VEIRMAN - VAN NECK: 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.
VEIRMAN - VAN NECK
Largest movements
- Cash -€256,169
down €256,169 (-73.9%), from €346,574 to €90,405
mainly Other debts (-€209,031) and Debts after one year (-€83,686)
- Tangible fixed assets -€47,501
down €47,501 (-11.7%), from €406,030 to €358,528
of which Land and buildings: -€28,804
- Other debts -€209,031
down €209,031 (-90.0%), from €232,133 to €23,102
- Debts after one year -€83,686
down €83,686 (-15.0%), from €558,686 to €475,000
- Trade debts -€57,150
down €57,150 (-74.1%), from €77,150 to €20,000
- Reserves +€54,660
up €54,660 (+4.7%), from €1.2m to €1.2m
of which Distributable reserves: +€54,660
- Gross operating margin -€109,456
down €109,456 (-46.1%), from €237,423 to €127,967
- Taxes -€27,985
down €27,985 (-56.1%), from €49,911 to €21,925
- Financial charges -€10,943
down €10,943 (-49.6%), from €22,064 to €11,121
- Financial income +€10,703
up €10,703 (+365.9%), from €2,925 to €13,629
of which Non-recurring financial income: +€10,500
- Other operating charges -€3,576
down €3,576 (-50.2%), from €7,122 to €3,546
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,061,324 | €1,766,609 | -€294,715 | -14.3% |
| Fixed assets | 21/28 | €929,431 | €881,929 | -€47,501 | -5.1% |
| Tangible fixed assets | 22/27 | €406,030 | €358,528 | -€47,501 | -11.7% |
| Land and buildings | 22 | €353,953 | €325,148 | -€28,804 | -8.1% |
| Plant, machinery and equipment | 23 | €16,585 | €6,858 | -€9,727 | -58.7% |
| Furniture and vehicles | 24 | €35,492 | €26,522 | -€8,970 | -25.3% |
| Financial fixed assets | 28 | €523,401 | €523,401 | = | 0.0% |
| Current assets | 29/58 | €1,131,893 | €884,680 | -€247,214 | -21.8% |
| Amounts receivable within one year | 40/41 | €211,595 | €216,510 | +€4,915 | +2.3% |
| Trade receivables | 40 | €8,267 | €35,497 | +€27,230 | +329.4% |
| Other amounts receivable | 41 | €203,328 | €181,012 | -€22,316 | -11.0% |
| Current investments | 50/53 | €500,000 | €500,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €346,574 | €90,405 | -€256,169 | -73.9% |
| Deferred charges and accrued income | 490/1 | €73,724 | €77,765 | +€4,041 | +5.5% |
| Total equity and liabilities | 10/49 | €2,061,324 | €1,766,609 | -€294,715 | -14.3% |
| Equity | 10/15 | €1,173,430 | €1,228,090 | +€54,660 | +4.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,154,838 | €1,209,498 | +€54,660 | +4.7% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €244,180 | €244,180 | = | 0.0% |
| Distributable reserves | 133 | €908,799 | €963,459 | +€54,660 | +6.0% |
| Amounts payable | 17/49 | €887,894 | €538,519 | -€349,375 | -39.3% |
| Amounts payable after more than one year | 17 | €558,686 | €475,000 | -€83,686 | -15.0% |
| Financial debts | 170/4 | €558,686 | €475,000 | -€83,686 | -15.0% |
| Amounts payable within one year | 42/48 | €329,208 | €63,519 | -€265,689 | -80.7% |
| Current portion of amounts payable after more than one year | 42 | €8,537 | €8,686 | +€149 | +1.7% |
| Trade debts | 44 | €77,150 | €20,000 | -€57,150 | -74.1% |
| Suppliers | 440/4 | €77,150 | €20,000 | -€57,150 | -74.1% |
| Taxes, remuneration and social security | 45 | €11,388 | €11,731 | +€342 | +3.0% |
| Taxes | 450/3 | €11,388 | €11,731 | +€342 | +3.0% |
| Other amounts payable | 47/48 | €232,133 | €23,102 | -€209,031 | -90.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,068 | €50,344 | +€276 | +0.6% |
| Other operating charges | 640/8 | €7,122 | €3,546 | -€3,576 | -50.2% |
| Gross operating margin | 9900 | €237,423 | €127,967 | -€109,456 | -46.1% |
| Operating profit (loss) | 9901 | €180,233 | €74,078 | -€106,155 | -58.9% |
| Financial income | 75/76B | €2,925 | €13,629 | +€10,703 | +365.9% |
| Recurring financial income | 75 | €2,925 | €3,129 | +€203 | +7.0% |
| Non-recurring financial income | 76B | - | €10,500 | +€10,500 | |
| Financial charges | 65/66B | €22,064 | €11,121 | -€10,943 | -49.6% |
| Recurring financial charges | 65 | €22,064 | €11,121 | -€10,943 | -49.6% |
| Profit (loss) for the period before taxes | 9903 | €161,095 | €76,585 | -€84,509 | -52.5% |
| Income taxes | 67/77 | €49,911 | €21,925 | -€27,985 | -56.1% |
| Profit (loss) for the period | 9904 | €111,184 | €54,660 | -€56,524 | -50.8% |
| Transfer to tax-exempt reserves | 689 | €84,200 | - | -€84,200 | |
| Profit (loss) for the period to be appropriated | 9905 | €26,984 | €54,660 | +€27,676 | +102.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.