VERSAN: 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.
VERSAN
Largest movements
- Deferred charges and accrued income +€724,127
up €724,127 (+15404.5%), from €4,701 to €728,828
- Stocks and contracts -€231,667
down €231,667 (-50.7%), from €457,009 to €225,341
of which Stocks: -€185,025
- Cash -€58,740
down €58,740 (-82.4%), from €71,245 to €12,505
mainly Deferred charges and accrued income (-€724,127) and Contributions, distributions and other (-€50,000)
- Receivables within one year -€11,515
down €11,515 (-9.4%), from €121,859 to €110,344
of which Other amounts receivable: -€11,551
- Debts after one year +€140,103
up €140,103 (+80.1%), from €174,974 to €315,077
- Other debts +€95,983
up €95,983 (+218.1%), from €44,008 to €139,991
- Reserves +€87,482
up €87,482 (+29.7%), from €294,918 to €382,401
of which Distributable reserves: +€87,482
- Current portion of long-term debt +€51,499
up €51,499 (+264.3%), from €19,482 to €70,980
- Short-term financial debts +€40,037
up €40,037 (+246.7%), from €16,230 to €56,267
- Gross operating margin +€29,464
up €29,464 (+12.8%), from €230,183 to €259,646
- Taxes +€18,791
up €18,791 (+47.2%), from €39,824 to €58,615
- Depreciation +€4,214
up €4,214 (+29.9%), from €14,081 to €18,295
- Staff costs +€3,368
up €3,368 (+14.2%), from €23,734 to €27,102
- Other operating charges -€3,055
down €3,055 (-53.9%), from €5,664 to €2,608
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 | €696,240 | €1,120,650 | +€424,410 | +61.0% |
| Fixed assets | 21/28 | €41,427 | €43,632 | +€2,205 | +5.3% |
| Intangible fixed assets | 21 | €1,432 | €932 | -€500 | -34.9% |
| Tangible fixed assets | 22/27 | €39,495 | €41,500 | +€2,005 | +5.1% |
| Plant, machinery and equipment | 23 | €21,600 | €13,744 | -€7,856 | -36.4% |
| Furniture and vehicles | 24 | €17,895 | €27,757 | +€9,861 | +55.1% |
| Financial fixed assets | 28 | €500 | €1,200 | +€700 | +140.0% |
| Current assets | 29/58 | €654,814 | €1,077,018 | +€422,204 | +64.5% |
| Stocks and contracts in progress | 3 | €457,009 | €225,341 | -€231,667 | -50.7% |
| Stocks | 30/36 | €409,334 | €224,309 | -€185,025 | -45.2% |
| Contracts in progress | 37 | €47,675 | €1,033 | -€46,642 | -97.8% |
| Amounts receivable within one year | 40/41 | €121,859 | €110,344 | -€11,515 | -9.4% |
| Trade receivables | 40 | €97,242 | €97,278 | +€36 | 0.0% |
| Other amounts receivable | 41 | €24,617 | €13,066 | -€11,551 | -46.9% |
| Cash at bank and in hand | 54/58 | €71,245 | €12,505 | -€58,740 | -82.4% |
| Deferred charges and accrued income | 490/1 | €4,701 | €728,828 | +€724,127 | +15404.5% |
| Total equity and liabilities | 10/49 | €696,240 | €1,120,650 | +€424,410 | +61.0% |
| Equity | 10/15 | €303,078 | €390,560 | +€87,482 | +28.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €294,918 | €382,401 | +€87,482 | +29.7% |
| Tax-exempt reserves | 132 | €212 | €212 | = | 0.0% |
| Distributable reserves | 133 | €294,706 | €382,189 | +€87,482 | +29.7% |
| Profit (loss) carried forward | 14 | €1,960 | €1,960 | = | 0.0% |
| Amounts payable | 17/49 | €393,162 | €730,090 | +€336,927 | +85.7% |
| Amounts payable after more than one year | 17 | €174,974 | €315,077 | +€140,103 | +80.1% |
| Financial debts | 170/4 | €174,974 | €315,077 | +€140,103 | +80.1% |
| Amounts payable within one year | 42/48 | €213,077 | €388,505 | +€175,428 | +82.3% |
| Current portion of amounts payable after more than one year | 42 | €19,482 | €70,980 | +€51,499 | +264.3% |
| Financial debts | 43 | €16,230 | €56,267 | +€40,037 | +246.7% |
| Credit institutions | 430/8 | €16,230 | €56,267 | +€40,037 | +246.7% |
| Trade debts | 44 | €101,314 | €87,540 | -€13,774 | -13.6% |
| Suppliers | 440/4 | €101,314 | €87,540 | -€13,774 | -13.6% |
| Taxes, remuneration and social security | 45 | €32,043 | €33,726 | +€1,683 | +5.3% |
| Taxes | 450/3 | €25,409 | €10,672 | -€14,738 | -58.0% |
| Remuneration and social security | 454/9 | €6,634 | €23,054 | +€16,420 | +247.5% |
| Other amounts payable | 47/48 | €44,008 | €139,991 | +€95,983 | +218.1% |
| Accrued charges and deferred income | 492/3 | €5,111 | €26,508 | +€21,396 | +418.6% |
| Remuneration, social security and pensions | 62 | €23,734 | €27,102 | +€3,368 | +14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,081 | €18,295 | +€4,214 | +29.9% |
| Other operating charges | 640/8 | €5,664 | €2,608 | -€3,055 | -53.9% |
| Gross operating margin | 9900 | €230,183 | €259,646 | +€29,464 | +12.8% |
| Operating profit (loss) | 9901 | €186,704 | €211,642 | +€24,937 | +13.4% |
| Financial income | 75/76B | €1 | €2 | +€1 | +96.1% |
| Recurring financial income | 75 | €1 | €2 | +€1 | +96.1% |
| Financial charges | 65/66B | €13,758 | €15,546 | +€1,788 | +13.0% |
| Recurring financial charges | 65 | €13,758 | €15,546 | +€1,788 | +13.0% |
| Profit (loss) for the period before taxes | 9903 | €172,947 | €196,097 | +€23,150 | +13.4% |
| Income taxes | 67/77 | €39,824 | €58,615 | +€18,791 | +47.2% |
| Profit (loss) for the period | 9904 | €133,123 | €137,482 | +€4,359 | +3.3% |
| Profit (loss) for the period to be appropriated | 9905 | €133,123 | €137,482 | +€4,359 | +3.3% |
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 3 October 2026 via checked.be.