VERSCHEURE KAREL: 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.
VERSCHEURE KAREL
Largest movements
- Cash +€118,398
up €118,398 (+38.7%), from €306,209 to €424,607
mainly Net result for the year (+€105,597) and Tax, wage and social debts (+€38,557)
- Receivables within one year +€29,790
up €29,790 (+15.3%), from €194,097 to €223,887
of which Trade receivables: +€31,796
- Tangible fixed assets -€23,478
down €23,478 (-36.9%), from €63,597 to €40,119
of which Other tangible fixed assets: -€13,484
- Reserves +€104,764
up €104,764 (+28.4%), from €368,540 to €473,304
of which Distributable reserves: +€104,764
- Tax, wage and social debts +€38,557
up €38,557 (+138%), from €27,981 to €66,538
of which Remuneration and social security: +€21,390
- Trade debts -€19,782
down €19,782 (-61.6%), from €32,112 to €12,330
- Other debts +€8,714
up €8,714 (+9.9%), from €87,897 to €96,612
- Debts after one year -€7,111
down €7,111 (-100%), from €7,111 to €0
- Gross operating margin +€65,484
up €65,484 (+59.5%), from €110,083 to €175,567
- Taxes +€19,774
up €19,774 (+81.0%), from €24,398 to €44,171
- Depreciation +€7,932
up €7,932 (+44.8%), from €17,715 to €25,647
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 | €571,723 | €693,295 | +€121,571 | +21.3% |
| Fixed assets | 21/28 | €63,597 | €40,119 | -€23,478 | -36.9% |
| Tangible fixed assets | 22/27 | €63,597 | €40,119 | -€23,478 | -36.9% |
| Plant, machinery and equipment | 23 | €2,411 | €963 | -€1,448 | -60.1% |
| Furniture and vehicles | 24 | €44,884 | €36,338 | -€8,546 | -19.0% |
| Other tangible fixed assets | 26 | €16,302 | €2,817 | -€13,484 | -82.7% |
| Current assets | 29/58 | €508,127 | €653,176 | +€145,049 | +28.5% |
| Stocks and contracts in progress | 3 | €2,676 | €1,673 | -€1,003 | -37.5% |
| Stocks | 30/36 | €2,676 | €1,673 | -€1,003 | -37.5% |
| Amounts receivable within one year | 40/41 | €194,097 | €223,887 | +€29,790 | +15.3% |
| Trade receivables | 40 | €192,063 | €223,860 | +€31,796 | +16.6% |
| Other amounts receivable | 41 | €2,033 | €27 | -€2,006 | -98.7% |
| Cash at bank and in hand | 54/58 | €306,209 | €424,607 | +€118,398 | +38.7% |
| Deferred charges and accrued income | 490/1 | €5,145 | €3,010 | -€2,136 | -41.5% |
| Total equity and liabilities | 10/49 | €571,723 | €693,295 | +€121,571 | +21.3% |
| Equity | 10/15 | €405,940 | €510,704 | +€104,764 | +25.8% |
| Contributions | 10/11 | €37,400 | €37,400 | = | 0.0% |
| Reserves | 13 | €368,540 | €473,304 | +€104,764 | +28.4% |
| Non-distributable reserves | 130/1 | €4,360 | €4,360 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,360 | €4,360 | = | 0.0% |
| Distributable reserves | 133 | €364,180 | €468,944 | +€104,764 | +28.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €165,783 | €182,591 | +€16,807 | +10.1% |
| Amounts payable after more than one year | 17 | €7,111 | €0 | -€7,111 | -100% |
| Financial debts | 170/4 | €7,111 | €0 | -€7,111 | -100% |
| Amounts payable within one year | 42/48 | €158,657 | €182,591 | +€23,934 | +15.1% |
| Current portion of amounts payable after more than one year | 42 | €10,667 | €7,111 | -€3,556 | -33.3% |
| Trade debts | 44 | €32,112 | €12,330 | -€19,782 | -61.6% |
| Suppliers | 440/4 | €32,112 | €12,330 | -€19,782 | -61.6% |
| Taxes, remuneration and social security | 45 | €27,981 | €66,538 | +€38,557 | +138% |
| Taxes | 450/3 | €21,023 | €38,190 | +€17,167 | +81.7% |
| Remuneration and social security | 454/9 | €6,958 | €28,348 | +€21,390 | +307% |
| Other amounts payable | 47/48 | €87,897 | €96,612 | +€8,714 | +9.9% |
| Accrued charges and deferred income | 492/3 | €15 | €0 | -€15 | -100% |
| Remuneration, social security and pensions | 62 | €398 | €0 | -€398 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,715 | €25,647 | +€7,932 | +44.8% |
| Other operating charges | 640/8 | €2,555 | €2,591 | +€36 | +1.4% |
| Gross operating margin | 9900 | €110,083 | €175,567 | +€65,484 | +59.5% |
| Operating profit (loss) | 9901 | €89,416 | €147,329 | +€57,913 | +64.8% |
| Financial income | 75/76B | €3,337 | €3,203 | -€134 | -4.0% |
| Recurring financial income | 75 | €3,337 | €3,203 | -€134 | -4.0% |
| Financial charges | 65/66B | €1,130 | €763 | -€367 | -32.5% |
| Recurring financial charges | 65 | €1,130 | €763 | -€367 | -32.5% |
| Profit (loss) for the period before taxes | 9903 | €91,623 | €149,768 | +€58,146 | +63.5% |
| Income taxes | 67/77 | €24,398 | €44,171 | +€19,774 | +81.0% |
| Profit (loss) for the period | 9904 | €67,225 | €105,597 | +€38,372 | +57.1% |
| Profit (loss) for the period to be appropriated | 9905 | €67,225 | €105,597 | +€38,372 | +57.1% |
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 31 October 2026 via checked.be.