VERSACO: 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.
What changed
VERSACO
NACE 68.310, Real estate agency activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€49,573
2024 · €48,455+€1,117
Equity
€3.4m
2024 · €3.3m+€49,573
Cash
€420,016
2024 · €450,951-€30,935
Balance sheet total
€3.7m
2024 · €3.7m+€38,381
Largest movements
Assets
- Tangible fixed assets +€67,294
up €67,294 (+2.1%), from €3.1m to €3.2m
of which Land and buildings: +€129,263
Equity and liabilities
- Reserves +€48,455
up €48,455 (+4.0%), from €1.2m to €1.3m
of which Distributable reserves: +€48,455
Income statement
- Gross operating margin +€12,436
up €12,436 (+5.2%), from €241,326 to €253,763
- Depreciation +€9,017
up €9,017 (+5.7%), from €159,373 to €168,390
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
€48,455
Gross operating margin
+€12,436
Depreciation
-€9,017
Other operating charges
-€1,115
Financial income
-€1,117
Financial charges
-€69
Taxes
-€1
Result 2025
€49,573
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.
From operations
+€203,799
Investment
-€235,684
Financing
+€950
Cash 2024
€450,951
From operations (derived)
+€203,799
Net result for the year
+€49,573
Depreciation
+€168,390
Receivables within one year
-€1,502
Smaller working-capital items
-€343
Trade debts
+€1,000
Tax, wage and social debts
-€8,364
Other debts
-€4,954
Investment (derived)
-€235,684
Investment in fixed assets (net)
-€235,684
Financing
+€950
Debts after one year
+€950
Cash 2025
€420,016
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,698,226 | €3,736,607 | +€38,381 | +1.0% |
| Fixed assets | 21/28 | €3,135,207 | €3,202,501 | +€67,294 | +2.1% |
| Tangible fixed assets | 22/27 | €3,135,207 | €3,202,501 | +€67,294 | +2.1% |
| Land and buildings | 22 | €3,073,237 | €3,202,501 | +€129,263 | +4.2% |
| Assets under construction and advance payments | 27 | €61,969 | €0 | -€61,969 | -100.0% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €563,019 | €534,106 | -€28,913 | -5.1% |
| Amounts receivable within one year | 40/41 | €111,952 | €113,454 | +€1,502 | +1.3% |
| Trade receivables | 40 | €6 | €13 | +€7 | +108.1% |
| Other amounts receivable | 41 | €111,946 | €113,442 | +€1,496 | +1.3% |
| Cash at bank and in hand | 54/58 | €450,951 | €420,016 | -€30,935 | -6.9% |
| Deferred charges and accrued income | 490/1 | €116 | €636 | +€520 | +446.9% |
| Total equity and liabilities | 10/49 | €3,698,226 | €3,736,607 | +€38,381 | +1.0% |
| Equity | 10/15 | €3,312,873 | €3,362,445 | +€49,573 | +1.5% |
| Contributions | 10/11 | €1,369,160 | €1,369,160 | = | 0.0% |
| Capital | 10 | €1,369,160 | €1,369,160 | = | 0.0% |
| Issued capital | 100 | €1,369,160 | €1,369,160 | = | 0.0% |
| Revaluation surpluses | 12 | €684,923 | €684,923 | = | 0.0% |
| Reserves | 13 | €1,210,334 | €1,258,789 | +€48,455 | +4.0% |
| Non-distributable reserves | 130/1 | €136,916 | €136,916 | = | 0.0% |
| Legal reserve | 130 | €136,916 | €136,916 | = | 0.0% |
| Distributable reserves | 133 | €1,073,418 | €1,121,873 | +€48,455 | +4.5% |
| Profit (loss) carried forward | 14 | €48,455 | €49,573 | +€1,117 | +2.3% |
| Amounts payable | 17/49 | €385,353 | €374,162 | -€11,191 | -2.9% |
| Amounts payable after more than one year | 17 | €348,794 | €349,744 | +€950 | +0.3% |
| Other amounts payable | 178/9 | €348,794 | €349,744 | +€950 | +0.3% |
| Amounts payable within one year | 42/48 | €36,559 | €24,241 | -€12,318 | -33.7% |
| Trade debts | 44 | €4,823 | €5,823 | +€1,000 | +20.7% |
| Suppliers | 440/4 | €4,823 | €5,823 | +€1,000 | +20.7% |
| Taxes, remuneration and social security | 45 | €22,093 | €13,729 | -€8,364 | -37.9% |
| Taxes | 450/3 | €22,093 | €13,729 | -€8,364 | -37.9% |
| Other amounts payable | 47/48 | €9,644 | €4,689 | -€4,954 | -51.4% |
| Accrued charges and deferred income | 492/3 | - | €177 | +€177 | |
| Non-recurring operating income | 76A | €1,000 | €0 | -€1,000 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €159,373 | €168,390 | +€9,017 | +5.7% |
| Other operating charges | 640/8 | €35,580 | €36,695 | +€1,115 | +3.1% |
| Gross operating margin | 9900 | €241,326 | €253,763 | +€12,436 | +5.2% |
| Operating profit (loss) | 9901 | €46,374 | €48,678 | +€2,304 | +5.0% |
| Financial income | 75/76B | €2,338 | €1,221 | -€1,117 | -47.8% |
| Recurring financial income | 75 | €2,338 | €1,221 | -€1,117 | -47.8% |
| Financial charges | 65/66B | €256 | €325 | +€69 | +27.0% |
| Recurring financial charges | 65 | €256 | €325 | +€69 | +27.0% |
| Profit (loss) for the period before taxes | 9903 | €48,455 | €49,574 | +€1,118 | +2.3% |
| Income taxes | 67/77 | - | €1 | +€1 | |
| Profit (loss) for the period | 9904 | €48,455 | €49,573 | +€1,117 | +2.3% |
| Profit (loss) for the period to be appropriated | 9905 | €48,455 | €49,573 | +€1,117 | +2.3% |
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 30 September 2026 via checked.be.