VERSELEC: 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.
VERSELEC
Largest movements
- Receivables within one year -€31,198
down €31,198 (-50.5%), from €61,817 to €30,619
of which Trade receivables: -€26,024
- Stocks and contracts -€22,577
down €22,577 (-25.7%), from €87,765 to €65,189
of which Contracts in progress: -€20,598
- Cash +€11,640
up €11,640 (+653.5%), from €1,781 to €13,421
mainly Receivables within one year (+€31,198) and Stocks and contracts (+€22,577)
- Intangible fixed assets -€4,647
down €4,647 (-20.7%), from €22,474 to €17,827
- Tangible fixed assets -€3,567
down €3,567 (-52.5%), from €6,799 to €3,232
- Trade debts -€27,570
down €27,570 (-69.2%), from €39,821 to €12,251
- Other debts -€22,497
down €22,497 (-17.3%), from €130,313 to €107,816
- Tax, wage and social debts -€5,933
down €5,933 (-70.1%), from €8,458 to €2,525
of which Remuneration and social security: -€6,070
- Profit (loss) carried forward +€5,652
up €5,652 (+34.1%), from -€16,557 to -€10,905
- Staff costs -€79,104
down €79,104 (-84.9%), from €93,139 to €14,035
- Gross operating margin -€52,586
down €52,586 (-66.0%), from €79,726 to €27,139
- Write-downs -€6,585
no longer reported in 2025 (was €6,585)
- Depreciation +€2,834
up €2,834 (+52.7%), from €5,380 to €8,214
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 | €180,636 | €130,287 | -€50,348 | -27.9% |
| Fixed assets | 21/28 | €29,272 | €21,059 | -€8,214 | -28.1% |
| Intangible fixed assets | 21 | €22,474 | €17,827 | -€4,647 | -20.7% |
| Tangible fixed assets | 22/27 | €6,799 | €3,232 | -€3,567 | -52.5% |
| Furniture and vehicles | 24 | €6,799 | €3,232 | -€3,567 | -52.5% |
| Current assets | 29/58 | €151,363 | €109,229 | -€42,135 | -27.8% |
| Stocks and contracts in progress | 3 | €87,765 | €65,189 | -€22,577 | -25.7% |
| Stocks | 30/36 | €59,943 | €57,964 | -€1,979 | -3.3% |
| Contracts in progress | 37 | €27,823 | €7,225 | -€20,598 | -74.0% |
| Amounts receivable within one year | 40/41 | €61,817 | €30,619 | -€31,198 | -50.5% |
| Trade receivables | 40 | €52,811 | €26,786 | -€26,024 | -49.3% |
| Other amounts receivable | 41 | €9,006 | €3,833 | -€5,174 | -57.4% |
| Cash at bank and in hand | 54/58 | €1,781 | €13,421 | +€11,640 | +653.5% |
| Total equity and liabilities | 10/49 | €180,636 | €130,287 | -€50,348 | -27.9% |
| Equity | 10/15 | €2,043 | €7,695 | +€5,652 | +276.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€16,557 | -€10,905 | +€5,652 | +34.1% |
| Amounts payable | 17/49 | €178,593 | €122,593 | -€56,000 | -31.4% |
| Amounts payable within one year | 42/48 | €178,593 | €122,593 | -€56,000 | -31.4% |
| Trade debts | 44 | €39,821 | €12,251 | -€27,570 | -69.2% |
| Suppliers | 440/4 | €39,821 | €12,251 | -€27,570 | -69.2% |
| Taxes, remuneration and social security | 45 | €8,458 | €2,525 | -€5,933 | -70.1% |
| Taxes | 450/3 | - | €137 | +€137 | |
| Remuneration and social security | 454/9 | €8,458 | €2,389 | -€6,070 | -71.8% |
| Other amounts payable | 47/48 | €130,313 | €107,816 | -€22,497 | -17.3% |
| Remuneration, social security and pensions | 62 | €93,139 | €14,035 | -€79,104 | -84.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,380 | €8,214 | +€2,834 | +52.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,585 | - | -€6,585 | |
| Other operating charges | 640/8 | €1,213 | €637 | -€576 | -47.5% |
| Gross operating margin | 9900 | €79,726 | €27,139 | -€52,586 | -66.0% |
| Operating profit (loss) | 9901 | -€26,592 | €4,253 | +€30,845 | |
| Financial income | 75/76B | €2,185 | €1,630 | -€555 | -25.4% |
| Recurring financial income | 75 | €2,185 | €1,630 | -€555 | -25.4% |
| Financial charges | 65/66B | €225 | €232 | +€6 | +2.8% |
| Recurring financial charges | 65 | €225 | €232 | +€6 | +2.8% |
| Profit (loss) for the period before taxes | 9903 | -€24,632 | €5,652 | +€30,283 | |
| Income taxes | 67/77 | €88 | - | -€88 | |
| Profit (loss) for the period | 9904 | -€24,719 | €5,652 | +€30,371 | |
| Profit (loss) for the period to be appropriated | 9905 | -€24,719 | €5,652 | +€30,371 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.