Verspaandonck Thomas: 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.
Verspaandonck Thomas
Largest movements
- Cash +€10,346
up €10,346 (+1,565%), from €661 to €11,007
mainly Depreciation (+€9,089) and Receivables within one year (+€5,487)
- Tangible fixed assets -€9,089
down €9,089 (-23.7%), from €38,405 to €29,316
of which Plant, machinery and equipment: -€5,303
- Receivables within one year -€5,487
down €5,487 (-24.0%), from €22,905 to €17,419
of which Trade receivables: -€4,756
- Stocks and contracts -€1,834
down €1,834 (-9.1%), from €20,173 to €18,339
- Debts after one year -€4,975
down €4,975 (-31.1%), from €16,017 to €11,042
- Current portion of long-term debt -€4,464
down €4,464 (-42.7%), from €10,455 to €5,991
- Tax, wage and social debts +€1,569
up €1,569 (+17.9%), from €8,769 to €10,338
- Trade debts +€1,550
up €1,550 (+131%), from €1,185 to €2,735
- Gross operating margin -€7,227
down €7,227 (-36.4%), from €19,876 to €12,649
- Taxes -€2,362
down €2,362 (-77.6%), from €3,044 to €682
- Depreciation -€1,869
down €1,869 (-17.1%), from €10,958 to €9,089
- Financial charges -€1,790
down €1,790 (-48.2%), from €3,717 to €1,927
- Staff costs +€276
new in 2025: €276
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 | €87,855 | €82,078 | -€5,777 | -6.6% |
| Fixed assets | 21/28 | €43,985 | €34,896 | -€9,089 | -20.7% |
| Tangible fixed assets | 22/27 | €38,405 | €29,316 | -€9,089 | -23.7% |
| Plant, machinery and equipment | 23 | €23,841 | €18,539 | -€5,303 | -22.2% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €14,564 | €10,777 | -€3,786 | -26.0% |
| Financial fixed assets | 28 | €5,580 | €5,580 | = | 0.0% |
| Current assets | 29/58 | €43,870 | €47,183 | +€3,312 | +7.6% |
| Stocks and contracts in progress | 3 | €20,173 | €18,339 | -€1,834 | -9.1% |
| Stocks | 30/36 | €20,173 | €18,339 | -€1,834 | -9.1% |
| Amounts receivable within one year | 40/41 | €22,905 | €17,419 | -€5,487 | -24.0% |
| Trade receivables | 40 | €16,536 | €11,780 | -€4,756 | -28.8% |
| Other amounts receivable | 41 | €6,369 | €5,639 | -€730 | -11.5% |
| Cash at bank and in hand | 54/58 | €661 | €11,007 | +€10,346 | +1,565% |
| Deferred charges and accrued income | 490/1 | €130 | €418 | +€288 | +220% |
| Total equity and liabilities | 10/49 | €87,855 | €82,078 | -€5,777 | -6.6% |
| Equity | 10/15 | €51,429 | €51,972 | +€543 | +1.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €32,829 | €33,372 | +€543 | +1.7% |
| Tax-exempt reserves | 132 | €51 | €51 | = | 0.0% |
| Distributable reserves | 133 | €32,778 | €33,321 | +€543 | +1.7% |
| Amounts payable | 17/49 | €36,427 | €30,107 | -€6,320 | -17.4% |
| Amounts payable after more than one year | 17 | €16,017 | €11,042 | -€4,975 | -31.1% |
| Financial debts | 170/4 | €16,017 | €11,042 | -€4,975 | -31.1% |
| Amounts payable within one year | 42/48 | €20,410 | €19,064 | -€1,345 | -6.6% |
| Current portion of amounts payable after more than one year | 42 | €10,455 | €5,991 | -€4,464 | -42.7% |
| Trade debts | 44 | €1,185 | €2,735 | +€1,550 | +131% |
| Suppliers | 440/4 | €1,185 | €2,735 | +€1,550 | +131% |
| Taxes, remuneration and social security | 45 | €8,769 | €10,338 | +€1,569 | +17.9% |
| Taxes | 450/3 | €8,769 | €10,338 | +€1,569 | +17.9% |
| Remuneration, social security and pensions | 62 | - | €276 | +€276 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,958 | €9,089 | -€1,869 | -17.1% |
| Other operating charges | 640/8 | €565 | €425 | -€140 | -24.8% |
| Gross operating margin | 9900 | €19,876 | €12,649 | -€7,227 | -36.4% |
| Operating profit (loss) | 9901 | €8,353 | €2,859 | -€5,494 | -65.8% |
| Financial income | 75/76B | €249 | €293 | +€44 | +17.6% |
| Recurring financial income | 75 | €249 | €293 | +€44 | +17.6% |
| Financial charges | 65/66B | €3,717 | €1,927 | -€1,790 | -48.2% |
| Recurring financial charges | 65 | €3,717 | €1,927 | -€1,790 | -48.2% |
| Profit (loss) for the period before taxes | 9903 | €4,885 | €1,225 | -€3,660 | -74.9% |
| Income taxes | 67/77 | €3,044 | €682 | -€2,362 | -77.6% |
| Profit (loss) for the period | 9904 | €1,841 | €543 | -€1,298 | -70.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,841 | €543 | -€1,298 | -70.5% |
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 26 October 2026 via checked.be.