VERDUYN KOEN: 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.
VERDUYN KOEN
Largest movements
- Receivables within one year -€25,513
down €25,513 (-94.7%), from €26,941 to €1,428
of which Trade receivables: -€25,192
- Other debts -€47,533
down €47,533 (-62.5%), from €76,008 to €28,475
- Trade debts +€19,700
up €19,700 (+1,431%), from €1,377 to €21,077
- Debts after one year -€10,531
down €10,531 (-5.3%), from €200,531 to €190,000
of which Other amounts payable: -€10,000
- Tax, wage and social debts +€5,209
up €5,209 (+60.0%), from €8,680 to €13,889
of which Taxes: +€3,307
- Current portion of long-term debt +€4,175
up €4,175 (+65.7%), from €6,356 to €10,531
- Staff costs +€2,713
up €2,713 (+4.4%), from €61,215 to €63,928
- Financial income +€1,520
up €1,520 (+446%), from €340 to €1,861
- Gross operating margin -€1,419
down €1,419 (-2.0%), from €70,599 to €69,180
- Taxes +€1,094
up €1,094, from €0 to €1,094
- Other operating charges -€805
down €805 (-51.7%), from €1,556 to €751
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €329,868 | €303,948 | -€25,920 | -7.9% |
| Fixed assets | 21/28 | €300,180 | €300,180 | = | 0.0% |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €300,180 | €300,180 | = | 0.0% |
| Current assets | 29/58 | €29,688 | €3,768 | -€25,920 | -87.3% |
| Amounts receivable within one year | 40/41 | €26,941 | €1,428 | -€25,513 | -94.7% |
| Trade receivables | 40 | €26,620 | €1,428 | -€25,192 | -94.6% |
| Other amounts receivable | 41 | €321 | €0 | -€321 | -100% |
| Cash at bank and in hand | 54/58 | €422 | €232 | -€191 | -45.1% |
| Deferred charges and accrued income | 490/1 | €2,325 | €2,108 | -€217 | -9.3% |
| Total equity and liabilities | 10/49 | €329,868 | €303,948 | -€25,920 | -7.9% |
| Equity | 10/15 | €36,035 | €39,168 | +€3,133 | +8.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €14,997 | €14,997 | = | 0.0% |
| Distributable reserves | 133 | €14,997 | €14,997 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,438 | €5,571 | +€3,133 | +129% |
| Amounts payable | 17/49 | €293,833 | €264,780 | -€29,053 | -9.9% |
| Amounts payable after more than one year | 17 | €200,531 | €190,000 | -€10,531 | -5.3% |
| Financial debts | 170/4 | €531 | €0 | -€531 | -100% |
| Other amounts payable | 178/9 | €200,000 | €190,000 | -€10,000 | -5.0% |
| Amounts payable within one year | 42/48 | €92,421 | €73,972 | -€18,450 | -20.0% |
| Current portion of amounts payable after more than one year | 42 | €6,356 | €10,531 | +€4,175 | +65.7% |
| Trade debts | 44 | €1,377 | €21,077 | +€19,700 | +1,431% |
| Suppliers | 440/4 | €1,377 | €21,077 | +€19,700 | +1,431% |
| Taxes, remuneration and social security | 45 | €8,680 | €13,889 | +€5,209 | +60.0% |
| Taxes | 450/3 | €2,234 | €5,541 | +€3,307 | +148% |
| Remuneration and social security | 454/9 | €6,446 | €8,348 | +€1,902 | +29.5% |
| Other amounts payable | 47/48 | €76,008 | €28,475 | -€47,533 | -62.5% |
| Accrued charges and deferred income | 492/3 | €881 | €808 | -€72 | -8.2% |
| Remuneration, social security and pensions | 62 | €61,215 | €63,928 | +€2,713 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Other operating charges | 640/8 | €1,556 | €751 | -€805 | -51.7% |
| Non-recurring operating charges | 66A | €9,218 | €0 | -€9,218 | -100% |
| Gross operating margin | 9900 | €70,599 | €69,180 | -€1,419 | -2.0% |
| Operating profit (loss) | 9901 | -€1,390 | €4,501 | +€5,891 | |
| Financial income | 75/76B | €340 | €1,861 | +€1,520 | +446% |
| Recurring financial income | 75 | €340 | €1,861 | +€1,520 | +446% |
| Financial charges | 65/66B | €2,387 | €2,134 | -€253 | -10.6% |
| Recurring financial charges | 65 | €2,387 | €2,134 | -€253 | -10.6% |
| Profit (loss) for the period before taxes | 9903 | -€3,437 | €4,228 | +€7,664 | |
| Income taxes | 67/77 | €0 | €1,094 | +€1,094 | |
| Profit (loss) for the period | 9904 | -€3,437 | €3,133 | +€6,570 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,437 | €3,133 | +€6,570 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.