Verschraegen Construct: 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.
Verschraegen Construct
Largest movements
- Receivables within one year -€46,411
down €46,411 (-82.9%), from €56,001 to €9,591
of which Trade receivables: -€47,820
- Tangible fixed assets -€6,904
down €6,904 (-8.3%), from €82,960 to €76,056
of which Leasing and similar rights: -€10,002
- Cash +€6,184
up €6,184 (+102.4%), from €6,037 to €12,221
mainly Receivables within one year (+€46,411) and Depreciation (+€10,225)
- Deferred charges and accrued income -€4,966
down €4,966 (-48.4%), from €10,264 to €5,297
- Stocks and contracts +€4,723
up €4,723 (+16.0%), from €29,594 to €34,316
of which Contracts in progress: +€7,422
- Trade debts -€22,403
down €22,403 (-83.2%), from €26,927 to €4,524
- Debts after one year -€14,000
down €14,000 (-21.4%), from €65,333 to €51,333
- Reserves +€10,118
up €10,118 (+150.7%), from €6,715 to €16,832
of which Distributable reserves: +€10,118
- Short-term financial debts -€9,816
down €9,816 (-20.7%), from €47,393 to €37,577
- Tax, wage and social debts -€5,948
down €5,948 (-46.3%), from €12,855 to €6,907
of which Remuneration and social security: -€4,891
- Staff costs +€42,390
up €42,390 (+451.0%), from €9,399 to €51,789
- Gross operating margin +€35,739
up €35,739 (+80.7%), from €44,268 to €80,007
- Financial charges -€1,665
down €1,665 (-26.7%), from €6,244 to €4,579
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 | €199,505 | €150,857 | -€48,648 | -24.4% |
| Fixed assets | 21/28 | €97,509 | €89,332 | -€8,177 | -8.4% |
| Intangible fixed assets | 21 | €9,886 | €9,136 | -€750 | -7.6% |
| Tangible fixed assets | 22/27 | €82,960 | €76,056 | -€6,904 | -8.3% |
| Plant, machinery and equipment | 23 | €71,061 | €66,634 | -€4,428 | -6.2% |
| Furniture and vehicles | 24 | €1,897 | €9,422 | +€7,525 | +396.7% |
| Leasing and similar rights | 25 | €10,002 | - | -€10,002 | |
| Financial fixed assets | 28 | €4,663 | €4,140 | -€523 | -11.2% |
| Current assets | 29/58 | €101,995 | €61,525 | -€40,470 | -39.7% |
| Stocks and contracts in progress | 3 | €29,594 | €34,316 | +€4,723 | +16.0% |
| Stocks | 30/36 | €10,500 | €7,801 | -€2,699 | -25.7% |
| Contracts in progress | 37 | €19,093 | €26,515 | +€7,422 | +38.9% |
| Amounts receivable within one year | 40/41 | €56,001 | €9,591 | -€46,411 | -82.9% |
| Trade receivables | 40 | €56,001 | €8,181 | -€47,820 | -85.4% |
| Other amounts receivable | 41 | - | €1,409 | +€1,409 | |
| Current investments | 50/53 | €100 | €100 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €6,037 | €12,221 | +€6,184 | +102.4% |
| Deferred charges and accrued income | 490/1 | €10,264 | €5,297 | -€4,966 | -48.4% |
| Total equity and liabilities | 10/49 | €199,505 | €150,857 | -€48,648 | -24.4% |
| Equity | 10/15 | €12,915 | €23,032 | +€10,118 | +78.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €6,715 | €16,832 | +€10,118 | +150.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €4,855 | €14,972 | +€10,118 | +208.4% |
| Amounts payable | 17/49 | €186,590 | €127,825 | -€58,765 | -31.5% |
| Amounts payable after more than one year | 17 | €65,333 | €51,333 | -€14,000 | -21.4% |
| Financial debts | 170/4 | €65,333 | €51,333 | -€14,000 | -21.4% |
| Amounts payable within one year | 42/48 | €121,257 | €74,413 | -€46,844 | -38.6% |
| Current portion of amounts payable after more than one year | 42 | €19,386 | €14,000 | -€5,386 | -27.8% |
| Financial debts | 43 | €47,393 | €37,577 | -€9,816 | -20.7% |
| Credit institutions | 430/8 | €47,393 | €37,577 | -€9,816 | -20.7% |
| Trade debts | 44 | €26,927 | €4,524 | -€22,403 | -83.2% |
| Suppliers | 440/4 | €26,927 | €4,524 | -€22,403 | -83.2% |
| Taxes, remuneration and social security | 45 | €12,855 | €6,907 | -€5,948 | -46.3% |
| Taxes | 450/3 | €6,414 | €5,357 | -€1,057 | -16.5% |
| Remuneration and social security | 454/9 | €6,441 | €1,550 | -€4,891 | -75.9% |
| Other amounts payable | 47/48 | €14,696 | €11,405 | -€3,290 | -22.4% |
| Accrued charges and deferred income | 492/3 | - | €2,078 | +€2,078 | |
| Non-recurring operating income | 76A | €5,822 | - | -€5,822 | |
| Remuneration, social security and pensions | 62 | €9,399 | €51,789 | +€42,390 | +451.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,195 | €10,225 | +€30 | +0.3% |
| Other operating charges | 640/8 | €2,949 | €2,585 | -€364 | -12.3% |
| Non-recurring operating charges | 66A | €6,352 | - | -€6,352 | |
| Gross operating margin | 9900 | €44,268 | €80,007 | +€35,739 | +80.7% |
| Operating profit (loss) | 9901 | €15,372 | €15,407 | +€35 | +0.2% |
| Financial income | 75/76B | €118 | - | -€118 | |
| Recurring financial income | 75 | €118 | - | -€118 | |
| Financial charges | 65/66B | €6,244 | €4,579 | -€1,665 | -26.7% |
| Recurring financial charges | 65 | €6,244 | €4,579 | -€1,665 | -26.7% |
| Profit (loss) for the period before taxes | 9903 | €9,245 | €10,828 | +€1,583 | +17.1% |
| Income taxes | 67/77 | €182 | €710 | +€528 | +289.6% |
| Profit (loss) for the period | 9904 | €9,063 | €10,118 | +€1,055 | +11.6% |
| Profit (loss) for the period to be appropriated | 9905 | €9,063 | €10,118 | +€1,055 | +11.6% |
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 6 October 2026 via checked.be.