RONNY VERSTAPPEN: 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.
RONNY VERSTAPPEN
Largest movements
- Cash +€259,332
up €259,332 (+159%), from €163,544 to €422,876
mainly Other debts (+€414,969) and Net result for the year (+€295,392)
- Receivables within one year -€247,537
down €247,537 (-28.7%), from €862,063 to €614,526
of which Trade receivables: -€231,996
- Stocks and contracts +€201,204
up €201,204 (+535%), from €37,641 to €238,845
- Tangible fixed assets +€106,826
up €106,826 (+12.3%), from €870,473 to €977,299
of which Plant, machinery and equipment: +€139,056
- Other debts +€414,969
up €414,969 (+352%), from €117,973 to €532,943
- Trade debts -€335,225
down €335,225 (-92.0%), from €364,559 to €29,334
- Reserves +€130,392
up €130,392 (+15.6%), from €834,687 to €965,080
of which Distributable reserves: +€130,392
- Tax, wage and social debts +€64,304
up €64,304 (+593%), from €10,850 to €75,154
- Debts after one year +€35,156
up €35,156 (+9.3%), from €379,145 to €414,301
- Gross operating margin +€310,343
up €310,343 (+93.9%), from €330,647 to €640,990
- Taxes +€95,252
up €95,252 (+210%), from €45,460 to €140,712
- Financial charges +€14,274
up €14,274 (+54.5%), from €26,200 to €40,474
- Depreciation +€13,759
up €13,759 (+9.0%), from €152,930 to €166,689
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 | €1,933,721 | €2,265,246 | +€331,525 | +17.1% |
| Fixed assets | 21/28 | €870,473 | €977,299 | +€106,826 | +12.3% |
| Tangible fixed assets | 22/27 | €870,473 | €977,299 | +€106,826 | +12.3% |
| Land and buildings | 22 | €555,489 | €505,354 | -€50,136 | -9.0% |
| Plant, machinery and equipment | 23 | €177,456 | €316,512 | +€139,056 | +78.4% |
| Furniture and vehicles | 24 | €137,528 | €155,433 | +€17,905 | +13.0% |
| Current assets | 29/58 | €1,063,248 | €1,287,947 | +€224,699 | +21.1% |
| Stocks and contracts in progress | 3 | €37,641 | €238,845 | +€201,204 | +535% |
| Stocks | 30/36 | €37,641 | €238,845 | +€201,204 | +535% |
| Amounts receivable within one year | 40/41 | €862,063 | €614,526 | -€247,537 | -28.7% |
| Trade receivables | 40 | €836,778 | €604,782 | -€231,996 | -27.7% |
| Other amounts receivable | 41 | €25,285 | €9,744 | -€15,541 | -61.5% |
| Cash at bank and in hand | 54/58 | €163,544 | €422,876 | +€259,332 | +159% |
| Deferred charges and accrued income | 490/1 | - | €11,700 | +€11,700 | |
| Total equity and liabilities | 10/49 | €1,933,721 | €2,265,246 | +€331,525 | +17.1% |
| Equity | 10/15 | €933,287 | €1,063,680 | +€130,392 | +14.0% |
| Contributions | 10/11 | €98,600 | €98,600 | = | 0.0% |
| Reserves | 13 | €834,687 | €965,080 | +€130,392 | +15.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €832,827 | €963,220 | +€130,392 | +15.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,000,434 | €1,201,566 | +€201,133 | +20.1% |
| Amounts payable after more than one year | 17 | €379,145 | €414,301 | +€35,156 | +9.3% |
| Financial debts | 170/4 | €379,145 | €414,301 | +€35,156 | +9.3% |
| Amounts payable within one year | 42/48 | €621,289 | €772,480 | +€151,191 | +24.3% |
| Current portion of amounts payable after more than one year | 42 | €126,272 | €133,415 | +€7,143 | +5.7% |
| Financial debts | 43 | €1,634 | €1,634 | = | 0.0% |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | €1,634 | €1,634 | = | 0.0% |
| Trade debts | 44 | €364,559 | €29,334 | -€335,225 | -92.0% |
| Suppliers | 440/4 | €364,559 | €29,334 | -€335,225 | -92.0% |
| Taxes, remuneration and social security | 45 | €10,850 | €75,154 | +€64,304 | +593% |
| Taxes | 450/3 | €10,850 | €75,154 | +€64,304 | +593% |
| Other amounts payable | 47/48 | €117,973 | €532,943 | +€414,969 | +352% |
| Accrued charges and deferred income | 492/3 | - | €14,785 | +€14,785 | |
| Non-recurring operating income | 76A | €74,820 | €35,166 | -€39,654 | -53.0% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €152,930 | €166,689 | +€13,759 | +9.0% |
| Other operating charges | 640/8 | €1,664 | €3,349 | +€1,685 | +101% |
| Gross operating margin | 9900 | €330,647 | €640,990 | +€310,343 | +93.9% |
| Operating profit (loss) | 9901 | €176,053 | €470,952 | +€294,899 | +168% |
| Financial income | 75/76B | €131 | €5,626 | +€5,496 | +4,207% |
| Recurring financial income | 75 | €131 | €5,626 | +€5,496 | +4,207% |
| Financial charges | 65/66B | €26,200 | €40,474 | +€14,274 | +54.5% |
| Recurring financial charges | 65 | €26,200 | €40,474 | +€14,274 | +54.5% |
| Profit (loss) for the period before taxes | 9903 | €149,984 | €436,104 | +€286,120 | +191% |
| Income taxes | 67/77 | €45,460 | €140,712 | +€95,252 | +210% |
| Profit (loss) for the period | 9904 | €104,524 | €295,392 | +€190,869 | +183% |
| Profit (loss) for the period to be appropriated | 9905 | €104,524 | €295,392 | +€190,869 | +183% |
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 31 October 2026 via checked.be.