VERS-ZUID: 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.
VERS-ZUID
Largest movements
- Receivables within one year +€178,567
up €178,567 (+78.0%), from €228,944 to €407,512
of which Trade receivables: +€131,876
- Cash -€117,001
down €117,001 (-90.0%), from €129,936 to €12,935
mainly Receivables within one year (-€178,567) and Investment in fixed assets (net) (-€80,883)
- Formation expenses +€99,860
new in 2025: €99,860
- Deferred charges and accrued income -€30,659
down €30,659 (-96.5%), from €31,764 to €1,105
- Financial fixed assets -€20,488
no longer reported in 2025 (was €20,488)
- Trade debts +€79,816
up €79,816 (+250%), from €31,872 to €111,688
- Other debts +€35,253
up €35,253 (+130%), from €27,136 to €62,389
- Tax, wage and social debts -€12,939
down €12,939 (-63.2%), from €20,467 to €7,528
of which Taxes: -€11,892
- Debts after one year -€6,463
down €6,463 (-12.2%), from €53,146 to €46,683
- Staff costs +€102,964
up €102,964 (+41.4%), from €248,431 to €351,395
- Gross operating margin +€42,369
up €42,369 (+12.2%), from €347,069 to €389,438
- Financial charges +€24,209
up €24,209 (+5,384%), from €450 to €24,658
- Financial income +€14,444
up €14,444 (+4,310%), from €335 to €14,779
- Depreciation -€4,933
down €4,933 (-26.5%), from €18,635 to €13,702
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 | €459,322 | €557,410 | +€98,088 | +21.4% |
| Formation expenses | 20 | - | €99,860 | +€99,860 | |
| Fixed assets | 21/28 | €63,678 | €30,999 | -€32,679 | -51.3% |
| Intangible fixed assets | 21 | €21,500 | €21,500 | = | 0.0% |
| Tangible fixed assets | 22/27 | €21,690 | €9,499 | -€12,191 | -56.2% |
| Plant, machinery and equipment | 23 | €10,136 | €896 | -€9,240 | -91.2% |
| Furniture and vehicles | 24 | €4,060 | €4,060 | = | 0.0% |
| Other tangible fixed assets | 26 | €7,494 | €4,544 | -€2,951 | -39.4% |
| Financial fixed assets | 28 | €20,488 | - | -€20,488 | |
| Current assets | 29/58 | €395,644 | €426,551 | +€30,908 | +7.8% |
| Stocks and contracts in progress | 3 | €5,000 | €5,000 | = | 0.0% |
| Stocks | 30/36 | €5,000 | €5,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €228,944 | €407,512 | +€178,567 | +78.0% |
| Trade receivables | 40 | €91,804 | €223,680 | +€131,876 | +144% |
| Other amounts receivable | 41 | €137,140 | €183,832 | +€46,692 | +34.0% |
| Cash at bank and in hand | 54/58 | €129,936 | €12,935 | -€117,001 | -90.0% |
| Deferred charges and accrued income | 490/1 | €31,764 | €1,105 | -€30,659 | -96.5% |
| Total equity and liabilities | 10/49 | €459,322 | €557,410 | +€98,088 | +21.4% |
| Equity | 10/15 | €313,901 | €316,322 | +€2,421 | +0.8% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €263,901 | €266,322 | +€2,421 | +0.9% |
| Non-distributable reserves | 130/1 | €2,318 | €2,318 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,318 | €2,318 | = | 0.0% |
| Distributable reserves | 133 | €261,582 | €264,004 | +€2,421 | +0.9% |
| Amounts payable | 17/49 | €145,421 | €241,088 | +€95,667 | +65.8% |
| Amounts payable after more than one year | 17 | €53,146 | €46,683 | -€6,463 | -12.2% |
| Financial debts | 170/4 | €53,146 | €46,683 | -€6,463 | -12.2% |
| Amounts payable within one year | 42/48 | €92,275 | €194,405 | +€102,130 | +111% |
| Current portion of amounts payable after more than one year | 42 | €12,125 | €12,125 | = | 0.0% |
| Trade debts | 44 | €31,872 | €111,688 | +€79,816 | +250% |
| Suppliers | 440/4 | €31,872 | €111,688 | +€79,816 | +250% |
| Advances received on contracts in progress | 46 | €675 | €675 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €20,467 | €7,528 | -€12,939 | -63.2% |
| Taxes | 450/3 | €11,892 | €0 | -€11,892 | -100% |
| Remuneration and social security | 454/9 | €8,575 | €7,528 | -€1,047 | -12.2% |
| Other amounts payable | 47/48 | €27,136 | €62,389 | +€35,253 | +130% |
| Remuneration, social security and pensions | 62 | €248,431 | €351,395 | +€102,964 | +41.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,635 | €13,702 | -€4,933 | -26.5% |
| Other operating charges | 640/8 | €12,701 | €12,040 | -€661 | -5.2% |
| Non-recurring operating charges | 66A | €4,689 | - | -€4,689 | |
| Gross operating margin | 9900 | €347,069 | €389,438 | +€42,369 | +12.2% |
| Operating profit (loss) | 9901 | €62,613 | €12,301 | -€50,312 | -80.4% |
| Financial income | 75/76B | €335 | €14,779 | +€14,444 | +4,310% |
| Recurring financial income | 75 | €335 | €14,779 | +€14,444 | +4,310% |
| Financial charges | 65/66B | €450 | €24,658 | +€24,209 | +5,384% |
| Recurring financial charges | 65 | €450 | €24,658 | +€24,209 | +5,384% |
| Profit (loss) for the period before taxes | 9903 | €62,498 | €2,421 | -€60,077 | -96.1% |
| Income taxes | 67/77 | -€1,124 | - | +€1,124 | |
| Profit (loss) for the period | 9904 | €63,622 | €2,421 | -€61,201 | -96.2% |
| Profit (loss) for the period to be appropriated | 9905 | €63,622 | €2,421 | -€61,201 | -96.2% |
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 23 October 2026 via checked.be.