VERS & GOE: what changed
Two fiscal 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.
VERS & GOE
Largest movements
- Tangible fixed assets -€269,553
down €269,553 (-43.3%), from €621,948 to €352,396
of which Land and buildings: -€159,437
- Receivables within one year +€253,538
up €253,538 (+135.7%), from €186,807 to €440,345
of which Trade receivables: +€152,984
- Cash +€47,119
up €47,119 (+13.5%), from €348,903 to €396,021
mainly Net result for the year (+€437,604) and Investment in fixed assets (net) (+€156,588)
- Receivables after one year -€45,441
down €45,441 (-10.9%), from €417,515 to €372,074
- Debts after one year -€144,687
down €144,687 (-80.9%), from €178,861 to €34,174
- Other debts +€137,778
up €137,778 (+68.9%), from €200,000 to €337,778
- Reserves +€45,032
up €45,032 (+5.6%), from €805,001 to €850,034
of which Tax-exempt reserves: +€68,829
- Current portion of long-term debt -€44,273
down €44,273 (-56.8%), from €78,014 to €33,741
- Provisions +€22,943
new in 2025: €22,943
- Gross operating margin +€132,214
up €132,214 (+8.9%), from €1.5m to €1.6m
- Staff costs -€50,393
down €50,393 (-5.1%), from €990,142 to €939,749
- Taxes +€35,611
up €35,611 (+84.3%), from €42,244 to €77,855
- Depreciation -€26,098
down €26,098 (-18.7%), from €139,663 to €113,565
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.
Cash bridge derived
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 | €1,652,038 | €1,648,928 | -€3,110 | -0.2% |
| Fixed assets | 21/28 | €623,098 | €352,946 | -€270,153 | -43.4% |
| Intangible fixed assets | 21 | €1,150 | €550 | -€600 | -52.2% |
| Tangible fixed assets | 22/27 | €621,948 | €352,396 | -€269,553 | -43.3% |
| Land and buildings | 22 | €159,437 | €0 | -€159,437 | -100.0% |
| Plant, machinery and equipment | 23 | €348,814 | €299,249 | -€49,565 | -14.2% |
| Furniture and vehicles | 24 | €93,308 | €53,146 | -€40,161 | -43.0% |
| Other tangible fixed assets | 26 | €20,389 | €0 | -€20,389 | -100.0% |
| Current assets | 29/58 | €1,028,940 | €1,295,982 | +€267,042 | +26.0% |
| Amounts receivable after more than one year | 29 | €417,515 | €372,074 | -€45,441 | -10.9% |
| Other amounts receivable | 291 | €417,515 | €372,074 | -€45,441 | -10.9% |
| Stocks and contracts in progress | 3 | €75,715 | €78,113 | +€2,397 | +3.2% |
| Stocks | 30/36 | €75,715 | €78,113 | +€2,397 | +3.2% |
| Amounts receivable within one year | 40/41 | €186,807 | €440,345 | +€253,538 | +135.7% |
| Trade receivables | 40 | €171,881 | €324,864 | +€152,984 | +89.0% |
| Other amounts receivable | 41 | €14,926 | €115,480 | +€100,555 | +673.7% |
| Cash at bank and in hand | 54/58 | €348,903 | €396,021 | +€47,119 | +13.5% |
| Deferred charges and accrued income | 490/1 | €0 | €9,429 | +€9,429 | |
| Total equity and liabilities | 10/49 | €1,652,038 | €1,648,928 | -€3,110 | -0.2% |
| Equity | 10/15 | €823,601 | €868,634 | +€45,032 | +5.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €805,001 | €850,034 | +€45,032 | +5.6% |
| Tax-exempt reserves | 132 | - | €68,829 | +€68,829 | |
| Distributable reserves | 133 | €805,001 | €781,205 | -€23,797 | -3.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | - | €22,943 | +€22,943 | |
| Deferred taxes | 168 | - | €22,943 | +€22,943 | |
| Amounts payable | 17/49 | €828,437 | €757,351 | -€71,086 | -8.6% |
| Amounts payable after more than one year | 17 | €178,861 | €34,174 | -€144,687 | -80.9% |
| Financial debts | 170/4 | €178,861 | €34,174 | -€144,687 | -80.9% |
| Amounts payable within one year | 42/48 | €649,576 | €723,177 | +€73,601 | +11.3% |
| Current portion of amounts payable after more than one year | 42 | €78,014 | €33,741 | -€44,273 | -56.8% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €142,041 | €119,353 | -€22,688 | -16.0% |
| Suppliers | 440/4 | €142,041 | €119,353 | -€22,688 | -16.0% |
| Taxes, remuneration and social security | 45 | €129,522 | €132,305 | +€2,783 | +2.1% |
| Taxes | 450/3 | €37,822 | €59,999 | +€22,178 | +58.6% |
| Remuneration and social security | 454/9 | €91,700 | €72,306 | -€19,394 | -21.1% |
| Other amounts payable | 47/48 | €200,000 | €337,778 | +€137,778 | +68.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €990,142 | €939,749 | -€50,393 | -5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €139,663 | €113,565 | -€26,098 | -18.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,756 | +€1,756 | |
| Other operating charges | 640/8 | €15,318 | €10,351 | -€4,966 | -32.4% |
| Non-recurring operating charges | 66A | - | €432 | +€432 | |
| Gross operating margin | 9900 | €1,479,051 | €1,611,265 | +€132,214 | +8.9% |
| Operating profit (loss) | 9901 | €333,929 | €545,413 | +€211,484 | +63.3% |
| Financial income | 75/76B | €6,640 | €10,375 | +€3,735 | +56.2% |
| Recurring financial income | 75 | €6,640 | €10,375 | +€3,735 | +56.2% |
| Financial charges | 65/66B | €13,975 | €17,386 | +€3,411 | +24.4% |
| Recurring financial charges | 65 | €13,975 | €17,386 | +€3,411 | +24.4% |
| Profit (loss) for the period before taxes | 9903 | €326,594 | €538,402 | +€211,808 | +64.9% |
| Transfer from deferred taxes | 780 | - | €850 | +€850 | |
| Transfer to deferred taxes | 680 | - | €23,793 | +€23,793 | |
| Income taxes | 67/77 | €42,244 | €77,855 | +€35,611 | +84.3% |
| Profit (loss) for the period | 9904 | €284,350 | €437,604 | +€153,254 | +53.9% |
| Transfer from tax-exempt reserves | 789 | - | €2,551 | +€2,551 | |
| Transfer to tax-exempt reserves | 689 | - | €71,380 | +€71,380 | |
| Profit (loss) for the period to be appropriated | 9905 | €284,350 | €368,775 | +€84,424 | +29.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.