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
- Cash +€90,300
up €90,300 (+37.2%), from €242,791 to €333,091
mainly Other debts (+€87,859) and Depreciation (+€64,352)
- Tangible fixed assets -€38,944
down €38,944 (-30.3%), from €128,719 to €89,775
of which Furniture and vehicles: -€32,054
- Receivables within one year -€20,435
down €20,435 (-19.7%), from €103,904 to €83,468
of which Other amounts receivable: -€30,856
- Deferred charges and accrued income -€7,567
down €7,567 (-61.0%), from €12,398 to €4,831
- Stocks and contracts -€5,500
down €5,500 (-91.7%), from €6,000 to €500
- Other debts +€87,859
up €87,859 (+172.9%), from €50,827 to €138,686
- Reserves -€50,725
down €50,725 (-26.3%), from €192,962 to €142,237
- Trade debts -€43,378
down €43,378 (-93.8%), from €46,238 to €2,860
- Tax, wage and social debts +€24,251
up €24,251 (+338.2%), from €7,172 to €31,423
of which Taxes: +€26,970
- Gross operating margin +€28,048
up €28,048 (+29.5%), from €95,144 to €123,192
- Taxes +€6,411
up €6,411 (+68.3%), from €9,382 to €15,793
- Depreciation +€4,196
up €4,196 (+7.0%), from €60,155 to €64,352
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 | €495,951 | €513,806 | +€17,854 | +3.6% |
| Fixed assets | 21/28 | €130,859 | €91,915 | -€38,944 | -29.8% |
| Tangible fixed assets | 22/27 | €128,719 | €89,775 | -€38,944 | -30.3% |
| Land and buildings | 22 | €16,079 | €12,620 | -€3,460 | -21.5% |
| Plant, machinery and equipment | 23 | €8,876 | €5,446 | -€3,430 | -38.6% |
| Furniture and vehicles | 24 | €103,764 | €71,709 | -€32,054 | -30.9% |
| Financial fixed assets | 28 | €2,140 | €2,140 | = | 0.0% |
| Current assets | 29/58 | €365,092 | €421,890 | +€56,798 | +15.6% |
| Stocks and contracts in progress | 3 | €6,000 | €500 | -€5,500 | -91.7% |
| Stocks | 30/36 | €6,000 | €500 | -€5,500 | -91.7% |
| Amounts receivable within one year | 40/41 | €103,904 | €83,468 | -€20,435 | -19.7% |
| Trade receivables | 40 | €51,643 | €62,064 | +€10,421 | +20.2% |
| Other amounts receivable | 41 | €52,260 | €21,404 | -€30,856 | -59.0% |
| Cash at bank and in hand | 54/58 | €242,791 | €333,091 | +€90,300 | +37.2% |
| Deferred charges and accrued income | 490/1 | €12,398 | €4,831 | -€7,567 | -61.0% |
| Total equity and liabilities | 10/49 | €495,951 | €513,806 | +€17,854 | +3.6% |
| Equity | 10/15 | €211,562 | €160,837 | -€50,725 | -24.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €192,962 | €142,237 | -€50,725 | -26.3% |
| Distributable reserves | 133 | €192,962 | €142,237 | -€50,725 | -26.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €284,389 | €352,969 | +€68,580 | +24.1% |
| Amounts payable after more than one year | 17 | €180,000 | €180,000 | = | 0.0% |
| Financial debts | 170/4 | €180,000 | €180,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €104,237 | €172,969 | +€68,732 | +65.9% |
| Trade debts | 44 | €46,238 | €2,860 | -€43,378 | -93.8% |
| Suppliers | 440/4 | €46,238 | €2,860 | -€43,378 | -93.8% |
| Taxes, remuneration and social security | 45 | €7,172 | €31,423 | +€24,251 | +338.2% |
| Taxes | 450/3 | €1,399 | €28,369 | +€26,970 | +1927.9% |
| Remuneration and social security | 454/9 | €5,773 | €3,054 | -€2,719 | -47.1% |
| Other amounts payable | 47/48 | €50,827 | €138,686 | +€87,859 | +172.9% |
| Accrued charges and deferred income | 492/3 | €152 | €0 | -€152 | -100.0% |
| Non-recurring operating income | 76A | - | €2,225 | +€2,225 | |
| Remuneration, social security and pensions | 62 | €343 | €1,226 | +€883 | +257.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,155 | €64,352 | +€4,196 | +7.0% |
| Other operating charges | 640/8 | €925 | €602 | -€323 | -34.9% |
| Gross operating margin | 9900 | €95,144 | €123,192 | +€28,048 | +29.5% |
| Operating profit (loss) | 9901 | €33,721 | €57,013 | +€23,292 | +69.1% |
| Financial income | 75/76B | €1,067 | €910 | -€157 | -14.7% |
| Recurring financial income | 75 | €1,067 | €910 | -€157 | -14.7% |
| Financial charges | 65/66B | €127 | €127 | +€0 | +0.2% |
| Recurring financial charges | 65 | €127 | €127 | +€0 | +0.2% |
| Profit (loss) for the period before taxes | 9903 | €34,660 | €57,795 | +€23,135 | +66.7% |
| Income taxes | 67/77 | €9,382 | €15,793 | +€6,411 | +68.3% |
| Profit (loss) for the period | 9904 | €25,279 | €42,002 | +€16,724 | +66.2% |
| Profit (loss) for the period to be appropriated | 9905 | €25,279 | €42,002 | +€16,724 | +66.2% |
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.