VERSCHELDE & ZONEN: 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 & ZONEN
Largest movements
- Cash -€14,826
down €14,826 (-10.5%), from €141,704 to €126,878
mainly Trade debts (-€9,660) and Investment in fixed assets (net) (-€8,345)
- Tangible fixed assets -€5,682
down €5,682 (-34.1%), from €16,655 to €10,973
of which Leasing and similar rights: -€6,282
- Receivables within one year +€3,684
up €3,684 (+15.1%), from €24,462 to €28,146
of which Trade receivables: +€3,606
- Stocks and contracts +€2,937
up €2,937 (+3.3%), from €87,805 to €90,742
- Trade debts -€9,660
down €9,660 (-38.1%), from €25,366 to €15,706
- Current portion of long-term debt -€3,009
down €3,009 (-51.7%), from €5,825 to €2,816
- Debts after one year -€2,816
down €2,816 (-85.6%), from €3,291 to €475
- Gross operating margin -€10,129
down €10,129 (-26.8%), from €37,836 to €27,707
- Depreciation -€3,478
down €3,478 (-19.9%), from €17,505 to €14,027
- Write-downs -€3,235
no longer reported in 2025 (was €3,235)
- Other operating charges +€1,137
up €1,137 (+103.3%), from €1,101 to €2,238
- Taxes -€1,064
down €1,064 (-24.5%), from €4,348 to €3,284
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 | €272,222 | €258,509 | -€13,712 | -5.0% |
| Fixed assets | 21/28 | €16,692 | €11,010 | -€5,682 | -34.0% |
| Tangible fixed assets | 22/27 | €16,655 | €10,973 | -€5,682 | -34.1% |
| Plant, machinery and equipment | 23 | €612 | €413 | -€199 | -32.5% |
| Furniture and vehicles | 24 | €7,370 | €10,560 | +€3,190 | +43.3% |
| Leasing and similar rights | 25 | €6,282 | - | -€6,282 | |
| Other tangible fixed assets | 26 | €2,391 | - | -€2,391 | |
| Financial fixed assets | 28 | €37 | €37 | = | 0.0% |
| Current assets | 29/58 | €255,530 | €247,500 | -€8,030 | -3.1% |
| Stocks and contracts in progress | 3 | €87,805 | €90,742 | +€2,937 | +3.3% |
| Stocks | 30/36 | €87,805 | €90,742 | +€2,937 | +3.3% |
| Amounts receivable within one year | 40/41 | €24,462 | €28,146 | +€3,684 | +15.1% |
| Trade receivables | 40 | €24,388 | €27,995 | +€3,606 | +14.8% |
| Other amounts receivable | 41 | €74 | €151 | +€78 | +104.9% |
| Cash at bank and in hand | 54/58 | €141,704 | €126,878 | -€14,826 | -10.5% |
| Deferred charges and accrued income | 490/1 | €1,558 | €1,733 | +€175 | +11.2% |
| Total equity and liabilities | 10/49 | €272,222 | €258,509 | -€13,712 | -5.0% |
| Equity | 10/15 | €229,822 | €232,267 | +€2,445 | +1.1% |
| Contributions | 10/11 | €6,411 | €6,411 | = | 0.0% |
| Reserves | 13 | €223,412 | €225,856 | +€2,445 | +1.1% |
| Distributable reserves | 133 | €223,412 | €225,856 | +€2,445 | +1.1% |
| Amounts payable | 17/49 | €42,399 | €26,243 | -€16,157 | -38.1% |
| Amounts payable after more than one year | 17 | €3,291 | €475 | -€2,816 | -85.6% |
| Financial debts | 170/4 | €3,291 | €475 | -€2,816 | -85.6% |
| Amounts payable within one year | 42/48 | €39,109 | €25,768 | -€13,341 | -34.1% |
| Current portion of amounts payable after more than one year | 42 | €5,825 | €2,816 | -€3,009 | -51.7% |
| Trade debts | 44 | €25,366 | €15,706 | -€9,660 | -38.1% |
| Suppliers | 440/4 | €25,366 | €15,706 | -€9,660 | -38.1% |
| Taxes, remuneration and social security | 45 | €7,549 | €7,023 | -€527 | -7.0% |
| Taxes | 450/3 | €6,709 | €6,658 | -€52 | -0.8% |
| Remuneration and social security | 454/9 | €840 | €365 | -€475 | -56.6% |
| Other amounts payable | 47/48 | €369 | €224 | -€145 | -39.4% |
| Remuneration, social security and pensions | 62 | €6,403 | €5,370 | -€1,032 | -16.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,505 | €14,027 | -€3,478 | -19.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,235 | - | -€3,235 | |
| Other operating charges | 640/8 | €1,101 | €2,238 | +€1,137 | +103.3% |
| Gross operating margin | 9900 | €37,836 | €27,707 | -€10,129 | -26.8% |
| Operating profit (loss) | 9901 | €9,593 | €6,072 | -€3,521 | -36.7% |
| Financial income | 75/76B | €448 | €158 | -€290 | -64.7% |
| Recurring financial income | 75 | €448 | €158 | -€290 | -64.7% |
| Financial charges | 65/66B | €1,002 | €501 | -€501 | -50.0% |
| Recurring financial charges | 65 | €1,002 | €501 | -€501 | -50.0% |
| Profit (loss) for the period before taxes | 9903 | €9,040 | €5,729 | -€3,311 | -36.6% |
| Income taxes | 67/77 | €4,348 | €3,284 | -€1,064 | -24.5% |
| Profit (loss) for the period | 9904 | €4,691 | €2,445 | -€2,247 | -47.9% |
| Profit (loss) for the period to be appropriated | 9905 | €4,691 | €2,445 | -€2,247 | -47.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.