/41 | €3,197 | €778 | -€2,419 | -75.7% |
| Other amounts receivable | 41 | €3,197 | €778 | -€2,419 | -75.7% |
| Current investments | 50/53 | €120,000 | - | -€120,000 | |
| Cash at bank and in hand | 54/58 | €47,200 | €140,730 | +€93,530 | +198.2% |
| Deferred charges and accrued income | 490/1 | €1,373 | €26,014 | +€24,640 | +1794.4% |
| Total equity and liabilities | 10/49 | €432,645 | €435,934 | +€3,290 | +0.8% |
| Equity | 10/15 | €291,945 | €335,816 | +€43,870 | +15.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Revaluation surpluses | 12 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €274,545 | €318,416 | +€43,870 | +16.0% |
| Distributable reserves | 133 | €274,545 | €318,416 | +€43,870 | +16.0% |
| Amounts payable | 17/49 | €140,699 | €100,119 | -€40,581 | -28.8% |
| Amounts payable after more than one year | 17 | €77,231 | €64,549 | -€12,682 | -16.4% |
| Financial debts | 170/4 | €77,231 | €64,549 | -€12,682 | -16.4% |
| Amounts payable within one year | 42/48 | €56,592 | €33,320 | -€23,272 | -41.1% |
| Current portion of amounts payable after more than one year | 42 | €12,133 | €12,682 | +€549 | +4.5% |
| Trade debts | 44 | €3,554 | €2,010 | -€1,544 | -43.5% |
| Suppliers | 440/4 | €3,554 | €2,010 | -€1,544 | -43.5% |
| Taxes, remuneration and social security | 45 | €2,553 | €11,800 | +€9,247 | +362.2% |
| Taxes | 450/3 | - | €9,247 | +€9,247 | |
| Remuneration and social security | 454/9 | €2,553 | €2,553 | = | 0.0% |
| Other amounts payable | 47/48 | €38,351 | €6,828 | -€31,523 | -82.2% |
| Accrued charges and deferred income | 492/3 | €6,877 | €2,250 | -€4,627 | -67.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,008 | €8,724 | +€715 | +8.9% |
| Other operating charges | 640/8 | €2,118 | €2,305 | +€187 | +8.8% |
| Gross operating margin | 9900 | €97,476 | €77,333 | -€20,143 | -20.7% |
| Operating profit (loss) | 9901 | €87,350 | €66,305 | -€21,045 | -24.1% |
| Financial income | 75/76B | €4,176 | €3,873 | -€303 | -7.2% |
| Recurring financial income | 75 | €4,176 | €3,873 | -€303 | -7.2% |
| Financial charges | 65/66B | €9,683 | €4,809 | -€4,874 | -50.3% |
| Recurring financial charges | 65 | €9,683 | €4,809 | -€4,874 | -50.3% |
| Profit (loss) for the period before taxes | 9903 | €81,842 | €65,368 | -€16,474 | -20.1% |
| Income taxes | 67/77 | €22,924 | €21,498 | -€1,427 | -6.2% |
| Profit (loss) for the period | 9904 | €58,918 | €43,870 | -€15,047 | -25.5% |
| Profit (loss) for the period to be appropriated | 9905 | €58,918 | €43,870 | -€15,047 | -25.5% |
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 9 October 2026 via checked.be.