BART VERSCHELDEN: 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.
BART VERSCHELDEN
Largest movements
- Cash +€122,199
up €122,199 (+3.8%), from €3.2m to €3.3m
mainly Net result for the year (+€77,457) and Trade debts (+€60,556)
- Reserves +€69,010
up €69,010 (+6.8%), from €1.0m to €1.1m
of which Distributable reserves: +€69,010
- Trade debts +€60,556
up €60,556 (+89.1%), from €67,970 to €128,526
- Gross operating margin -€36,753
down €36,753 (-6.6%), from €554,806 to €518,053
- Depreciation -€30,807
down €30,807 (-63.9%), from €48,245 to €17,438
- Staff costs +€25,220
up €25,220 (+6.7%), from €377,007 to €402,226
- Financial charges -€11,981
down €11,981 (-84.3%), from €14,214 to €2,232
- Taxes -€6,958
down €6,958 (-16.2%), from €43,014 to €36,056
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.
Cash bridge derived
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 | €3,563,256 | €3,678,185 | +€114,929 | +3.2% |
| Fixed assets | 21/28 | €148,293 | €140,560 | -€7,734 | -5.2% |
| Tangible fixed assets | 22/27 | €127,150 | €119,416 | -€7,734 | -6.1% |
| Land and buildings | 22 | €84,568 | €76,717 | -€7,850 | -9.3% |
| Plant, machinery and equipment | 23 | €5,997 | €4,196 | -€1,802 | -30.0% |
| Furniture and vehicles | 24 | €20,238 | €24,722 | +€4,484 | +22.2% |
| Other tangible fixed assets | 26 | €16,347 | €13,781 | -€2,566 | -15.7% |
| Financial fixed assets | 28 | €21,144 | €21,144 | = | 0.0% |
| Current assets | 29/58 | €3,414,963 | €3,537,625 | +€122,662 | +3.6% |
| Amounts receivable after more than one year | 29 | €68,200 | €70,400 | +€2,200 | +3.2% |
| Other amounts receivable | 291 | €68,200 | €70,400 | +€2,200 | +3.2% |
| Amounts receivable within one year | 40/41 | €127,091 | €136,234 | +€9,143 | +7.2% |
| Trade receivables | 40 | €60,586 | €74,501 | +€13,915 | +23.0% |
| Other amounts receivable | 41 | €66,505 | €61,733 | -€4,772 | -7.2% |
| Cash at bank and in hand | 54/58 | €3,197,742 | €3,319,941 | +€122,199 | +3.8% |
| Deferred charges and accrued income | 490/1 | €21,930 | €11,050 | -€10,880 | -49.6% |
| Total equity and liabilities | 10/49 | €3,563,256 | €3,678,185 | +€114,929 | +3.2% |
| Equity | 10/15 | €1,038,123 | €1,107,132 | +€69,010 | +6.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,019,523 | €1,088,532 | +€69,010 | +6.8% |
| Tax-exempt reserves | 132 | €792 | €792 | = | 0.0% |
| Distributable reserves | 133 | €1,018,731 | €1,087,741 | +€69,010 | +6.8% |
| Amounts payable | 17/49 | €2,525,133 | €2,571,052 | +€45,919 | +1.8% |
| Amounts payable after more than one year | 17 | €2,330,000 | €2,315,000 | -€15,000 | -0.6% |
| Financial debts | 170/4 | €2,330,000 | €2,315,000 | -€15,000 | -0.6% |
| Amounts payable within one year | 42/48 | €192,335 | €239,784 | +€47,450 | +24.7% |
| Current portion of amounts payable after more than one year | 42 | €20,250 | €20,203 | -€47 | -0.2% |
| Trade debts | 44 | €67,970 | €128,526 | +€60,556 | +89.1% |
| Suppliers | 440/4 | €67,970 | €128,526 | +€60,556 | +89.1% |
| Taxes, remuneration and social security | 45 | €95,668 | €82,608 | -€13,060 | -13.7% |
| Taxes | 450/3 | €41,141 | €26,692 | -€14,449 | -35.1% |
| Remuneration and social security | 454/9 | €54,527 | €55,916 | +€1,390 | +2.5% |
| Other amounts payable | 47/48 | €8,447 | €8,447 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €2,799 | €16,268 | +€13,469 | +481.3% |
| Remuneration, social security and pensions | 62 | €377,007 | €402,226 | +€25,220 | +6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,245 | €17,438 | -€30,807 | -63.9% |
| Other operating charges | 640/8 | €10,404 | €10,674 | +€270 | +2.6% |
| Gross operating margin | 9900 | €554,806 | €518,053 | -€36,753 | -6.6% |
| Operating profit (loss) | 9901 | €119,151 | €87,715 | -€31,436 | -26.4% |
| Financial income | 75/76B | €26,882 | €28,030 | +€1,148 | +4.3% |
| Recurring financial income | 75 | €26,882 | €28,030 | +€1,148 | +4.3% |
| Financial charges | 65/66B | €14,214 | €2,232 | -€11,981 | -84.3% |
| Recurring financial charges | 65 | €14,214 | €2,232 | -€11,981 | -84.3% |
| Profit (loss) for the period before taxes | 9903 | €131,820 | €113,513 | -€18,307 | -13.9% |
| Income taxes | 67/77 | €43,014 | €36,056 | -€6,958 | -16.2% |
| Profit (loss) for the period | 9904 | €88,806 | €77,457 | -€11,349 | -12.8% |
| Profit (loss) for the period to be appropriated | 9905 | €88,806 | €77,457 | -€11,349 | -12.8% |
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 10 October 2026 via checked.be.