VERSOR: 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.
VERSOR
Largest movements
- Cash +€95,643
up €95,643 (+719.8%), from €13,288 to €108,931
mainly Net result for the year (+€156,498) and Depreciation (+€18,174)
- Receivables within one year +€33,830
up €33,830 (+17.1%), from €198,206 to €232,036
of which Other amounts receivable: +€33,837
- Tangible fixed assets -€14,885
down €14,885 (-6.6%), from €225,555 to €210,670
of which Land and buildings: -€9,556
- Reserves +€156,498
up €156,498 (+19.8%), from €788,737 to €945,235
- Other debts -€39,781
down €39,781 (-100.0%), from €39,781 to €0
- Debts after one year -€18,371
down €18,371 (-50.5%), from €36,369 to €17,998
- Tax, wage and social debts +€14,141
up €14,141 (+465.0%), from €3,041 to €17,182
of which Taxes: +€12,191
- Gross operating margin -€45,998
down €45,998 (-15.8%), from €290,255 to €244,257
- Taxes -€14,502
down €14,502 (-17.9%), from €81,169 to €66,666
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 | €949,047 | €1,064,121 | +€115,074 | +12.1% |
| Fixed assets | 21/28 | €733,737 | €718,851 | -€14,885 | -2.0% |
| Tangible fixed assets | 22/27 | €225,555 | €210,670 | -€14,885 | -6.6% |
| Land and buildings | 22 | €185,989 | €176,433 | -€9,556 | -5.1% |
| Plant, machinery and equipment | 23 | €29,932 | €25,662 | -€4,270 | -14.3% |
| Furniture and vehicles | 24 | €9,634 | €8,575 | -€1,059 | -11.0% |
| Financial fixed assets | 28 | €508,182 | €508,182 | = | 0.0% |
| Current assets | 29/58 | €215,311 | €345,270 | +€129,959 | +60.4% |
| Amounts receivable within one year | 40/41 | €198,206 | €232,036 | +€33,830 | +17.1% |
| Trade receivables | 40 | €15,737 | €15,730 | -€7 | 0.0% |
| Other amounts receivable | 41 | €182,469 | €216,306 | +€33,837 | +18.5% |
| Cash at bank and in hand | 54/58 | €13,288 | €108,931 | +€95,643 | +719.8% |
| Deferred charges and accrued income | 490/1 | €3,817 | €4,302 | +€485 | +12.7% |
| Total equity and liabilities | 10/49 | €949,047 | €1,064,121 | +€115,074 | +12.1% |
| Equity | 10/15 | €850,737 | €1,007,235 | +€156,498 | +18.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €788,737 | €945,235 | +€156,498 | +19.8% |
| Distributable reserves | 133 | €788,737 | €945,235 | +€156,498 | +19.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €98,310 | €56,886 | -€41,424 | -42.1% |
| Amounts payable after more than one year | 17 | €36,369 | €17,998 | -€18,371 | -50.5% |
| Financial debts | 170/4 | €36,369 | €17,998 | -€18,371 | -50.5% |
| Amounts payable within one year | 42/48 | €61,942 | €38,888 | -€23,053 | -37.2% |
| Current portion of amounts payable after more than one year | 42 | €18,286 | €18,371 | +€85 | +0.5% |
| Trade debts | 44 | €834 | €3,336 | +€2,502 | +300.2% |
| Suppliers | 440/4 | €834 | €3,336 | +€2,502 | +300.2% |
| Taxes, remuneration and social security | 45 | €3,041 | €17,182 | +€14,141 | +465.0% |
| Taxes | 450/3 | €3,041 | €15,232 | +€12,191 | +400.9% |
| Remuneration and social security | 454/9 | €0 | €1,950 | +€1,950 | |
| Other amounts payable | 47/48 | €39,781 | €0 | -€39,781 | -100.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,264 | €18,174 | +€910 | +5.3% |
| Other operating charges | 640/8 | €1,628 | €1,678 | +€50 | +3.1% |
| Gross operating margin | 9900 | €290,255 | €244,257 | -€45,998 | -15.8% |
| Operating profit (loss) | 9901 | €271,362 | €224,405 | -€46,958 | -17.3% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,976 | €1,241 | -€735 | -37.2% |
| Recurring financial charges | 65 | €1,976 | €1,241 | -€735 | -37.2% |
| Profit (loss) for the period before taxes | 9903 | €269,387 | €223,164 | -€46,223 | -17.2% |
| Income taxes | 67/77 | €81,169 | €66,666 | -€14,502 | -17.9% |
| Profit (loss) for the period | 9904 | €188,218 | €156,498 | -€31,720 | -16.9% |
| Profit (loss) for the period to be appropriated | 9905 | €188,218 | €156,498 | -€31,720 | -16.9% |
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 8 October 2026 via checked.be.