VAN SEVER - VERGAUWEN: 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.
VAN SEVER - VERGAUWEN
Largest movements
- Stocks and contracts +€56,825
up €56,825 (+16.0%), from €355,975 to €412,800
- Tangible fixed assets +€19,559
up €19,559 (+11.8%), from €165,403 to €184,962
of which Leasing and similar rights: +€19,783
- Receivables within one year -€8,111
down €8,111 (-59.5%), from €13,627 to €5,516
of which Trade receivables: -€7,620
- Debts after one year +€52,959
up €52,959 (+38.5%), from €137,382 to €190,341
- Reserves +€51,301
up €51,301 (+57.4%), from €89,313 to €140,614
- Other debts -€37,980
down €37,980 (-43.9%), from €86,494 to €48,514
- Tax, wage and social debts +€29,499
up €29,499 (+156%), from €18,950 to €48,450
- Short-term financial debts -€25,018
no longer reported in 2025 (was €25,018)
- Gross operating margin +€37,641
up €37,641 (+42.0%), from €89,623 to €127,264
- Taxes +€11,644
up €11,644 (+157%), from €7,438 to €19,081
- Depreciation -€11,419
down €11,419 (-24.2%), from €47,272 to €35,853
- Other operating charges +€5,951
up €5,951 (+152%), from €3,922 to €9,873
- Financial charges -€1,660
down €1,660 (-12.6%), from €13,157 to €11,497
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 | €542,454 | €608,086 | +€65,632 | +12.1% |
| Fixed assets | 21/28 | €165,403 | €184,962 | +€19,559 | +11.8% |
| Tangible fixed assets | 22/27 | €165,403 | €184,962 | +€19,559 | +11.8% |
| Plant, machinery and equipment | 23 | €22,678 | €20,879 | -€1,800 | -7.9% |
| Furniture and vehicles | 24 | €1,061 | €2,638 | +€1,577 | +149% |
| Leasing and similar rights | 25 | €141,663 | €161,445 | +€19,783 | +14.0% |
| Current assets | 29/58 | €377,052 | €423,124 | +€46,072 | +12.2% |
| Stocks and contracts in progress | 3 | €355,975 | €412,800 | +€56,825 | +16.0% |
| Stocks | 30/36 | €355,975 | €412,800 | +€56,825 | +16.0% |
| Amounts receivable within one year | 40/41 | €13,627 | €5,516 | -€8,111 | -59.5% |
| Trade receivables | 40 | €12,768 | €5,148 | -€7,620 | -59.7% |
| Other amounts receivable | 41 | €859 | €368 | -€491 | -57.1% |
| Cash at bank and in hand | 54/58 | €4,342 | €979 | -€3,364 | -77.5% |
| Deferred charges and accrued income | 490/1 | €3,107 | €3,829 | +€722 | +23.2% |
| Total equity and liabilities | 10/49 | €542,454 | €608,086 | +€65,632 | +12.1% |
| Equity | 10/15 | €120,331 | €171,632 | +€51,301 | +42.6% |
| Contributions | 10/11 | €31,018 | €31,018 | = | 0.0% |
| Reserves | 13 | €89,313 | €140,614 | +€51,301 | +57.4% |
| Distributable reserves | 133 | €89,313 | €140,614 | +€51,301 | +57.4% |
| Amounts payable | 17/49 | €422,123 | €436,454 | +€14,331 | +3.4% |
| Amounts payable after more than one year | 17 | €137,382 | €190,341 | +€52,959 | +38.5% |
| Financial debts | 170/4 | €137,382 | €190,341 | +€52,959 | +38.5% |
| Amounts payable within one year | 42/48 | €281,141 | €242,513 | -€38,628 | -13.7% |
| Current portion of amounts payable after more than one year | 42 | €59,849 | €60,015 | +€167 | +0.3% |
| Financial debts | 43 | €25,018 | - | -€25,018 | |
| Credit institutions | 430/8 | €25,018 | - | -€25,018 | |
| Trade debts | 44 | €90,829 | €85,534 | -€5,296 | -5.8% |
| Suppliers | 440/4 | €90,829 | €85,534 | -€5,296 | -5.8% |
| Taxes, remuneration and social security | 45 | €18,950 | €48,450 | +€29,499 | +156% |
| Taxes | 450/3 | €18,950 | €48,450 | +€29,499 | +156% |
| Other amounts payable | 47/48 | €86,494 | €48,514 | -€37,980 | -43.9% |
| Accrued charges and deferred income | 492/3 | €3,600 | €3,600 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,272 | €35,853 | -€11,419 | -24.2% |
| Other operating charges | 640/8 | €3,922 | €9,873 | +€5,951 | +152% |
| Gross operating margin | 9900 | €89,623 | €127,264 | +€37,641 | +42.0% |
| Operating profit (loss) | 9901 | €38,430 | €81,538 | +€43,109 | +112% |
| Financial income | 75/76B | - | €341 | +€341 | |
| Recurring financial income | 75 | - | €341 | +€341 | |
| Financial charges | 65/66B | €13,157 | €11,497 | -€1,660 | -12.6% |
| Recurring financial charges | 65 | €13,157 | €11,497 | -€1,660 | -12.6% |
| Profit (loss) for the period before taxes | 9903 | €25,273 | €70,382 | +€45,109 | +178% |
| Income taxes | 67/77 | €7,438 | €19,081 | +€11,644 | +157% |
| Profit (loss) for the period | 9904 | €17,835 | €51,301 | +€33,466 | +188% |
| Profit (loss) for the period to be appropriated | 9905 | €17,835 | €51,301 | +€33,466 | +188% |
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 16 October 2026 via checked.be.