VERSCO: 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.
VERSCO
Largest movements
- Receivables after one year -€187,031
no longer reported in 2025 (was €187,031)
- Receivables within one year +€145,120
up €145,120 (+63.5%), from €228,443 to €373,563
of which Other amounts receivable: +€104,642
- Tangible fixed assets -€67,378
down €67,378 (-20.9%), from €322,183 to €254,805
of which Plant, machinery and equipment: -€85,377
- Deferred charges and accrued income -€30,124
no longer reported in 2025 (was €30,124)
- Stocks and contracts +€14,284
up €14,284 (+8.4%), from €170,508 to €184,792
- Reserves -€149,580
down €149,580 (-29.5%), from €507,812 to €358,231
- Debts after one year -€45,602
down €45,602 (-31.7%), from €143,657 to €98,055
- Other debts +€24,137
new in 2025: €24,137
- Trade debts +€19,316
up €19,316 (+5.9%), from €325,405 to €344,721
- Tax, wage and social debts +€14,392
up €14,392 (+23.6%), from €61,026 to €75,418
of which Remuneration and social security: +€46,009
- Staff costs +€54,710
up €54,710 (+12.9%), from €422,631 to €477,341
- Gross operating margin -€23,879
down €23,879 (-3.3%), from €721,484 to €697,605
- Taxes -€19,584
down €19,584 (-49.6%), from €39,514 to €19,930
- Financial income +€10,717
up €10,717 (+121%), from €8,842 to €19,559
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 | €1,240,167 | €1,102,715 | -€137,452 | -11.1% |
| Fixed assets | 21/28 | €322,183 | €254,805 | -€67,378 | -20.9% |
| Tangible fixed assets | 22/27 | €322,183 | €254,805 | -€67,378 | -20.9% |
| Plant, machinery and equipment | 23 | €219,579 | €134,203 | -€85,377 | -38.9% |
| Furniture and vehicles | 24 | €3,976 | €42,515 | +€38,539 | +969% |
| Other tangible fixed assets | 26 | €98,627 | €78,087 | -€20,540 | -20.8% |
| Current assets | 29/58 | €917,984 | €847,910 | -€70,074 | -7.6% |
| Amounts receivable after more than one year | 29 | €187,031 | - | -€187,031 | |
| Other amounts receivable | 291 | €187,031 | - | -€187,031 | |
| Stocks and contracts in progress | 3 | €170,508 | €184,792 | +€14,284 | +8.4% |
| Stocks | 30/36 | €170,508 | €184,792 | +€14,284 | +8.4% |
| Amounts receivable within one year | 40/41 | €228,443 | €373,563 | +€145,120 | +63.5% |
| Trade receivables | 40 | €6,945 | €47,424 | +€40,479 | +583% |
| Other amounts receivable | 41 | €221,497 | €326,139 | +€104,642 | +47.2% |
| Cash at bank and in hand | 54/58 | €301,879 | €289,555 | -€12,324 | -4.1% |
| Deferred charges and accrued income | 490/1 | €30,124 | - | -€30,124 | |
| Total equity and liabilities | 10/49 | €1,240,167 | €1,102,715 | -€137,452 | -11.1% |
| Equity | 10/15 | €637,812 | €488,231 | -€149,580 | -23.5% |
| Contributions | 10/11 | €130,000 | €130,000 | = | 0.0% |
| Reserves | 13 | €507,812 | €358,231 | -€149,580 | -29.5% |
| Distributable reserves | 133 | €507,812 | €358,231 | -€149,580 | -29.5% |
| Amounts payable | 17/49 | €602,355 | €614,484 | +€12,129 | +2.0% |
| Amounts payable after more than one year | 17 | €143,657 | €98,055 | -€45,602 | -31.7% |
| Financial debts | 170/4 | €143,657 | €98,055 | -€45,602 | -31.7% |
| Amounts payable within one year | 42/48 | €458,698 | €516,429 | +€57,731 | +12.6% |
| Current portion of amounts payable after more than one year | 42 | €72,267 | €72,154 | -€113 | -0.2% |
| Trade debts | 44 | €325,405 | €344,721 | +€19,316 | +5.9% |
| Suppliers | 440/4 | €325,405 | €344,721 | +€19,316 | +5.9% |
| Taxes, remuneration and social security | 45 | €61,026 | €75,418 | +€14,392 | +23.6% |
| Taxes | 450/3 | €36,419 | €4,802 | -€31,617 | -86.8% |
| Remuneration and social security | 454/9 | €24,607 | €70,615 | +€46,009 | +187% |
| Other amounts payable | 47/48 | - | €24,137 | +€24,137 | |
| Remuneration, social security and pensions | 62 | €422,631 | €477,341 | +€54,710 | +12.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €121,484 | €116,573 | -€4,911 | -4.0% |
| Other operating charges | 640/8 | €194 | €128 | -€66 | -34.0% |
| Gross operating margin | 9900 | €721,484 | €697,605 | -€23,879 | -3.3% |
| Operating profit (loss) | 9901 | €177,176 | €103,563 | -€73,612 | -41.5% |
| Financial income | 75/76B | €8,842 | €19,559 | +€10,717 | +121% |
| Recurring financial income | 75 | €8,842 | €19,559 | +€10,717 | +121% |
| Financial charges | 65/66B | €16,622 | €9,743 | -€6,879 | -41.4% |
| Recurring financial charges | 65 | €16,622 | €9,743 | -€6,879 | -41.4% |
| Profit (loss) for the period before taxes | 9903 | €169,395 | €113,379 | -€56,017 | -33.1% |
| Income taxes | 67/77 | €39,514 | €19,930 | -€19,584 | -49.6% |
| Profit (loss) for the period | 9904 | €129,882 | €93,449 | -€36,433 | -28.1% |
| Profit (loss) for the period to be appropriated | 9905 | €129,882 | €93,449 | -€36,433 | -28.1% |
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 14 October 2026 via checked.be.