Paul 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.
What changed
Paul VERSCHELDEN
NACE 47.540, Retail sale of electrical household appliances
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€4,214
2024 · €40,367-€36,153
Equity
€1.5m
2024 · €1.5m+€4,214
Cash
€169,058
2024 · €165,334+€3,724
Balance sheet total
€1.7m
2024 · €1.6m+€48,146
Largest movements
Assets
- Receivables within one year +€30,296
up €30,296 (+16.4%), from €184,632 to €214,928
of which Trade receivables: +€21,141
- Tangible fixed assets +€25,964
up €25,964 (+18.5%), from €140,141 to €166,105
of which Land and buildings: +€27,985
Equity and liabilities
- Trade debts +€56,920
up €56,920 (+251%), from €22,647 to €79,566
Income statement
- Gross operating margin -€33,464
down €33,464 (-10.4%), from €323,204 to €289,740
- Depreciation +€16,832
up €16,832 (+88.3%), from €19,058 to €35,890
- Taxes -€10,873
down €10,873 (-70.1%), from €15,502 to €4,629
- Financial income +€4,845
up €4,845 (+109%), from €4,427 to €9,272
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.
Result 2024
€40,367
Gross operating margin
-€33,464
Staff costs
-€2,476
Depreciation
-€16,832
Other operating charges
-€549
Financial income
+€4,845
Financial charges
+€1,450
Taxes
+€10,873
Result 2025
€4,214
raises the resultlowers the result
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.
From operations
+€81,603
Investment
-€61,854
Financing
-€16,025
Cash 2024
€165,334
From operations (derived)
+€81,603
Net result for the year
+€4,214
Depreciation
+€35,890
Stocks and contracts
+€12,347
Receivables within one year
-€30,296
Deferred charges and accrued income
-€509
Trade debts
+€56,920
Tax, wage and social debts
+€1,650
Other debts
+€1,388
Investment (derived)
-€61,854
Investment in fixed assets (net)
-€61,854
Financing
-€16,025
Debts after one year
-€15,747
Current portion of long-term debt
-€278
Cash 2025
€169,058
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,634,326 | €1,682,472 | +€48,146 | +2.9% |
| Fixed assets | 21/28 | €141,960 | €167,925 | +€25,964 | +18.3% |
| Tangible fixed assets | 22/27 | €140,141 | €166,105 | +€25,964 | +18.5% |
| Land and buildings | 22 | €75,218 | €103,203 | +€27,985 | +37.2% |
| Plant, machinery and equipment | 23 | €1,234 | €955 | -€279 | -22.6% |
| Furniture and vehicles | 24 | €63,688 | €61,946 | -€1,742 | -2.7% |
| Financial fixed assets | 28 | €1,820 | €1,820 | = | 0.0% |
| Current assets | 29/58 | €1,492,365 | €1,514,547 | +€22,182 | +1.5% |
| Amounts receivable after more than one year | 29 | €135,000 | €135,000 | = | 0.0% |
| Other amounts receivable | 291 | €135,000 | €135,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €547,981 | €535,634 | -€12,347 | -2.3% |
| Stocks | 30/36 | €547,981 | €535,634 | -€12,347 | -2.3% |
| Amounts receivable within one year | 40/41 | €184,632 | €214,928 | +€30,296 | +16.4% |
| Trade receivables | 40 | €140,394 | €161,536 | +€21,141 | +15.1% |
| Other amounts receivable | 41 | €44,237 | €53,392 | +€9,155 | +20.7% |
| Current investments | 50/53 | €447,000 | €447,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €165,334 | €169,058 | +€3,724 | +2.3% |
| Deferred charges and accrued income | 490/1 | €12,418 | €12,927 | +€509 | +4.1% |
| Total equity and liabilities | 10/49 | €1,634,326 | €1,682,472 | +€48,146 | +2.9% |
| Equity | 10/15 | €1,523,695 | €1,527,908 | +€4,214 | +0.3% |
| Contributions | 10/11 | €448,037 | €448,037 | = | 0.0% |
| Capital | 10 | €448,037 | €448,037 | = | 0.0% |
| Issued capital | 100 | €448,037 | €448,037 | = | 0.0% |
| Reserves | 13 | €1,075,658 | €1,079,872 | +€4,214 | +0.4% |
| Non-distributable reserves | 130/1 | €9,780 | €9,780 | = | 0.0% |
| Legal reserve | 130 | €9,780 | €9,780 | = | 0.0% |
| Tax-exempt reserves | 132 | €42,312 | €42,312 | = | 0.0% |
| Distributable reserves | 133 | €1,023,566 | €1,027,780 | +€4,214 | +0.4% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €110,631 | €154,563 | +€43,932 | +39.7% |
| Amounts payable after more than one year | 17 | €40,624 | €24,876 | -€15,747 | -38.8% |
| Financial debts | 170/4 | €39,501 | €24,876 | -€14,625 | -37.0% |
| Other amounts payable | 178/9 | €1,122 | €0 | -€1,122 | -100% |
| Amounts payable within one year | 42/48 | €70,007 | €129,687 | +€59,680 | +85.2% |
| Current portion of amounts payable after more than one year | 42 | €14,903 | €14,625 | -€278 | -1.9% |
| Trade debts | 44 | €22,647 | €79,566 | +€56,920 | +251% |
| Suppliers | 440/4 | €22,647 | €79,566 | +€56,920 | +251% |
| Advances received on contracts in progress | 46 | €3,519 | €3,519 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €16,172 | €17,821 | +€1,650 | +10.2% |
| Taxes | 450/3 | €5,817 | €1,677 | -€4,141 | -71.2% |
| Remuneration and social security | 454/9 | €10,354 | €16,145 | +€5,790 | +55.9% |
| Other amounts payable | 47/48 | €12,767 | €14,155 | +€1,388 | +10.9% |
| Remuneration, social security and pensions | 62 | €232,888 | €235,364 | +€2,476 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,058 | €35,890 | +€16,832 | +88.3% |
| Other operating charges | 640/8 | €13,044 | €13,593 | +€549 | +4.2% |
| Gross operating margin | 9900 | €323,204 | €289,740 | -€33,464 | -10.4% |
| Operating profit (loss) | 9901 | €58,213 | €4,892 | -€53,321 | -91.6% |
| Financial income | 75/76B | €4,427 | €9,272 | +€4,845 | +109% |
| Recurring financial income | 75 | €4,427 | €9,272 | +€4,845 | +109% |
| Financial charges | 65/66B | €6,771 | €5,321 | -€1,450 | -21.4% |
| Recurring financial charges | 65 | €6,771 | €5,321 | -€1,450 | -21.4% |
| Profit (loss) for the period before taxes | 9903 | €55,868 | €8,842 | -€47,026 | -84.2% |
| Income taxes | 67/77 | €15,502 | €4,629 | -€10,873 | -70.1% |
| Profit (loss) for the period | 9904 | €40,367 | €4,214 | -€36,153 | -89.6% |
| Profit (loss) for the period to be appropriated | 9905 | €40,367 | €4,214 | -€36,153 | -89.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.