VERSCHAEREN BEHEER: 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.
VERSCHAEREN BEHEER
Largest movements
- Receivables within one year -€172,824
down €172,824 (-81.9%), from €211,115 to €38,292
of which Trade receivables: -€180,807
- Tangible fixed assets -€71,453
down €71,453 (-55.9%), from €127,750 to €56,297
of which Land and buildings: -€53,534
- Intangible fixed assets -€20,768
down €20,768 (-20.0%), from €103,840 to €83,072
- Deferred charges and accrued income +€16,210
up €16,210 (+31.0%), from €52,269 to €68,480
- Cash +€10,198
new in 2025: €10,198
mainly Net result for the year (+€298,916) and Receivables within one year (+€172,824)
- Current portion of long-term debt -€583,000
down €583,000 (-100%), from €583,000 to €0
- Reserves +€244,882
up €244,882 (+446%), from €54,939 to €299,820
of which Tax-exempt reserves: +€244,882
- Provisions +€81,627
new in 2025: €81,627
- Profit (loss) carried forward +€54,035
up €54,035 (+23.5%), from -€229,450 to -€175,415
- Short-term financial debts -€19,684
down €19,684 (-43.2%), from €45,589 to €25,905
- Gross operating margin +€385,892
up €385,892 (+549%), from €70,311 to €456,204
- Financial charges -€33,208
down €33,208 (-80.6%), from €41,197 to €7,989
- Taxes +€9,806
up €9,806, from -€1,000 to €8,806
- Other operating charges +€4,775
up €4,775 (+30.0%), from €15,937 to €20,712
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.
Derived cash bridge
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 | €496,974 | €258,338 | -€238,637 | -48.0% |
| Fixed assets | 21/28 | €233,589 | €141,368 | -€92,221 | -39.5% |
| Intangible fixed assets | 21 | €103,840 | €83,072 | -€20,768 | -20.0% |
| Tangible fixed assets | 22/27 | €127,750 | €56,297 | -€71,453 | -55.9% |
| Land and buildings | 22 | €80,587 | €27,053 | -€53,534 | -66.4% |
| Plant, machinery and equipment | 23 | €3,283 | €402 | -€2,881 | -87.8% |
| Furniture and vehicles | 24 | €25,823 | €19,963 | -€5,860 | -22.7% |
| Leasing and similar rights | 25 | €9,917 | €7,438 | -€2,479 | -25.0% |
| Other tangible fixed assets | 26 | €8,140 | €1,441 | -€6,699 | -82.3% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €263,385 | €116,969 | -€146,415 | -55.6% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €211,115 | €38,292 | -€172,824 | -81.9% |
| Trade receivables | 40 | €192,840 | €12,033 | -€180,807 | -93.8% |
| Other amounts receivable | 41 | €18,275 | €26,259 | +€7,984 | +43.7% |
| Cash at bank and in hand | 54/58 | - | €10,198 | +€10,198 | |
| Deferred charges and accrued income | 490/1 | €52,269 | €68,480 | +€16,210 | +31.0% |
| Total equity and liabilities | 10/49 | €496,974 | €258,338 | -€238,637 | -48.0% |
| Equity | 10/15 | -€149,719 | €149,197 | +€298,916 | |
| Contributions | 10/11 | €24,792 | €24,792 | = | 0.0% |
| Reserves | 13 | €54,939 | €299,820 | +€244,882 | +446% |
| Non-distributable reserves | 130/1 | €1,455 | €1,455 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,455 | €1,455 | = | 0.0% |
| Tax-exempt reserves | 132 | €19,140 | €264,022 | +€244,882 | +1,279% |
| Distributable reserves | 133 | €34,344 | €34,344 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€229,450 | -€175,415 | +€54,035 | +23.5% |
| Provisions and deferred taxes | 16 | - | €81,627 | +€81,627 | |
| Deferred taxes | 168 | - | €81,627 | +€81,627 | |
| Amounts payable | 17/49 | €646,693 | €27,513 | -€619,180 | -95.7% |
| Amounts payable within one year | 42/48 | €646,693 | €27,513 | -€619,180 | -95.7% |
| Current portion of amounts payable after more than one year | 42 | €583,000 | €0 | -€583,000 | -100% |
| Financial debts | 43 | €45,589 | €25,905 | -€19,684 | -43.2% |
| Credit institutions | 430/8 | €45,589 | €25,905 | -€19,684 | -43.2% |
| Trade debts | 44 | €11,021 | €0 | -€11,021 | -100% |
| Suppliers | 440/4 | €11,021 | €0 | -€11,021 | -100% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €7,083 | €1,608 | -€5,475 | -77.3% |
| Remuneration, social security and pensions | 62 | €282 | €0 | -€282 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,013 | €38,153 | +€2,140 | +5.9% |
| Other operating charges | 640/8 | €15,937 | €20,712 | +€4,775 | +30.0% |
| Gross operating margin | 9900 | €70,311 | €456,204 | +€385,892 | +549% |
| Operating profit (loss) | 9901 | €18,079 | €397,338 | +€379,259 | +2,098% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €41,197 | €7,989 | -€33,208 | -80.6% |
| Recurring financial charges | 65 | €41,197 | €7,989 | -€33,208 | -80.6% |
| Profit (loss) for the period before taxes | 9903 | -€23,118 | €389,350 | +€412,467 | |
| Transfer to deferred taxes | 680 | - | €81,627 | +€81,627 | |
| Income taxes | 67/77 | -€1,000 | €8,806 | +€9,806 | |
| Profit (loss) for the period | 9904 | -€22,118 | €298,916 | +€321,034 | |
| Transfer to tax-exempt reserves | 689 | - | €244,882 | +€244,882 | |
| Profit (loss) for the period to be appropriated | 9905 | -€22,118 | €54,035 | +€76,152 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.