NIKO VERSCHOORE: 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.
NIKO VERSCHOORE
Largest movements
- Receivables within one year -€58,864
down €58,864 (-48.8%), from €120,534 to €61,670
of which Trade receivables: -€66,546
- Stocks and contracts -€30,970
down €30,970 (-13.6%), from €227,979 to €197,009
of which Contracts in progress: -€36,083
- Tangible fixed assets -€29,617
down €29,617 (-23.3%), from €127,003 to €97,387
of which Furniture and vehicles: -€22,513
- Cash +€15,826
up €15,826 (+38.5%), from €41,116 to €56,942
mainly Receivables within one year (+€58,864) and Depreciation (+€32,460)
- Other debts -€86,024
down €86,024 (-48.2%), from €178,314 to €92,291
- Gross operating margin -€9,038
down €9,038 (-19.8%), from €45,668 to €36,630
- Financial charges -€4,649
down €4,649 (-37.9%), from €12,281 to €7,632
- Other operating charges +€1,623
up €1,623 (+231%), from €702 to €2,326
- Taxes -€571
down €571 (-56.8%), from €1,006 to €434
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 | €519,944 | €418,073 | -€101,871 | -19.6% |
| Fixed assets | 21/28 | €127,003 | €97,387 | -€29,617 | -23.3% |
| Tangible fixed assets | 22/27 | €127,003 | €97,387 | -€29,617 | -23.3% |
| Plant, machinery and equipment | 23 | €15,529 | €11,209 | -€4,319 | -27.8% |
| Furniture and vehicles | 24 | €94,117 | €71,603 | -€22,513 | -23.9% |
| Other tangible fixed assets | 26 | €17,358 | €14,574 | -€2,784 | -16.0% |
| Current assets | 29/58 | €392,941 | €320,687 | -€72,254 | -18.4% |
| Stocks and contracts in progress | 3 | €227,979 | €197,009 | -€30,970 | -13.6% |
| Stocks | 30/36 | €132,264 | €137,376 | +€5,112 | +3.9% |
| Contracts in progress | 37 | €95,715 | €59,633 | -€36,083 | -37.7% |
| Amounts receivable within one year | 40/41 | €120,534 | €61,670 | -€58,864 | -48.8% |
| Trade receivables | 40 | €116,792 | €50,246 | -€66,546 | -57.0% |
| Other amounts receivable | 41 | €3,742 | €11,423 | +€7,681 | +205% |
| Cash at bank and in hand | 54/58 | €41,116 | €56,942 | +€15,826 | +38.5% |
| Deferred charges and accrued income | 490/1 | €3,311 | €5,065 | +€1,755 | +53.0% |
| Total equity and liabilities | 10/49 | €519,944 | €418,073 | -€101,871 | -19.6% |
| Equity | 10/15 | €306,160 | €302,047 | -€4,114 | -1.3% |
| Contributions | 10/11 | €46,500 | €46,500 | = | 0.0% |
| Reserves | 13 | €258,589 | €254,475 | -€4,114 | -1.6% |
| Tax-exempt reserves | 132 | €55,029 | €46,572 | -€8,457 | -15.4% |
| Distributable reserves | 133 | €203,560 | €207,903 | +€4,343 | +2.1% |
| Profit (loss) carried forward | 14 | €1,072 | €1,072 | = | 0.0% |
| Provisions and deferred taxes | 16 | €11,093 | €8,978 | -€2,114 | -19.1% |
| Deferred taxes | 168 | €11,093 | €8,978 | -€2,114 | -19.1% |
| Amounts payable | 17/49 | €202,691 | €107,048 | -€95,642 | -47.2% |
| Amounts payable after more than one year | 17 | €3,450 | - | -€3,450 | |
| Financial debts | 170/4 | €3,450 | - | -€3,450 | |
| Amounts payable within one year | 42/48 | €198,928 | €106,577 | -€92,352 | -46.4% |
| Current portion of amounts payable after more than one year | 42 | €8,220 | €3,450 | -€4,770 | -58.0% |
| Trade debts | 44 | €11,401 | €10,625 | -€776 | -6.8% |
| Suppliers | 440/4 | €11,401 | €10,625 | -€776 | -6.8% |
| Advances received on contracts in progress | 46 | - | €32 | +€32 | |
| Taxes, remuneration and social security | 45 | €992 | €180 | -€813 | -81.9% |
| Taxes | 450/3 | €992 | €180 | -€813 | -81.9% |
| Other amounts payable | 47/48 | €178,314 | €92,291 | -€86,024 | -48.2% |
| Accrued charges and deferred income | 492/3 | €312 | €471 | +€159 | +50.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,350 | €32,460 | +€110 | +0.3% |
| Other operating charges | 640/8 | €702 | €2,326 | +€1,623 | +231% |
| Non-recurring operating charges | 66A | - | €205 | +€205 | |
| Gross operating margin | 9900 | €45,668 | €36,630 | -€9,038 | -19.8% |
| Operating profit (loss) | 9901 | €12,615 | €1,639 | -€10,976 | -87.0% |
| Financial income | 75/76B | €1,873 | €1,865 | -€8 | -0.4% |
| Recurring financial income | 75 | €1,873 | €1,865 | -€8 | -0.4% |
| Financial charges | 65/66B | €12,281 | €7,632 | -€4,649 | -37.9% |
| Recurring financial charges | 65 | €12,281 | €7,632 | -€4,649 | -37.9% |
| Profit (loss) for the period before taxes | 9903 | €2,207 | -€4,128 | -€6,335 | |
| Transfer from deferred taxes | 780 | €2,114 | €2,114 | = | 0.0% |
| Income taxes | 67/77 | €1,006 | €434 | -€571 | -56.8% |
| Profit (loss) for the period | 9904 | €3,316 | -€2,448 | -€5,764 | |
| Transfer from tax-exempt reserves | 789 | €8,457 | €8,457 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €11,773 | €6,009 | -€5,764 | -49.0% |
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 31 October 2026 via checked.be.