VERSCHINGEL: 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.
VERSCHINGEL
Largest movements
- Cash +€477,923
up €477,923 (+122%), from €391,051 to €868,975
mainly Current investments (+€297,562) and Net result for the year (+€123,535)
- Current investments -€297,562
down €297,562 (-19.4%), from €1.5m to €1.2m
- Receivables within one year -€32,589
down €32,589 (-17.4%), from €186,990 to €154,401
of which Trade receivables: -€31,408
- Reserves +€123,535
up €123,535 (+7.7%), from €1.6m to €1.7m
of which Distributable reserves: +€123,535
- Gross operating margin +€47,840
up €47,840 (+61.1%), from €78,262 to €126,102
- Taxes +€24,237
up €24,237 (+67.5%), from €35,886 to €60,123
- Financial income -€14,770
down €14,770 (-16.7%), from €88,567 to €73,797
- Financial charges -€2,982
down €2,982 (-17.4%), from €17,168 to €14,186
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 | €2,127,701 | €2,272,216 | +€144,516 | +6.8% |
| Fixed assets | 21/28 | €5,226 | €100 | -€5,126 | -98.1% |
| Tangible fixed assets | 22/27 | €226 | - | -€226 | |
| Furniture and vehicles | 24 | €226 | - | -€226 | |
| Financial fixed assets | 28 | €5,000 | €100 | -€4,900 | -98.0% |
| Current assets | 29/58 | €2,122,474 | €2,272,116 | +€149,642 | +7.1% |
| Amounts receivable within one year | 40/41 | €186,990 | €154,401 | -€32,589 | -17.4% |
| Trade receivables | 40 | €181,408 | €150,000 | -€31,408 | -17.3% |
| Other amounts receivable | 41 | €5,582 | €4,401 | -€1,181 | -21.2% |
| Current investments | 50/53 | €1,535,318 | €1,237,755 | -€297,562 | -19.4% |
| Cash at bank and in hand | 54/58 | €391,051 | €868,975 | +€477,923 | +122% |
| Deferred charges and accrued income | 490/1 | €9,115 | €10,985 | +€1,870 | +20.5% |
| Total equity and liabilities | 10/49 | €2,127,701 | €2,272,216 | +€144,516 | +6.8% |
| Equity | 10/15 | €1,659,226 | €1,782,761 | +€123,535 | +7.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,597,226 | €1,720,761 | +€123,535 | +7.7% |
| Non-distributable reserves | 130/1 | €6,339 | €6,339 | = | 0.0% |
| Legal reserve | 130 | €6,339 | €6,339 | = | 0.0% |
| Distributable reserves | 133 | €1,590,888 | €1,714,423 | +€123,535 | +7.8% |
| Amounts payable | 17/49 | €468,474 | €489,455 | +€20,981 | +4.5% |
| Amounts payable after more than one year | 17 | €450,000 | €450,000 | = | 0.0% |
| Other amounts payable | 178/9 | €450,000 | €450,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €4,974 | €12,455 | +€7,481 | +150% |
| Trade debts | 44 | €411 | - | -€411 | |
| Suppliers | 440/4 | €411 | - | -€411 | |
| Taxes, remuneration and social security | 45 | - | €12,350 | +€12,350 | |
| Taxes | 450/3 | - | €12,350 | +€12,350 | |
| Other amounts payable | 47/48 | €4,563 | €105 | -€4,458 | -97.7% |
| Accrued charges and deferred income | 492/3 | €13,500 | €27,000 | +€13,500 | +100% |
| Non-recurring operating income | 76A | - | €7,278 | +€7,278 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €666 | €226 | -€440 | -66.0% |
| Other operating charges | 640/8 | €2,139 | €1,829 | -€310 | -14.5% |
| Gross operating margin | 9900 | €78,262 | €126,102 | +€47,840 | +61.1% |
| Operating profit (loss) | 9901 | €75,457 | €124,047 | +€48,590 | +64.4% |
| Financial income | 75/76B | €88,567 | €73,797 | -€14,770 | -16.7% |
| Recurring financial income | 75 | €88,567 | €73,797 | -€14,770 | -16.7% |
| Financial charges | 65/66B | €17,168 | €14,186 | -€2,982 | -17.4% |
| Recurring financial charges | 65 | €17,168 | €14,186 | -€2,982 | -17.4% |
| Profit (loss) for the period before taxes | 9903 | €146,856 | €183,658 | +€36,802 | +25.1% |
| Income taxes | 67/77 | €35,886 | €60,123 | +€24,237 | +67.5% |
| Profit (loss) for the period | 9904 | €110,970 | €123,535 | +€12,565 | +11.3% |
| Profit (loss) for the period to be appropriated | 9905 | €110,970 | €123,535 | +€12,565 | +11.3% |
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 28 October 2026 via checked.be.