ANDRE VERSTRAETE: 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.
What changed
ANDRE VERSTRAETE
NACE 43.120, Site preparation
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€73,720
2024 · -€14,410+€88,129
Equity
€628,060
2024 · €554,340+€73,720
Cash
€464,159
2024 · €463,185+€973
Balance sheet total
€3.1m
2024 · €2.6m+€476,251
Largest movements
Assets
- Receivables within one year +€448,015
up €448,015 (+29.2%), from €1.5m to €2.0m
of which Trade receivables: +€453,655
Equity and liabilities
- Trade debts +€431,896
up €431,896 (+27.0%), from €1.6m to €2.0m
- Reserves +€73,315
up €73,315 (+37.5%), from €195,586 to €268,901
of which Distributable reserves: +€76,500
- Current portion of long-term debt -€38,636
down €38,636 (-40.4%), from €95,717 to €57,081
Income statement
- Gross operating margin +€103,800
up €103,800 (+31.8%), from €326,722 to €430,522
- Taxes +€27,457
new in 2025: €27,457
- Depreciation -€21,998
down €21,998 (-16.5%), from €133,720 to €111,722
- Financial charges +€13,341
up €13,341 (+89.2%), from €14,955 to €28,296
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.
Result 2024
-€14,410
Gross operating margin
+€103,800
Staff costs
+€4,037
Depreciation
+€21,998
Other operating charges
+€63
Other operating items
-€403
Financial income
-€6
Financial charges
-€13,341
Taxes
-€27,457
Deferred taxes and other
-€561
Result 2025
€73,720
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€199,858
Investment
-€141,850
Financing
-€57,035
Cash 2024
€463,185
From operations (derived)
+€199,858
Net result for the year
+€73,720
Depreciation
+€111,722
Receivables within one year
-€448,015
Deferred charges and accrued income
+€2,866
Smaller working-capital items
-€1,615
Trade debts
+€431,896
Tax, wage and social debts
+€20,383
Accrued charges and deferred income
+€8,902
Investment (derived)
-€141,850
Investment in fixed assets (net)
-€141,850
Financing
-€57,035
Debts after one year
-€18,399
Current portion of long-term debt
-€38,636
Cash 2025
€464,159
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,627,324 | €3,103,575 | +€476,251 | +18.1% |
| Fixed assets | 21/28 | €601,278 | €631,406 | +€30,128 | +5.0% |
| Tangible fixed assets | 22/27 | €600,156 | €627,284 | +€27,128 | +4.5% |
| Land and buildings | 22 | €292,839 | €284,403 | -€8,436 | -2.9% |
| Plant, machinery and equipment | 23 | €107,374 | €111,874 | +€4,500 | +4.2% |
| Furniture and vehicles | 24 | €188,653 | €231,007 | +€42,354 | +22.5% |
| Leasing and similar rights | 25 | €11,289 | - | -€11,289 | |
| Financial fixed assets | 28 | €1,121 | €4,121 | +€3,000 | +268% |
| Current assets | 29/58 | €2,026,047 | €2,472,169 | +€446,123 | +22.0% |
| Amounts receivable within one year | 40/41 | €1,534,110 | €1,982,125 | +€448,015 | +29.2% |
| Trade receivables | 40 | €1,508,369 | €1,962,023 | +€453,655 | +30.1% |
| Other amounts receivable | 41 | €25,741 | €20,102 | -€5,639 | -21.9% |
| Cash at bank and in hand | 54/58 | €463,185 | €464,159 | +€973 | +0.2% |
| Deferred charges and accrued income | 490/1 | €28,751 | €25,885 | -€2,866 | -10.0% |
| Total equity and liabilities | 10/49 | €2,627,324 | €3,103,575 | +€476,251 | +18.1% |
| Equity | 10/15 | €554,340 | €628,060 | +€73,720 | +13.3% |
| Contributions | 10/11 | €218,600 | €218,600 | = | 0.0% |
| Reserves | 13 | €195,586 | €268,901 | +€73,315 | +37.5% |
| Tax-exempt reserves | 132 | €17,349 | €14,164 | -€3,185 | -18.4% |
| Distributable reserves | 133 | €178,237 | €254,737 | +€76,500 | +42.9% |
| Profit (loss) carried forward | 14 | €140,154 | €140,559 | +€405 | +0.3% |
| Provisions and deferred taxes | 16 | €5,728 | €4,721 | -€1,007 | -17.6% |
| Deferred taxes | 168 | €5,728 | €4,721 | -€1,007 | -17.6% |
| Amounts payable | 17/49 | €2,067,256 | €2,470,794 | +€403,538 | +19.5% |
| Amounts payable after more than one year | 17 | €301,304 | €282,905 | -€18,399 | -6.1% |
| Financial debts | 170/4 | €301,304 | €282,905 | -€18,399 | -6.1% |
| Amounts payable within one year | 42/48 | €1,765,784 | €2,178,819 | +€413,035 | +23.4% |
| Current portion of amounts payable after more than one year | 42 | €95,717 | €57,081 | -€38,636 | -40.4% |
| Trade debts | 44 | €1,602,447 | €2,034,343 | +€431,896 | +27.0% |
| Suppliers | 440/4 | €1,602,447 | €2,034,343 | +€431,896 | +27.0% |
| Taxes, remuneration and social security | 45 | €57,959 | €78,342 | +€20,383 | +35.2% |
| Taxes | 450/3 | €32,539 | €54,281 | +€21,743 | +66.8% |
| Remuneration and social security | 454/9 | €25,421 | €24,061 | -€1,360 | -5.4% |
| Other amounts payable | 47/48 | €9,661 | €9,053 | -€608 | -6.3% |
| Accrued charges and deferred income | 492/3 | €168 | €9,070 | +€8,902 | +5,304% |
| Remuneration, social security and pensions | 62 | €183,176 | €179,139 | -€4,037 | -2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €133,720 | €111,722 | -€21,998 | -16.5% |
| Other operating charges | 640/8 | €10,862 | €10,799 | -€63 | -0.6% |
| Non-recurring operating charges | 66A | - | €403 | +€403 | |
| Gross operating margin | 9900 | €326,722 | €430,522 | +€103,800 | +31.8% |
| Operating profit (loss) | 9901 | -€1,037 | €128,458 | +€129,495 | |
| Financial income | 75/76B | €13 | €8 | -€6 | -42.2% |
| Recurring financial income | 75 | €13 | €8 | -€6 | -42.2% |
| Financial charges | 65/66B | €14,955 | €28,296 | +€13,341 | +89.2% |
| Recurring financial charges | 65 | €14,955 | €28,296 | +€13,341 | +89.2% |
| Profit (loss) for the period before taxes | 9903 | -€15,978 | €100,170 | +€116,148 | |
| Transfer from deferred taxes | 780 | €1,568 | €1,007 | -€561 | -35.8% |
| Income taxes | 67/77 | - | €27,457 | +€27,457 | |
| Profit (loss) for the period | 9904 | -€14,410 | €73,720 | +€88,129 | |
| Transfer from tax-exempt reserves | 789 | €5,038 | €3,185 | -€1,853 | -36.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,372 | €76,905 | +€86,276 |
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.