VERSTRAETEN: 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.
VERSTRAETEN
Largest movements
- Cash -€37,262
down €37,262 (-36.5%), from €101,992 to €64,730
mainly Investment in fixed assets (net) (-€29,007) and Receivables within one year (-€21,664)
- Tangible fixed assets +€22,859
up €22,859 (+174%), from €13,153 to €36,012
of which Furniture and vehicles: +€26,287
- Receivables within one year +€21,664
up €21,664 (+72.9%), from €29,735 to €51,399
of which Other amounts receivable: +€21,254
- Deferred charges and accrued income +€3,750
new in 2025: €3,750
- Trade debts -€13,311
down €13,311 (-97.3%), from €13,673 to €362
- Debts after one year +€9,773
new in 2025: €9,773
- Accrued charges and deferred income +€9,081
new in 2025: €9,081
- Reserves +€5,093
up €5,093 (+4.6%), from €111,870 to €116,963
- Current portion of long-term debt +€4,832
new in 2025: €4,832
- Gross operating margin -€13,780
down €13,780 (-27.1%), from €50,906 to €37,126
- Taxes -€4,680
down €4,680 (-33.0%), from €14,161 to €9,481
- Depreciation -€2,040
down €2,040 (-24.9%), from €8,188 to €6,148
- Financial charges +€700
up €700 (+28.1%), from €2,490 to €3,191
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 | €154,275 | €165,286 | +€11,011 | +7.1% |
| Fixed assets | 21/28 | €22,548 | €45,407 | +€22,859 | +101% |
| Tangible fixed assets | 22/27 | €13,153 | €36,012 | +€22,859 | +174% |
| Plant, machinery and equipment | 23 | €12,032 | €8,604 | -€3,428 | -28.5% |
| Furniture and vehicles | 24 | €1,121 | €27,408 | +€26,287 | +2,344% |
| Financial fixed assets | 28 | €9,395 | €9,395 | = | 0.0% |
| Current assets | 29/58 | €131,727 | €119,879 | -€11,848 | -9.0% |
| Amounts receivable within one year | 40/41 | €29,735 | €51,399 | +€21,664 | +72.9% |
| Trade receivables | 40 | €26,579 | €26,989 | +€410 | +1.5% |
| Other amounts receivable | 41 | €3,157 | €24,411 | +€21,254 | +673% |
| Cash at bank and in hand | 54/58 | €101,992 | €64,730 | -€37,262 | -36.5% |
| Deferred charges and accrued income | 490/1 | - | €3,750 | +€3,750 | |
| Total equity and liabilities | 10/49 | €154,275 | €165,286 | +€11,011 | +7.1% |
| Equity | 10/15 | €124,264 | €129,357 | +€5,093 | +4.1% |
| Contributions | 10/11 | €12,395 | €12,395 | = | 0.0% |
| Reserves | 13 | €111,870 | €116,963 | +€5,093 | +4.6% |
| Distributable reserves | 133 | €111,870 | €116,963 | +€5,093 | +4.6% |
| Amounts payable | 17/49 | €30,011 | €35,929 | +€5,918 | +19.7% |
| Amounts payable after more than one year | 17 | - | €9,773 | +€9,773 | |
| Financial debts | 170/4 | - | €9,773 | +€9,773 | |
| Amounts payable within one year | 42/48 | €30,011 | €17,075 | -€12,937 | -43.1% |
| Current portion of amounts payable after more than one year | 42 | - | €4,832 | +€4,832 | |
| Trade debts | 44 | €13,673 | €362 | -€13,311 | -97.3% |
| Suppliers | 440/4 | €13,673 | €362 | -€13,311 | -97.3% |
| Taxes, remuneration and social security | 45 | €14,161 | €9,481 | -€4,680 | -33.0% |
| Taxes | 450/3 | €14,161 | €9,481 | -€4,680 | -33.0% |
| Other amounts payable | 47/48 | €2,177 | €2,400 | +€223 | +10.2% |
| Accrued charges and deferred income | 492/3 | - | €9,081 | +€9,081 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,188 | €6,148 | -€2,040 | -24.9% |
| Other operating charges | 640/8 | €1,590 | €1,891 | +€301 | +18.9% |
| Gross operating margin | 9900 | €50,906 | €37,126 | -€13,780 | -27.1% |
| Operating profit (loss) | 9901 | €41,128 | €29,087 | -€12,041 | -29.3% |
| Financial income | 75/76B | €1,652 | €1,650 | -€2 | -0.1% |
| Recurring financial income | 75 | €1,652 | €1,650 | -€2 | -0.1% |
| Financial charges | 65/66B | €2,490 | €3,191 | +€700 | +28.1% |
| Recurring financial charges | 65 | €2,490 | €3,191 | +€700 | +28.1% |
| Profit (loss) for the period before taxes | 9903 | €40,290 | €27,546 | -€12,743 | -31.6% |
| Income taxes | 67/77 | €14,161 | €9,481 | -€4,680 | -33.0% |
| Profit (loss) for the period | 9904 | €26,129 | €18,065 | -€8,063 | -30.9% |
| Profit (loss) for the period to be appropriated | 9905 | €26,129 | €18,065 | -€8,063 | -30.9% |
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 21 October 2026 via checked.be.