VERSO: 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.
VERSO
Largest movements
- Receivables within one year +€110,059
up €110,059 (+120%), from €91,586 to €201,645
of which Trade receivables: +€181,311
- Cash +€20,343
up €20,343 (+676%), from €3,009 to €23,353
mainly Net result for the year (+€128,290) and Tax, wage and social debts (+€14,037)
- Profit (loss) carried forward +€128,290
up €128,290 (+29.0%), from -€442,410 to -€314,121
- Tax, wage and social debts +€14,037
up €14,037 (+30.1%), from €46,667 to €60,704
of which Taxes: +€13,511
- Trade debts -€12,092
down €12,092 (-39.8%), from €30,376 to €18,284
- Gross operating margin +€302,772
up €302,772 (+114%), from €266,601 to €569,373
- Financial income -€7,191
down €7,191 (-71.4%), from €10,078 to €2,887
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 | €94,620 | €224,997 | +€130,377 | +138% |
| Fixed assets | 21/28 | €25 | €0 | -€25 | -100% |
| Financial fixed assets | 28 | €25 | €0 | -€25 | -100% |
| Current assets | 29/58 | €94,595 | €224,997 | +€130,402 | +138% |
| Amounts receivable within one year | 40/41 | €91,586 | €201,645 | +€110,059 | +120% |
| Trade receivables | 40 | €2,614 | €183,924 | +€181,311 | +6,937% |
| Other amounts receivable | 41 | €88,972 | €17,720 | -€71,252 | -80.1% |
| Cash at bank and in hand | 54/58 | €3,009 | €23,353 | +€20,343 | +676% |
| Total equity and liabilities | 10/49 | €94,620 | €224,997 | +€130,377 | +138% |
| Equity | 10/15 | €17,577 | €145,866 | +€128,290 | +730% |
| Contributions | 10/11 | €391,672 | €391,672 | = | 0.0% |
| Reserves | 13 | €68,315 | €68,315 | = | 0.0% |
| Distributable reserves | 133 | €68,315 | €68,315 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€442,410 | -€314,121 | +€128,290 | +29.0% |
| Amounts payable | 17/49 | €77,043 | €79,131 | +€2,088 | +2.7% |
| Amounts payable within one year | 42/48 | €77,043 | €79,131 | +€2,088 | +2.7% |
| Trade debts | 44 | €30,376 | €18,284 | -€12,092 | -39.8% |
| Suppliers | 440/4 | €30,376 | €18,284 | -€12,092 | -39.8% |
| Taxes, remuneration and social security | 45 | €46,667 | €60,704 | +€14,037 | +30.1% |
| Taxes | 450/3 | €16,771 | €30,282 | +€13,511 | +80.6% |
| Remuneration and social security | 454/9 | €29,897 | €30,422 | +€525 | +1.8% |
| Other amounts payable | 47/48 | €0 | €144 | +€144 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €441,443 | €442,749 | +€1,306 | +0.3% |
| Other operating charges | 640/8 | €1,299 | €1,066 | -€233 | -18.0% |
| Gross operating margin | 9900 | €266,601 | €569,373 | +€302,772 | +114% |
| Operating profit (loss) | 9901 | -€176,141 | €125,558 | +€301,699 | |
| Financial income | 75/76B | €10,078 | €2,887 | -€7,191 | -71.4% |
| Recurring financial income | 75 | €10,078 | €2,887 | -€7,191 | -71.4% |
| Financial charges | 65/66B | €133 | €156 | +€23 | +16.9% |
| Recurring financial charges | 65 | €133 | €156 | +€23 | +16.9% |
| Profit (loss) for the period before taxes | 9903 | -€166,196 | €128,290 | +€294,485 | |
| Profit (loss) for the period | 9904 | -€166,196 | €128,290 | +€294,485 | |
| Profit (loss) for the period to be appropriated | 9905 | -€166,196 | €128,290 | +€294,485 |
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.