Peter 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.
Peter Vercammen
Largest movements
- Cash -€137,131
down €137,131 (-57.0%), from €240,480 to €103,349
mainly Net result for the year (-€255,904) and Investment in fixed assets (net) (-€19,929)
- Receivables within one year -€32,753
down €32,753 (-34.0%), from €96,202 to €63,450
of which Trade receivables: -€46,024
- Tangible fixed assets -€20,455
down €20,455 (-18.6%), from €110,113 to €89,657
of which Furniture and vehicles: -€18,282
- Deferred charges and accrued income +€6,129
up €6,129 (+129%), from €4,739 to €10,868
- Profit (loss) carried forward -€254,164
new in 2025: -€254,164
- Tax, wage and social debts +€79,881
up €79,881 (+120%), from €66,400 to €146,282
of which Taxes: +€87,859
- Other debts -€11,473
down €11,473 (-40.1%), from €28,639 to €17,166
- Trade debts +€11,252
up €11,252 (+7.3%), from €153,274 to €164,526
- Debts after one year -€7,068
down €7,068 (-36.5%), from €19,365 to €12,297
- Taxes +€257,048
up €257,048 (+567%), from €45,362 to €302,411
- Gross operating margin -€64,274
down €64,274 (-17.0%), from €378,392 to €314,119
- Other operating charges +€25,585
up €25,585 (+3,663%), from €699 to €26,283
- Staff costs +€14,921
up €14,921 (+8.3%), from €179,490 to €194,410
- Depreciation -€5,135
down €5,135 (-11.3%), from €45,520 to €40,385
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 | €455,472 | €271,787 | -€183,685 | -40.3% |
| Fixed assets | 21/28 | €111,413 | €90,957 | -€20,455 | -18.4% |
| Tangible fixed assets | 22/27 | €110,113 | €89,657 | -€20,455 | -18.6% |
| Plant, machinery and equipment | 23 | €79,759 | €77,586 | -€2,173 | -2.7% |
| Furniture and vehicles | 24 | €30,354 | €12,071 | -€18,282 | -60.2% |
| Financial fixed assets | 28 | €1,300 | €1,300 | = | 0.0% |
| Current assets | 29/58 | €344,059 | €180,830 | -€163,230 | -47.4% |
| Stocks and contracts in progress | 3 | €2,638 | €3,162 | +€524 | +19.9% |
| Stocks | 30/36 | €2,638 | €3,162 | +€524 | +19.9% |
| Amounts receivable within one year | 40/41 | €96,202 | €63,450 | -€32,753 | -34.0% |
| Trade receivables | 40 | €94,155 | €48,131 | -€46,024 | -48.9% |
| Other amounts receivable | 41 | €2,047 | €15,319 | +€13,271 | +648% |
| Cash at bank and in hand | 54/58 | €240,480 | €103,349 | -€137,131 | -57.0% |
| Deferred charges and accrued income | 490/1 | €4,739 | €10,868 | +€6,129 | +129% |
| Total equity and liabilities | 10/49 | €455,472 | €271,787 | -€183,685 | -40.3% |
| Equity | 10/15 | €180,352 | -€75,552 | -€255,904 | |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €161,760 | €160,020 | -€1,740 | -1.1% |
| Non-distributable reserves | 130/1 | €1,000 | - | -€1,000 | |
| Reserves not available under the articles | 1311 | €1,000 | - | -€1,000 | |
| Tax-exempt reserves | 132 | €74 | €74 | = | 0.0% |
| Distributable reserves | 133 | €160,686 | €159,946 | -€740 | -0.5% |
| Profit (loss) carried forward | 14 | - | -€254,164 | -€254,164 | |
| Amounts payable | 17/49 | €275,120 | €347,339 | +€72,219 | +26.3% |
| Amounts payable after more than one year | 17 | €19,365 | €12,297 | -€7,068 | -36.5% |
| Financial debts | 170/4 | €19,365 | €12,297 | -€7,068 | -36.5% |
| Amounts payable within one year | 42/48 | €255,754 | €335,042 | +€79,287 | +31.0% |
| Current portion of amounts payable after more than one year | 42 | €7,442 | €7,068 | -€373 | -5.0% |
| Trade debts | 44 | €153,274 | €164,526 | +€11,252 | +7.3% |
| Suppliers | 440/4 | €153,274 | €164,526 | +€11,252 | +7.3% |
| Taxes, remuneration and social security | 45 | €66,400 | €146,282 | +€79,881 | +120% |
| Taxes | 450/3 | €40,463 | €128,322 | +€87,859 | +217% |
| Remuneration and social security | 454/9 | €25,937 | €17,960 | -€7,978 | -30.8% |
| Other amounts payable | 47/48 | €28,639 | €17,166 | -€11,473 | -40.1% |
| Remuneration, social security and pensions | 62 | €179,490 | €194,410 | +€14,921 | +8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,520 | €40,385 | -€5,135 | -11.3% |
| Other operating charges | 640/8 | €699 | €26,283 | +€25,585 | +3,663% |
| Gross operating margin | 9900 | €378,392 | €314,119 | -€64,274 | -17.0% |
| Operating profit (loss) | 9901 | €152,684 | €53,040 | -€99,644 | -65.3% |
| Financial income | 75/76B | €561 | €550 | -€11 | -1.9% |
| Recurring financial income | 75 | €561 | €550 | -€11 | -1.9% |
| Financial charges | 65/66B | €9,146 | €7,084 | -€2,062 | -22.5% |
| Recurring financial charges | 65 | €9,146 | €7,084 | -€2,062 | -22.5% |
| Profit (loss) for the period before taxes | 9903 | €144,099 | €46,507 | -€97,593 | -67.7% |
| Income taxes | 67/77 | €45,362 | €302,411 | +€257,048 | +567% |
| Profit (loss) for the period | 9904 | €98,737 | -€255,904 | -€354,641 | |
| Profit (loss) for the period to be appropriated | 9905 | €98,737 | -€255,904 | -€354,641 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.