VERSTAEN-Projects: 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.
VERSTAEN-Projects
Largest movements
- Deferred charges and accrued income +€164,572
up €164,572 (+79.1%), from €208,128 to €372,699
- Receivables within one year +€96,748
up €96,748 (+11.3%), from €853,252 to €950,000
- Cash -€33,159
down €33,159 (-39.5%), from €83,854 to €50,695
mainly Deferred charges and accrued income (-€164,572) and Receivables within one year (-€96,748)
- Debts after one year +€181,136
up €181,136 (+26.1%), from €695,000 to €876,136
- Reserves +€34,006
up €34,006 (+3.3%), from €1.0m to €1.1m
of which Distributable reserves: +€34,006
- Gross operating margin +€53,494
up €53,494 (+137.2%), from €38,979 to €92,472
- Other operating charges +€38,684
up €38,684 (+1717.5%), from €2,252 to €40,936
- Taxes +€8,517
up €8,517 (+100.2%), from €8,497 to €17,014
- Financial income -€5,466
down €5,466 (-15.6%), from €34,991 to €29,525
- Financial charges -€2,139
down €2,139 (-6.6%), from €32,181 to €30,042
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 | €2,133,632 | €2,371,385 | +€237,753 | +11.1% |
| Fixed assets | 21/28 | €35,697 | €35,697 | = | 0.0% |
| Tangible fixed assets | 22/27 | €35,697 | €35,697 | = | 0.0% |
| Land and buildings | 22 | €35,697 | €35,697 | = | 0.0% |
| Current assets | 29/58 | €2,097,935 | €2,335,688 | +€237,753 | +11.3% |
| Stocks and contracts in progress | 3 | €952,701 | €962,294 | +€9,593 | +1.0% |
| Stocks | 30/36 | €952,701 | €962,294 | +€9,593 | +1.0% |
| Amounts receivable within one year | 40/41 | €853,252 | €950,000 | +€96,748 | +11.3% |
| Other amounts receivable | 41 | €853,252 | €950,000 | +€96,748 | +11.3% |
| Cash at bank and in hand | 54/58 | €83,854 | €50,695 | -€33,159 | -39.5% |
| Deferred charges and accrued income | 490/1 | €208,128 | €372,699 | +€164,572 | +79.1% |
| Total equity and liabilities | 10/49 | €2,133,632 | €2,371,385 | +€237,753 | +11.1% |
| Equity | 10/15 | €1,429,289 | €1,463,295 | +€34,006 | +2.4% |
| Contributions | 10/11 | €219,386 | €219,386 | = | 0.0% |
| Capital | 10 | €219,386 | €219,386 | = | 0.0% |
| Issued capital | 100 | €219,386 | €219,386 | = | 0.0% |
| Reserves | 13 | €1,017,840 | €1,051,846 | +€34,006 | +3.3% |
| Non-distributable reserves | 130/1 | €21,939 | €21,939 | = | 0.0% |
| Legal reserve | 130 | €21,939 | €21,939 | = | 0.0% |
| Distributable reserves | 133 | €995,901 | €1,029,907 | +€34,006 | +3.4% |
| Profit (loss) carried forward | 14 | €192,063 | €192,063 | = | 0.0% |
| Amounts payable | 17/49 | €704,343 | €908,090 | +€203,747 | +28.9% |
| Amounts payable after more than one year | 17 | €695,000 | €876,136 | +€181,136 | +26.1% |
| Financial debts | 170/4 | €695,000 | €876,136 | +€181,136 | +26.1% |
| Amounts payable within one year | 42/48 | €9,217 | €31,954 | +€22,737 | +246.7% |
| Trade debts | 44 | - | €14,526 | +€14,526 | |
| Suppliers | 440/4 | - | €14,526 | +€14,526 | |
| Advances received on contracts in progress | 46 | €762 | - | -€762 | |
| Taxes, remuneration and social security | 45 | €8,003 | €16,976 | +€8,973 | +112.1% |
| Taxes | 450/3 | €8,003 | €16,976 | +€8,973 | +112.1% |
| Other amounts payable | 47/48 | €452 | €452 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €126 | - | -€126 | |
| Other operating charges | 640/8 | €2,252 | €40,936 | +€38,684 | +1717.5% |
| Gross operating margin | 9900 | €38,979 | €92,472 | +€53,494 | +137.2% |
| Operating profit (loss) | 9901 | €36,726 | €51,537 | +€14,810 | +40.3% |
| Financial income | 75/76B | €34,991 | €29,525 | -€5,466 | -15.6% |
| Recurring financial income | 75 | €34,991 | €29,525 | -€5,466 | -15.6% |
| Financial charges | 65/66B | €32,181 | €30,042 | -€2,139 | -6.6% |
| Recurring financial charges | 65 | €32,181 | €30,042 | -€2,139 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | €39,537 | €51,020 | +€11,483 | +29.0% |
| Income taxes | 67/77 | €8,497 | €17,014 | +€8,517 | +100.2% |
| Profit (loss) for the period | 9904 | €31,040 | €34,006 | +€2,966 | +9.6% |
| Profit (loss) for the period to be appropriated | 9905 | €31,040 | €34,006 | +€2,966 | +9.6% |
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 1 October 2026 via checked.be.