Veerle Raes: what changed
What changed
Veerle Raes
NACE 69.201, Certified accountants and tax accountants
filed annual accounts (NBB)
Net result for the year
€33,678
2025 · €16,669+€17,009
Equity
€152,715
2025 · €170,737-€18,022
Cash
€94,193
2025 · €73,873+€20,320
Balance sheet total
€297,499
2025 · €321,081-€23,582
Largest movements
Assets
- Tangible fixed assets -€45,226
down €45,226 (-26.4%), from €171,260 to €126,034
of which Furniture and vehicles: -€33,978
- Cash +€20,320
up €20,320 (+27.5%), from €73,873 to €94,193
mainly Depreciation (+€51,365) and Net result for the year (+€33,678)
Equity and liabilities
- Debts after one year -€26,523
down €26,523 (-32.3%), from €82,056 to €55,534
- Tax, wage and social debts +€18,632
up €18,632 (+49.9%), from €37,305 to €55,936
of which Taxes: +€10,914
- Reserves -€18,100
down €18,100 (-15.8%), from €114,595 to €96,495
Income statement
- Gross operating margin +€44,647
up €44,647 (+23.6%), from €189,506 to €234,153
- Staff costs +€20,063
up €20,063 (+20.0%), from €100,548 to €120,611
- Taxes +€7,335
up €7,335 (+68.1%), from €10,768 to €18,103
- Other operating charges -€2,345
down €2,345 (-36.1%), from €6,493 to €4,148
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2025
€16,669
Gross operating margin
+€44,647
Staff costs
-€20,063
Depreciation
-€2,296
Write-downs
-€475
Other operating charges
+€2,345
Financial income
+€477
Financial charges
-€290
Taxes
-€7,335
Result 2026
€33,678
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€103,985
Investment
-€6,139
Financing
-€77,526
Cash 2025
€73,873
From operations (derived)
+€103,985
Net result for the year
+€33,678
Depreciation
+€51,365
Receivables within one year
-€2,319
Deferred charges and accrued income
+€995
Trade debts
+€1,957
Tax, wage and social debts
+€18,632
Other debts
-€542
Accrued charges and deferred income
+€220
Investment (derived)
-€6,139
Investment in fixed assets (net)
-€6,139
Financing
-€77,526
Debts after one year
-€26,523
Current portion of long-term debt
+€697
Contributions, distributions and other
-€51,700
Cash 2026
€94,193
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €321,081 | €297,499 | -€23,582 | -7.3% |
| Fixed assets | 21/28 | €171,260 | €126,034 | -€45,226 | -26.4% |
| Tangible fixed assets | 22/27 | €171,260 | €126,034 | -€45,226 | -26.4% |
| Land and buildings | 22 | €30,632 | €19,384 | -€11,248 | -36.7% |
| Furniture and vehicles | 24 | €140,628 | €106,649 | -€33,978 | -24.2% |
| Current assets | 29/58 | €149,821 | €171,465 | +€21,644 | +14.4% |
| Amounts receivable within one year | 40/41 | €59,009 | €61,328 | +€2,319 | +3.9% |
| Trade receivables | 40 | €57,292 | €60,568 | +€3,276 | +5.7% |
| Other amounts receivable | 41 | €1,717 | €760 | -€957 | -55.8% |
| Cash at bank and in hand | 54/58 | €73,873 | €94,193 | +€20,320 | +27.5% |
| Deferred charges and accrued income | 490/1 | €16,939 | €15,944 | -€995 | -5.9% |
| Total equity and liabilities | 10/49 | €321,081 | €297,499 | -€23,582 | -7.3% |
| Equity | 10/15 | €170,737 | €152,715 | -€18,022 | -10.6% |
| Contributions | 10/11 | €56,000 | €56,000 | = | 0.0% |
| Reserves | 13 | €114,595 | €96,495 | -€18,100 | -15.8% |
| Distributable reserves | 133 | €114,595 | €96,495 | -€18,100 | -15.8% |
| Profit (loss) carried forward | 14 | €142 | €220 | +€78 | +54.6% |
| Amounts payable | 17/49 | €150,343 | €144,784 | -€5,560 | -3.7% |
| Amounts payable after more than one year | 17 | €82,056 | €55,534 | -€26,523 | -32.3% |
| Financial debts | 170/4 | €82,056 | €55,534 | -€26,523 | -32.3% |
| Amounts payable within one year | 42/48 | €68,287 | €89,030 | +€20,743 | +30.4% |
| Current portion of amounts payable after more than one year | 42 | €25,826 | €26,523 | +€697 | +2.7% |
| Trade debts | 44 | €945 | €2,902 | +€1,957 | +207% |
| Suppliers | 440/4 | €945 | €2,902 | +€1,957 | +207% |
| Taxes, remuneration and social security | 45 | €37,305 | €55,936 | +€18,632 | +49.9% |
| Taxes | 450/3 | €23,460 | €34,375 | +€10,914 | +46.5% |
| Remuneration and social security | 454/9 | €13,844 | €21,562 | +€7,717 | +55.7% |
| Other amounts payable | 47/48 | €4,212 | €3,670 | -€542 | -12.9% |
| Accrued charges and deferred income | 492/3 | - | €220 | +€220 | |
| Remuneration, social security and pensions | 62 | €100,548 | €120,611 | +€20,063 | +20.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,068 | €51,365 | +€2,296 | +4.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €745 | €1,220 | +€475 | +63.7% |
| Other operating charges | 640/8 | €6,493 | €4,148 | -€2,345 | -36.1% |
| Gross operating margin | 9900 | €189,506 | €234,153 | +€44,647 | +23.6% |
| Operating profit (loss) | 9901 | €32,652 | €56,809 | +€24,157 | +74.0% |
| Financial income | 75/76B | €292 | €769 | +€477 | +164% |
| Recurring financial income | 75 | €292 | €769 | +€477 | +164% |
| Financial charges | 65/66B | €5,506 | €5,797 | +€290 | +5.3% |
| Recurring financial charges | 65 | €5,506 | €5,797 | +€290 | +5.3% |
| Profit (loss) for the period before taxes | 9903 | €27,437 | €51,781 | +€24,344 | +88.7% |
| Income taxes | 67/77 | €10,768 | €18,103 | +€7,335 | +68.1% |
| Profit (loss) for the period | 9904 | €16,669 | €33,678 | +€17,009 | +102% |
| Profit (loss) for the period to be appropriated | 9905 | €16,669 | €33,678 | +€17,009 | +102% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.