Jan VERCAMMEN: 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.
Jan VERCAMMEN
Largest movements
- Tangible fixed assets -€55,191
down €55,191 (-6.8%), from €809,341 to €754,151
of which Land and buildings: -€54,558
- Cash -€37,191
down €37,191 (-44.5%), from €83,505 to €46,314
mainly Contributions, distributions and other (-€181,033) and Debts after one year (-€34,817)
- Reserves -€86,676
down €86,676 (-4.7%), from €1.9m to €1.8m
of which Distributable reserves: -€82,344
- Other debts +€73,363
up €73,363 (+17.9%), from €408,719 to €482,082
- Debts after one year -€34,817
down €34,817 (-54.3%), from €64,089 to €29,272
- Gross operating margin +€31,828
up €31,828 (+18.4%), from €173,341 to €205,169
- Financial income -€19,909
down €19,909 (-41.1%), from €48,419 to €28,510
- Financial charges +€2,473
up €2,473 (+7.5%), from €33,019 to €35,492
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 | €2,442,680 | €2,380,138 | -€62,543 | -2.6% |
| Fixed assets | 21/28 | €859,341 | €804,151 | -€55,191 | -6.4% |
| Tangible fixed assets | 22/27 | €809,341 | €754,151 | -€55,191 | -6.8% |
| Land and buildings | 22 | €756,061 | €701,502 | -€54,558 | -7.2% |
| Furniture and vehicles | 24 | €897 | €265 | -€632 | -70.5% |
| Other tangible fixed assets | 26 | €52,383 | €52,383 | = | 0.0% |
| Financial fixed assets | 28 | €50,000 | €50,000 | = | 0.0% |
| Current assets | 29/58 | €1,583,339 | €1,575,987 | -€7,352 | -0.5% |
| Amounts receivable within one year | 40/41 | €37,248 | €52,047 | +€14,798 | +39.7% |
| Trade receivables | 40 | €26,923 | €41,721 | +€14,798 | +55.0% |
| Other amounts receivable | 41 | €10,326 | €10,326 | = | 0.0% |
| Current investments | 50/53 | €1,462,585 | €1,477,626 | +€15,041 | +1.0% |
| Cash at bank and in hand | 54/58 | €83,505 | €46,314 | -€37,191 | -44.5% |
| Total equity and liabilities | 10/49 | €2,442,680 | €2,380,138 | -€62,543 | -2.6% |
| Equity | 10/15 | €1,869,879 | €1,783,203 | -€86,676 | -4.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,851,279 | €1,764,603 | -€86,676 | -4.7% |
| Tax-exempt reserves | 132 | €51,989 | €47,656 | -€4,332 | -8.3% |
| Distributable reserves | 133 | €1,799,291 | €1,716,947 | -€82,344 | -4.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €17,330 | €15,885 | -€1,444 | -8.3% |
| Deferred taxes | 168 | €17,330 | €15,885 | -€1,444 | -8.3% |
| Amounts payable | 17/49 | €555,471 | €581,049 | +€25,578 | +4.6% |
| Amounts payable after more than one year | 17 | €64,089 | €29,272 | -€34,817 | -54.3% |
| Financial debts | 170/4 | €64,089 | €29,272 | -€34,817 | -54.3% |
| Amounts payable within one year | 42/48 | €491,382 | €551,777 | +€60,395 | +12.3% |
| Current portion of amounts payable after more than one year | 42 | €34,484 | €34,817 | +€334 | +1.0% |
| Trade debts | 44 | €15,929 | €11,949 | -€3,980 | -25.0% |
| Suppliers | 440/4 | €15,929 | €11,949 | -€3,980 | -25.0% |
| Taxes, remuneration and social security | 45 | €32,251 | €22,929 | -€9,322 | -28.9% |
| Taxes | 450/3 | €21,702 | €20,266 | -€1,435 | -6.6% |
| Remuneration and social security | 454/9 | €10,549 | €2,663 | -€7,886 | -74.8% |
| Other amounts payable | 47/48 | €408,719 | €482,082 | +€73,363 | +17.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,652 | €58,078 | +€427 | +0.7% |
| Other operating charges | 640/8 | €5,927 | €6,890 | +€963 | +16.2% |
| Gross operating margin | 9900 | €173,341 | €205,169 | +€31,828 | +18.4% |
| Operating profit (loss) | 9901 | €109,762 | €140,201 | +€30,439 | +27.7% |
| Financial income | 75/76B | €48,419 | €28,510 | -€19,909 | -41.1% |
| Recurring financial income | 75 | €48,419 | €28,510 | -€19,909 | -41.1% |
| Financial charges | 65/66B | €33,019 | €35,492 | +€2,473 | +7.5% |
| Recurring financial charges | 65 | €33,019 | €35,492 | +€2,473 | +7.5% |
| Profit (loss) for the period before taxes | 9903 | €125,161 | €133,219 | +€8,057 | +6.4% |
| Transfer from deferred taxes | 780 | €1,444 | €1,444 | = | 0.0% |
| Income taxes | 67/77 | €41,955 | €40,306 | -€1,649 | -3.9% |
| Profit (loss) for the period | 9904 | €84,651 | €94,357 | +€9,706 | +11.5% |
| Transfer from tax-exempt reserves | 789 | €109,582 | €4,332 | -€105,250 | -96.0% |
| Profit (loss) for the period to be appropriated | 9905 | €194,233 | €98,689 | -€95,544 | -49.2% |
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 28 October 2026 via checked.be.