VERSAVEL: 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.
VERSAVEL
Largest movements
- Cash +€194,718
up €194,718 (+62.0%), from €313,856 to €508,574
mainly Net result for the year (+€289,470) and Receivables within one year (+€162,893)
- Tangible fixed assets +€167,738
up €167,738 (+22.2%), from €756,195 to €923,934
of which Land and buildings: +€124,806
- Receivables within one year -€162,893
down €162,893 (-43.2%), from €377,051 to €214,158
of which Trade receivables: -€177,642
- Financial fixed assets -€85,000
down €85,000 (-51.5%), from €165,000 to €80,000
- Stocks and contracts +€26,093
up €26,093 (+16.8%), from €155,163 to €181,256
- Reserves +€289,470
up €289,470 (+41.5%), from €697,849 to €987,319
- Other debts -€133,817
down €133,817 (-66.9%), from €200,160 to €66,343
- Debts after one year -€51,251
down €51,251 (-11.3%), from €452,240 to €400,989
- Trade debts +€49,743
up €49,743 (+20.8%), from €239,251 to €288,994
- Gross operating margin +€72,434
up €72,434 (+6.5%), from €1.1m to €1.2m
- Staff costs +€62,917
up €62,917 (+10.7%), from €587,165 to €650,082
- Taxes +€44,992
up €44,992 (+102.6%), from €43,866 to €88,857
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 | €1,786,008 | €1,920,053 | +€134,046 | +7.5% |
| Fixed assets | 21/28 | €921,195 | €1,008,430 | +€87,234 | +9.5% |
| Intangible fixed assets | 21 | - | €4,496 | +€4,496 | |
| Tangible fixed assets | 22/27 | €756,195 | €923,934 | +€167,738 | +22.2% |
| Land and buildings | 22 | €488,591 | €613,397 | +€124,806 | +25.5% |
| Plant, machinery and equipment | 23 | €195,149 | €257,229 | +€62,080 | +31.8% |
| Furniture and vehicles | 24 | €72,455 | €53,307 | -€19,148 | -26.4% |
| Financial fixed assets | 28 | €165,000 | €80,000 | -€85,000 | -51.5% |
| Current assets | 29/58 | €864,812 | €911,624 | +€46,811 | +5.4% |
| Stocks and contracts in progress | 3 | €155,163 | €181,256 | +€26,093 | +16.8% |
| Stocks | 30/36 | €155,163 | €181,256 | +€26,093 | +16.8% |
| Amounts receivable within one year | 40/41 | €377,051 | €214,158 | -€162,893 | -43.2% |
| Trade receivables | 40 | €296,790 | €119,147 | -€177,642 | -59.9% |
| Other amounts receivable | 41 | €80,261 | €95,011 | +€14,750 | +18.4% |
| Current investments | 50/53 | - | €379 | +€379 | |
| Cash at bank and in hand | 54/58 | €313,856 | €508,574 | +€194,718 | +62.0% |
| Deferred charges and accrued income | 490/1 | €18,742 | €7,257 | -€11,485 | -61.3% |
| Total equity and liabilities | 10/49 | €1,786,008 | €1,920,053 | +€134,046 | +7.5% |
| Equity | 10/15 | €705,454 | €994,924 | +€289,470 | +41.0% |
| Contributions | 10/11 | €7,605 | €7,605 | = | 0.0% |
| Reserves | 13 | €697,849 | €987,319 | +€289,470 | +41.5% |
| Distributable reserves | 133 | €697,849 | €987,319 | +€289,470 | +41.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,080,554 | €925,129 | -€155,424 | -14.4% |
| Amounts payable after more than one year | 17 | €452,240 | €400,989 | -€51,251 | -11.3% |
| Financial debts | 170/4 | €452,240 | €400,989 | -€51,251 | -11.3% |
| Amounts payable within one year | 42/48 | €628,313 | €524,141 | -€104,173 | -16.6% |
| Current portion of amounts payable after more than one year | 42 | €54,746 | €51,251 | -€3,494 | -6.4% |
| Trade debts | 44 | €239,251 | €288,994 | +€49,743 | +20.8% |
| Suppliers | 440/4 | €239,251 | €288,994 | +€49,743 | +20.8% |
| Taxes, remuneration and social security | 45 | €134,157 | €117,553 | -€16,604 | -12.4% |
| Taxes | 450/3 | €35,984 | €10,151 | -€25,833 | -71.8% |
| Remuneration and social security | 454/9 | €98,173 | €107,402 | +€9,229 | +9.4% |
| Other amounts payable | 47/48 | €200,160 | €66,343 | -€133,817 | -66.9% |
| Remuneration, social security and pensions | 62 | €587,165 | €650,082 | +€62,917 | +10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,666 | €102,659 | +€10,993 | +12.0% |
| Other operating charges | 640/8 | €20,863 | €19,833 | -€1,030 | -4.9% |
| Non-recurring operating charges | 66A | - | €2,379 | +€2,379 | |
| Gross operating margin | 9900 | €1,114,317 | €1,186,751 | +€72,434 | +6.5% |
| Operating profit (loss) | 9901 | €414,624 | €411,798 | -€2,825 | -0.7% |
| Financial income | 75/76B | €9,839 | €3,380 | -€6,460 | -65.6% |
| Recurring financial income | 75 | €9,839 | €3,380 | -€6,460 | -65.6% |
| Financial charges | 65/66B | €46,576 | €36,851 | -€9,725 | -20.9% |
| Recurring financial charges | 65 | €46,576 | €36,851 | -€9,725 | -20.9% |
| Profit (loss) for the period before taxes | 9903 | €377,888 | €378,327 | +€440 | +0.1% |
| Income taxes | 67/77 | €43,866 | €88,857 | +€44,992 | +102.6% |
| Profit (loss) for the period | 9904 | €334,022 | €289,470 | -€44,552 | -13.3% |
| Profit (loss) for the period to be appropriated | 9905 | €334,022 | €289,470 | -€44,552 | -13.3% |
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 8 October 2026 via checked.be.