VERSUM: what changed
VERSUM
Largest movements
- Tangible fixed assets -€26,681
down €26,681 (-12.6%), from €211,465 to €184,784
of which Plant, machinery and equipment: -€14,314
- Receivables within one year -€14,983
down €14,983 (-18.1%), from €82,621 to €67,638
of which Trade receivables: -€15,350
- Cash -€6,661
down €6,661 (-36.7%), from €18,127 to €11,466
mainly Short-term financial debts (-€35,000) and Debts after one year (-€26,928)
- Stocks and contracts +€5,248
up €5,248 (+4.8%), from €108,485 to €113,733
- Short-term financial debts -€35,000
down €35,000 (-46.7%), from €75,000 to €40,000
- Debts after one year -€26,928
down €26,928 (-12.4%), from €217,780 to €190,852
- Reserves +€9,563
up €9,563 (+15.8%), from €60,562 to €70,124
of which Distributable reserves: +€9,563
- Tax, wage and social debts +€8,052
up €8,052 (+54.6%), from €14,752 to €22,804
of which Taxes: +€7,832
- Other debts -€5,055
down €5,055 (-22.9%), from €22,055 to €17,000
- Gross operating margin +€44,806
up €44,806 (+54.9%), from €81,639 to €126,445
- Write-downs +€16,070
new in 2025: €16,070
- Taxes +€7,595
up €7,595, from -€90 to €7,506
- Depreciation -€5,756
down €5,756 (-22.2%), from €25,897 to €20,141
- Staff costs +€1,317
up €1,317 (+3.5%), from €37,168 to €38,485
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 | €429,442 | €382,430 | -€47,013 | -10.9% |
| Fixed assets | 21/28 | €211,465 | €184,784 | -€26,681 | -12.6% |
| Tangible fixed assets | 22/27 | €211,465 | €184,784 | -€26,681 | -12.6% |
| Land and buildings | 22 | €187,660 | €182,044 | -€5,616 | -3.0% |
| Plant, machinery and equipment | 23 | €16,905 | €2,591 | -€14,314 | -84.7% |
| Furniture and vehicles | 24 | €6,900 | €149 | -€6,751 | -97.8% |
| Current assets | 29/58 | €217,978 | €197,646 | -€20,332 | -9.3% |
| Stocks and contracts in progress | 3 | €108,485 | €113,733 | +€5,248 | +4.8% |
| Stocks | 30/36 | €108,485 | €113,733 | +€5,248 | +4.8% |
| Amounts receivable within one year | 40/41 | €82,621 | €67,638 | -€14,983 | -18.1% |
| Trade receivables | 40 | €25,973 | €10,623 | -€15,350 | -59.1% |
| Other amounts receivable | 41 | €56,649 | €57,016 | +€367 | +0.6% |
| Cash at bank and in hand | 54/58 | €18,127 | €11,466 | -€6,661 | -36.7% |
| Deferred charges and accrued income | 490/1 | €8,745 | €4,808 | -€3,937 | -45.0% |
| Total equity and liabilities | 10/49 | €429,442 | €382,430 | -€47,013 | -10.9% |
| Equity | 10/15 | €68,630 | €78,192 | +€9,563 | +13.9% |
| Contributions | 10/11 | €8,068 | €8,068 | = | 0.0% |
| Reserves | 13 | €60,562 | €70,124 | +€9,563 | +15.8% |
| Tax-exempt reserves | 132 | €17 | €17 | = | 0.0% |
| Distributable reserves | 133 | €60,544 | €70,107 | +€9,563 | +15.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €360,813 | €304,237 | -€56,575 | -15.7% |
| Amounts payable after more than one year | 17 | €217,780 | €190,852 | -€26,928 | -12.4% |
| Financial debts | 170/4 | €217,780 | €190,852 | -€26,928 | -12.4% |
| Amounts payable within one year | 42/48 | €143,032 | €113,385 | -€29,647 | -20.7% |
| Current portion of amounts payable after more than one year | 42 | €26,492 | €26,928 | +€436 | +1.6% |
| Financial debts | 43 | €75,000 | €40,000 | -€35,000 | -46.7% |
| Credit institutions | 430/8 | €75,000 | €40,000 | -€35,000 | -46.7% |
| Trade debts | 44 | €4,733 | €6,654 | +€1,920 | +40.6% |
| Suppliers | 440/4 | €4,733 | €6,654 | +€1,920 | +40.6% |
| Taxes, remuneration and social security | 45 | €14,752 | €22,804 | +€8,052 | +54.6% |
| Taxes | 450/3 | €8,184 | €16,016 | +€7,832 | +95.7% |
| Remuneration and social security | 454/9 | €6,568 | €6,787 | +€219 | +3.3% |
| Other amounts payable | 47/48 | €22,055 | €17,000 | -€5,055 | -22.9% |
| Non-recurring operating income | 76A | - | €8,836 | +€8,836 | |
| Remuneration, social security and pensions | 62 | €37,168 | €38,485 | +€1,317 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,897 | €20,141 | -€5,756 | -22.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €16,070 | +€16,070 | |
| Other operating charges | 640/8 | €3,537 | €3,312 | -€225 | -6.4% |
| Gross operating margin | 9900 | €81,639 | €126,445 | +€44,806 | +54.9% |
| Operating profit (loss) | 9901 | €15,038 | €48,437 | +€33,399 | +222% |
| Financial income | 75/76B | €123 | €50 | -€73 | -59.3% |
| Recurring financial income | 75 | €123 | €50 | -€73 | -59.3% |
| Financial charges | 65/66B | €15,071 | €14,419 | -€652 | -4.3% |
| Recurring financial charges | 65 | €15,071 | €14,419 | -€652 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | €90 | €34,068 | +€33,978 | +37,800% |
| Income taxes | 67/77 | -€90 | €7,506 | +€7,595 | |
| Profit (loss) for the period | 9904 | €179 | €26,563 | +€26,383 | +14,707% |
| Profit (loss) for the period to be appropriated | 9905 | €179 | €26,563 | +€26,383 | +14,707% |
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 3 November 2026 via checked.be.