Verschaeren Construct: 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 Construct
Largest movements
- Tangible fixed assets +€189,516
up €189,516 (+83.5%), from €226,903 to €416,419
of which Land and buildings: +€198,889
- Receivables within one year +€94,836
up €94,836 (+617.7%), from €15,353 to €110,189
of which Trade receivables: +€96,260
- Cash -€41,863
down €41,863 (-22.6%), from €185,603 to €143,740
mainly Investment in fixed assets (net) (-€243,801) and Receivables within one year (-€94,836)
- Debts after one year +€138,311
up €138,311 (+125.7%), from €110,017 to €248,328
- Reserves +€84,085
up €84,085 (+32.3%), from €260,111 to €344,196
- Current portion of long-term debt +€10,742
up €10,742 (+35.1%), from €30,613 to €41,354
- Depreciation +€14,563
up €14,563 (+33.9%), from €43,016 to €57,579
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 | €434,073 | €674,027 | +€239,954 | +55.3% |
| Fixed assets | 21/28 | €230,197 | €416,419 | +€186,222 | +80.9% |
| Tangible fixed assets | 22/27 | €226,903 | €416,419 | +€189,516 | +83.5% |
| Land and buildings | 22 | - | €198,889 | +€198,889 | |
| Plant, machinery and equipment | 23 | €75,378 | €58,587 | -€16,791 | -22.3% |
| Furniture and vehicles | 24 | €151,525 | €158,943 | +€7,418 | +4.9% |
| Financial fixed assets | 28 | €3,294 | - | -€3,294 | |
| Current assets | 29/58 | €203,876 | €257,609 | +€53,733 | +26.4% |
| Amounts receivable within one year | 40/41 | €15,353 | €110,189 | +€94,836 | +617.7% |
| Trade receivables | 40 | €6,100 | €102,359 | +€96,260 | +1578.1% |
| Other amounts receivable | 41 | €9,253 | €7,830 | -€1,423 | -15.4% |
| Cash at bank and in hand | 54/58 | €185,603 | €143,740 | -€41,863 | -22.6% |
| Deferred charges and accrued income | 490/1 | €2,920 | €3,679 | +€759 | +26.0% |
| Total equity and liabilities | 10/49 | €434,073 | €674,027 | +€239,954 | +55.3% |
| Equity | 10/15 | €265,111 | €349,196 | +€84,085 | +31.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €260,111 | €344,196 | +€84,085 | +32.3% |
| Distributable reserves | 133 | €260,111 | €344,196 | +€84,085 | +32.3% |
| Amounts payable | 17/49 | €168,962 | €324,832 | +€155,870 | +92.3% |
| Amounts payable after more than one year | 17 | €110,017 | €248,328 | +€138,311 | +125.7% |
| Financial debts | 170/4 | €110,017 | €248,328 | +€138,311 | +125.7% |
| Amounts payable within one year | 42/48 | €58,945 | €76,504 | +€17,559 | +29.8% |
| Current portion of amounts payable after more than one year | 42 | €30,613 | €41,354 | +€10,742 | +35.1% |
| Trade debts | 44 | €1,472 | €4,906 | +€3,434 | +233.3% |
| Suppliers | 440/4 | €1,472 | €4,906 | +€3,434 | +233.3% |
| Taxes, remuneration and social security | 45 | €26,500 | €29,635 | +€3,134 | +11.8% |
| Taxes | 450/3 | €26,500 | €29,635 | +€3,134 | +11.8% |
| Other amounts payable | 47/48 | €360 | €609 | +€249 | +69.1% |
| Non-recurring operating income | 76A | - | €3,830 | +€3,830 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,016 | €57,579 | +€14,563 | +33.9% |
| Other operating charges | 640/8 | €2,294 | €2,642 | +€348 | +15.2% |
| Non-recurring operating charges | 66A | €2,150 | €1,869 | -€281 | -13.1% |
| Gross operating margin | 9900 | €178,109 | €179,256 | +€1,146 | +0.6% |
| Operating profit (loss) | 9901 | €130,649 | €117,165 | -€13,484 | -10.3% |
| Financial income | 75/76B | €3,830 | €2,472 | -€1,358 | -35.5% |
| Recurring financial income | 75 | €3,830 | €2,472 | -€1,358 | -35.5% |
| Financial charges | 65/66B | €5,755 | €7,284 | +€1,530 | +26.6% |
| Recurring financial charges | 65 | €5,755 | €7,284 | +€1,530 | +26.6% |
| Profit (loss) for the period before taxes | 9903 | €128,725 | €112,353 | -€16,372 | -12.7% |
| Income taxes | 67/77 | €26,710 | €28,268 | +€1,558 | +5.8% |
| Profit (loss) for the period | 9904 | €102,015 | €84,085 | -€17,930 | -17.6% |
| Profit (loss) for the period to be appropriated | 9905 | €102,015 | €84,085 | -€17,930 | -17.6% |
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 12 October 2026 via checked.be.