PASCAL VERSTRAETE: 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.
PASCAL VERSTRAETE
Largest movements
- Receivables within one year +€29,252
up €29,252 (+54.5%), from €53,659 to €82,911
of which Trade receivables: +€23,374
- Stocks and contracts -€13,075
down €13,075 (-29.9%), from €43,750 to €30,676
of which Contracts in progress: -€14,100
- Receivables after one year -€10,000
no longer reported in 2025 (was €10,000)
- Cash +€7,627
up €7,627 (+123%), from €6,200 to €13,827
mainly Trade debts (+€21,805) and Stocks and contracts (+€13,075)
- Tangible fixed assets -€1,795
down €1,795 (-12.1%), from €14,795 to €12,999
of which Furniture and vehicles: -€5,240
- Trade debts +€21,805
up €21,805 (+92.5%), from €23,575 to €45,380
- Tax, wage and social debts -€16,776
down €16,776 (-87.6%), from €19,149 to €2,374
- Reserves +€4,083
up €4,083 (+6.6%), from €61,860 to €65,943
- Other debts +€1,955
up €1,955 (+25.4%), from €7,700 to €9,655
- Gross operating margin -€6,551
down €6,551 (-34.0%), from €19,271 to €12,720
- Taxes -€1,588
down €1,588 (-58.6%), from €2,708 to €1,121
- Depreciation +€898
up €898 (+15.5%), from €5,795 to €6,694
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 | €131,615 | €141,952 | +€10,337 | +7.9% |
| Fixed assets | 21/28 | €14,795 | €12,999 | -€1,795 | -12.1% |
| Tangible fixed assets | 22/27 | €14,795 | €12,999 | -€1,795 | -12.1% |
| Plant, machinery and equipment | 23 | €1,403 | €4,847 | +€3,444 | +246% |
| Furniture and vehicles | 24 | €13,392 | €8,153 | -€5,240 | -39.1% |
| Current assets | 29/58 | €116,820 | €128,952 | +€12,132 | +10.4% |
| Amounts receivable after more than one year | 29 | €10,000 | - | -€10,000 | |
| Trade receivables | 290 | €10,000 | - | -€10,000 | |
| Stocks and contracts in progress | 3 | €43,750 | €30,676 | -€13,075 | -29.9% |
| Stocks | 30/36 | €14,650 | €15,676 | +€1,026 | +7.0% |
| Contracts in progress | 37 | €29,100 | €15,000 | -€14,100 | -48.5% |
| Amounts receivable within one year | 40/41 | €53,659 | €82,911 | +€29,252 | +54.5% |
| Trade receivables | 40 | €50,179 | €73,554 | +€23,374 | +46.6% |
| Other amounts receivable | 41 | €3,480 | €9,358 | +€5,878 | +169% |
| Cash at bank and in hand | 54/58 | €6,200 | €13,827 | +€7,627 | +123% |
| Deferred charges and accrued income | 490/1 | €3,211 | €1,538 | -€1,672 | -52.1% |
| Total equity and liabilities | 10/49 | €131,615 | €141,952 | +€10,337 | +7.9% |
| Equity | 10/15 | €81,191 | €84,543 | +€3,353 | +4.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €61,860 | €65,943 | +€4,083 | +6.6% |
| Distributable reserves | 133 | €61,860 | €65,943 | +€4,083 | +6.6% |
| Profit (loss) carried forward | 14 | €731 | - | -€731 | |
| Amounts payable | 17/49 | €50,424 | €57,409 | +€6,984 | +13.9% |
| Amounts payable within one year | 42/48 | €50,424 | €57,409 | +€6,984 | +13.9% |
| Trade debts | 44 | €23,575 | €45,380 | +€21,805 | +92.5% |
| Suppliers | 440/4 | €23,575 | €45,380 | +€21,805 | +92.5% |
| Taxes, remuneration and social security | 45 | €19,149 | €2,374 | -€16,776 | -87.6% |
| Taxes | 450/3 | €19,149 | €2,374 | -€16,776 | -87.6% |
| Other amounts payable | 47/48 | €7,700 | €9,655 | +€1,955 | +25.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,795 | €6,694 | +€898 | +15.5% |
| Other operating charges | 640/8 | €1,469 | €1,642 | +€173 | +11.8% |
| Gross operating margin | 9900 | €19,271 | €12,720 | -€6,551 | -34.0% |
| Operating profit (loss) | 9901 | €12,007 | €4,384 | -€7,622 | -63.5% |
| Financial income | 75/76B | €395 | €225 | -€171 | -43.2% |
| Recurring financial income | 75 | €395 | €225 | -€171 | -43.2% |
| Financial charges | 65/66B | €323 | €136 | -€187 | -57.9% |
| Recurring financial charges | 65 | €323 | €136 | -€187 | -57.9% |
| Profit (loss) for the period before taxes | 9903 | €12,079 | €4,473 | -€7,606 | -63.0% |
| Income taxes | 67/77 | €2,708 | €1,121 | -€1,588 | -58.6% |
| Profit (loss) for the period | 9904 | €9,371 | €3,353 | -€6,018 | -64.2% |
| Profit (loss) for the period to be appropriated | 9905 | €9,371 | €3,353 | -€6,018 | -64.2% |
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 17 October 2026 via checked.be.