GROUP VERSCHUEREN: 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.
GROUP VERSCHUEREN
Largest movements
- Stocks and contracts +€451,565
up €451,565 (+88.8%), from €508,788 to €960,353
- Cash +€171,833
up €171,833 (+160%), from €107,387 to €279,220
mainly Net result for the year (+€346,083) and Trade debts (+€102,021)
- Receivables within one year -€77,597
down €77,597 (-13.5%), from €575,431 to €497,834
of which Trade receivables: -€121,678
- Tangible fixed assets -€31,791
down €31,791 (-14.0%), from €226,511 to €194,720
of which Plant, machinery and equipment: -€21,376
- Reserves +€346,082
up €346,082 (+46.9%), from €738,372 to €1.1m
of which Distributable reserves: +€346,082
- Trade debts +€102,021
up €102,021 (+22.8%), from €447,059 to €549,080
of which Suppliers: +€102,021
- Current portion of long-term debt +€53,765
up €53,765 (+53.2%), from €101,031 to €154,796
- Debts after one year -€24,796
down €24,796 (-37.9%), from €65,442 to €40,646
- Tax, wage and social debts +€22,360
up €22,360 (+41.2%), from €54,332 to €76,692
of which Taxes: +€16,886
- Gross operating margin +€227,289
up €227,289 (+60.0%), from €378,744 to €606,033
- Taxes +€70,801
up €70,801 (+71.6%), from €98,917 to €169,718
- Financial income -€6,420
down €6,420 (-52.2%), from €12,310 to €5,890
- Depreciation +€6,234
up €6,234 (+9.3%), from €67,264 to €73,498
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 | €1,538,057 | €2,054,141 | +€516,084 | +33.6% |
| Fixed assets | 21/28 | €338,511 | €306,720 | -€31,791 | -9.4% |
| Tangible fixed assets | 22/27 | €226,511 | €194,720 | -€31,791 | -14.0% |
| Plant, machinery and equipment | 23 | €94,409 | €73,033 | -€21,376 | -22.6% |
| Furniture and vehicles | 24 | €132,102 | €121,686 | -€10,416 | -7.9% |
| Financial fixed assets | 28 | €112,000 | €112,000 | = | 0.0% |
| Current assets | 29/58 | €1,199,545 | €1,747,421 | +€547,876 | +45.7% |
| Stocks and contracts in progress | 3 | €508,788 | €960,353 | +€451,565 | +88.8% |
| Stocks | 30/36 | €508,788 | €960,353 | +€451,565 | +88.8% |
| Amounts receivable within one year | 40/41 | €575,431 | €497,834 | -€77,597 | -13.5% |
| Trade receivables | 40 | €349,205 | €227,527 | -€121,678 | -34.8% |
| Other amounts receivable | 41 | €226,226 | €270,307 | +€44,081 | +19.5% |
| Cash at bank and in hand | 54/58 | €107,387 | €279,220 | +€171,833 | +160% |
| Deferred charges and accrued income | 490/1 | €7,939 | €10,014 | +€2,075 | +26.1% |
| Total equity and liabilities | 10/49 | €1,538,057 | €2,054,141 | +€516,084 | +33.6% |
| Equity | 10/15 | €813,848 | €1,159,931 | +€346,083 | +42.5% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €738,372 | €1,084,454 | +€346,082 | +46.9% |
| Tax-exempt reserves | 132 | €84,200 | €84,200 | = | 0.0% |
| Distributable reserves | 133 | €654,172 | €1,000,254 | +€346,082 | +52.9% |
| Profit (loss) carried forward | 14 | €15,477 | €15,477 | -€0 | 0.0% |
| Amounts payable | 17/49 | €724,208 | €894,210 | +€170,002 | +23.5% |
| Amounts payable after more than one year | 17 | €65,442 | €40,646 | -€24,796 | -37.9% |
| Financial debts | 170/4 | €65,442 | €40,646 | -€24,796 | -37.9% |
| Amounts payable within one year | 42/48 | €658,560 | €852,983 | +€194,423 | +29.5% |
| Current portion of amounts payable after more than one year | 42 | €101,031 | €154,796 | +€53,765 | +53.2% |
| Trade debts | 44 | €447,059 | €549,080 | +€102,021 | +22.8% |
| Suppliers | 440/4 | €422,793 | €524,814 | +€102,021 | +24.1% |
| Bills of exchange payable | 441 | €24,266 | €24,266 | -€0 | 0.0% |
| Advances received on contracts in progress | 46 | - | €15,250 | +€15,250 | |
| Taxes, remuneration and social security | 45 | €54,332 | €76,692 | +€22,360 | +41.2% |
| Taxes | 450/3 | €53,934 | €70,820 | +€16,886 | +31.3% |
| Remuneration and social security | 454/9 | €398 | €5,872 | +€5,474 | +1,375% |
| Other amounts payable | 47/48 | €56,139 | €57,165 | +€1,026 | +1.8% |
| Accrued charges and deferred income | 492/3 | €206 | €582 | +€376 | +183% |
| Remuneration, social security and pensions | 62 | €6,086 | €8,686 | +€2,600 | +42.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,264 | €73,498 | +€6,234 | +9.3% |
| Other operating charges | 640/8 | €595 | €5,726 | +€5,131 | +862% |
| Non-recurring operating charges | 66A | - | €6,143 | +€6,143 | |
| Gross operating margin | 9900 | €378,744 | €606,033 | +€227,289 | +60.0% |
| Operating profit (loss) | 9901 | €304,799 | €511,980 | +€207,181 | +68.0% |
| Financial income | 75/76B | €12,310 | €5,890 | -€6,420 | -52.2% |
| Recurring financial income | 75 | €12,310 | €5,890 | -€6,420 | -52.2% |
| Financial charges | 65/66B | €7,204 | €2,069 | -€5,135 | -71.3% |
| Recurring financial charges | 65 | €7,204 | €2,069 | -€5,135 | -71.3% |
| Profit (loss) for the period before taxes | 9903 | €309,904 | €515,801 | +€205,897 | +66.4% |
| Income taxes | 67/77 | €98,917 | €169,718 | +€70,801 | +71.6% |
| Profit (loss) for the period | 9904 | €210,988 | €346,083 | +€135,095 | +64.0% |
| Profit (loss) for the period to be appropriated | 9905 | €210,988 | €346,083 | +€135,095 | +64.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.