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
- Receivables within one year +€45,873
up €45,873 (+108.9%), from €42,135 to €88,008
of which Trade receivables: +€50,536
- Cash +€43,777
up €43,777 (+23.5%), from €186,039 to €229,817
mainly Net result for the year (+€45,418) and Trade debts (+€17,064)
- Tangible fixed assets -€7,513
down €7,513 (-62.2%), from €12,088 to €4,575
of which Furniture and vehicles: -€7,352
- Reserves +€45,418
up €45,418 (+37.2%), from €122,252 to €167,670
- Trade debts +€17,064
up €17,064 (+143.7%), from €11,877 to €28,942
- Tax, wage and social debts +€16,331
up €16,331 (+52.4%), from €31,146 to €47,477
of which Remuneration and social security: +€17,203
- Other debts +€14,877
up €14,877 (+29.9%), from €49,811 to €64,688
- Current portion of long-term debt -€6,802
down €6,802 (-44.2%), from €15,398 to €8,596
- Gross operating margin +€166,322
up €166,322 (+67.6%), from €246,020 to €412,341
- Staff costs +€86,683
up €86,683 (+44.3%), from €195,657 to €282,341
- Taxes +€23,663
up €23,663 (+5520.0%), from €429 to €24,091
- Other operating charges +€13,409
up €13,409 (+34.3%), from €39,039 to €52,448
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 | €241,513 | €323,675 | +€82,162 | +34.0% |
| Fixed assets | 21/28 | €13,339 | €5,826 | -€7,513 | -56.3% |
| Tangible fixed assets | 22/27 | €12,088 | €4,575 | -€7,513 | -62.2% |
| Plant, machinery and equipment | 23 | €161 | - | -€161 | |
| Furniture and vehicles | 24 | €11,927 | €4,575 | -€7,352 | -61.6% |
| Financial fixed assets | 28 | €1,251 | €1,251 | = | 0.0% |
| Current assets | 29/58 | €228,174 | €317,849 | +€89,675 | +39.3% |
| Amounts receivable within one year | 40/41 | €42,135 | €88,008 | +€45,873 | +108.9% |
| Trade receivables | 40 | €27,901 | €78,437 | +€50,536 | +181.1% |
| Other amounts receivable | 41 | €14,233 | €9,571 | -€4,663 | -32.8% |
| Cash at bank and in hand | 54/58 | €186,039 | €229,817 | +€43,777 | +23.5% |
| Deferred charges and accrued income | 490/1 | - | €25 | +€25 | |
| Total equity and liabilities | 10/49 | €241,513 | €323,675 | +€82,162 | +34.0% |
| Equity | 10/15 | €128,452 | €173,870 | +€45,418 | +35.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €122,252 | €167,670 | +€45,418 | +37.2% |
| Distributable reserves | 133 | €122,252 | €167,670 | +€45,418 | +37.2% |
| Amounts payable | 17/49 | €113,061 | €149,805 | +€36,744 | +32.5% |
| Amounts payable within one year | 42/48 | €108,233 | €149,703 | +€41,470 | +38.3% |
| Current portion of amounts payable after more than one year | 42 | €15,398 | €8,596 | -€6,802 | -44.2% |
| Trade debts | 44 | €11,877 | €28,942 | +€17,064 | +143.7% |
| Suppliers | 440/4 | €11,877 | €28,942 | +€17,064 | +143.7% |
| Taxes, remuneration and social security | 45 | €31,146 | €47,477 | +€16,331 | +52.4% |
| Taxes | 450/3 | €12,268 | €11,396 | -€872 | -7.1% |
| Remuneration and social security | 454/9 | €18,878 | €36,081 | +€17,203 | +91.1% |
| Other amounts payable | 47/48 | €49,811 | €64,688 | +€14,877 | +29.9% |
| Accrued charges and deferred income | 492/3 | €4,828 | €102 | -€4,726 | -97.9% |
| Remuneration, social security and pensions | 62 | €195,657 | €282,341 | +€86,683 | +44.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,019 | €7,513 | -€506 | -6.3% |
| Other operating charges | 640/8 | €39,039 | €52,448 | +€13,409 | +34.3% |
| Gross operating margin | 9900 | €246,020 | €412,341 | +€166,322 | +67.6% |
| Operating profit (loss) | 9901 | €3,304 | €70,039 | +€66,735 | +2019.9% |
| Financial income | 75/76B | €0 | €2 | +€2 | +17000.0% |
| Recurring financial income | 75 | €0 | €2 | +€2 | +17000.0% |
| Financial charges | 65/66B | €498 | €532 | +€34 | +6.8% |
| Recurring financial charges | 65 | €498 | €532 | +€34 | +6.8% |
| Profit (loss) for the period before taxes | 9903 | €2,806 | €69,509 | +€66,703 | +2376.8% |
| Income taxes | 67/77 | €429 | €24,091 | +€23,663 | +5520.0% |
| Profit (loss) for the period | 9904 | €2,378 | €45,418 | +€43,040 | +1810.2% |
| Profit (loss) for the period to be appropriated | 9905 | €2,378 | €45,418 | +€43,040 | +1810.2% |
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 10 October 2026 via checked.be.