VERSCHAEVE: 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.
VERSCHAEVE
Largest movements
- Receivables within one year +€33,813
up €33,813 (+20.5%), from €164,735 to €198,548
- Cash +€12,781
up €12,781 (+23.3%), from €54,915 to €67,696
mainly Net result for the year (+€41,634) and Depreciation (+€30,863)
- Reserves +€41,634
up €41,634 (+6.1%), from €681,261 to €722,895
- Other debts +€19,020
up €19,020 (+10.7%), from €177,115 to €196,135
- Debts after one year -€10,605
down €10,605 (-30.6%), from €34,713 to €24,107
- Write-downs -€30,013
no longer reported in 2025 (was €30,013)
- Taxes +€4,316
up €4,316 (+43.4%), from €9,948 to €14,264
- Gross operating margin -€4,263
down €4,263 (-4.7%), from €90,610 to €86,347
- Depreciation +€2,328
up €2,328 (+8.2%), from €28,536 to €30,863
- Other operating charges +€1,657
up €1,657 (+39.5%), from €4,191 to €5,848
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 | €926,016 | €976,468 | +€50,452 | +5.4% |
| Fixed assets | 21/28 | €461,357 | €458,399 | -€2,958 | -0.6% |
| Intangible fixed assets | 21 | €1,281 | €292 | -€988 | -77.2% |
| Tangible fixed assets | 22/27 | €460,077 | €458,106 | -€1,970 | -0.4% |
| Land and buildings | 22 | €439,921 | €422,844 | -€17,077 | -3.9% |
| Plant, machinery and equipment | 23 | €10,918 | €9,387 | -€1,531 | -14.0% |
| Furniture and vehicles | 24 | €9,238 | €25,876 | +€16,637 | +180.1% |
| Current assets | 29/58 | €464,659 | €518,069 | +€53,410 | +11.5% |
| Amounts receivable within one year | 40/41 | €164,735 | €198,548 | +€33,813 | +20.5% |
| Other amounts receivable | 41 | €164,735 | €198,548 | +€33,813 | +20.5% |
| Current investments | 50/53 | €227,210 | €229,249 | +€2,039 | +0.9% |
| Cash at bank and in hand | 54/58 | €54,915 | €67,696 | +€12,781 | +23.3% |
| Deferred charges and accrued income | 490/1 | €17,799 | €22,576 | +€4,777 | +26.8% |
| Total equity and liabilities | 10/49 | €926,016 | €976,468 | +€50,452 | +5.4% |
| Equity | 10/15 | €699,861 | €741,495 | +€41,634 | +5.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €681,261 | €722,895 | +€41,634 | +6.1% |
| Distributable reserves | 133 | €681,261 | €722,895 | +€41,634 | +6.1% |
| Amounts payable | 17/49 | €226,156 | €234,973 | +€8,818 | +3.9% |
| Amounts payable after more than one year | 17 | €34,713 | €24,107 | -€10,605 | -30.6% |
| Financial debts | 170/4 | €34,713 | €24,107 | -€10,605 | -30.6% |
| Amounts payable within one year | 42/48 | €191,443 | €210,866 | +€19,423 | +10.1% |
| Current portion of amounts payable after more than one year | 42 | €10,911 | €10,935 | +€24 | +0.2% |
| Trade debts | 44 | €2,978 | €3,156 | +€178 | +6.0% |
| Suppliers | 440/4 | €2,978 | €3,156 | +€178 | +6.0% |
| Taxes, remuneration and social security | 45 | €439 | €640 | +€201 | +45.8% |
| Taxes | 450/3 | €439 | €640 | +€201 | +45.8% |
| Other amounts payable | 47/48 | €177,115 | €196,135 | +€19,020 | +10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,536 | €30,863 | +€2,328 | +8.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €30,013 | - | -€30,013 | |
| Other operating charges | 640/8 | €4,191 | €5,848 | +€1,657 | +39.5% |
| Gross operating margin | 9900 | €90,610 | €86,347 | -€4,263 | -4.7% |
| Operating profit (loss) | 9901 | €27,871 | €49,636 | +€21,765 | +78.1% |
| Financial income | 75/76B | €8,136 | €7,775 | -€362 | -4.4% |
| Recurring financial income | 75 | €8,136 | €7,775 | -€362 | -4.4% |
| Financial charges | 65/66B | €959 | €1,512 | +€554 | +57.8% |
| Recurring financial charges | 65 | €959 | €1,512 | +€554 | +57.8% |
| Profit (loss) for the period before taxes | 9903 | €35,049 | €55,898 | +€20,850 | +59.5% |
| Income taxes | 67/77 | €9,948 | €14,264 | +€4,316 | +43.4% |
| Profit (loss) for the period | 9904 | €25,101 | €41,634 | +€16,534 | +65.9% |
| Profit (loss) for the period to be appropriated | 9905 | €25,101 | €41,634 | +€16,534 | +65.9% |
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 7 October 2026 via checked.be.