VERSCHUEREN-DYCK: what changed
VERSCHUEREN-DYCK
Largest movements
- Receivables within one year +€96,910
up €96,910 (+126%), from €76,796 to €173,706
of which Trade receivables: +€62,876
- Tangible fixed assets -€85,599
down €85,599 (-5.5%), from €1.6m to €1.5m
of which Land and buildings: -€99,691
- Stocks and contracts +€51,476
up €51,476 (+11.7%), from €438,752 to €490,228
- Cash -€47,115
down €47,115 (-23.7%), from €198,409 to €151,294
mainly Investment in fixed assets (net) (-€122,277) and Receivables within one year (-€96,910)
- Reserves +€137,733
up €137,733 (+10.0%), from €1.4m to €1.5m
of which Non-distributable reserves: +€91,299
- Debts after one year -€80,387
down €80,387 (-13.3%), from €602,908 to €522,520
- Tax, wage and social debts -€53,734
down €53,734 (-59.2%), from €90,751 to €37,017
of which Taxes: -€49,886
- Current portion of long-term debt +€39,706
up €39,706 (+49.2%), from €80,682 to €120,387
- Advances received -€29,605
down €29,605 (-84.6%), from €35,000 to €5,395
- Gross operating margin +€123,523
up €123,523 (+22.2%), from €555,248 to €678,771
- Staff costs +€79,600
up €79,600 (+54.9%), from €144,925 to €224,525
- Other operating charges -€50,331
down €50,331 (-71.8%), from €70,113 to €19,782
- Depreciation +€27,987
up €27,987 (+15.6%), from €179,888 to €207,876
- Taxes +€18,331
up €18,331 (+41.7%), from €43,967 to €62,297
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,294,481 | €2,315,469 | +€20,989 | +0.9% |
| Fixed assets | 21/28 | €1,565,321 | €1,479,722 | -€85,599 | -5.5% |
| Tangible fixed assets | 22/27 | €1,564,771 | €1,479,172 | -€85,599 | -5.5% |
| Land and buildings | 22 | €1,296,058 | €1,196,367 | -€99,691 | -7.7% |
| Plant, machinery and equipment | 23 | €30,699 | €21,498 | -€9,201 | -30.0% |
| Furniture and vehicles | 24 | €238,013 | €256,346 | +€18,333 | +7.7% |
| Other tangible fixed assets | 26 | - | €4,960 | +€4,960 | |
| Financial fixed assets | 28 | €550 | €550 | = | 0.0% |
| Current assets | 29/58 | €729,160 | €835,748 | +€106,588 | +14.6% |
| Stocks and contracts in progress | 3 | €438,752 | €490,228 | +€51,476 | +11.7% |
| Stocks | 30/36 | €438,752 | €490,228 | +€51,476 | +11.7% |
| Amounts receivable within one year | 40/41 | €76,796 | €173,706 | +€96,910 | +126% |
| Trade receivables | 40 | €21,059 | €83,934 | +€62,876 | +299% |
| Other amounts receivable | 41 | €55,737 | €89,772 | +€34,035 | +61.1% |
| Cash at bank and in hand | 54/58 | €198,409 | €151,294 | -€47,115 | -23.7% |
| Deferred charges and accrued income | 490/1 | €15,203 | €20,519 | +€5,316 | +35.0% |
| Total equity and liabilities | 10/49 | €2,294,481 | €2,315,469 | +€20,989 | +0.9% |
| Equity | 10/15 | €1,402,839 | €1,540,571 | +€137,733 | +9.8% |
| Contributions | 10/11 | €18,608 | €18,608 | = | 0.0% |
| Reserves | 13 | €1,384,231 | €1,521,963 | +€137,733 | +10.0% |
| Non-distributable reserves | 130/1 | €1,860 | €93,159 | +€91,299 | +4,909% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100% |
| Other | 1319 | - | €93,159 | +€93,159 | |
| Distributable reserves | 133 | €1,382,371 | €1,428,805 | +€46,434 | +3.4% |
| Amounts payable | 17/49 | €891,642 | €774,898 | -€116,744 | -13.1% |
| Amounts payable after more than one year | 17 | €602,908 | €522,520 | -€80,387 | -13.3% |
| Financial debts | 170/4 | €602,908 | €522,520 | -€80,387 | -13.3% |
| Amounts payable within one year | 42/48 | €288,735 | €252,378 | -€36,357 | -12.6% |
| Current portion of amounts payable after more than one year | 42 | €80,682 | €120,387 | +€39,706 | +49.2% |
| Financial debts | 43 | €29,161 | €20,186 | -€8,975 | -30.8% |
| Credit institutions | 430/8 | €29,161 | €20,186 | -€8,975 | -30.8% |
| Trade debts | 44 | €48,437 | €69,393 | +€20,956 | +43.3% |
| Suppliers | 440/4 | €48,437 | €69,393 | +€20,956 | +43.3% |
| Advances received on contracts in progress | 46 | €35,000 | €5,395 | -€29,605 | -84.6% |
| Taxes, remuneration and social security | 45 | €90,751 | €37,017 | -€53,734 | -59.2% |
| Taxes | 450/3 | €69,442 | €19,556 | -€49,886 | -71.8% |
| Remuneration and social security | 454/9 | €21,309 | €17,461 | -€3,848 | -18.1% |
| Other amounts payable | 47/48 | €4,704 | €0 | -€4,704 | -100% |
| Non-recurring operating income | 76A | €20,661 | €0 | -€20,661 | -100% |
| Remuneration, social security and pensions | 62 | €144,925 | €224,525 | +€79,600 | +54.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €179,888 | €207,876 | +€27,987 | +15.6% |
| Other operating charges | 640/8 | €70,113 | €19,782 | -€50,331 | -71.8% |
| Gross operating margin | 9900 | €555,248 | €678,771 | +€123,523 | +22.2% |
| Operating profit (loss) | 9901 | €160,322 | €226,588 | +€66,266 | +41.3% |
| Financial income | 75/76B | €2,566 | €2,788 | +€222 | +8.6% |
| Recurring financial income | 75 | €2,566 | €2,788 | +€222 | +8.6% |
| Financial charges | 65/66B | €25,763 | €29,347 | +€3,584 | +13.9% |
| Recurring financial charges | 65 | €25,763 | €29,347 | +€3,584 | +13.9% |
| Profit (loss) for the period before taxes | 9903 | €137,126 | €200,030 | +€62,904 | +45.9% |
| Income taxes | 67/77 | €43,967 | €62,297 | +€18,331 | +41.7% |
| Profit (loss) for the period | 9904 | €93,159 | €137,733 | +€44,574 | +47.8% |
| Profit (loss) for the period to be appropriated | 9905 | €93,159 | €137,733 | +€44,574 | +47.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.