Vlerick Partner: 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.
Vlerick Partner
Largest movements
- Receivables within one year -€45,923
down €45,923 (-38.2%), from €120,348 to €74,425
of which Trade receivables: -€46,249
- Cash +€36,860
up €36,860 (+120%), from €30,734 to €67,594
mainly Receivables within one year (+€45,923) and Deferred charges and accrued income (+€30,000)
- Deferred charges and accrued income -€30,000
down €30,000 (-100%), from €30,000 to €0
- Trade debts -€41,678
down €41,678 (-28.8%), from €144,598 to €102,921
- Profit (loss) carried forward +€2,944
up €2,944 (+107%), from €2,743 to €5,687
- Gross operating margin +€1,961
up €1,961 (+17.0%), from €11,555 to €13,516
- Taxes +€745
up €745 (+9.0%), from €8,311 to €9,056
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 | €181,090 | €142,027 | -€39,063 | -21.6% |
| Fixed assets | 21/28 | €8 | €8 | = | 0.0% |
| Financial fixed assets | 28 | €8 | €8 | = | 0.0% |
| Current assets | 29/58 | €181,082 | €142,019 | -€39,063 | -21.6% |
| Amounts receivable within one year | 40/41 | €120,348 | €74,425 | -€45,923 | -38.2% |
| Trade receivables | 40 | €108,813 | €62,564 | -€46,249 | -42.5% |
| Other amounts receivable | 41 | €11,535 | €11,861 | +€326 | +2.8% |
| Cash at bank and in hand | 54/58 | €30,734 | €67,594 | +€36,860 | +120% |
| Deferred charges and accrued income | 490/1 | €30,000 | €0 | -€30,000 | -100% |
| Total equity and liabilities | 10/49 | €181,090 | €142,027 | -€39,063 | -21.6% |
| Equity | 10/15 | €35,370 | €38,314 | +€2,944 | +8.3% |
| Contributions | 10/11 | €30,170 | €30,170 | = | 0.0% |
| Reserves | 13 | €2,457 | €2,457 | = | 0.0% |
| Distributable reserves | 133 | €2,457 | €2,457 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,743 | €5,687 | +€2,944 | +107% |
| Amounts payable | 17/49 | €145,719 | €103,713 | -€42,007 | -28.8% |
| Amounts payable within one year | 42/48 | €145,719 | €103,713 | -€42,007 | -28.8% |
| Trade debts | 44 | €144,598 | €102,921 | -€41,678 | -28.8% |
| Suppliers | 440/4 | €144,598 | €102,921 | -€41,678 | -28.8% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €1,121 | €792 | -€329 | -29.4% |
| Other operating charges | 640/8 | €548 | €544 | -€4 | -0.8% |
| Gross operating margin | 9900 | €11,555 | €13,516 | +€1,961 | +17.0% |
| Operating profit (loss) | 9901 | €11,007 | €12,972 | +€1,966 | +17.9% |
| Financial income | 75/76B | €1 | €1 | +€1 | +75.3% |
| Recurring financial income | 75 | €1 | €1 | +€1 | +75.3% |
| Financial charges | 65/66B | €1,007 | €974 | -€34 | -3.3% |
| Recurring financial charges | 65 | €1,007 | €974 | -€34 | -3.3% |
| Profit (loss) for the period before taxes | 9903 | €10,000 | €12,000 | +€2,000 | +20.0% |
| Income taxes | 67/77 | €8,311 | €9,056 | +€745 | +9.0% |
| Profit (loss) for the period | 9904 | €1,689 | €2,944 | +€1,256 | +74.3% |
| Profit (loss) for the period to be appropriated | 9905 | €1,689 | €2,944 | +€1,256 | +74.3% |
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 15 October 2026 via checked.be.