VERSTEGEN: what changed
VERSTEGEN
Largest movements
- Receivables within one year -€49,178
down €49,178 (-25.4%), from €193,653 to €144,474
of which Other amounts receivable: -€73,135
- Cash +€23,546
up €23,546 (+18.0%), from €130,510 to €154,056
mainly Receivables within one year (+€49,178) and Net result for the year (+€46,306)
- Tangible fixed assets -€15,478
down €15,478 (-28.5%), from €54,292 to €38,814
of which Furniture and vehicles: -€9,569
- Stocks and contracts -€9,800
down €9,800 (-100%), from €9,800 to €0
- Reserves -€40,542
down €40,542 (-15.9%), from €255,255 to €214,713
- Tax, wage and social debts -€12,255
down €12,255 (-28.1%), from €43,632 to €31,377
- Other debts +€4,397
up €4,397 (+5.7%), from €77,304 to €81,701
- Gross operating margin -€25,606
down €25,606 (-24.3%), from €105,365 to €79,759
- Taxes -€4,907
down €4,907 (-18.0%), from €27,207 to €22,300
- Financial income -€2,955
down €2,955 (-33.9%), from €8,710 to €5,754
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €389,124 | €339,097 | -€50,027 | -12.9% |
| Fixed assets | 21/28 | €54,292 | €38,814 | -€15,478 | -28.5% |
| Tangible fixed assets | 22/27 | €54,292 | €38,814 | -€15,478 | -28.5% |
| Plant, machinery and equipment | 23 | €10,467 | €6,191 | -€4,277 | -40.9% |
| Furniture and vehicles | 24 | €33,201 | €23,632 | -€9,569 | -28.8% |
| Other tangible fixed assets | 26 | €10,624 | €8,991 | -€1,633 | -15.4% |
| Current assets | 29/58 | €334,832 | €300,283 | -€34,549 | -10.3% |
| Stocks and contracts in progress | 3 | €9,800 | €0 | -€9,800 | -100% |
| Contracts in progress | 37 | €9,800 | €0 | -€9,800 | -100% |
| Amounts receivable within one year | 40/41 | €193,653 | €144,474 | -€49,178 | -25.4% |
| Trade receivables | 40 | €22,163 | €46,120 | +€23,957 | +108% |
| Other amounts receivable | 41 | €171,489 | €98,355 | -€73,135 | -42.6% |
| Cash at bank and in hand | 54/58 | €130,510 | €154,056 | +€23,546 | +18.0% |
| Deferred charges and accrued income | 490/1 | €870 | €1,753 | +€884 | +102% |
| Total equity and liabilities | 10/49 | €389,124 | €339,097 | -€50,027 | -12.9% |
| Equity | 10/15 | €265,417 | €224,876 | -€40,542 | -15.3% |
| Contributions | 10/11 | €10,162 | €10,162 | = | 0.0% |
| Reserves | 13 | €255,255 | €214,713 | -€40,542 | -15.9% |
| Distributable reserves | 133 | €255,255 | €214,713 | -€40,542 | -15.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €123,707 | €114,222 | -€9,485 | -7.7% |
| Amounts payable within one year | 42/48 | €123,707 | €114,222 | -€9,485 | -7.7% |
| Trade debts | 44 | €2,772 | €1,143 | -€1,628 | -58.7% |
| Suppliers | 440/4 | €2,772 | €1,143 | -€1,628 | -58.7% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €43,632 | €31,377 | -€12,255 | -28.1% |
| Taxes | 450/3 | €43,632 | €31,377 | -€12,255 | -28.1% |
| Other amounts payable | 47/48 | €77,304 | €81,701 | +€4,397 | +5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,909 | €15,478 | -€431 | -2.7% |
| Other operating charges | 640/8 | €1,199 | €1,158 | -€41 | -3.4% |
| Gross operating margin | 9900 | €105,365 | €79,759 | -€25,606 | -24.3% |
| Operating profit (loss) | 9901 | €88,256 | €63,123 | -€25,134 | -28.5% |
| Financial income | 75/76B | €8,710 | €5,754 | -€2,955 | -33.9% |
| Recurring financial income | 75 | €8,710 | €5,754 | -€2,955 | -33.9% |
| Financial charges | 65/66B | €179 | €271 | +€92 | +51.6% |
| Recurring financial charges | 65 | €179 | €271 | +€92 | +51.6% |
| Profit (loss) for the period before taxes | 9903 | €96,787 | €68,606 | -€28,181 | -29.1% |
| Income taxes | 67/77 | €27,207 | €22,300 | -€4,907 | -18.0% |
| Profit (loss) for the period | 9904 | €69,581 | €46,306 | -€23,275 | -33.4% |
| Profit (loss) for the period to be appropriated | 9905 | €69,581 | €46,306 | -€23,275 | -33.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.