BERNARD VERCAEMST: 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.
BERNARD VERCAEMST
Largest movements
- Financial fixed assets +€145,589
up €145,589 (+5.3%), from €2.7m to €2.9m
- Cash -€110,743
down €110,743 (-7.8%), from €1.4m to €1.3m
mainly Investment in fixed assets (net) (-€163,793) and Contributions, distributions and other (-€64,712)
- Reserves +€49,834
up €49,834 (+1.2%), from €4.3m to €4.4m
of which Distributable reserves: +€49,834
- Financial income -€31,795
down €31,795 (-54.6%), from €58,280 to €26,485
- Taxes -€22,355
down €22,355 (-39.3%), from €56,819 to €34,464
- Gross operating margin +€19,689
up €19,689 (+16.4%), from €120,120 to €139,809
- Depreciation +€11,010
up €11,010 (+251.5%), from €4,379 to €15,389
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.
Cash bridge derived
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 | €4,342,367 | €4,399,073 | +€56,706 | +1.3% |
| Fixed assets | 21/28 | €2,802,145 | €2,950,550 | +€148,405 | +5.3% |
| Tangible fixed assets | 22/27 | €62,060 | €64,875 | +€2,815 | +4.5% |
| Furniture and vehicles | 24 | €61,751 | €64,875 | +€3,124 | +5.1% |
| Leasing and similar rights | 25 | €309 | €0 | -€309 | -100.0% |
| Financial fixed assets | 28 | €2,740,086 | €2,885,675 | +€145,589 | +5.3% |
| Current assets | 29/58 | €1,540,222 | €1,448,523 | -€91,699 | -6.0% |
| Amounts receivable within one year | 40/41 | €110,621 | €133,113 | +€22,492 | +20.3% |
| Trade receivables | 40 | €102,669 | €102,832 | +€163 | +0.2% |
| Other amounts receivable | 41 | €7,952 | €30,281 | +€22,329 | +280.8% |
| Cash at bank and in hand | 54/58 | €1,424,414 | €1,313,671 | -€110,743 | -7.8% |
| Deferred charges and accrued income | 490/1 | €5,187 | €1,739 | -€3,447 | -66.5% |
| Total equity and liabilities | 10/49 | €4,342,367 | €4,399,073 | +€56,706 | +1.3% |
| Equity | 10/15 | €4,315,968 | €4,365,802 | +€49,834 | +1.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €4,309,768 | €4,359,602 | +€49,834 | +1.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €4,309,768 | €4,359,602 | +€49,834 | +1.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €26,399 | €33,271 | +€6,872 | +26.0% |
| Amounts payable within one year | 42/48 | €24,198 | €31,564 | +€7,367 | +30.4% |
| Trade debts | 44 | €4,255 | €6,592 | +€2,336 | +54.9% |
| Suppliers | 440/4 | €4,255 | €6,592 | +€2,336 | +54.9% |
| Taxes, remuneration and social security | 45 | €19,942 | €24,973 | +€5,030 | +25.2% |
| Taxes | 450/3 | €19,942 | €24,973 | +€5,030 | +25.2% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €2,202 | €1,706 | -€495 | -22.5% |
| Non-recurring operating income | 76A | - | €4,868 | +€4,868 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,379 | €15,389 | +€11,010 | +251.5% |
| Other operating charges | 640/8 | €2,147 | €1,729 | -€418 | -19.5% |
| Gross operating margin | 9900 | €120,120 | €139,809 | +€19,689 | +16.4% |
| Operating profit (loss) | 9901 | €113,595 | €122,691 | +€9,097 | +8.0% |
| Financial income | 75/76B | €58,280 | €26,485 | -€31,795 | -54.6% |
| Recurring financial income | 75 | €58,280 | €26,485 | -€31,795 | -54.6% |
| Financial charges | 65/66B | €297 | €167 | -€130 | -43.8% |
| Recurring financial charges | 65 | €297 | €167 | -€130 | -43.8% |
| Profit (loss) for the period before taxes | 9903 | €171,577 | €149,010 | -€22,568 | -13.2% |
| Income taxes | 67/77 | €56,819 | €34,464 | -€22,355 | -39.3% |
| Profit (loss) for the period | 9904 | €114,758 | €114,546 | -€212 | -0.2% |
| Profit (loss) for the period to be appropriated | 9905 | €114,758 | €114,546 | -€212 | -0.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.