VERSUS INVEST: 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.
What changed
VERSUS INVEST
NACE 46.180, Agents specialised in the wholesale of other particular products
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€88,423
2024 · €47,879+€40,544
Equity
€13.3m
2024 · €13.2m+€88,423
Cash
€648,263
2024 · €1.7m-€1.0m
Balance sheet total
€14.3m
2024 · €14.6m-€267,999
Largest movements
Assets
- Cash -€1.0m
down €1.0m (-61.3%), from €1.7m to €648,263
mainly Receivables after one year (-€924,447) and Debts after one year (-€359,977)
- Receivables after one year +€924,447
up €924,447 (+29.1%), from €3.2m to €4.1m
Equity and liabilities
- Debts after one year -€359,977
down €359,977 (-39.7%), from €907,224 to €547,247
Income statement
- Gross operating margin +€120,021
up €120,021 (+38.0%), from €315,979 to €436,000
- Taxes +€57,283
up €57,283 (+247%), from €23,228 to €80,511
- Staff costs +€49,863
up €49,863 (+686%), from €7,269 to €57,133
- Depreciation -€31,894
down €31,894 (-15.6%), from €204,493 to €172,599
- Financial charges -€15,474
down €15,474 (-25.0%), from €61,890 to €46,416
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.
Result 2024
€47,879
Gross operating margin
+€120,021
Staff costs
-€49,863
Depreciation
+€31,894
Other operating charges
-€7,164
Financial income
-€12,535
Financial charges
+€15,474
Taxes
-€57,283
Result 2025
€88,423
raises the resultlowers the result
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.
From operations
-€488,433
Investment
-€132,746
Financing
-€404,886
Cash 2024
€1.7m
From operations (derived)
-€488,433
Net result for the year
+€88,423
Depreciation
+€172,599
Receivables after one year
-€924,447
Receivables within one year
+€125,291
Deferred charges and accrued income
+€1,238
Trade debts
+€44,785
Tax, wage and social debts
+€6,443
Other debts
-€2,764
Investment (derived)
-€132,746
Investment in fixed assets (net)
-€132,746
Financing
-€404,886
Debts after one year
-€359,977
Current portion of long-term debt
+€13,923
Short-term financial debts
-€58,833
Cash 2025
€648,263
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,581,266 | €14,313,266 | -€267,999 | -1.8% |
| Fixed assets | 21/28 | €9,324,307 | €9,284,454 | -€39,852 | -0.4% |
| Intangible fixed assets | 21 | €72,190 | €52,940 | -€19,251 | -26.7% |
| Tangible fixed assets | 22/27 | €1,396,453 | €1,375,852 | -€20,601 | -1.5% |
| Land and buildings | 22 | €1,365,077 | €1,249,917 | -€115,160 | -8.4% |
| Plant, machinery and equipment | 23 | €6,000 | €2,889 | -€3,111 | -51.9% |
| Furniture and vehicles | 24 | €25,376 | €123,046 | +€97,670 | +385% |
| Financial fixed assets | 28 | €7,855,663 | €7,855,663 | = | 0.0% |
| Current assets | 29/58 | €5,256,959 | €5,028,812 | -€228,147 | -4.3% |
| Amounts receivable after more than one year | 29 | €3,175,000 | €4,099,447 | +€924,447 | +29.1% |
| Trade receivables | 290 | €3,175,000 | €4,099,447 | +€924,447 | +29.1% |
| Amounts receivable within one year | 40/41 | €406,393 | €281,102 | -€125,291 | -30.8% |
| Trade receivables | 40 | €302,284 | €152,193 | -€150,091 | -49.7% |
| Other amounts receivable | 41 | €104,109 | €128,909 | +€24,800 | +23.8% |
| Cash at bank and in hand | 54/58 | €1,674,328 | €648,263 | -€1.0m | -61.3% |
| Deferred charges and accrued income | 490/1 | €1,238 | - | -€1,238 | |
| Total equity and liabilities | 10/49 | €14,581,266 | €14,313,266 | -€267,999 | -1.8% |
| Equity | 10/15 | €13,232,237 | €13,320,660 | +€88,423 | +0.7% |
| Contributions | 10/11 | €5,830,965 | €5,830,965 | = | 0.0% |
| Reserves | 13 | €7,401,272 | €7,489,694 | +€88,423 | +1.2% |
| Tax-exempt reserves | 132 | €871 | €871 | = | 0.0% |
| Distributable reserves | 133 | €7,400,401 | €7,488,824 | +€88,423 | +1.2% |
| Amounts payable | 17/49 | €1,349,029 | €992,607 | -€356,422 | -26.4% |
| Amounts payable after more than one year | 17 | €907,224 | €547,247 | -€359,977 | -39.7% |
| Financial debts | 170/4 | €907,224 | €547,247 | -€359,977 | -39.7% |
| Amounts payable within one year | 42/48 | €441,805 | €445,360 | +€3,555 | +0.8% |
| Current portion of amounts payable after more than one year | 42 | €346,053 | €359,977 | +€13,923 | +4.0% |
| Financial debts | 43 | €58,833 | - | -€58,833 | |
| Credit institutions | 430/8 | €58,833 | - | -€58,833 | |
| Trade debts | 44 | €2,617 | €47,402 | +€44,785 | +1,711% |
| Suppliers | 440/4 | €2,617 | €47,402 | +€44,785 | +1,711% |
| Taxes, remuneration and social security | 45 | €3,247 | €9,691 | +€6,443 | +198% |
| Taxes | 450/3 | €2,322 | €2,322 | = | 0.0% |
| Remuneration and social security | 454/9 | €925 | €7,369 | +€6,443 | +696% |
| Other amounts payable | 47/48 | €31,055 | €28,290 | -€2,764 | -8.9% |
| Remuneration, social security and pensions | 62 | €7,269 | €57,133 | +€49,863 | +686% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €204,493 | €172,599 | -€31,894 | -15.6% |
| Other operating charges | 640/8 | €39,024 | €46,187 | +€7,164 | +18.4% |
| Gross operating margin | 9900 | €315,979 | €436,000 | +€120,021 | +38.0% |
| Operating profit (loss) | 9901 | €65,193 | €160,081 | +€94,888 | +146% |
| Financial income | 75/76B | €67,804 | €55,269 | -€12,535 | -18.5% |
| Recurring financial income | 75 | €67,804 | €55,269 | -€12,535 | -18.5% |
| Financial charges | 65/66B | €61,890 | €46,416 | -€15,474 | -25.0% |
| Recurring financial charges | 65 | €61,890 | €46,416 | -€15,474 | -25.0% |
| Profit (loss) for the period before taxes | 9903 | €71,107 | €168,934 | +€97,827 | +138% |
| Income taxes | 67/77 | €23,228 | €80,511 | +€57,283 | +247% |
| Profit (loss) for the period | 9904 | €47,879 | €88,423 | +€40,544 | +84.7% |
| Profit (loss) for the period to be appropriated | 9905 | €47,879 | €88,423 | +€40,544 | +84.7% |
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 1 November 2026 via checked.be.