THOMAS 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.
THOMAS VERCAMMEN
Largest movements
- Tangible fixed assets +€125,291
up €125,291 (+3,215%), from €3,897 to €129,188
of which Other tangible fixed assets: +€126,272
- Cash -€57,180
down €57,180 (-45.2%), from €126,581 to €69,401
mainly Investment in fixed assets (net) (-€139,752) and Tax, wage and social debts (-€8,438)
- Reserves +€62,454
up €62,454 (+19.5%), from €319,990 to €382,443
- Trade debts +€14,272
up €14,272, from €0 to €14,272
- Tax, wage and social debts -€8,438
down €8,438 (-34.0%), from €24,845 to €16,408
of which Taxes: -€7,772
- Gross operating margin -€23,973
down €23,973 (-20.4%), from €117,534 to €93,561
- Depreciation +€13,479
up €13,479 (+1,374%), from €981 to €14,460
- Taxes -€7,772
down €7,772 (-33.0%), from €23,545 to €15,773
- Other operating charges -€1,567
down €1,567 (-68.5%), from €2,287 to €720
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 | €348,381 | €416,858 | +€68,477 | +19.7% |
| Fixed assets | 21/28 | €3,897 | €129,188 | +€125,291 | +3,215% |
| Tangible fixed assets | 22/27 | €3,897 | €129,188 | +€125,291 | +3,215% |
| Plant, machinery and equipment | 23 | €3,897 | €2,916 | -€981 | -25.2% |
| Other tangible fixed assets | 26 | - | €126,272 | +€126,272 | |
| Current assets | 29/58 | €344,484 | €287,669 | -€56,814 | -16.5% |
| Amounts receivable within one year | 40/41 | €217,903 | €218,269 | +€366 | +0.2% |
| Trade receivables | 40 | €217,800 | €217,800 | = | 0.0% |
| Other amounts receivable | 41 | €103 | €469 | +€366 | +356% |
| Cash at bank and in hand | 54/58 | €126,581 | €69,401 | -€57,180 | -45.2% |
| Total equity and liabilities | 10/49 | €348,381 | €416,858 | +€68,477 | +19.7% |
| Equity | 10/15 | €321,990 | €384,443 | +€62,454 | +19.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €319,990 | €382,443 | +€62,454 | +19.5% |
| Distributable reserves | 133 | €319,990 | €382,443 | +€62,454 | +19.5% |
| Amounts payable | 17/49 | €26,391 | €32,414 | +€6,023 | +22.8% |
| Amounts payable within one year | 42/48 | €26,391 | €32,414 | +€6,023 | +22.8% |
| Trade debts | 44 | €0 | €14,272 | +€14,272 | |
| Suppliers | 440/4 | €0 | €14,272 | +€14,272 | |
| Taxes, remuneration and social security | 45 | €24,845 | €16,408 | -€8,438 | -34.0% |
| Taxes | 450/3 | €23,545 | €15,773 | -€7,772 | -33.0% |
| Remuneration and social security | 454/9 | €1,300 | €634 | -€666 | -51.2% |
| Other amounts payable | 47/48 | €1,546 | €1,734 | +€188 | +12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €981 | €14,460 | +€13,479 | +1,374% |
| Other operating charges | 640/8 | €2,287 | €720 | -€1,567 | -68.5% |
| Gross operating margin | 9900 | €117,534 | €93,561 | -€23,973 | -20.4% |
| Operating profit (loss) | 9901 | €114,266 | €78,381 | -€35,885 | -31.4% |
| Financial charges | 65/66B | €85 | €154 | +€69 | +81.0% |
| Recurring financial charges | 65 | €85 | €154 | +€69 | +81.0% |
| Profit (loss) for the period before taxes | 9903 | €114,181 | €78,227 | -€35,954 | -31.5% |
| Income taxes | 67/77 | €23,545 | €15,773 | -€7,772 | -33.0% |
| Profit (loss) for the period | 9904 | €90,635 | €62,454 | -€28,182 | -31.1% |
| Profit (loss) for the period to be appropriated | 9905 | €90,635 | €62,454 | -€28,182 | -31.1% |
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 21 October 2026 via checked.be.