FREDERIC VERSET & Co: 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.
FREDERIC VERSET & Co
Largest movements
- Current investments +€200,877
up €200,877 (+20.5%), from €978,996 to €1.2m
- Receivables after one year -€61,789
no longer reported in 2025 (was €61,789)
- Cash +€40,967
up €40,967 (+9.2%), from €444,288 to €485,255
mainly Net result for the year (+€141,512) and Receivables after one year (+€61,789)
- Tangible fixed assets -€39,501
down €39,501 (-5.9%), from €669,232 to €629,731
of which Land and buildings: -€32,150
- Reserves +€141,512
up €141,512 (+8.0%), from €1.8m to €1.9m
of which Non-distributable reserves: +€147,982
- Other debts +€38,520
up €38,520 (+36.8%), from €104,573 to €143,092
- Tax, wage and social debts -€37,552
down €37,552 (-67.5%), from €55,638 to €18,086
of which Remuneration and social security: -€36,972
- Accrued charges and deferred income +€33,894
up €33,894 (+79.6%), from €42,565 to €76,458
- Taxes +€29,487
up €29,487 (+47.1%), from €62,624 to €92,111
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 | €2,158,117 | €2,312,473 | +€154,356 | +7.2% |
| Fixed assets | 21/28 | €670,369 | €630,868 | -€39,501 | -5.9% |
| Tangible fixed assets | 22/27 | €669,232 | €629,731 | -€39,501 | -5.9% |
| Land and buildings | 22 | €641,672 | €609,521 | -€32,150 | -5.0% |
| Furniture and vehicles | 24 | €1,769 | €1,242 | -€527 | -29.8% |
| Other tangible fixed assets | 26 | €25,791 | €18,968 | -€6,824 | -26.5% |
| Financial fixed assets | 28 | €1,136 | €1,136 | = | 0.0% |
| Current assets | 29/58 | €1,487,748 | €1,681,605 | +€193,857 | +13.0% |
| Amounts receivable after more than one year | 29 | €61,789 | - | -€61,789 | |
| Other amounts receivable | 291 | €61,789 | - | -€61,789 | |
| Amounts receivable within one year | 40/41 | €2,197 | €15,865 | +€13,668 | +622.0% |
| Trade receivables | 40 | €1,183 | €5,828 | +€4,644 | +392.5% |
| Other amounts receivable | 41 | €1,014 | €10,038 | +€9,024 | +889.7% |
| Current investments | 50/53 | €978,996 | €1,179,874 | +€200,877 | +20.5% |
| Cash at bank and in hand | 54/58 | €444,288 | €485,255 | +€40,967 | +9.2% |
| Deferred charges and accrued income | 490/1 | €478 | €611 | +€133 | +27.9% |
| Total equity and liabilities | 10/49 | €2,158,117 | €2,312,473 | +€154,356 | +7.2% |
| Equity | 10/15 | €1,780,888 | €1,922,400 | +€141,512 | +7.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,761,568 | €1,903,080 | +€141,512 | +8.0% |
| Non-distributable reserves | 130/1 | €1,684,194 | €1,832,176 | +€147,982 | +8.8% |
| Reserves not available under the articles | 1311 | €8,060 | €8,060 | = | 0.0% |
| Other | 1319 | €1,676,134 | €1,824,116 | +€147,982 | +8.8% |
| Tax-exempt reserves | 132 | €77,374 | €70,904 | -€6,470 | -8.4% |
| Profit (loss) carried forward | 14 | €720 | €720 | = | 0.0% |
| Provisions and deferred taxes | 16 | €39,816 | €36,482 | -€3,333 | -8.4% |
| Deferred taxes | 168 | €39,816 | €36,482 | -€3,333 | -8.4% |
| Amounts payable | 17/49 | €337,413 | €353,591 | +€16,178 | +4.8% |
| Amounts payable within one year | 42/48 | €294,848 | €277,132 | -€17,716 | -6.0% |
| Trade debts | 44 | €134,638 | €115,954 | -€18,684 | -13.9% |
| Suppliers | 440/4 | €134,638 | €115,954 | -€18,684 | -13.9% |
| Taxes, remuneration and social security | 45 | €55,638 | €18,086 | -€37,552 | -67.5% |
| Taxes | 450/3 | €18,665 | €18,086 | -€580 | -3.1% |
| Remuneration and social security | 454/9 | €36,972 | - | -€36,972 | |
| Other amounts payable | 47/48 | €104,573 | €143,092 | +€38,520 | +36.8% |
| Accrued charges and deferred income | 492/3 | €42,565 | €76,458 | +€33,894 | +79.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,334 | €42,447 | +€113 | +0.3% |
| Other operating charges | 640/8 | €8,554 | €8,827 | +€273 | +3.2% |
| Gross operating margin | 9900 | €262,217 | €260,347 | -€1,870 | -0.7% |
| Operating profit (loss) | 9901 | €211,329 | €209,073 | -€2,256 | -1.1% |
| Financial income | 75/76B | €28,232 | €26,935 | -€1,297 | -4.6% |
| Recurring financial income | 75 | €28,232 | €26,935 | -€1,297 | -4.6% |
| Financial charges | 65/66B | €4,036 | €5,718 | +€1,682 | +41.7% |
| Recurring financial charges | 65 | €4,036 | €5,718 | +€1,682 | +41.7% |
| Profit (loss) for the period before taxes | 9903 | €235,525 | €230,289 | -€5,235 | -2.2% |
| Transfer from deferred taxes | 780 | €3,333 | €3,333 | = | 0.0% |
| Income taxes | 67/77 | €62,624 | €92,111 | +€29,487 | +47.1% |
| Profit (loss) for the period | 9904 | €176,234 | €141,512 | -€34,723 | -19.7% |
| Transfer from tax-exempt reserves | 789 | €6,470 | €6,470 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €182,704 | €147,982 | -€34,723 | -19.0% |
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 11 October 2026 via checked.be.