VERCADIAM: 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.
VERCADIAM
Largest movements
- Stocks and contracts -€29,234
no longer reported in 2025 (was €29,234)
- Cash -€457
down €457 (-91.1%), from €501 to €45
mainly Net result for the year (-€29,615) and Other debts (-€75)
- Profit (loss) carried forward -€29,615
down €29,615 (-64.6%), from -€45,858 to -€75,473
- Write-downs +€29,234
new in 2025: €29,234
- Gross operating margin +€282
up €282 (+84.6%), from -€333 to -€51
- Financial charges -€59
down €59 (-39.7%), from €149 to €90
- Other operating charges +€4
up €4 (+1.7%), from €236 to €240
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 | €29,735 | €45 | -€29,691 | -99.9% |
| Current assets | 29/58 | €29,735 | €45 | -€29,691 | -99.9% |
| Stocks and contracts in progress | 3 | €29,234 | - | -€29,234 | |
| Stocks | 30/36 | €29,234 | - | -€29,234 | |
| Cash at bank and in hand | 54/58 | €501 | €45 | -€457 | -91.1% |
| Total equity and liabilities | 10/49 | €29,735 | €45 | -€29,691 | -99.9% |
| Equity | 10/15 | -€27,198 | -€56,813 | -€29,615 | -109% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €68 | €68 | = | 0.0% |
| Distributable reserves | 133 | €68 | €68 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€45,858 | -€75,473 | -€29,615 | -64.6% |
| Amounts payable | 17/49 | €56,933 | €56,858 | -€75 | -0.1% |
| Amounts payable within one year | 42/48 | €56,933 | €56,858 | -€75 | -0.1% |
| Other amounts payable | 47/48 | €56,933 | €56,858 | -€75 | -0.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €29,234 | +€29,234 | |
| Other operating charges | 640/8 | €236 | €240 | +€4 | +1.7% |
| Gross operating margin | 9900 | -€333 | -€51 | +€282 | +84.6% |
| Operating profit (loss) | 9901 | -€569 | -€29,525 | -€28,956 | -5,091% |
| Financial charges | 65/66B | €149 | €90 | -€59 | -39.7% |
| Recurring financial charges | 65 | €149 | €90 | -€59 | -39.7% |
| Profit (loss) for the period before taxes | 9903 | -€718 | -€29,615 | -€28,897 | -4,023% |
| Profit (loss) for the period | 9904 | -€718 | -€29,615 | -€28,897 | -4,023% |
| Profit (loss) for the period to be appropriated | 9905 | -€718 | -€29,615 | -€28,897 | -4,023% |
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 1 November 2026 via checked.be.