VERSLEGERS: 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.
VERSLEGERS
Largest movements
- Cash +€214,458
up €214,458 (+95.0%), from €225,812 to €440,269
mainly Net result for the year (+€185,217) and Receivables within one year (+€81,373)
- Receivables within one year -€81,373
down €81,373 (-51.1%), from €159,088 to €77,714
- Tangible fixed assets +€40,174
up €40,174 (+64.5%), from €62,314 to €102,488
of which Furniture and vehicles: +€50,102
- Reserves +€185,217
up €185,217 (+35.3%), from €525,250 to €710,467
- Tax, wage and social debts -€11,513
down €11,513 (-37.9%), from €30,338 to €18,825
- Financial income +€123,641
up €123,641 (+1,030%), from €12,000 to €135,641
of which Financial income: +€109,151
- Gross operating margin -€28,061
down €28,061 (-19.2%), from €145,971 to €117,910
- Taxes +€6,044
up €6,044 (+13.7%), from €44,025 to €50,069
- Depreciation +€3,691
up €3,691 (+36.1%), from €10,218 to €13,909
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 | €586,540 | €759,226 | +€172,686 | +29.4% |
| Fixed assets | 21/28 | €157,605 | €197,779 | +€40,174 | +25.5% |
| Tangible fixed assets | 22/27 | €62,314 | €102,488 | +€40,174 | +64.5% |
| Land and buildings | 22 | €62,314 | €52,386 | -€9,928 | -15.9% |
| Furniture and vehicles | 24 | - | €50,102 | +€50,102 | |
| Financial fixed assets | 28 | €95,292 | €95,292 | = | 0.0% |
| Current assets | 29/58 | €428,935 | €561,447 | +€132,512 | +30.9% |
| Amounts receivable after more than one year | 29 | €43,326 | €43,326 | = | 0.0% |
| Other amounts receivable | 291 | €43,326 | €43,326 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €159,088 | €77,714 | -€81,373 | -51.1% |
| Other amounts receivable | 41 | €159,088 | €77,714 | -€81,373 | -51.1% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €225,812 | €440,269 | +€214,458 | +95.0% |
| Deferred charges and accrued income | 490/1 | €710 | €137 | -€572 | -80.6% |
| Total equity and liabilities | 10/49 | €586,540 | €759,226 | +€172,686 | +29.4% |
| Equity | 10/15 | €545,288 | €730,505 | +€185,217 | +34.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €525,250 | €710,467 | +€185,217 | +35.3% |
| Distributable reserves | 133 | €525,250 | €710,467 | +€185,217 | +35.3% |
| Profit (loss) carried forward | 14 | €38 | €38 | = | 0.0% |
| Amounts payable | 17/49 | €41,252 | €28,721 | -€12,531 | -30.4% |
| Amounts payable within one year | 42/48 | €41,252 | €28,721 | -€12,531 | -30.4% |
| Financial debts | 43 | €8,452 | €8,411 | -€41 | -0.5% |
| Credit institutions | 430/8 | €8,452 | €8,411 | -€41 | -0.5% |
| Trade debts | 44 | €2,274 | €1,297 | -€977 | -43.0% |
| Suppliers | 440/4 | €2,274 | €1,297 | -€977 | -43.0% |
| Taxes, remuneration and social security | 45 | €30,338 | €18,825 | -€11,513 | -37.9% |
| Taxes | 450/3 | €30,338 | €18,825 | -€11,513 | -37.9% |
| Other amounts payable | 47/48 | €188 | €188 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,218 | €13,909 | +€3,691 | +36.1% |
| Other operating charges | 640/8 | €4,061 | €3,867 | -€194 | -4.8% |
| Gross operating margin | 9900 | €145,971 | €117,910 | -€28,061 | -19.2% |
| Operating profit (loss) | 9901 | €131,691 | €100,133 | -€31,558 | -24.0% |
| Financial income | 75/76B | €12,000 | €135,641 | +€123,641 | +1,030% |
| Recurring financial income | 75 | €12,000 | €121,151 | +€109,151 | +910% |
| Non-recurring financial income | 76B | - | €14,490 | +€14,490 | |
| Financial charges | 65/66B | €972 | €488 | -€484 | -49.8% |
| Recurring financial charges | 65 | €972 | €488 | -€484 | -49.8% |
| Profit (loss) for the period before taxes | 9903 | €142,719 | €235,286 | +€92,568 | +64.9% |
| Income taxes | 67/77 | €44,025 | €50,069 | +€6,044 | +13.7% |
| Profit (loss) for the period | 9904 | €98,694 | €185,217 | +€86,524 | +87.7% |
| Profit (loss) for the period to be appropriated | 9905 | €98,694 | €185,217 | +€86,524 | +87.7% |
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 15 October 2026 via checked.be.