VERSANCO: 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.
VERSANCO
Largest movements
- Tangible fixed assets -€218,865
down €218,865 (-26.9%), from €812,195 to €593,330
of which Land and buildings: -€222,233
- Receivables within one year +€95,370
up €95,370 (+8.8%), from €1.1m to €1.2m
of which Trade receivables: +€95,378
- Cash +€41,610
up €41,610 (+174.2%), from €23,885 to €65,495
mainly Depreciation (+€223,497) and Trade debts (+€165,941)
- Stocks and contracts +€34,412
up €34,412 (+6.4%), from €537,028 to €571,439
- Trade debts +€165,941
up €165,941 (+33.7%), from €492,957 to €658,898
- Other debts -€132,617
down €132,617 (-16.7%), from €791,891 to €659,273
- Debts after one year -€104,192
down €104,192 (-56.4%), from €184,738 to €80,546
- Tax, wage and social debts +€25,585
up €25,585 (+69.9%), from €36,600 to €62,185
- Staff costs -€58,289
down €58,289 (-8.0%), from €725,704 to €667,416
- Financial charges +€41,208
up €41,208 (+135.7%), from €30,360 to €71,568
- Gross operating margin +€32,568
up €32,568 (+3.3%), from €978,698 to €1.0m
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 | €2,460,628 | €2,413,558 | -€47,069 | -1.9% |
| Fixed assets | 21/28 | €812,195 | €593,330 | -€218,865 | -26.9% |
| Tangible fixed assets | 22/27 | €812,195 | €593,330 | -€218,865 | -26.9% |
| Land and buildings | 22 | €809,007 | €586,774 | -€222,233 | -27.5% |
| Plant, machinery and equipment | 23 | €3,188 | €6,557 | +€3,369 | +105.7% |
| Current assets | 29/58 | €1,648,432 | €1,820,228 | +€171,796 | +10.4% |
| Stocks and contracts in progress | 3 | €537,028 | €571,439 | +€34,412 | +6.4% |
| Stocks | 30/36 | €537,028 | €571,439 | +€34,412 | +6.4% |
| Amounts receivable within one year | 40/41 | €1,077,810 | €1,173,180 | +€95,370 | +8.8% |
| Trade receivables | 40 | €1,077,777 | €1,173,156 | +€95,378 | +8.8% |
| Other amounts receivable | 41 | €33 | €24 | -€9 | -26.9% |
| Cash at bank and in hand | 54/58 | €23,885 | €65,495 | +€41,610 | +174.2% |
| Deferred charges and accrued income | 490/1 | €9,709 | €10,114 | +€405 | +4.2% |
| Total equity and liabilities | 10/49 | €2,460,628 | €2,413,558 | -€47,069 | -1.9% |
| Equity | 10/15 | €841,227 | €848,464 | +€7,238 | +0.9% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €591,227 | €598,464 | +€7,238 | +1.2% |
| Distributable reserves | 133 | €591,227 | €598,464 | +€7,238 | +1.2% |
| Amounts payable | 17/49 | €1,619,401 | €1,565,094 | -€54,307 | -3.4% |
| Amounts payable after more than one year | 17 | €184,738 | €80,546 | -€104,192 | -56.4% |
| Financial debts | 170/4 | €184,738 | €80,546 | -€104,192 | -56.4% |
| Amounts payable within one year | 42/48 | €1,434,663 | €1,484,548 | +€49,885 | +3.5% |
| Current portion of amounts payable after more than one year | 42 | €113,216 | €104,192 | -€9,024 | -8.0% |
| Trade debts | 44 | €492,957 | €658,898 | +€165,941 | +33.7% |
| Suppliers | 440/4 | €492,957 | €658,898 | +€165,941 | +33.7% |
| Taxes, remuneration and social security | 45 | €36,600 | €62,185 | +€25,585 | +69.9% |
| Remuneration and social security | 454/9 | €36,600 | €62,185 | +€25,585 | +69.9% |
| Other amounts payable | 47/48 | €791,891 | €659,273 | -€132,617 | -16.7% |
| Remuneration, social security and pensions | 62 | €725,704 | €667,416 | -€58,289 | -8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €225,743 | €223,497 | -€2,246 | -1.0% |
| Other operating charges | 640/8 | €43,889 | €46,451 | +€2,562 | +5.8% |
| Gross operating margin | 9900 | €978,698 | €1,011,266 | +€32,568 | +3.3% |
| Operating profit (loss) | 9901 | -€16,638 | €73,902 | +€90,541 | |
| Financial income | 75/76B | €183 | €4,903 | +€4,720 | +2580.6% |
| Recurring financial income | 75 | €183 | €4,903 | +€4,720 | +2580.6% |
| Financial charges | 65/66B | €30,360 | €71,568 | +€41,208 | +135.7% |
| Recurring financial charges | 65 | €30,360 | €71,568 | +€41,208 | +135.7% |
| Profit (loss) for the period before taxes | 9903 | -€46,815 | €7,238 | +€54,053 | |
| Profit (loss) for the period | 9904 | -€46,815 | €7,238 | +€54,053 | |
| Profit (loss) for the period to be appropriated | 9905 | -€46,815 | €7,238 | +€54,053 |
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.