GLENN VERSCHOREN: 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.
GLENN VERSCHOREN
Largest movements
- Tangible fixed assets -€22,414
down €22,414 (-2.9%), from €784,367 to €761,953
of which Land and buildings: -€20,997
- Receivables within one year -€18,505
down €18,505 (-53.4%), from €34,679 to €16,173
of which Trade receivables: -€15,426
- Other debts -€61,748
down €61,748 (-53.7%), from €114,989 to €53,241
- Debts after one year -€58,714
down €58,714 (-11.8%), from €495,825 to €437,111
- Trade debts +€38,942
up €38,942 (+74.1%), from €52,579 to €91,521
- Profit (loss) carried forward +€25,804
up €25,804, from -€25,804 to €0
- Other operating charges +€4,586
up €4,586 (+53.6%), from €8,556 to €13,142
- Financial charges -€3,765
down €3,765 (-17.8%), from €21,188 to €17,423
of which Financial charges: -€6,091
- Staff costs +€1,703
up €1,703 (+852%), from €200 to €1,903
- Taxes +€1,177
up €1,177 (+261%), from €450 to €1,627
- Gross operating margin -€1,110
down €1,110 (-1.3%), from €85,730 to €84,620
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 | €866,757 | €819,856 | -€46,901 | -5.4% |
| Fixed assets | 21/28 | €784,902 | €762,488 | -€22,414 | -2.9% |
| Tangible fixed assets | 22/27 | €784,367 | €761,953 | -€22,414 | -2.9% |
| Land and buildings | 22 | €778,401 | €757,404 | -€20,997 | -2.7% |
| Plant, machinery and equipment | 23 | €2,608 | €3,357 | +€749 | +28.7% |
| Furniture and vehicles | 24 | €3,357 | €1,191 | -€2,166 | -64.5% |
| Financial fixed assets | 28 | €535 | €535 | = | 0.0% |
| Current assets | 29/58 | €81,855 | €57,368 | -€24,487 | -29.9% |
| Stocks and contracts in progress | 3 | €43,569 | €39,985 | -€3,584 | -8.2% |
| Stocks | 30/36 | €43,569 | €39,985 | -€3,584 | -8.2% |
| Amounts receivable within one year | 40/41 | €34,679 | €16,173 | -€18,505 | -53.4% |
| Trade receivables | 40 | €24,477 | €9,051 | -€15,426 | -63.0% |
| Other amounts receivable | 41 | €10,202 | €7,122 | -€3,079 | -30.2% |
| Cash at bank and in hand | 54/58 | - | €416 | +€416 | |
| Deferred charges and accrued income | 490/1 | €3,607 | €794 | -€2,813 | -78.0% |
| Total equity and liabilities | 10/49 | €866,757 | €819,856 | -€46,901 | -5.4% |
| Equity | 10/15 | €138,447 | €164,558 | +€26,111 | +18.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €145,659 | €145,966 | +€306 | +0.2% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €143,800 | €144,106 | +€306 | +0.2% |
| Profit (loss) carried forward | 14 | -€25,804 | €0 | +€25,804 | |
| Amounts payable | 17/49 | €728,310 | €655,298 | -€73,012 | -10.0% |
| Amounts payable after more than one year | 17 | €495,825 | €437,111 | -€58,714 | -11.8% |
| Financial debts | 170/4 | €495,825 | €437,111 | -€58,714 | -11.8% |
| Amounts payable within one year | 42/48 | €232,484 | €218,187 | -€14,298 | -6.2% |
| Current portion of amounts payable after more than one year | 42 | €62,099 | €70,461 | +€8,362 | +13.5% |
| Financial debts | 43 | €2,368 | €886 | -€1,482 | -62.6% |
| Credit institutions | 430/8 | €2,368 | €886 | -€1,482 | -62.6% |
| Trade debts | 44 | €52,579 | €91,521 | +€38,942 | +74.1% |
| Suppliers | 440/4 | €52,579 | €91,521 | +€38,942 | +74.1% |
| Taxes, remuneration and social security | 45 | €450 | €2,078 | +€1,627 | +361% |
| Taxes | 450/3 | €450 | €2,078 | +€1,627 | +361% |
| Other amounts payable | 47/48 | €114,989 | €53,241 | -€61,748 | -53.7% |
| Remuneration, social security and pensions | 62 | €200 | €1,903 | +€1,703 | +852% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,727 | €24,414 | +€687 | +2.9% |
| Other operating charges | 640/8 | €8,556 | €13,142 | +€4,586 | +53.6% |
| Gross operating margin | 9900 | €85,730 | €84,620 | -€1,110 | -1.3% |
| Operating profit (loss) | 9901 | €53,247 | €45,161 | -€8,086 | -15.2% |
| Financial income | 75/76B | €209 | €1 | -€208 | -99.7% |
| Recurring financial income | 75 | €209 | €1 | -€208 | -99.7% |
| Financial charges | 65/66B | €21,188 | €17,423 | -€3,765 | -17.8% |
| Recurring financial charges | 65 | €21,188 | €15,097 | -€6,091 | -28.7% |
| Non-recurring financial charges | 66B | - | €2,327 | +€2,327 | |
| Profit (loss) for the period before taxes | 9903 | €32,268 | €27,738 | -€4,530 | -14.0% |
| Income taxes | 67/77 | €450 | €1,627 | +€1,177 | +261% |
| Profit (loss) for the period | 9904 | €31,818 | €26,111 | -€5,707 | -17.9% |
| Profit (loss) for the period to be appropriated | 9905 | €31,818 | €26,111 | -€5,707 | -17.9% |
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 25 October 2026 via checked.be.