VERSAEVEL: 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.
VERSAEVEL
Largest movements
- Current investments +€79,318
up €79,318 (+30.4%), from €261,218 to €340,536
- Tangible fixed assets -€31,285
down €31,285 (-39.5%), from €79,285 to €48,001
of which Furniture and vehicles: -€29,236
- Receivables within one year +€29,144
up €29,144 (+985.2%), from €2,958 to €32,102
of which Trade receivables: +€30,044
- Cash -€11,991
down €11,991 (-9.1%), from €131,215 to €119,224
mainly Current investments (-€79,318) and Current portion of long-term debt (-€40,036)
- Reserves +€103,833
up €103,833 (+34.5%), from €300,781 to €404,614
of which Distributable reserves: +€103,833
- Current portion of long-term debt -€40,036
down €40,036 (-89.3%), from €44,835 to €4,799
- Gross operating margin +€27,989
up €27,989 (+18.2%), from €153,733 to €181,723
- Taxes +€12,741
up €12,741 (+32.0%), from €39,851 to €52,592
- Financial income +€10,354
up €10,354 (+335.7%), from €3,085 to €13,439
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 | €477,085 | €542,452 | +€65,366 | +13.7% |
| Fixed assets | 21/28 | €81,020 | €49,736 | -€31,285 | -38.6% |
| Tangible fixed assets | 22/27 | €79,285 | €48,001 | -€31,285 | -39.5% |
| Plant, machinery and equipment | 23 | €9,261 | €7,212 | -€2,049 | -22.1% |
| Furniture and vehicles | 24 | €70,024 | €40,789 | -€29,236 | -41.8% |
| Financial fixed assets | 28 | €1,735 | €1,735 | = | 0.0% |
| Current assets | 29/58 | €396,065 | €492,716 | +€96,651 | +24.4% |
| Amounts receivable within one year | 40/41 | €2,958 | €32,102 | +€29,144 | +985.2% |
| Trade receivables | 40 | €2,058 | €32,102 | +€30,044 | +1459.9% |
| Other amounts receivable | 41 | €900 | - | -€900 | |
| Current investments | 50/53 | €261,218 | €340,536 | +€79,318 | +30.4% |
| Cash at bank and in hand | 54/58 | €131,215 | €119,224 | -€11,991 | -9.1% |
| Deferred charges and accrued income | 490/1 | €674 | €853 | +€180 | +26.7% |
| Total equity and liabilities | 10/49 | €477,085 | €542,452 | +€65,366 | +13.7% |
| Equity | 10/15 | €400,905 | €504,737 | +€103,833 | +25.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €300,781 | €404,614 | +€103,833 | +34.5% |
| Tax-exempt reserves | 132 | €72,000 | €72,000 | = | 0.0% |
| Distributable reserves | 133 | €228,781 | €332,614 | +€103,833 | +45.4% |
| Profit (loss) carried forward | 14 | €81,523 | €81,523 | = | 0.0% |
| Amounts payable | 17/49 | €76,181 | €37,714 | -€38,467 | -50.5% |
| Amounts payable after more than one year | 17 | €4,799 | - | -€4,799 | |
| Financial debts | 170/4 | €4,799 | - | -€4,799 | |
| Amounts payable within one year | 42/48 | €71,382 | €37,714 | -€33,667 | -47.2% |
| Current portion of amounts payable after more than one year | 42 | €44,835 | €4,799 | -€40,036 | -89.3% |
| Trade debts | 44 | €10,576 | €14,281 | +€3,705 | +35.0% |
| Suppliers | 440/4 | €10,576 | €14,281 | +€3,705 | +35.0% |
| Taxes, remuneration and social security | 45 | €15,971 | €18,634 | +€2,664 | +16.7% |
| Taxes | 450/3 | €10,048 | €15,952 | +€5,903 | +58.7% |
| Remuneration and social security | 454/9 | €5,922 | €2,683 | -€3,239 | -54.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,625 | €36,510 | -€114 | -0.3% |
| Other operating charges | 640/8 | €979 | €696 | -€282 | -28.9% |
| Gross operating margin | 9900 | €153,733 | €181,723 | +€27,989 | +18.2% |
| Operating profit (loss) | 9901 | €116,130 | €144,516 | +€28,386 | +24.4% |
| Financial income | 75/76B | €3,085 | €13,439 | +€10,354 | +335.7% |
| Recurring financial income | 75 | €3,085 | €13,439 | +€10,354 | +335.7% |
| Financial charges | 65/66B | €2,678 | €1,530 | -€1,148 | -42.9% |
| Recurring financial charges | 65 | €2,678 | €1,530 | -€1,148 | -42.9% |
| Profit (loss) for the period before taxes | 9903 | €116,537 | €156,425 | +€39,888 | +34.2% |
| Income taxes | 67/77 | €39,851 | €52,592 | +€12,741 | +32.0% |
| Profit (loss) for the period | 9904 | €76,685 | €103,833 | +€27,147 | +35.4% |
| Profit (loss) for the period to be appropriated | 9905 | €76,685 | €103,833 | +€27,147 | +35.4% |
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.