DR. VERSLEGERS: 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.
DR. VERSLEGERS
Largest movements
- Cash +€49,124
up €49,124 (+21.7%), from €226,011 to €275,134
mainly Net result for the year (+€72,291) and Depreciation (+€24,711)
- Receivables within one year +€32,802
up €32,802, from €0 to €32,802
of which Trade receivables: +€32,802
- Tangible fixed assets -€23,582
down €23,582 (-19.1%), from €123,218 to €99,637
of which Furniture and vehicles: -€14,937
- Reserves +€72,291
up €72,291 (+39.2%), from €184,479 to €256,770
- Debts after one year -€18,951
down €18,951 (-19.8%), from €95,505 to €76,554
- Tax, wage and social debts +€4,864
up €4,864 (+54.4%), from €8,937 to €13,801
of which Taxes: +€4,864
- Gross operating margin +€20,775
up €20,775 (+18.8%), from €110,389 to €131,163
- Taxes +€5,926
up €5,926 (+24.8%), from €23,937 to €29,864
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 | €353,042 | €411,089 | +€58,048 | +16.4% |
| Fixed assets | 21/28 | €123,218 | €99,637 | -€23,582 | -19.1% |
| Tangible fixed assets | 22/27 | €123,218 | €99,637 | -€23,582 | -19.1% |
| Land and buildings | 22 | €74,361 | €65,923 | -€8,439 | -11.3% |
| Plant, machinery and equipment | 23 | €206 | €0 | -€206 | -100% |
| Furniture and vehicles | 24 | €48,651 | €33,714 | -€14,937 | -30.7% |
| Current assets | 29/58 | €229,823 | €311,453 | +€81,629 | +35.5% |
| Amounts receivable within one year | 40/41 | €0 | €32,802 | +€32,802 | |
| Trade receivables | 40 | - | €32,802 | +€32,802 | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €226,011 | €275,134 | +€49,124 | +21.7% |
| Deferred charges and accrued income | 490/1 | €3,813 | €3,517 | -€296 | -7.8% |
| Total equity and liabilities | 10/49 | €353,042 | €411,089 | +€58,048 | +16.4% |
| Equity | 10/15 | €224,491 | €296,782 | +€72,291 | +32.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €184,479 | €256,770 | +€72,291 | +39.2% |
| Distributable reserves | 133 | €184,479 | €256,770 | +€72,291 | +39.2% |
| Profit (loss) carried forward | 14 | €27,612 | €27,612 | = | 0.0% |
| Amounts payable | 17/49 | €128,551 | €114,308 | -€14,243 | -11.1% |
| Amounts payable after more than one year | 17 | €95,505 | €76,554 | -€18,951 | -19.8% |
| Financial debts | 170/4 | €95,505 | €76,554 | -€18,951 | -19.8% |
| Amounts payable within one year | 42/48 | €33,046 | €37,754 | +€4,708 | +14.2% |
| Current portion of amounts payable after more than one year | 42 | €18,354 | €18,951 | +€597 | +3.3% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €1,818 | €953 | -€865 | -47.6% |
| Suppliers | 440/4 | €1,818 | €953 | -€865 | -47.6% |
| Taxes, remuneration and social security | 45 | €8,937 | €13,801 | +€4,864 | +54.4% |
| Taxes | 450/3 | €8,937 | €13,801 | +€4,864 | +54.4% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €3,936 | €4,048 | +€112 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,082 | €24,711 | +€628 | +2.6% |
| Other operating charges | 640/8 | €927 | €1,030 | +€103 | +11.1% |
| Gross operating margin | 9900 | €110,389 | €131,163 | +€20,775 | +18.8% |
| Operating profit (loss) | 9901 | €85,380 | €105,423 | +€20,043 | +23.5% |
| Financial charges | 65/66B | €3,867 | €3,269 | -€598 | -15.5% |
| Recurring financial charges | 65 | €3,867 | €3,269 | -€598 | -15.5% |
| Profit (loss) for the period before taxes | 9903 | €81,513 | €102,155 | +€20,642 | +25.3% |
| Income taxes | 67/77 | €23,937 | €29,864 | +€5,926 | +24.8% |
| Profit (loss) for the period | 9904 | €57,576 | €72,291 | +€14,715 | +25.6% |
| Profit (loss) for the period to be appropriated | 9905 | €57,576 | €72,291 | +€14,715 | +25.6% |
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 20 October 2026 via checked.be.