J.G. 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.
J.G. VERSCHUEREN
Largest movements
- Cash +€34,540
up €34,540 (+28.4%), from €121,715 to €156,255
mainly Depreciation (+€29,539) and Other debts (+€17,839)
- Tangible fixed assets -€27,904
down €27,904 (-27.4%), from €101,927 to €74,022
of which Furniture and vehicles: -€18,245
- Receivables within one year -€9,163
down €9,163 (-47.3%), from €19,367 to €10,204
of which Other amounts receivable: -€7,309
- Stocks and contracts -€5,798
down €5,798 (-41.6%), from €13,954 to €8,156
- Other debts +€17,839
up €17,839 (+1,739%), from €1,026 to €18,865
- Debts after one year -€16,286
down €16,286 (-59.7%), from €27,277 to €10,991
- Reserves -€5,575
down €5,575 (-3.7%), from €152,517 to €146,942
of which Distributable reserves: -€5,575
- Tax, wage and social debts -€3,706
down €3,706 (-78.5%), from €4,719 to €1,012
- Gross operating margin +€20,682
up €20,682 (+69.4%), from €29,786 to €50,467
- Taxes +€4,565
up €4,565 (+1,870%), from €244 to €4,809
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 | €261,136 | €252,906 | -€8,230 | -3.2% |
| Fixed assets | 21/28 | €101,927 | €74,022 | -€27,904 | -27.4% |
| Tangible fixed assets | 22/27 | €101,927 | €74,022 | -€27,904 | -27.4% |
| Land and buildings | 22 | €31,855 | €26,562 | -€5,292 | -16.6% |
| Plant, machinery and equipment | 23 | €19,167 | €15,337 | -€3,830 | -20.0% |
| Furniture and vehicles | 24 | €49,830 | €31,585 | -€18,245 | -36.6% |
| Other tangible fixed assets | 26 | €1,075 | €538 | -€538 | -50.0% |
| Current assets | 29/58 | €159,210 | €178,883 | +€19,674 | +12.4% |
| Stocks and contracts in progress | 3 | €13,954 | €8,156 | -€5,798 | -41.6% |
| Stocks | 30/36 | €13,954 | €8,156 | -€5,798 | -41.6% |
| Amounts receivable within one year | 40/41 | €19,367 | €10,204 | -€9,163 | -47.3% |
| Trade receivables | 40 | €6,405 | €4,551 | -€1,854 | -28.9% |
| Other amounts receivable | 41 | €12,962 | €5,653 | -€7,309 | -56.4% |
| Cash at bank and in hand | 54/58 | €121,715 | €156,255 | +€34,540 | +28.4% |
| Deferred charges and accrued income | 490/1 | €4,174 | €4,268 | +€94 | +2.3% |
| Total equity and liabilities | 10/49 | €261,136 | €252,906 | -€8,230 | -3.2% |
| Equity | 10/15 | €211,214 | €205,638 | -€5,575 | -2.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €152,517 | €146,942 | -€5,575 | -3.7% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €13,750 | €13,750 | = | 0.0% |
| Distributable reserves | 133 | €132,567 | €126,992 | -€5,575 | -4.2% |
| Profit (loss) carried forward | 14 | -€3,303 | -€3,303 | = | 0.0% |
| Amounts payable | 17/49 | €49,922 | €47,267 | -€2,655 | -5.3% |
| Amounts payable after more than one year | 17 | €27,277 | €10,991 | -€16,286 | -59.7% |
| Financial debts | 170/4 | €27,277 | €10,991 | -€16,286 | -59.7% |
| Amounts payable within one year | 42/48 | €22,499 | €36,180 | +€13,681 | +60.8% |
| Current portion of amounts payable after more than one year | 42 | €16,050 | €16,286 | +€236 | +1.5% |
| Trade debts | 44 | €704 | €17 | -€687 | -97.6% |
| Suppliers | 440/4 | €704 | €17 | -€687 | -97.6% |
| Taxes, remuneration and social security | 45 | €4,719 | €1,012 | -€3,706 | -78.5% |
| Taxes | 450/3 | €4,719 | €1,012 | -€3,706 | -78.5% |
| Other amounts payable | 47/48 | €1,026 | €18,865 | +€17,839 | +1,739% |
| Accrued charges and deferred income | 492/3 | €146 | €96 | -€50 | -34.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,465 | €29,539 | +€74 | +0.3% |
| Other operating charges | 640/8 | €3,420 | €2,979 | -€441 | -12.9% |
| Gross operating margin | 9900 | €29,786 | €50,467 | +€20,682 | +69.4% |
| Operating profit (loss) | 9901 | -€3,099 | €17,949 | +€21,049 | |
| Financial income | 75/76B | €906 | €668 | -€238 | -26.3% |
| Recurring financial income | 75 | €906 | €668 | -€238 | -26.3% |
| Financial charges | 65/66B | €865 | €594 | -€272 | -31.4% |
| Recurring financial charges | 65 | €865 | €594 | -€272 | -31.4% |
| Profit (loss) for the period before taxes | 9903 | -€3,059 | €18,023 | +€21,082 | |
| Income taxes | 67/77 | €244 | €4,809 | +€4,565 | +1,870% |
| Profit (loss) for the period | 9904 | -€3,303 | €13,214 | +€16,517 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,303 | €13,214 | +€16,517 |
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 22 October 2026 via checked.be.