VERSO FINANCE: 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 FINANCE
Largest movements
- Receivables within one year -€716,346
down €716,346 (-41.2%), from €1.7m to €1.0m
of which Trade receivables: -€730,555
- Deferred charges and accrued income -€165,437
down €165,437 (-93.1%), from €177,763 to €12,326
- Tangible fixed assets -€50,122
down €50,122 (-35.6%), from €140,613 to €90,491
of which Plant, machinery and equipment: -€33,692
- Other debts -€312,876
down €312,876 (-23.3%), from €1.3m to €1.0m
- Trade debts -€288,699
down €288,699 (-33.7%), from €857,230 to €568,531
- Profit (loss) carried forward -€269,327
down €269,327 (-92.5%), from -€291,077 to -€560,404
- Accrued charges and deferred income -€55,437
down €55,437 (-95.2%), from €58,202 to €2,765
- Gross operating margin -€222,387
down €222,387, from €205,464 to -€16,923
- Financial charges -€58,455
down €58,455 (-88.3%), from €66,197 to €7,742
- Other operating charges -€54,989
down €54,989 (-82.4%), from €66,743 to €11,753
- Write-downs +€48,463
new in 2025: €48,463
- Depreciation -€2,909
down €2,909 (-5.5%), from €53,031 to €50,122
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 | €2,068,189 | €1,142,430 | -€925,759 | -44.8% |
| Fixed assets | 21/28 | €140,613 | €90,491 | -€50,122 | -35.6% |
| Tangible fixed assets | 22/27 | €140,613 | €90,491 | -€50,122 | -35.6% |
| Plant, machinery and equipment | 23 | €75,186 | €41,495 | -€33,692 | -44.8% |
| Furniture and vehicles | 24 | €217 | - | -€217 | |
| Leasing and similar rights | 25 | €65,210 | €48,997 | -€16,213 | -24.9% |
| Current assets | 29/58 | €1,927,576 | €1,051,939 | -€875,637 | -45.4% |
| Amounts receivable within one year | 40/41 | €1,739,040 | €1,022,694 | -€716,346 | -41.2% |
| Trade receivables | 40 | €1,676,625 | €946,070 | -€730,555 | -43.6% |
| Other amounts receivable | 41 | €62,415 | €76,624 | +€14,209 | +22.8% |
| Cash at bank and in hand | 54/58 | €10,774 | €16,919 | +€6,145 | +57.0% |
| Deferred charges and accrued income | 490/1 | €177,763 | €12,326 | -€165,437 | -93.1% |
| Total equity and liabilities | 10/49 | €2,068,189 | €1,142,430 | -€925,759 | -44.8% |
| Equity | 10/15 | -€270,672 | -€539,999 | -€269,327 | -99.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€291,077 | -€560,404 | -€269,327 | -92.5% |
| Amounts payable | 17/49 | €2,338,862 | €1,682,429 | -€656,433 | -28.1% |
| Amounts payable after more than one year | 17 | €6,062 | €19,000 | +€12,938 | +213% |
| Financial debts | 170/4 | €6,062 | - | -€6,062 | |
| Other amounts payable | 178/9 | - | €19,000 | +€19,000 | |
| Amounts payable within one year | 42/48 | €2,274,598 | €1,660,664 | -€613,933 | -27.0% |
| Current portion of amounts payable after more than one year | 42 | €26,759 | €33,792 | +€7,033 | +26.3% |
| Trade debts | 44 | €857,230 | €568,531 | -€288,699 | -33.7% |
| Suppliers | 440/4 | €857,230 | €568,531 | -€288,699 | -33.7% |
| Taxes, remuneration and social security | 45 | €48,352 | €28,961 | -€19,391 | -40.1% |
| Taxes | 450/3 | €29,069 | €6,539 | -€22,530 | -77.5% |
| Remuneration and social security | 454/9 | €19,283 | €22,422 | +€3,139 | +16.3% |
| Other amounts payable | 47/48 | €1,342,257 | €1,029,380 | -€312,876 | -23.3% |
| Accrued charges and deferred income | 492/3 | €58,202 | €2,765 | -€55,437 | -95.2% |
| Non-recurring operating income | 76A | €11,601 | €8,611 | -€2,990 | -25.8% |
| Remuneration, social security and pensions | 62 | €131,113 | €128,634 | -€2,479 | -1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,031 | €50,122 | -€2,909 | -5.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €48,463 | +€48,463 | |
| Other operating charges | 640/8 | €66,743 | €11,753 | -€54,989 | -82.4% |
| Non-recurring operating charges | 66A | - | €5,154 | +€5,154 | |
| Gross operating margin | 9900 | €205,464 | -€16,923 | -€222,387 | |
| Operating profit (loss) | 9901 | -€45,424 | -€261,050 | -€215,626 | -475% |
| Financial income | 75/76B | €1 | €36 | +€36 | +6,770% |
| Recurring financial income | 75 | €1 | €36 | +€36 | +6,770% |
| Financial charges | 65/66B | €66,197 | €7,742 | -€58,455 | -88.3% |
| Recurring financial charges | 65 | €66,197 | €7,742 | -€58,455 | -88.3% |
| Profit (loss) for the period before taxes | 9903 | -€111,620 | -€268,756 | -€157,135 | -141% |
| Income taxes | 67/77 | €1,581 | €571 | -€1,010 | -63.9% |
| Profit (loss) for the period | 9904 | -€113,201 | -€269,327 | -€156,126 | -138% |
| Profit (loss) for the period to be appropriated | 9905 | -€113,201 | -€269,327 | -€156,126 | -138% |
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 1 November 2026 via checked.be.