VERSCHUEREN: 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.
VERSCHUEREN
Largest movements
- Stocks and contracts -€53,686
down €53,686 (-29.9%), from €179,571 to €125,885
- Cash +€40,551
up €40,551 (+156%), from €26,024 to €66,575
mainly Stocks and contracts (+€53,686) and Net result for the year (+€18,509)
- Receivables within one year -€11,112
down €11,112 (-64.6%), from €17,197 to €6,085
of which Other amounts receivable: -€6,315
- Tangible fixed assets -€3,482
down €3,482 (-61.3%), from €5,680 to €2,198
- Debts after one year -€41,000
no longer reported in 2025 (was €41,000)
- Profit (loss) carried forward +€18,509
up €18,509 (+20.6%), from €89,708 to €108,217
- Trade debts -€5,898
down €5,898 (-33.3%), from €17,712 to €11,813
- Staff costs +€19,564
up €19,564 (+135%), from €14,462 to €34,026
- Gross operating margin +€17,383
up €17,383 (+37.9%), from €45,913 to €63,296
- Depreciation -€4,422
down €4,422 (-62.3%), from €7,097 to €2,675
- Taxes +€1,894
up €1,894 (+47.4%), from €3,999 to €5,893
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 | €229,979 | €202,018 | -€27,962 | -12.2% |
| Fixed assets | 21/28 | €5,939 | €2,198 | -€3,742 | -63.0% |
| Tangible fixed assets | 22/27 | €5,680 | €2,198 | -€3,482 | -61.3% |
| Plant, machinery and equipment | 23 | €5,680 | €2,198 | -€3,482 | -61.3% |
| Financial fixed assets | 28 | €260 | - | -€260 | |
| Current assets | 29/58 | €224,040 | €199,820 | -€24,220 | -10.8% |
| Stocks and contracts in progress | 3 | €179,571 | €125,885 | -€53,686 | -29.9% |
| Stocks | 30/36 | €179,571 | €125,885 | -€53,686 | -29.9% |
| Amounts receivable within one year | 40/41 | €17,197 | €6,085 | -€11,112 | -64.6% |
| Trade receivables | 40 | €6,182 | €1,385 | -€4,796 | -77.6% |
| Other amounts receivable | 41 | €11,015 | €4,700 | -€6,315 | -57.3% |
| Cash at bank and in hand | 54/58 | €26,024 | €66,575 | +€40,551 | +156% |
| Deferred charges and accrued income | 490/1 | €1,248 | €1,275 | +€27 | +2.2% |
| Total equity and liabilities | 10/49 | €229,979 | €202,018 | -€27,962 | -12.2% |
| Equity | 10/15 | €112,877 | €131,386 | +€18,509 | +16.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €4,577 | €4,577 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €248 | €248 | = | 0.0% |
| Distributable reserves | 133 | €2,470 | €2,470 | = | 0.0% |
| Profit (loss) carried forward | 14 | €89,708 | €108,217 | +€18,509 | +20.6% |
| Amounts payable | 17/49 | €117,103 | €70,632 | -€46,471 | -39.7% |
| Amounts payable after more than one year | 17 | €41,000 | - | -€41,000 | |
| Financial debts | 170/4 | €41,000 | - | -€41,000 | |
| Amounts payable within one year | 42/48 | €74,788 | €69,559 | -€5,229 | -7.0% |
| Trade debts | 44 | €17,712 | €11,813 | -€5,898 | -33.3% |
| Suppliers | 440/4 | €17,712 | €11,813 | -€5,898 | -33.3% |
| Taxes, remuneration and social security | 45 | €5,085 | €5,198 | +€113 | +2.2% |
| Taxes | 450/3 | €2,639 | €470 | -€2,169 | -82.2% |
| Remuneration and social security | 454/9 | €2,446 | €4,728 | +€2,282 | +93.3% |
| Other amounts payable | 47/48 | €51,991 | €52,548 | +€557 | +1.1% |
| Accrued charges and deferred income | 492/3 | €1,315 | €1,073 | -€242 | -18.4% |
| Non-recurring operating income | 76A | - | €1,211 | +€1,211 | |
| Remuneration, social security and pensions | 62 | €14,462 | €34,026 | +€19,564 | +135% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,097 | €2,675 | -€4,422 | -62.3% |
| Other operating charges | 640/8 | €852 | €944 | +€92 | +10.8% |
| Gross operating margin | 9900 | €45,913 | €63,296 | +€17,383 | +37.9% |
| Operating profit (loss) | 9901 | €23,501 | €25,651 | +€2,149 | +9.1% |
| Financial income | 75/76B | €580 | €263 | -€316 | -54.5% |
| Recurring financial income | 75 | €580 | €263 | -€316 | -54.5% |
| Financial charges | 65/66B | €2,012 | €1,512 | -€500 | -24.8% |
| Recurring financial charges | 65 | €2,012 | €1,512 | -€500 | -24.8% |
| Profit (loss) for the period before taxes | 9903 | €22,069 | €24,402 | +€2,333 | +10.6% |
| Income taxes | 67/77 | €3,999 | €5,893 | +€1,894 | +47.4% |
| Profit (loss) for the period | 9904 | €18,069 | €18,509 | +€440 | +2.4% |
| Profit (loss) for the period to be appropriated | 9905 | €18,069 | €18,509 | +€440 | +2.4% |
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 13 October 2026 via checked.be.