VERSCHURE: 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.
What changed
VERSCHURE
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€10,067
2024 · -€13,935+€3,868
Equity
€861,826
2024 · €871,893-€10,067
Cash
€54,279
2024 · €89,076-€34,797
Balance sheet total
€4.9m
2024 · €4.6m+€326,313
Largest movements
Assets
- Receivables within one year +€230,046
up €230,046 (+10.4%), from €2.2m to €2.4m
of which Other amounts receivable: +€230,046
- Stocks and contracts +€118,782
up €118,782 (+11.4%), from €1.0m to €1.2m
Equity and liabilities
- Short-term financial debts +€229,185
up €229,185 (+41.6%), from €550,815 to €780,000
- Trade debts +€85,851
up €85,851 (+396%), from €21,696 to €107,548
Income statement
- Gross operating margin -€61,719
down €61,719 (-59.5%), from €103,682 to €41,963
- Other operating charges -€25,914
down €25,914 (-71.2%), from €36,410 to €10,496
- Financial income +€23,471
up €23,471 (+35.2%), from €66,704 to €90,176
- Financial charges -€17,689
down €17,689 (-15.1%), from €117,006 to €99,318
- Depreciation +€1,487
up €1,487 (+3.9%), from €38,089 to €39,576
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.
Result 2024
-€13,935
Gross operating margin
-€61,719
Depreciation
-€1,487
Other operating charges
+€25,914
Financial income
+€23,471
Financial charges
+€17,689
Result 2025
-€10,067
raises the resultlowers the result
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.
From operations
-€171,254
Investment
-€46,000
Financing
+€182,457
Cash 2024
€89,076
From operations (derived)
-€171,254
Net result for the year
-€10,067
Depreciation
+€39,576
Stocks and contracts
-€118,782
Receivables within one year
-€230,046
Deferred charges and accrued income
-€5,859
Provisions
-€7,185
Trade debts
+€85,851
Other debts
+€34,277
Accrued charges and deferred income
+€40,980
Investment (derived)
-€46,000
Investment in fixed assets (net)
-€46,000
Financing
+€182,457
Debts after one year
-€48,098
Current portion of long-term debt
+€1,370
Short-term financial debts
+€229,185
Cash 2025
€54,279
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,610,061 | €4,936,374 | +€326,313 | +7.1% |
| Fixed assets | 21/28 | €1,268,566 | €1,274,990 | +€6,424 | +0.5% |
| Tangible fixed assets | 22/27 | €1,268,566 | €1,274,990 | +€6,424 | +0.5% |
| Land and buildings | 22 | €434,982 | €420,225 | -€14,757 | -3.4% |
| Furniture and vehicles | 24 | €3,597 | €47,888 | +€44,291 | +1,231% |
| Other tangible fixed assets | 26 | €829,988 | €806,877 | -€23,111 | -2.8% |
| Current assets | 29/58 | €3,341,494 | €3,661,384 | +€319,889 | +9.6% |
| Stocks and contracts in progress | 3 | €1,044,222 | €1,163,003 | +€118,782 | +11.4% |
| Stocks | 30/36 | €1,044,222 | €1,163,003 | +€118,782 | +11.4% |
| Amounts receivable within one year | 40/41 | €2,207,001 | €2,437,047 | +€230,046 | +10.4% |
| Trade receivables | 40 | €4,000 | €4,000 | = | 0.0% |
| Other amounts receivable | 41 | €2,203,001 | €2,433,047 | +€230,046 | +10.4% |
| Cash at bank and in hand | 54/58 | €89,076 | €54,279 | -€34,797 | -39.1% |
| Deferred charges and accrued income | 490/1 | €1,195 | €7,054 | +€5,859 | +490% |
| Total equity and liabilities | 10/49 | €4,610,061 | €4,936,374 | +€326,313 | +7.1% |
| Equity | 10/15 | €871,893 | €861,826 | -€10,067 | -1.2% |
| Contributions | 10/11 | €160,000 | €160,000 | = | 0.0% |
| Capital | 10 | €160,000 | €160,000 | = | 0.0% |
| Issued capital | 100 | €160,000 | €160,000 | = | 0.0% |
| Reserves | 13 | €711,893 | €701,826 | -€10,067 | -1.4% |
| Non-distributable reserves | 130/1 | €16,000 | €16,000 | = | 0.0% |
| Legal reserve | 130 | €16,000 | €16,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €350,975 | €334,443 | -€16,532 | -4.7% |
| Distributable reserves | 133 | €344,917 | €351,383 | +€6,465 | +1.9% |
| Provisions and deferred taxes | 16 | €152,176 | €144,991 | -€7,185 | -4.7% |
| Deferred taxes | 168 | €152,176 | €144,991 | -€7,185 | -4.7% |
| Amounts payable | 17/49 | €3,585,992 | €3,929,557 | +€343,565 | +9.6% |
| Amounts payable after more than one year | 17 | €473,539 | €425,442 | -€48,098 | -10.2% |
| Financial debts | 170/4 | €473,539 | €425,442 | -€48,098 | -10.2% |
| Amounts payable within one year | 42/48 | €2,717,670 | €3,068,353 | +€350,683 | +12.9% |
| Current portion of amounts payable after more than one year | 42 | €446,728 | €448,098 | +€1,370 | +0.3% |
| Financial debts | 43 | €550,815 | €780,000 | +€229,185 | +41.6% |
| Credit institutions | 430/8 | €550,815 | €780,000 | +€229,185 | +41.6% |
| Trade debts | 44 | €21,696 | €107,548 | +€85,851 | +396% |
| Suppliers | 440/4 | €21,696 | €107,548 | +€85,851 | +396% |
| Other amounts payable | 47/48 | €1,698,431 | €1,732,707 | +€34,277 | +2.0% |
| Accrued charges and deferred income | 492/3 | €394,783 | €435,763 | +€40,980 | +10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,089 | €39,576 | +€1,487 | +3.9% |
| Other operating charges | 640/8 | €36,410 | €10,496 | -€25,914 | -71.2% |
| Gross operating margin | 9900 | €103,682 | €41,963 | -€61,719 | -59.5% |
| Operating profit (loss) | 9901 | €29,183 | -€8,110 | -€37,292 | |
| Financial income | 75/76B | €66,704 | €90,176 | +€23,471 | +35.2% |
| Recurring financial income | 75 | €66,704 | €90,176 | +€23,471 | +35.2% |
| Financial charges | 65/66B | €117,006 | €99,318 | -€17,689 | -15.1% |
| Recurring financial charges | 65 | €117,006 | €99,318 | -€17,689 | -15.1% |
| Profit (loss) for the period before taxes | 9903 | -€21,119 | -€17,252 | +€3,868 | +18.3% |
| Transfer from deferred taxes | 780 | €7,185 | €7,185 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€13,935 | -€10,067 | +€3,868 | +27.8% |
| Transfer from tax-exempt reserves | 789 | €16,532 | €16,532 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,598 | €6,465 | +€3,868 | +149% |
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 17 October 2026 via checked.be.