VERSANEL: 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.
VERSANEL
Largest movements
- Cash +€24,787
up €24,787 (+559.3%), from €4,431 to €29,219
mainly Net result for the year (+€131,870) and Debts after one year (+€8,461)
- Reserves +€131,870
up €131,870 (+21.5%), from €612,801 to €744,672
of which Distributable reserves: +€131,870
- Trade debts -€87,156
down €87,156 (-91.0%), from €95,782 to €8,626
- Short-term financial debts -€25,039
down €25,039 (-63.0%), from €39,722 to €14,683
- Gross operating margin +€49,668
up €49,668 (+35.6%), from €139,688 to €189,356
- Taxes +€12,815
up €12,815 (+48.1%), from €26,663 to €39,478
- Depreciation -€3,514
down €3,514 (-29.5%), from €11,915 to €8,401
- Other operating charges -€2,815
down €2,815 (-47.7%), from €5,906 to €3,091
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 | €1,389,281 | €1,408,723 | +€19,442 | +1.4% |
| Fixed assets | 21/28 | €1,351,040 | €1,342,639 | -€8,401 | -0.6% |
| Tangible fixed assets | 22/27 | €277,807 | €269,406 | -€8,401 | -3.0% |
| Land and buildings | 22 | €263,547 | €263,547 | = | 0.0% |
| Plant, machinery and equipment | 23 | €2,600 | €1,950 | -€650 | -25.0% |
| Furniture and vehicles | 24 | €11,660 | €3,909 | -€7,751 | -66.5% |
| Financial fixed assets | 28 | €1,073,233 | €1,073,233 | = | 0.0% |
| Current assets | 29/58 | €38,241 | €66,084 | +€27,843 | +72.8% |
| Amounts receivable within one year | 40/41 | €31,596 | €35,576 | +€3,980 | +12.6% |
| Trade receivables | 40 | €1,540 | €20,000 | +€18,460 | +1198.6% |
| Other amounts receivable | 41 | €30,056 | €15,576 | -€14,480 | -48.2% |
| Cash at bank and in hand | 54/58 | €4,431 | €29,219 | +€24,787 | +559.3% |
| Deferred charges and accrued income | 490/1 | €2,213 | €1,290 | -€924 | -41.7% |
| Total equity and liabilities | 10/49 | €1,389,281 | €1,408,723 | +€19,442 | +1.4% |
| Equity | 10/15 | €632,801 | €764,672 | +€131,870 | +20.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €612,801 | €744,672 | +€131,870 | +21.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €34,750 | €34,750 | = | 0.0% |
| Distributable reserves | 133 | €578,051 | €709,922 | +€131,870 | +22.8% |
| Amounts payable | 17/49 | €756,480 | €644,051 | -€112,428 | -14.9% |
| Amounts payable after more than one year | 17 | €331,390 | €339,851 | +€8,461 | +2.6% |
| Financial debts | 170/4 | €278,322 | €189,556 | -€88,766 | -31.9% |
| Other amounts payable | 178/9 | €53,068 | €150,295 | +€97,227 | +183.2% |
| Amounts payable within one year | 42/48 | €334,639 | €213,866 | -€120,773 | -36.1% |
| Current portion of amounts payable after more than one year | 42 | €96,151 | €96,219 | +€68 | +0.1% |
| Financial debts | 43 | €39,722 | €14,683 | -€25,039 | -63.0% |
| Credit institutions | 430/8 | €39,722 | €14,683 | -€25,039 | -63.0% |
| Trade debts | 44 | €95,782 | €8,626 | -€87,156 | -91.0% |
| Suppliers | 440/4 | €95,782 | €8,626 | -€87,156 | -91.0% |
| Taxes, remuneration and social security | 45 | €30,851 | €28,787 | -€2,064 | -6.7% |
| Taxes | 450/3 | €27,656 | €25,395 | -€2,262 | -8.2% |
| Remuneration and social security | 454/9 | €3,195 | €3,393 | +€198 | +6.2% |
| Other amounts payable | 47/48 | €72,132 | €65,550 | -€6,582 | -9.1% |
| Accrued charges and deferred income | 492/3 | €90,452 | €90,335 | -€117 | -0.1% |
| Non-recurring operating income | 76A | - | €3,620 | +€3,620 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,915 | €8,401 | -€3,514 | -29.5% |
| Other operating charges | 640/8 | €5,906 | €3,091 | -€2,815 | -47.7% |
| Gross operating margin | 9900 | €139,688 | €189,356 | +€49,668 | +35.6% |
| Operating profit (loss) | 9901 | €121,867 | €177,864 | +€55,997 | +45.9% |
| Financial income | 75/76B | €0 | €1 | +€1 | |
| Recurring financial income | 75 | €0 | €1 | +€1 | |
| Financial charges | 65/66B | €7,816 | €6,516 | -€1,300 | -16.6% |
| Recurring financial charges | 65 | €7,816 | €6,516 | -€1,300 | -16.6% |
| Profit (loss) for the period before taxes | 9903 | €114,051 | €171,349 | +€57,297 | +50.2% |
| Income taxes | 67/77 | €26,663 | €39,478 | +€12,815 | +48.1% |
| Profit (loss) for the period | 9904 | €87,388 | €131,870 | +€44,482 | +50.9% |
| Profit (loss) for the period to be appropriated | 9905 | €87,388 | €131,870 | +€44,482 | +50.9% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.