VERSCHELDEN: what changed
Two financial 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.
VERSCHELDEN
Largest movements
- Receivables within one year +€38,348
up €38,348 (+1,090%), from €3,519 to €41,868
of which Trade receivables: +€28,804
- Tangible fixed assets -€31,786
down €31,786 (-94.4%), from €33,667 to €1,881
of which Furniture and vehicles: -€31,054
- Deferred charges and accrued income +€28,075
new in 2025: €28,075
- Cash -€9,205
down €9,205 (-47.4%), from €19,407 to €10,202
mainly Receivables within one year (-€38,348) and Deferred charges and accrued income (-€28,075)
- Advances received +€19,688
new in 2025: €19,688
- Accrued charges and deferred income +€14,405
new in 2025: €14,405
- Other debts -€6,526
down €6,526 (-74.2%), from €8,792 to €2,266
- Current portion of long-term debt +€5,864
new in 2025: €5,864
- Trade debts -€4,211
down €4,211 (-60.5%), from €6,962 to €2,751
- Gross operating margin -€47,763
down €47,763 (-96.1%), from €49,683 to €1,920
- Taxes -€10,617
down €10,617 (-98.0%), from €10,829 to €212
- Depreciation -€9,091
down €9,091 (-80.7%), from €11,260 to €2,169
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.
Derived cash bridge
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 | €56,594 | €82,026 | +€25,432 | +44.9% |
| Fixed assets | 21/28 | €33,667 | €1,881 | -€31,786 | -94.4% |
| Tangible fixed assets | 22/27 | €33,667 | €1,881 | -€31,786 | -94.4% |
| Plant, machinery and equipment | 23 | €1,149 | €417 | -€732 | -63.7% |
| Furniture and vehicles | 24 | €32,519 | €1,464 | -€31,054 | -95.5% |
| Current assets | 29/58 | €22,927 | €80,145 | +€57,218 | +250% |
| Amounts receivable within one year | 40/41 | €3,519 | €41,868 | +€38,348 | +1,090% |
| Trade receivables | 40 | €3,275 | €32,079 | +€28,804 | +879% |
| Other amounts receivable | 41 | €244 | €9,788 | +€9,544 | +3,910% |
| Cash at bank and in hand | 54/58 | €19,407 | €10,202 | -€9,205 | -47.4% |
| Deferred charges and accrued income | 490/1 | - | €28,075 | +€28,075 | |
| Total equity and liabilities | 10/49 | €56,594 | €82,026 | +€25,432 | +44.9% |
| Equity | 10/15 | €36,067 | €34,408 | -€1,659 | -4.6% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €32,567 | €32,567 | = | 0.0% |
| Distributable reserves | 133 | €32,567 | €32,567 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€1,659 | -€1,659 | |
| Amounts payable | 17/49 | €20,527 | €47,618 | +€27,090 | +132% |
| Amounts payable within one year | 42/48 | €20,527 | €33,213 | +€12,686 | +61.8% |
| Current portion of amounts payable after more than one year | 42 | - | €5,864 | +€5,864 | |
| Trade debts | 44 | €6,962 | €2,751 | -€4,211 | -60.5% |
| Suppliers | 440/4 | €6,962 | €2,751 | -€4,211 | -60.5% |
| Advances received on contracts in progress | 46 | - | €19,688 | +€19,688 | |
| Taxes, remuneration and social security | 45 | €4,774 | €2,644 | -€2,130 | -44.6% |
| Taxes | 450/3 | €1,522 | €2,644 | +€1,122 | +73.7% |
| Remuneration and social security | 454/9 | €3,252 | €0 | -€3,252 | -100% |
| Other amounts payable | 47/48 | €8,792 | €2,266 | -€6,526 | -74.2% |
| Accrued charges and deferred income | 492/3 | - | €14,405 | +€14,405 | |
| Non-recurring operating income | 76A | €964 | €9,295 | +€8,331 | +865% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,260 | €2,169 | -€9,091 | -80.7% |
| Other operating charges | 640/8 | €882 | €895 | +€13 | +1.5% |
| Gross operating margin | 9900 | €49,683 | €1,920 | -€47,763 | -96.1% |
| Operating profit (loss) | 9901 | €37,541 | -€1,144 | -€38,685 | |
| Financial income | 75/76B | €3 | €74 | +€71 | +2,071% |
| Recurring financial income | 75 | €3 | €74 | +€71 | +2,071% |
| Financial charges | 65/66B | €162 | €377 | +€215 | +132% |
| Recurring financial charges | 65 | €162 | €377 | +€215 | +132% |
| Profit (loss) for the period before taxes | 9903 | €37,382 | -€1,447 | -€38,828 | |
| Income taxes | 67/77 | €10,829 | €212 | -€10,617 | -98.0% |
| Profit (loss) for the period | 9904 | €26,553 | -€1,659 | -€28,212 | |
| Profit (loss) for the period to be appropriated | 9905 | €26,553 | -€1,659 | -€28,212 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.