Veerle Baert: 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.
Veerle Baert
Largest movements
- Current investments +€206,762
up €206,762 (+43.7%), from €473,238 to €680,000
- Cash -€58,823
down €58,823 (-67.2%), from €87,534 to €28,711
mainly Current investments (-€206,762) and Contributions, distributions and other (-€145,263)
- Tangible fixed assets -€25,683
down €25,683 (-18.8%), from €136,504 to €110,821
of which Land and buildings: -€15,335
- Other debts +€63,529
up €63,529 (+4,455%), from €1,426 to €64,955
- Reserves +€50,342
up €50,342 (+7.5%), from €671,581 to €721,923
of which Distributable reserves: +€50,342
- Gross operating margin +€42,288
up €42,288 (+13.1%), from €323,120 to €365,407
- Depreciation -€33,965
down €33,965 (-47.5%), from €71,510 to €37,545
- Taxes +€25,568
up €25,568 (+38.7%), from €66,106 to €91,673
- Financial income +€4,630
up €4,630 (+63.8%), from €7,262 to €11,891
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 | €711,090 | €827,167 | +€116,077 | +16.3% |
| Fixed assets | 21/28 | €136,504 | €110,821 | -€25,683 | -18.8% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €136,504 | €110,821 | -€25,683 | -18.8% |
| Land and buildings | 22 | €68,159 | €52,824 | -€15,335 | -22.5% |
| Plant, machinery and equipment | 23 | €25,288 | €28,690 | +€3,403 | +13.5% |
| Furniture and vehicles | 24 | €43,057 | €29,306 | -€13,751 | -31.9% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €574,586 | €716,346 | +€141,760 | +24.7% |
| Amounts receivable within one year | 40/41 | €6,800 | €0 | -€6,800 | -100% |
| Trade receivables | 40 | €6,800 | €0 | -€6,800 | -100% |
| Current investments | 50/53 | €473,238 | €680,000 | +€206,762 | +43.7% |
| Cash at bank and in hand | 54/58 | €87,534 | €28,711 | -€58,823 | -67.2% |
| Deferred charges and accrued income | 490/1 | €7,014 | €7,635 | +€621 | +8.9% |
| Total equity and liabilities | 10/49 | €711,090 | €827,167 | +€116,077 | +16.3% |
| Equity | 10/15 | €690,181 | €740,523 | +€50,342 | +7.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €671,581 | €721,923 | +€50,342 | +7.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €671,581 | €721,923 | +€50,342 | +7.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €20,909 | €86,644 | +€65,735 | +314% |
| Amounts payable within one year | 42/48 | €20,909 | €86,644 | +€65,735 | +314% |
| Trade debts | 44 | €10,235 | €7,474 | -€2,761 | -27.0% |
| Suppliers | 440/4 | €10,235 | €7,474 | -€2,761 | -27.0% |
| Taxes, remuneration and social security | 45 | €9,248 | €14,215 | +€4,966 | +53.7% |
| Taxes | 450/3 | €3,841 | €7,050 | +€3,209 | +83.5% |
| Remuneration and social security | 454/9 | €5,407 | €7,164 | +€1,757 | +32.5% |
| Other amounts payable | 47/48 | €1,426 | €64,955 | +€63,529 | +4,455% |
| Remuneration, social security and pensions | 62 | €47,952 | €50,766 | +€2,813 | +5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,510 | €37,545 | -€33,965 | -47.5% |
| Other operating charges | 640/8 | €1,541 | €1,447 | -€95 | -6.1% |
| Gross operating margin | 9900 | €323,120 | €365,407 | +€42,288 | +13.1% |
| Operating profit (loss) | 9901 | €202,116 | €275,650 | +€73,534 | +36.4% |
| Financial income | 75/76B | €7,262 | €11,891 | +€4,630 | +63.8% |
| Recurring financial income | 75 | €7,262 | €11,891 | +€4,630 | +63.8% |
| Financial charges | 65/66B | €73 | €262 | +€189 | +259% |
| Recurring financial charges | 65 | €73 | €262 | +€189 | +259% |
| Profit (loss) for the period before taxes | 9903 | €209,304 | €287,279 | +€77,974 | +37.3% |
| Income taxes | 67/77 | €66,106 | €91,673 | +€25,568 | +38.7% |
| Profit (loss) for the period | 9904 | €143,199 | €195,605 | +€52,407 | +36.6% |
| Profit (loss) for the period to be appropriated | 9905 | €143,199 | €195,605 | +€52,407 | +36.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.