GERT VERSWYVEL: 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.
GERT VERSWYVEL
Largest movements
- Cash +€176,898
up €176,898 (+2,901%), from €6,098 to €182,996
mainly Net result for the year (+€93,585) and Other debts (+€50,852)
- Tangible fixed assets -€71,255
down €71,255 (-18.2%), from €391,842 to €320,587
of which Furniture and vehicles: -€38,899
- Current investments -€45,671
down €45,671 (-3.5%), from €1.3m to €1.2m
- Receivables within one year -€42,828
down €42,828 (-22.7%), from €188,770 to €145,942
of which Trade receivables: -€51,115
- Other debts +€50,852
up €50,852 (+63.7%), from €79,847 to €130,699
- Gross operating margin -€94,085
down €94,085 (-43.5%), from €216,117 to €122,033
- Financial income +€90,384
up €90,384 (+1,408%), from €6,418 to €96,802
- Depreciation -€12,876
down €12,876 (-27.9%), from €46,233 to €33,357
- Taxes -€12,662
down €12,662 (-30.6%), from €41,426 to €28,764
- Financial charges +€9,839
up €9,839 (+19.9%), from €49,421 to €59,260
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 | €1,885,710 | €1,900,206 | +€14,496 | +0.8% |
| Fixed assets | 21/28 | €392,342 | €321,087 | -€71,255 | -18.2% |
| Tangible fixed assets | 22/27 | €391,842 | €320,587 | -€71,255 | -18.2% |
| Land and buildings | 22 | €344,719 | €312,363 | -€32,356 | -9.4% |
| Furniture and vehicles | 24 | €47,124 | €8,225 | -€38,899 | -82.5% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €1,493,368 | €1,579,119 | +€85,751 | +5.7% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €188,770 | €145,942 | -€42,828 | -22.7% |
| Trade receivables | 40 | €155,023 | €103,907 | -€51,115 | -33.0% |
| Other amounts receivable | 41 | €33,748 | €42,034 | +€8,287 | +24.6% |
| Current investments | 50/53 | €1,295,662 | €1,249,991 | -€45,671 | -3.5% |
| Cash at bank and in hand | 54/58 | €6,098 | €182,996 | +€176,898 | +2,901% |
| Deferred charges and accrued income | 490/1 | €2,838 | €190 | -€2,648 | -93.3% |
| Total equity and liabilities | 10/49 | €1,885,710 | €1,900,206 | +€14,496 | +0.8% |
| Equity | 10/15 | €982,540 | €977,675 | -€4,865 | -0.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €874,559 | €869,694 | -€4,865 | -0.6% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €872,704 | €867,839 | -€4,865 | -0.6% |
| Profit (loss) carried forward | 14 | €95,581 | €95,581 | = | 0.0% |
| Amounts payable | 17/49 | €903,170 | €922,530 | +€19,361 | +2.1% |
| Amounts payable after more than one year | 17 | €761,155 | €750,339 | -€10,816 | -1.4% |
| Financial debts | 170/4 | €761,155 | €750,339 | -€10,816 | -1.4% |
| Amounts payable within one year | 42/48 | €142,015 | €172,191 | +€30,176 | +21.2% |
| Current portion of amounts payable after more than one year | 42 | €10,444 | €10,816 | +€371 | +3.6% |
| Trade debts | 44 | €8,909 | €5,963 | -€2,946 | -33.1% |
| Suppliers | 440/4 | €8,909 | €5,963 | -€2,946 | -33.1% |
| Taxes, remuneration and social security | 45 | €42,815 | €24,713 | -€18,101 | -42.3% |
| Taxes | 450/3 | €42,815 | €24,713 | -€18,101 | -42.3% |
| Other amounts payable | 47/48 | €79,847 | €130,699 | +€50,852 | +63.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,233 | €33,357 | -€12,876 | -27.9% |
| Other operating charges | 640/8 | €4,467 | €3,869 | -€598 | -13.4% |
| Gross operating margin | 9900 | €216,117 | €122,033 | -€94,085 | -43.5% |
| Operating profit (loss) | 9901 | €165,418 | €84,807 | -€80,611 | -48.7% |
| Financial income | 75/76B | €6,418 | €96,802 | +€90,384 | +1,408% |
| Recurring financial income | 75 | €6,418 | €96,802 | +€90,384 | +1,408% |
| Financial charges | 65/66B | €49,421 | €59,260 | +€9,839 | +19.9% |
| Recurring financial charges | 65 | €49,421 | €59,260 | +€9,839 | +19.9% |
| Profit (loss) for the period before taxes | 9903 | €122,415 | €122,349 | -€66 | -0.1% |
| Income taxes | 67/77 | €41,426 | €28,764 | -€12,662 | -30.6% |
| Profit (loss) for the period | 9904 | €80,989 | €93,585 | +€12,596 | +15.6% |
| Profit (loss) for the period to be appropriated | 9905 | €80,989 | €93,585 | +€12,596 | +15.6% |
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 1 November 2026 via checked.be.