DR. VERCAMMEN GERDA: 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.
DR. VERCAMMEN GERDA
Largest movements
- Cash +€395,087
up €395,087 (+345%), from €114,400 to €509,487
mainly Net result for the year (+€256,613) and Current investments (+€188,611)
- Current investments -€188,611
down €188,611 (-32.6%), from €578,611 to €390,000
- Reserves +€229,613
up €229,613 (+43.2%), from €531,867 to €761,480
of which Distributable reserves: +€229,613
- Other debts -€33,232
down €33,232 (-68.5%), from €48,548 to €15,315
- Financial income +€124,510
up €124,510 (+5,718%), from €2,178 to €126,687
- Taxes +€28,620
up €28,620 (+33.0%), from €86,678 to €115,297
- Gross operating margin -€16,914
down €16,914 (-6.1%), from €278,810 to €261,896
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 | €1,153,821 | €1,342,370 | +€188,549 | +16.3% |
| Fixed assets | 21/28 | €449,391 | €436,129 | -€13,262 | -3.0% |
| Tangible fixed assets | 22/27 | €449,391 | €436,129 | -€13,262 | -3.0% |
| Land and buildings | 22 | €445,739 | €434,144 | -€11,595 | -2.6% |
| Plant, machinery and equipment | 23 | €2,793 | €1,525 | -€1,268 | -45.4% |
| Furniture and vehicles | 24 | €859 | €460 | -€400 | -46.5% |
| Current assets | 29/58 | €704,430 | €906,241 | +€201,811 | +28.6% |
| Amounts receivable within one year | 40/41 | €8,400 | €0 | -€8,400 | -100% |
| Trade receivables | 40 | €8,400 | €0 | -€8,400 | -100% |
| Current investments | 50/53 | €578,611 | €390,000 | -€188,611 | -32.6% |
| Cash at bank and in hand | 54/58 | €114,400 | €509,487 | +€395,087 | +345% |
| Deferred charges and accrued income | 490/1 | €3,019 | €6,754 | +€3,735 | +124% |
| Total equity and liabilities | 10/49 | €1,153,821 | €1,342,370 | +€188,549 | +16.3% |
| Equity | 10/15 | €1,051,855 | €1,281,468 | +€229,613 | +21.8% |
| Contributions | 10/11 | €118,600 | €118,600 | = | 0.0% |
| Reserves | 13 | €531,867 | €761,480 | +€229,613 | +43.2% |
| Tax-exempt reserves | 132 | €364 | €364 | = | 0.0% |
| Distributable reserves | 133 | €531,503 | €761,116 | +€229,613 | +43.2% |
| Profit (loss) carried forward | 14 | €401,388 | €401,388 | = | 0.0% |
| Amounts payable | 17/49 | €101,966 | €60,902 | -€41,064 | -40.3% |
| Amounts payable within one year | 42/48 | €101,966 | €55,396 | -€46,571 | -45.7% |
| Trade debts | 44 | €1,741 | €126 | -€1,615 | -92.8% |
| Suppliers | 440/4 | €1,741 | €126 | -€1,615 | -92.8% |
| Taxes, remuneration and social security | 45 | €51,678 | €39,954 | -€11,724 | -22.7% |
| Taxes | 450/3 | €51,678 | €39,954 | -€11,724 | -22.7% |
| Other amounts payable | 47/48 | €48,548 | €15,315 | -€33,232 | -68.5% |
| Accrued charges and deferred income | 492/3 | - | €5,506 | +€5,506 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,203 | €13,262 | +€59 | +0.4% |
| Other operating charges | 640/8 | €2,879 | €2,966 | +€87 | +3.0% |
| Gross operating margin | 9900 | €278,810 | €261,896 | -€16,914 | -6.1% |
| Operating profit (loss) | 9901 | €262,727 | €245,667 | -€17,060 | -6.5% |
| Financial income | 75/76B | €2,178 | €126,687 | +€124,510 | +5,718% |
| Recurring financial income | 75 | €2,178 | €126,687 | +€124,510 | +5,718% |
| Financial charges | 65/66B | €1,421 | €444 | -€977 | -68.7% |
| Recurring financial charges | 65 | €1,421 | €444 | -€977 | -68.7% |
| Profit (loss) for the period before taxes | 9903 | €263,484 | €371,910 | +€108,426 | +41.2% |
| Income taxes | 67/77 | €86,678 | €115,297 | +€28,620 | +33.0% |
| Profit (loss) for the period | 9904 | €176,806 | €256,613 | +€79,807 | +45.1% |
| Profit (loss) for the period to be appropriated | 9905 | €176,806 | €256,613 | +€79,807 | +45.1% |
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 31 October 2026 via checked.be.