Steven Verbeke: 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.
Steven Verbeke
Largest movements
- Cash +€83,748
up €83,748 (+191%), from €43,916 to €127,664
mainly Other debts (+€57,329) and Current investments (+€55,000)
- Current investments -€55,000
no longer reported in 2025 (was €55,000)
- Tangible fixed assets -€13,304
down €13,304 (-34.1%), from €39,063 to €25,759
of which Furniture and vehicles: -€12,477
- Receivables within one year +€10,291
up €10,291 (+33.5%), from €30,716 to €41,006
- Other debts +€57,329
up €57,329 (+223%), from €25,664 to €82,993
- Reserves -€53,749
down €53,749 (-47.3%), from €113,682 to €59,933
- Tax, wage and social debts +€21,713
up €21,713 (+146%), from €14,897 to €36,610
of which Taxes: +€20,714
- Gross operating margin +€15,300
up €15,300 (+36.1%), from €42,412 to €57,711
- Taxes +€6,831
up €6,831 (+77.8%), from €8,776 to €15,607
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 | €168,694 | €194,429 | +€25,735 | +15.3% |
| Fixed assets | 21/28 | €39,063 | €25,759 | -€13,304 | -34.1% |
| Tangible fixed assets | 22/27 | €39,063 | €25,759 | -€13,304 | -34.1% |
| Plant, machinery and equipment | 23 | €655 | €343 | -€312 | -47.7% |
| Furniture and vehicles | 24 | €36,937 | €24,460 | -€12,477 | -33.8% |
| Other tangible fixed assets | 26 | €1,471 | €956 | -€515 | -35.0% |
| Current assets | 29/58 | €129,631 | €168,670 | +€39,039 | +30.1% |
| Amounts receivable within one year | 40/41 | €30,716 | €41,006 | +€10,291 | +33.5% |
| Trade receivables | 40 | €30,716 | €41,006 | +€10,291 | +33.5% |
| Current investments | 50/53 | €55,000 | - | -€55,000 | |
| Cash at bank and in hand | 54/58 | €43,916 | €127,664 | +€83,748 | +191% |
| Total equity and liabilities | 10/49 | €168,694 | €194,429 | +€25,735 | +15.3% |
| Equity | 10/15 | €126,082 | €72,333 | -€53,749 | -42.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €113,682 | €59,933 | -€53,749 | -47.3% |
| Distributable reserves | 133 | €113,682 | €59,933 | -€53,749 | -47.3% |
| Amounts payable | 17/49 | €42,612 | €122,097 | +€79,484 | +187% |
| Amounts payable within one year | 42/48 | €42,312 | €121,797 | +€79,484 | +188% |
| Trade debts | 44 | €1,751 | €2,193 | +€442 | +25.2% |
| Suppliers | 440/4 | €1,751 | €2,193 | +€442 | +25.2% |
| Taxes, remuneration and social security | 45 | €14,897 | €36,610 | +€21,713 | +146% |
| Taxes | 450/3 | €14,897 | €35,611 | +€20,714 | +139% |
| Remuneration and social security | 454/9 | - | €999 | +€999 | |
| Other amounts payable | 47/48 | €25,664 | €82,993 | +€57,329 | +223% |
| Accrued charges and deferred income | 492/3 | €300 | €300 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,728 | €13,300 | -€428 | -3.1% |
| Other operating charges | 640/8 | €929 | €1,083 | +€154 | +16.6% |
| Non-recurring operating charges | 66A | - | €3 | +€3 | |
| Gross operating margin | 9900 | €42,412 | €57,711 | +€15,300 | +36.1% |
| Operating profit (loss) | 9901 | €27,755 | €43,325 | +€15,570 | +56.1% |
| Financial income | 75/76B | €927 | €795 | -€132 | -14.2% |
| Recurring financial income | 75 | €927 | €795 | -€132 | -14.2% |
| Financial charges | 65/66B | €139 | €148 | +€9 | +6.6% |
| Recurring financial charges | 65 | €139 | €148 | +€9 | +6.6% |
| Profit (loss) for the period before taxes | 9903 | €28,543 | €43,972 | +€15,429 | +54.1% |
| Income taxes | 67/77 | €8,776 | €15,607 | +€6,831 | +77.8% |
| Profit (loss) for the period | 9904 | €19,767 | €28,365 | +€8,598 | +43.5% |
| Profit (loss) for the period to be appropriated | 9905 | €19,767 | €28,365 | +€8,598 | +43.5% |
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 22 October 2026 via checked.be.