VERSTRAETE FREDERIC: 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.
VERSTRAETE FREDERIC
Largest movements
- Tangible fixed assets -€64,158
down €64,158 (-13.2%), from €485,475 to €421,317
of which Plant, machinery and equipment: -€34,158
- Receivables within one year -€10,318
down €10,318 (-24.0%), from €42,976 to €32,659
of which Trade receivables: -€15,662
- Reserves -€33,755
down €33,755 (-26.8%), from €125,855 to €92,100
of which Distributable reserves: -€25,000
- Other debts -€17,401
down €17,401 (-28.0%), from €62,160 to €44,759
- Short-term financial debts -€7,939
no longer reported in 2025 (was €7,939)
- Debts after one year -€7,460
down €7,460 (-3.3%), from €226,986 to €219,526
- Gross operating margin -€147,799
down €147,799 (-69.8%), from €211,793 to €63,994
- Depreciation +€8,814
up €8,814 (+12.4%), from €71,006 to €79,820
- Financial charges +€8,298
up €8,298 (+72.8%), from €11,399 to €19,696
- Taxes -€4,715
down €4,715 (-99.7%), from €4,731 to €16
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 | €531,495 | €456,921 | -€74,574 | -14.0% |
| Fixed assets | 21/28 | €485,475 | €421,317 | -€64,158 | -13.2% |
| Tangible fixed assets | 22/27 | €485,475 | €421,317 | -€64,158 | -13.2% |
| Plant, machinery and equipment | 23 | €207,975 | €173,817 | -€34,158 | -16.4% |
| Leasing and similar rights | 25 | €277,500 | €247,500 | -€30,000 | -10.8% |
| Current assets | 29/58 | €46,020 | €35,604 | -€10,417 | -22.6% |
| Stocks and contracts in progress | 3 | €2,401 | €2,137 | -€265 | -11.0% |
| Stocks | 30/36 | €2,401 | €2,137 | -€265 | -11.0% |
| Amounts receivable within one year | 40/41 | €42,976 | €32,659 | -€10,318 | -24.0% |
| Trade receivables | 40 | €38,052 | €22,391 | -€15,662 | -41.2% |
| Other amounts receivable | 41 | €4,924 | €10,268 | +€5,344 | +109% |
| Cash at bank and in hand | 54/58 | €643 | €808 | +€165 | +25.7% |
| Total equity and liabilities | 10/49 | €531,495 | €456,921 | -€74,574 | -14.0% |
| Equity | 10/15 | €132,630 | €99,596 | -€33,034 | -24.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €125,855 | €92,100 | -€33,755 | -26.8% |
| Tax-exempt reserves | 132 | €78,995 | €70,240 | -€8,755 | -11.1% |
| Distributable reserves | 133 | €46,860 | €21,860 | -€25,000 | -53.4% |
| Profit (loss) carried forward | 14 | €575 | €1,296 | +€721 | +125% |
| Provisions and deferred taxes | 16 | €26,325 | €23,400 | -€2,925 | -11.1% |
| Deferred taxes | 168 | €26,325 | €23,400 | -€2,925 | -11.1% |
| Amounts payable | 17/49 | €372,541 | €333,925 | -€38,616 | -10.4% |
| Amounts payable after more than one year | 17 | €226,986 | €219,526 | -€7,460 | -3.3% |
| Financial debts | 170/4 | €226,986 | €219,526 | -€7,460 | -3.3% |
| Amounts payable within one year | 42/48 | €145,554 | €114,399 | -€31,156 | -21.4% |
| Current portion of amounts payable after more than one year | 42 | €42,748 | €44,266 | +€1,519 | +3.6% |
| Financial debts | 43 | €7,939 | - | -€7,939 | |
| Credit institutions | 430/8 | €7,939 | - | -€7,939 | |
| Trade debts | 44 | €27,469 | €24,866 | -€2,603 | -9.5% |
| Suppliers | 440/4 | €27,469 | €24,866 | -€2,603 | -9.5% |
| Taxes, remuneration and social security | 45 | €5,239 | €508 | -€4,731 | -90.3% |
| Taxes | 450/3 | €5,239 | €508 | -€4,731 | -90.3% |
| Other amounts payable | 47/48 | €62,160 | €44,759 | -€17,401 | -28.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,006 | €79,820 | +€8,814 | +12.4% |
| Other operating charges | 640/8 | €384 | €432 | +€48 | +12.5% |
| Gross operating margin | 9900 | €211,793 | €63,994 | -€147,799 | -69.8% |
| Operating profit (loss) | 9901 | €140,403 | -€16,258 | -€156,661 | |
| Financial income | 75/76B | €3 | €12 | +€9 | +290% |
| Recurring financial income | 75 | €3 | €12 | +€9 | +290% |
| Financial charges | 65/66B | €11,399 | €19,696 | +€8,298 | +72.8% |
| Recurring financial charges | 65 | €11,399 | €19,696 | +€8,298 | +72.8% |
| Profit (loss) for the period before taxes | 9903 | €129,007 | -€35,943 | -€164,950 | |
| Transfer from deferred taxes | 780 | €2,925 | €2,925 | = | 0.0% |
| Transfer to deferred taxes | 680 | €29,250 | - | -€29,250 | |
| Income taxes | 67/77 | €4,731 | €16 | -€4,715 | -99.7% |
| Profit (loss) for the period | 9904 | €97,951 | -€33,034 | -€130,984 | |
| Transfer from tax-exempt reserves | 789 | €8,755 | €8,755 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €87,750 | - | -€87,750 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,956 | -€24,279 | -€43,234 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.