VERSCHELDE PROJECTS: 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.
VERSCHELDE PROJECTS
Largest movements
- Cash +€21,375
up €21,375 (+41.1%), from €51,980 to €73,356
mainly Net result for the year (+€26,752) and Current investments (+€10,000)
- Current investments -€10,000
down €10,000 (-33.3%), from €30,000 to €20,000
- Tangible fixed assets +€4,904
up €4,904 (+116.6%), from €4,205 to €9,109
of which Plant, machinery and equipment: +€5,320
- Receivables within one year -€4,686
down €4,686 (-22.1%), from €21,236 to €16,549
of which Other amounts receivable: -€3,772
- Profit (loss) carried forward +€20,094
no longer reported in 2025 (was -€20,094)
- Trade debts -€7,085
down €7,085 (-24.4%), from €29,056 to €21,971
- Reserves +€6,658
up €6,658 (+12.0%), from €55,559 to €62,218
- Tax, wage and social debts -€5,195
down €5,195 (-17.6%), from €29,567 to €24,372
of which Remuneration and social security: -€8,268
- Other debts -€1,957
down €1,957 (-86.4%), from €2,264 to €308
- Gross operating margin +€69,852
up €69,852 (+47.7%), from €146,450 to €216,301
- Staff costs +€23,528
up €23,528 (+15.4%), from €152,324 to €175,852
- Taxes +€4,098
new in 2025: €4,098
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 | €115,588 | €127,460 | +€11,872 | +10.3% |
| Fixed assets | 21/28 | €4,205 | €9,109 | +€4,904 | +116.6% |
| Tangible fixed assets | 22/27 | €4,205 | €9,109 | +€4,904 | +116.6% |
| Land and buildings | 22 | €575 | €159 | -€416 | -72.3% |
| Plant, machinery and equipment | 23 | €3,629 | €8,950 | +€5,320 | +146.6% |
| Current assets | 29/58 | €111,383 | €118,351 | +€6,968 | +6.3% |
| Stocks and contracts in progress | 3 | €6,254 | €6,971 | +€717 | +11.5% |
| Stocks | 30/36 | €6,254 | €6,971 | +€717 | +11.5% |
| Amounts receivable within one year | 40/41 | €21,236 | €16,549 | -€4,686 | -22.1% |
| Trade receivables | 40 | €2,319 | €1,406 | -€914 | -39.4% |
| Other amounts receivable | 41 | €18,916 | €15,144 | -€3,772 | -19.9% |
| Current investments | 50/53 | €30,000 | €20,000 | -€10,000 | -33.3% |
| Cash at bank and in hand | 54/58 | €51,980 | €73,356 | +€21,375 | +41.1% |
| Deferred charges and accrued income | 490/1 | €1,913 | €1,475 | -€438 | -22.9% |
| Total equity and liabilities | 10/49 | €115,588 | €127,460 | +€11,872 | +10.3% |
| Equity | 10/15 | €54,057 | €80,810 | +€26,752 | +49.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €55,559 | €62,218 | +€6,658 | +12.0% |
| Distributable reserves | 133 | €55,559 | €62,218 | +€6,658 | +12.0% |
| Profit (loss) carried forward | 14 | -€20,094 | - | +€20,094 | |
| Amounts payable | 17/49 | €61,530 | €46,650 | -€14,880 | -24.2% |
| Amounts payable within one year | 42/48 | €61,530 | €46,650 | -€14,880 | -24.2% |
| Financial debts | 43 | €644 | - | -€644 | |
| Credit institutions | 430/8 | €644 | - | -€644 | |
| Trade debts | 44 | €29,056 | €21,971 | -€7,085 | -24.4% |
| Suppliers | 440/4 | €29,056 | €21,971 | -€7,085 | -24.4% |
| Taxes, remuneration and social security | 45 | €29,567 | €24,372 | -€5,195 | -17.6% |
| Taxes | 450/3 | €7,863 | €10,935 | +€3,073 | +39.1% |
| Remuneration and social security | 454/9 | €21,704 | €13,436 | -€8,268 | -38.1% |
| Other amounts payable | 47/48 | €2,264 | €308 | -€1,957 | -86.4% |
| Remuneration, social security and pensions | 62 | €152,324 | €175,852 | +€23,528 | +15.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,157 | €4,158 | +€2,001 | +92.8% |
| Other operating charges | 640/8 | €5,961 | €6,520 | +€559 | +9.4% |
| Non-recurring operating charges | 66A | €42 | - | -€42 | |
| Gross operating margin | 9900 | €146,450 | €216,301 | +€69,852 | +47.7% |
| Operating profit (loss) | 9901 | -€14,034 | €29,772 | +€43,805 | |
| Financial income | 75/76B | €1,563 | €1,287 | -€276 | -17.7% |
| Recurring financial income | 75 | €1,563 | €1,287 | -€276 | -17.7% |
| Financial charges | 65/66B | €371 | €208 | -€163 | -44.0% |
| Recurring financial charges | 65 | €371 | €208 | -€163 | -44.0% |
| Profit (loss) for the period before taxes | 9903 | -€12,842 | €30,850 | +€43,692 | |
| Income taxes | 67/77 | - | €4,098 | +€4,098 | |
| Profit (loss) for the period | 9904 | -€12,842 | €26,752 | +€39,594 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,842 | €26,752 | +€39,594 |
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 9 October 2026 via checked.be.