N. Verschelden: 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.
N. Verschelden
Largest movements
- Cash +€93,502
up €93,502 (+22.9%), from €408,291 to €501,793
mainly Net result for the year (+€171,452) and Other debts (+€59,325)
- Receivables within one year +€17,764
up €17,764 (+43.6%), from €40,727 to €58,491
of which Trade receivables: +€22,169
- Other debts +€59,325
up €59,325 (+105.6%), from €56,165 to €115,490
- Profit (loss) carried forward +€46,452
up €46,452 (+4196.1%), from €1,107 to €47,559
- Tax, wage and social debts -€20,270
down €20,270 (-50.7%), from €39,961 to €19,691
of which Taxes: -€17,790
- Reserves +€15,000
up €15,000 (+4.1%), from €368,968 to €383,968
of which Distributable reserves: +€15,000
- Gross operating margin -€42,958
down €42,958 (-8.9%), from €482,284 to €439,326
- Taxes -€13,553
down €13,553 (-15.5%), from €87,642 to €74,090
- Staff costs -€9,386
down €9,386 (-5.2%), from €179,431 to €170,045
- Depreciation -€6,192
down €6,192 (-22.9%), from €27,074 to €20,882
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 | €499,242 | €603,592 | +€104,350 | +20.9% |
| Fixed assets | 21/28 | €49,752 | €42,934 | -€6,818 | -13.7% |
| Intangible fixed assets | 21 | €10,831 | €5,416 | -€5,416 | -50.0% |
| Tangible fixed assets | 22/27 | €37,813 | €36,410 | -€1,403 | -3.7% |
| Plant, machinery and equipment | 23 | €27,338 | €31,051 | +€3,712 | +13.6% |
| Furniture and vehicles | 24 | €10,475 | €5,360 | -€5,115 | -48.8% |
| Financial fixed assets | 28 | €1,108 | €1,108 | = | 0.0% |
| Current assets | 29/58 | €449,490 | €560,658 | +€111,168 | +24.7% |
| Amounts receivable within one year | 40/41 | €40,727 | €58,491 | +€17,764 | +43.6% |
| Trade receivables | 40 | €31,789 | €53,958 | +€22,169 | +69.7% |
| Other amounts receivable | 41 | €8,937 | €4,533 | -€4,404 | -49.3% |
| Cash at bank and in hand | 54/58 | €408,291 | €501,793 | +€93,502 | +22.9% |
| Deferred charges and accrued income | 490/1 | €471 | €373 | -€98 | -20.8% |
| Total equity and liabilities | 10/49 | €499,242 | €603,592 | +€104,350 | +20.9% |
| Equity | 10/15 | €388,675 | €450,127 | +€61,452 | +15.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €368,968 | €383,968 | +€15,000 | +4.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,708 | €3,708 | = | 0.0% |
| Distributable reserves | 133 | €363,400 | €378,400 | +€15,000 | +4.1% |
| Profit (loss) carried forward | 14 | €1,107 | €47,559 | +€46,452 | +4196.1% |
| Amounts payable | 17/49 | €110,567 | €153,465 | +€42,898 | +38.8% |
| Amounts payable within one year | 42/48 | €110,567 | €153,465 | +€42,898 | +38.8% |
| Trade debts | 44 | €14,441 | €18,284 | +€3,843 | +26.6% |
| Suppliers | 440/4 | €14,441 | €18,284 | +€3,843 | +26.6% |
| Taxes, remuneration and social security | 45 | €39,961 | €19,691 | -€20,270 | -50.7% |
| Taxes | 450/3 | €17,790 | - | -€17,790 | |
| Remuneration and social security | 454/9 | €22,171 | €19,691 | -€2,480 | -11.2% |
| Other amounts payable | 47/48 | €56,165 | €115,490 | +€59,325 | +105.6% |
| Remuneration, social security and pensions | 62 | €179,431 | €170,045 | -€9,386 | -5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,074 | €20,882 | -€6,192 | -22.9% |
| Other operating charges | 640/8 | €1,945 | €2,688 | +€743 | +38.2% |
| Gross operating margin | 9900 | €482,284 | €439,326 | -€42,958 | -8.9% |
| Operating profit (loss) | 9901 | €273,834 | €245,711 | -€28,123 | -10.3% |
| Financial income | 75/76B | €536 | €808 | +€272 | +50.8% |
| Recurring financial income | 75 | €536 | €808 | +€272 | +50.8% |
| Financial charges | 65/66B | €986 | €977 | -€9 | -0.9% |
| Recurring financial charges | 65 | €986 | €977 | -€9 | -0.9% |
| Profit (loss) for the period before taxes | 9903 | €273,384 | €245,542 | -€27,842 | -10.2% |
| Income taxes | 67/77 | €87,642 | €74,090 | -€13,553 | -15.5% |
| Profit (loss) for the period | 9904 | €185,742 | €171,452 | -€14,289 | -7.7% |
| Profit (loss) for the period to be appropriated | 9905 | €185,742 | €171,452 | -€14,289 | -7.7% |
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 12 October 2026 via checked.be.