VERSCHAETE: 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.
VERSCHAETE
Largest movements
- Cash +€362,771
up €362,771 (+87.1%), from €416,531 to €779,303
mainly Net result for the year (+€205,735) and Stocks and contracts (+€134,520)
- Stocks and contracts -€134,520
down €134,520 (-47.0%), from €286,417 to €151,897
of which Stocks: -€111,023
- Current investments -€125,000
down €125,000 (-50.0%), from €250,000 to €125,000
- Receivables within one year -€61,168
down €61,168 (-20.1%), from €304,310 to €243,143
of which Trade receivables: -€71,307
- Trade debts -€157,956
down €157,956 (-34.3%), from €460,604 to €302,648
- Reserves +€155,494
up €155,494 (+15.0%), from €1.0m to €1.2m
- Short-term financial debts +€55,000
up €55,000 (+122.2%), from €45,000 to €100,000
- Debts after one year -€30,000
down €30,000 (-100.0%), from €30,000 to €0
- Other debts +€21,355
up €21,355 (+26.8%), from €79,822 to €101,176
- Staff costs +€66,964
up €66,964 (+17.7%), from €379,348 to €446,313
- Gross operating margin -€35,393
down €35,393 (-4.5%), from €790,706 to €755,313
- Taxes -€30,522
down €30,522 (-30.1%), from €101,415 to €70,892
- Write-downs +€13,200
up €13,200, from -€13,200 to €0
- Other operating charges -€10,591
down €10,591 (-46.5%), from €22,784 to €12,193
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 | €1,745,142 | €1,777,908 | +€32,765 | +1.9% |
| Fixed assets | 21/28 | €477,065 | €469,631 | -€7,434 | -1.6% |
| Tangible fixed assets | 22/27 | €477,065 | €469,631 | -€7,434 | -1.6% |
| Land and buildings | 22 | €394,145 | €368,599 | -€25,546 | -6.5% |
| Plant, machinery and equipment | 23 | €315 | €3,188 | +€2,873 | +911.7% |
| Furniture and vehicles | 24 | €82,605 | €97,844 | +€15,239 | +18.4% |
| Current assets | 29/58 | €1,268,077 | €1,308,277 | +€40,200 | +3.2% |
| Stocks and contracts in progress | 3 | €286,417 | €151,897 | -€134,520 | -47.0% |
| Stocks | 30/36 | €214,915 | €103,892 | -€111,023 | -51.7% |
| Contracts in progress | 37 | €71,502 | €48,005 | -€23,497 | -32.9% |
| Amounts receivable within one year | 40/41 | €304,310 | €243,143 | -€61,168 | -20.1% |
| Trade receivables | 40 | €240,508 | €169,200 | -€71,307 | -29.6% |
| Other amounts receivable | 41 | €63,803 | €73,942 | +€10,140 | +15.9% |
| Current investments | 50/53 | €250,000 | €125,000 | -€125,000 | -50.0% |
| Cash at bank and in hand | 54/58 | €416,531 | €779,303 | +€362,771 | +87.1% |
| Deferred charges and accrued income | 490/1 | €10,819 | €8,935 | -€1,884 | -17.4% |
| Total equity and liabilities | 10/49 | €1,745,142 | €1,777,908 | +€32,765 | +1.9% |
| Equity | 10/15 | €1,046,121 | €1,201,615 | +€155,494 | +14.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,039,921 | €1,195,415 | +€155,494 | +15.0% |
| Distributable reserves | 133 | €1,039,921 | €1,195,415 | +€155,494 | +15.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €699,021 | €576,292 | -€122,729 | -17.6% |
| Amounts payable after more than one year | 17 | €30,000 | €0 | -€30,000 | -100.0% |
| Financial debts | 170/4 | €30,000 | €0 | -€30,000 | -100.0% |
| Amounts payable within one year | 42/48 | €665,829 | €574,499 | -€91,330 | -13.7% |
| Current portion of amounts payable after more than one year | 42 | €30,000 | €30,000 | = | 0.0% |
| Financial debts | 43 | €45,000 | €100,000 | +€55,000 | +122.2% |
| Credit institutions | 430/8 | €45,000 | €100,000 | +€55,000 | +122.2% |
| Trade debts | 44 | €460,604 | €302,648 | -€157,956 | -34.3% |
| Suppliers | 440/4 | €460,604 | €302,648 | -€157,956 | -34.3% |
| Advances received on contracts in progress | 46 | €1,200 | €0 | -€1,200 | -100.0% |
| Taxes, remuneration and social security | 45 | €49,204 | €40,675 | -€8,528 | -17.3% |
| Taxes | 450/3 | €26,691 | €2,953 | -€23,739 | -88.9% |
| Remuneration and social security | 454/9 | €22,512 | €37,723 | +€15,210 | +67.6% |
| Other amounts payable | 47/48 | €79,822 | €101,176 | +€21,355 | +26.8% |
| Accrued charges and deferred income | 492/3 | €3,192 | €1,793 | -€1,399 | -43.8% |
| Remuneration, social security and pensions | 62 | €379,348 | €446,313 | +€66,964 | +17.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,860 | €46,207 | +€5,347 | +13.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€13,200 | €0 | +€13,200 | |
| Other operating charges | 640/8 | €22,784 | €12,193 | -€10,591 | -46.5% |
| Gross operating margin | 9900 | €790,706 | €755,313 | -€35,393 | -4.5% |
| Operating profit (loss) | 9901 | €360,914 | €250,601 | -€110,314 | -30.6% |
| Financial income | 75/76B | €33,367 | €33,074 | -€293 | -0.9% |
| Recurring financial income | 75 | €33,367 | €33,074 | -€293 | -0.9% |
| Financial charges | 65/66B | €7,679 | €7,047 | -€632 | -8.2% |
| Recurring financial charges | 65 | €7,679 | €7,047 | -€632 | -8.2% |
| Profit (loss) for the period before taxes | 9903 | €386,602 | €276,628 | -€109,974 | -28.4% |
| Income taxes | 67/77 | €101,415 | €70,892 | -€30,522 | -30.1% |
| Profit (loss) for the period | 9904 | €285,187 | €205,735 | -€79,452 | -27.9% |
| Profit (loss) for the period to be appropriated | 9905 | €285,187 | €205,735 | -€79,452 | -27.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.