VERSLUYS: what changed
Two fiscal 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.
VERSLUYS
Largest movements
- Tangible fixed assets +€237,051
up €237,051 (+58.2%), from €407,004 to €644,055
of which Leasing and similar rights: +€208,298
- Receivables within one year +€53,140
up €53,140 (+46.2%), from €115,013 to €168,153
of which Trade receivables: +€31,517
- Cash -€12,548
down €12,548 (-17.2%), from €73,077 to €60,529
mainly Investment in fixed assets (net) (-€363,301) and Receivables within one year (-€53,140)
- Debts after one year +€194,134
up €194,134 (+91.4%), from €212,338 to €406,472
- Current portion of long-term debt +€59,071
up €59,071 (+119.5%), from €49,445 to €108,516
- Tax, wage and social debts +€9,986
up €9,986 (+18.0%), from €55,423 to €65,409
of which Remuneration and social security: +€9,667
- Gross operating margin +€154,114
up €154,114 (+32.6%), from €472,787 to €626,900
- Staff costs +€106,115
up €106,115 (+38.5%), from €275,538 to €381,653
- Depreciation +€47,112
up €47,112 (+59.3%), from €79,502 to €126,614
- Other operating charges +€20,046
up €20,046 (+30.1%), from €66,540 to €86,586
- Financial charges +€9,627
up €9,627 (+72.2%), from €13,343 to €22,970
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 | €603,211 | €877,375 | +€274,164 | +45.5% |
| Formation expenses | 20 | €796 | €532 | -€264 | -33.2% |
| Fixed assets | 21/28 | €407,284 | €644,235 | +€236,951 | +58.2% |
| Intangible fixed assets | 21 | €100 | €0 | -€100 | -100.0% |
| Tangible fixed assets | 22/27 | €407,004 | €644,055 | +€237,051 | +58.2% |
| Land and buildings | 22 | €12,047 | €11,120 | -€927 | -7.7% |
| Plant, machinery and equipment | 23 | €5,396 | €11,991 | +€6,595 | +122.2% |
| Furniture and vehicles | 24 | €96,219 | €119,438 | +€23,219 | +24.1% |
| Leasing and similar rights | 25 | €292,129 | €500,426 | +€208,298 | +71.3% |
| Other tangible fixed assets | 26 | €1,214 | €1,081 | -€134 | -11.0% |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €195,131 | €232,608 | +€37,477 | +19.2% |
| Amounts receivable within one year | 40/41 | €115,013 | €168,153 | +€53,140 | +46.2% |
| Trade receivables | 40 | €113,418 | €144,934 | +€31,517 | +27.8% |
| Other amounts receivable | 41 | €1,595 | €23,219 | +€21,623 | +1355.4% |
| Cash at bank and in hand | 54/58 | €73,077 | €60,529 | -€12,548 | -17.2% |
| Deferred charges and accrued income | 490/1 | €7,041 | €3,926 | -€3,115 | -44.2% |
| Total equity and liabilities | 10/49 | €603,211 | €877,375 | +€274,164 | +45.5% |
| Equity | 10/15 | €87,690 | €95,947 | +€8,257 | +9.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €67,690 | €75,947 | +€8,257 | +12.2% |
| Distributable reserves | 133 | €67,690 | €75,947 | +€8,257 | +12.2% |
| Amounts payable | 17/49 | €515,521 | €781,428 | +€265,907 | +51.6% |
| Amounts payable after more than one year | 17 | €212,338 | €406,472 | +€194,134 | +91.4% |
| Financial debts | 170/4 | €212,338 | €406,472 | +€194,134 | +91.4% |
| Amounts payable within one year | 42/48 | €303,183 | €374,957 | +€71,773 | +23.7% |
| Current portion of amounts payable after more than one year | 42 | €49,445 | €108,516 | +€59,071 | +119.5% |
| Trade debts | 44 | €139,932 | €136,896 | -€3,036 | -2.2% |
| Suppliers | 440/4 | €139,932 | €136,896 | -€3,036 | -2.2% |
| Taxes, remuneration and social security | 45 | €55,423 | €65,409 | +€9,986 | +18.0% |
| Taxes | 450/3 | €22,331 | €22,651 | +€320 | +1.4% |
| Remuneration and social security | 454/9 | €33,092 | €42,759 | +€9,667 | +29.2% |
| Other amounts payable | 47/48 | €58,384 | €64,135 | +€5,752 | +9.9% |
| Non-recurring operating income | 76A | €13,200 | €0 | -€13,200 | -100.0% |
| Remuneration, social security and pensions | 62 | €275,538 | €381,653 | +€106,115 | +38.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,502 | €126,614 | +€47,112 | +59.3% |
| Other operating charges | 640/8 | €66,540 | €86,586 | +€20,046 | +30.1% |
| Gross operating margin | 9900 | €472,787 | €626,900 | +€154,114 | +32.6% |
| Operating profit (loss) | 9901 | €51,206 | €32,047 | -€19,159 | -37.4% |
| Financial income | 75/76B | €346 | €6 | -€341 | -98.4% |
| Recurring financial income | 75 | €346 | €6 | -€341 | -98.4% |
| Financial charges | 65/66B | €13,343 | €22,970 | +€9,627 | +72.2% |
| Recurring financial charges | 65 | €13,343 | €22,970 | +€9,627 | +72.2% |
| Profit (loss) for the period before taxes | 9903 | €38,210 | €9,083 | -€29,128 | -76.2% |
| Income taxes | 67/77 | €8,242 | €826 | -€7,416 | -90.0% |
| Profit (loss) for the period | 9904 | €29,969 | €8,257 | -€21,712 | -72.4% |
| Profit (loss) for the period to be appropriated | 9905 | €29,969 | €8,257 | -€21,712 | -72.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.